Drudge Retort: The Other Side of the News
Friday, March 20, 2020

Stocks attempted to rally on Friday, but failed, concluding one of the most volatile weeks on Wall Street ever as investors grapple with mounting fears over the coronavirus' economic blow. The Dow Jones Industrial Average closed 913.21 points lower, or more than 4%, at 19,173.98 after rallying more than 400 points earlier in the day. The S&P 500 slid 4.3% to 2,304.92. The Nasdaq Composite closed 3.8% lower at 6,879.52 after jumping more than 2%.

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The Dow is down more than 24% for March and is currently on pace for its biggest one-month fall since September 1931. The S&P 500 has dropped 22% month to date and is headed for its worst monthly performance since May 1940.

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On January 20, 2017, Dotard's first day in office the Dow Jones Industrial Average was 19,827.25 today it closed at 19,173.98. Nobody is worse for your 409K than Combover Quisling.

#1 | Posted by _Gunslinger_ at 2020-03-20 08:09 PM | Reply

What's even more amazing, is that during the Obama Administration we had H1N1 and Ebola, yet somehow President Obama managed to more than double the market during his presidency. So sad for the whiner and chief Diaper Donnie.

#2 | Posted by _Gunslinger_ at 2020-03-20 08:11 PM | Reply | Newsworthy 2

Why do the GOP always drive the economy into the ditch?

Crony capitalists that live of daddy's money and never actually created value in their lives.

#3 | Posted by bored at 2020-03-20 08:24 PM | Reply

No big. The Fed just needs to hold an "emergency" meeting on Sunday and drop the intere...

Oh wait...

#4 | Posted by REDIAL at 2020-03-20 08:33 PM | Reply | Funny: 1

More winning! Can't get enough. Call me when it's over.

#5 | Posted by Effeteposer at 2020-03-20 08:45 PM | Reply

Heh heh, heck of a job, Brownie

#6 | Posted by cbob at 2020-03-20 08:48 PM | Reply

The stock market is just legal gambling. You can't always win. We need a 1%-2% tax per trade. That would make the gambling aspect much less viable while not significantly affecting those who use it for its supposed purpose.

#7 | Posted by bus_driver at 2020-03-20 08:59 PM | Reply

Trump has knocked the wind out of the stock market but I have no doubt it will recover as soon as Joe Biden is inaugurated and stability returns to the White House.

I wish nothing better for Mr. Trump than an endless list of legal problems.

#8 | Posted by Twinpac at 2020-03-20 09:19 PM | Reply

We need a 1%-2% tax per trade.

Nope. Just a tiny wee per trade fee for high speed computerized supertrading.

#9 | Posted by REDIAL at 2020-03-20 09:22 PM | Reply

Well that makes me feel a bit better, I have lost less than the broader market. Yay?

#10 | Posted by TaoWarrior at 2020-03-20 09:44 PM | Reply

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#9 Absolutely.

#11 | Posted by bored at 2020-03-20 10:01 PM | Reply

@#7 ... The stock market is just legal gambling. ...

Yup.

But you left out the second part of the sentence...

The stock market is just legal gambling on the economy.

There that's better.

With that aside...

The stock market is usually taken as an indication of where the economy will be six months from now.

Those who work to make money (a lot of money, btw) from gambling on where the economy is going do not seem to be all too optimistic about where the economy is going.

The stock market taking a nosedive is usually not a good thing.

Will it recover? Probably. Will it recover quickly once we are past this virus crisis? Some say yes, very quickly. Others are more reserved as this is an unusual situation.


#12 | Posted by LampLighter at 2020-03-20 10:06 PM | Reply

There is the oil glut which is a plus minus situation and will balance out soon.

The shutdown is a big unknown. Will China be able to ramp up to normal without triggering an outbreak?
Will the world just accept a 2% die off and only treat the rich?

If not, it could be a year before the economy returns to normal.

#13 | Posted by bored at 2020-03-20 10:16 PM | Reply

If not, it could be a year before the economy returns to normal.

I think a year would be pretty optimistic. It might stop sinking in a few months.

#14 | Posted by REDIAL at 2020-03-20 10:22 PM | Reply

@#13 ... Will China be able to ramp up to normal without triggering an outbreak? ...

Some are becoming concerned about a second wave of infection in China.

(I know htis is Taiwan and ot China, but the concept is the same)...

Taiwan Closes Borders in Preparation for Possible Second Wave' of the Coronavirus
thediplomat.com

...Taiwan closed its borders to foreign tourists on Thursday at midnight and ordered that citizens and foreign residents undergo a mandatory 14-day quarantine as the country saw its coronavirus cases double to 108 in the span of one week.

The move was announced Wednesday afternoon amid growing public concern that outbreaks in other countries, including in the United States and Europe, could spread into Taiwan, where local transmission of the virus had been largely halted.

President Tsai Ing-wen said on Thursday the next 14 days would be "a critical second stage in the epidemic response effort" and urged people to cooperate with epidemic prevention guidelines, not blame others, and refrain from panic....


#15 | Posted by LampLighter at 2020-03-20 10:23 PM | Reply

Why do the GOP always drive the economy into the ditch?

It was going to take a hit of some sort with this.

Issue is whether it needed to be 10,000 points in about 2 weeks.

#16 | Posted by jpw at 2020-03-20 10:28 PM | Reply

I think a year would be pretty optimistic. It might stop sinking in a few months.

#14 | Posted by REDIAL

I think it's going to track more or less with the pandemic.

Once layoffs, business closures, rising cases and deaths become "normal" it'll level off. Might even rebound some if conditions improve over the summer (if it behaves seasonally).

But it'll react poorly again come autumn case rebound (again, if it's seasonal) and things start bottoming out again.

#17 | Posted by jpw at 2020-03-20 10:34 PM | Reply | Newsworthy 1

I agree. I'm expecting the pandemic will level out in a few months.

#18 | Posted by REDIAL at 2020-03-20 10:38 PM | Reply

For a while, as you said.

#19 | Posted by REDIAL at 2020-03-20 10:40 PM | Reply

@#17 ... (again, if it's seasonal) ...

Have you been watching the "south of the equator, where it is (was) summer" cases?

If so, do you have an opinion you might want to share?

#20 | Posted by LampLighter at 2020-03-20 10:45 PM | Reply

@#17 ... Once layoffs, business closures, rising cases and deaths become "normal" it'll level off. ...

When watching the stock market, the number one thing I have observed is that the stock market does not like uncertainty.

As you note, once the uncertainty diminishes the stock market will become less, ummm, emotional.

Keep in mind the stock market looks ahead six months or so. So what it is telling us now is that those who bet on the economy are not sure about where the economy will be in six months.

Let that sink in....

#21 | Posted by LampLighter at 2020-03-20 10:48 PM | Reply

the stock market will become less, ummm, emotional.

The stock market needs to be less emotional? Been to a grocery store lately?

People are fighting over the last roll of TP because a bunch of asshats have stuffed their basements with it.

#22 | Posted by REDIAL at 2020-03-20 10:58 PM | Reply

@#22 ... People are fighting over the last roll of TP ...

Your supermarket has TP?

#23 | Posted by LampLighter at 2020-03-20 11:01 PM | Reply | Funny: 1

@#22 ... The stock market needs to be less emotional?...

Yes.

The stock market is a strange beast. (understatement)

Let's just say that i have spent a lot of time in a carpool with people who have worked in the stock market area.

The way the described working with the whims of the stock market are quite interesting.

Saying it is emotional is probably the best way I can describe it within the confine of the current environment.

#24 | Posted by LampLighter at 2020-03-20 11:05 PM | Reply

Have you been watching the "south of the equator, where it is (was) summer" cases?

If so, do you have an opinion you might want to share?

#20 | Posted by LampLighter

I haven't yet.

I know it's there but I haven't looked at case rates.

#25 | Posted by jpw at 2020-03-20 11:10 PM | Reply

Matt Drudge is now posting rattlings that Trump is "mulling" a 2-week quarantine for the entire nation,backed up by the National Guard.

You think your portfolio has the flu now??? Just wait....

#26 | Posted by lfthndthrds at 2020-03-20 11:17 PM | Reply

What's TP? Stores used to sell it on their shelves. Now you have to make your own. I miss those days.

#27 | Posted by LauraMohr at 2020-03-20 11:22 PM | Reply

...a 2-week quarantine for the entire nation,backed up by the National Guard.

I can only picture Boaz in his bunker with the 1000 yard stare.

#28 | Posted by REDIAL at 2020-03-20 11:22 PM | Reply

As you note, once the uncertainty diminishes the stock market will become less, ummm, emotional

Yeah I think even if sustained loss is at a predictable pace markets will react less poorly. Hell, the "see an opportunity" mentality might even make investors jump back in.

Have to see what fat is trimmed first.

I'm also curious to see if all the changes in our interactions and systems are going to shake up the norm and shape future directions of industries.

An example being movie studios releasing straight to home consumption. Theaters might become a niche industry for people who want to see a "film" and not a "movie".

#29 | Posted by jpw at 2020-03-20 11:24 PM | Reply

..niche industry for people who want to see a "film" and not a "movie".

Nulli on Line 1

#30 | Posted by REDIAL at 2020-03-20 11:53 PM | Reply

Where's Ray to tell us, 'I told you so'?

#31 | Posted by moder8 at 2020-03-20 11:54 PM | Reply

Trying to trade gold bullion for toilet paper?

#32 | Posted by jpw at 2020-03-21 12:03 AM | Reply

Have you been watching the "south of the equator, where it is (was) summer" cases?

If so, do you have an opinion you might want to share?

#20 | Posted by LampLighter

So I looked...

First case in Brazil was February 27ish.

There are now about 530.

First case:

www.pbs.org

Now:

www.statista.com

Introduced by a traveler now up to 600 cases. In three weeks.

Maybe it won't be behaving seasonally? Although it's the transition for both hemispheres (yesterday was the equinox), so the timing makes it hard to tell.

#33 | Posted by jpw at 2020-03-21 12:15 AM | Reply

Ray's trying to figure out how to wipe his hiney with gold and silver coins.

#34 | Posted by LauraMohr at 2020-03-21 12:34 AM | Reply

What's even more amazing, is that during the Obama Administration we had H1N1 and Ebola, yet somehow President Obama managed to more than double the market during his presidency. So sad for the whiner and chief Diaper Donnie.

#2 | POSTED BY _GUNSLINGER_ AT 2020-03-20 08:11 PM | FLAG: YEP

Actually Obama handled a few crises from the jump.

His administration started with a HUGE oil spill... which ironically happened during a time when there was a vote on the Senate floor to limit the amount of financial damage an oil company would be responsible to pay out in case of accidents. It was determined by them to be 750 million dollars. It was the first time Senator Lisa Murkowski put in a deciding vote. Obama vetoed that BS and got more than 11 billion from the black goo pirates.

Then came Hurricane Sandy... Christy loooooved him some O-ba-MAH!!! The list goes on.
I cannot tell you how many "waterloo" moments he had. LMAO.

The reason they don't talk about Obama's crisis moments is that he handled them well. The clown brigade still hasn't recovered from Obama's successes.

#35 | Posted by RightisTrite at 2020-03-21 07:45 AM | Reply

Matt Drudge is now posting rattlings that Trump is "mulling" a 2-week quarantine for the entire nation,backed up by the National Guard.

I've heard rumblings of prepare for deployment from a few guard friends so I would say it seems probable at this point.

Trying to close on a house and told my mortgage broker he said he had one guard friend who said the same thing so he is rushing underwriting so we can close before the nation closes. No idea what happens if the nation shuts down and we still haven't closed.

BTW don't believe the hype about low mortgage rates. They are up right now because no one is buying MBS. In Feb they averaged 3.47 today quicken loans is posting 4.25 despite 0 Prime and 200 billion in Fed purchases of MBS.

#36 | Posted by TaoWarrior at 2020-03-21 08:05 AM | Reply

I can only picture Boaz in his bunker with the 1000 yard stare.

#28 | POSTED BY REDIAL AT 2020-03-20 11:22 PM | FLAG: PPPPFFFTTTTTTT

Boaz-o is probably working on explaining to his wife why he put half their money in bitcoin as a safe investment.

#37 | Posted by RightisTrite at 2020-03-21 10:47 AM | Reply

In Feb they averaged 3.47 today quicken loans is posting 4.25 despite 0 Prime and 200 billion in Fed purchases of MBS.

#36 | POSTED BY TAOWARRIOR

I don't quite understand all of the inner workings of that stuff, so this may be a dumb question.

How much of that is simple greed? The banks are getting trillions in free money, again, and will probably use it for their own gain, not to help people as it's intended.

#38 | Posted by jpw at 2020-03-21 11:03 AM | Reply

How much of that is simple greed? The banks are getting trillions in free money, again, and will probably use it for their own gain, not to help people as it's intended.

#38 | POSTED BY JPW

A mortgage moratorium for 3 months would help everyone who is a homeowner or renter or a banker.

Pretty much all of us.

Time to declare a JUBILEE!

#39 | Posted by donnerboy at 2020-03-21 12:40 PM | Reply

How much of that is simple greed?

Not much really.

What you have is for the past couple months we have had super low rates with a strong economy so people have been buying and refinancing at a fast pace. So there are a lot of mortgages on the market.

Now suddenly the economy is tanking and no one wants the risk of owning a MBS, the memories of 2008 are too strong.

Add in that foreclosures and late fees are suspended and the risk in an MBS has just risen.

So you have all these mortgages on the market that have just become much riskier so very few buyers.

#40 | Posted by TaoWarrior at 2020-03-21 01:12 PM | Reply

Just shut down the US stock exchange.

Everything will be hunky dunky.

Oh, wait...

There are stock markets in other countries.

Well, that's ok. Only the US market panics.

#41 | Posted by Petrous at 2020-03-21 01:27 PM | Reply

In an ironic twist:

Given the toilet paper supply, this could be good news for increased newspaper subscriptions.

#42 | Posted by TrueBlue at 2020-03-21 02:49 PM | Reply | Funny: 1

Only the US market panics.

#41 | POSTED BY PETROUS

Change the channel.

It's a global hoax.

Apparently.

#43 | Posted by donnerboy at 2020-03-21 02:52 PM | Reply

Given the toilet paper supply, this could be good news for increased newspaper subscriptions.

#42 | POSTED BY TRUEBLUE

It's too bad Faux News didn't have a print edition.

I've have no problem wiping my ass with Hannity's face.

#44 | Posted by jpw at 2020-03-21 08:02 PM | Reply | Newsworthy 1

Some dcckhead who posts here thinks this will all be over in,,, *****checks notes******,,, 89 more days.

"It's not a movie" was the brilliant fella's last post on the matter.

#45 | Posted by MrSilenceDogood at 2020-03-22 02:52 AM | Reply

It's too bad Faux News didn't have a print edition.

#45 | POSTED BY MRSILENCEDOGOOD AT 2020-03-22 02:52 AM | FLAG: PPPFFFTTTT

Have you seen how Trumplethinskin reads a teleprompter? Reading isn't the republicl0wn forte.

#46 | Posted by RightisTrite at 2020-03-22 04:13 AM | Reply

RIGHT/TRITE

"Have you seen how Trumplethinskin reads a teleprompter?"

He's too vain to be seen in public wearing glasses. Although I've often thought a giant pair of black horn-rims would hide those milk white/blue bags under his eyes. He looks awful!

#47 | Posted by Twinpac at 2020-03-22 05:33 AM | Reply

So much losing!

#48 | Posted by aborted_monson at 2020-03-22 03:40 PM | Reply

So much losing!

#48 | POSTED BY ABORTED_MONSON"

The stock market (Trump's "economy") is going to be his Waterloo.

He can't tweet his way out of a recession/depression. There's no "fake news" this time.

His "stimulus" package is a band-aid on a gaping wound. He's throwing money at a problem that really needs leadership . . . which is nowhere to be found.

#49 | Posted by Twinpac at 2020-03-22 04:09 PM | Reply

Twin,

The thing is recent polling for him is quite good with roughly 15 points between approval/disapproval for his handling of CV and that is in the face of constant attacks by the MSM and Democrats.

Honestly, I think it's the reason that some on this site have been so rabid lately.

#50 | Posted by JeffJ at 2020-03-22 04:17 PM | Reply | Newsworthy 2

He's throwing money at a problem

Twin, its not him "throwing money" ... its Congress.

Average Americans, regardless of party affiliation, understand the situation and aren't putting the blame solely at the foot of Trump. Hence is good numbers that JeffJ points out.

They are questioning the FDA/CDC and their regulations.

There is a tension, on "shelter-in-place" vs "going on about business with discrimination"?
Do we socially shame people displaying symptoms?
When do we come out of "shelter-in-place"?
Did it do any good at lowering the R0?
Was it worth the economic disruption?

Why is Kansas shutting down because of two counties in Washington?

#51 | Posted by AndreaMackris at 2020-03-22 04:28 PM | Reply

ANDREA

Twin, its not him "throwing money" ... its Congress."

I know that. And I know Congress is trying to save the economy . . . even if it against all odds because Trump's utter confusion and lack of leadership skills are hamstringing the Senate's ability to act responsibly and in unison with Nancy Pelosi's House of Representative which Trump hates with a passion.

#52 | Posted by Twinpac at 2020-03-22 04:45 PM | Reply

ANDREA

And look who's blackmailing congress:

www.usnews.com ~ UNITED AIRLINES WARNS OF MASSIVE LAYOFFS WITHOUT FEDERAL AID.

#53 | Posted by Twinpac at 2020-03-22 05:00 PM | Reply

Airlines will have to layoff staff as demand craters. Their variable costs should decline with their revenue. Some airlines may fail. That is capitalism. Airlines will have to shrink.

#54 | Posted by bored at 2020-03-22 05:20 PM | Reply

$50 Trump has been attacked by all who want a competent science based response instead of lies and blame shifting.

#55 | Posted by bored at 2020-03-22 05:25 PM | Reply

#51 Two counties in Washington? Do you read the news? Without proper testing the best response is to assume covid is widespread and isolate. If testing tracing and isolation was done early, we might have avoided the pause.

#56 | Posted by bored at 2020-03-22 05:28 PM | Reply | Newsworthy 1

If testing tracing and isolation was done early, we might have avoided the pause.

You mean like stopping air travel?

No we can't do that ... can we, thats just racist, and xenophobic.

Without proper testing the best response is to assume covid is widespread and isolate.

If it is as widespread as this image indicates, the death rate is lower than any seasonal flu.

Also note how early it got here ....
twitter.com

#57 | Posted by AndreaMackris at 2020-03-22 06:08 PM | Reply

Here's the source of that image..
gis.cdc.gov

#58 | Posted by AndreaMackris at 2020-03-22 06:10 PM | Reply

#57 Stopping air travel from one country doesn't do much good if the virus is in many countries, especially since infected people from China may just take two flights and spread the virus further.

Testing, tracing and isolation is the science based approach.

That image doesn't imply what you think it does. No expert thinks Covid has a lower death rate than any seasonal flu.

But don't let me stop your confirmation bias desperately looking for any evidence that Trump's incompetence didn't kill many Americans.

#59 | Posted by bored at 2020-03-22 06:24 PM | Reply

Listening to some know-nothing on Twitter is what got us into this mess.

#60 | Posted by bored at 2020-03-22 06:25 PM | Reply

Playing the blame game is not helpful now; it only plays into conspiracy theories about how this was intentional. There's plenty of time to sort things out after the emergency part is past.

#45 | POSTED BY CORKY AT 2020-03-22 05:08 PM

#61 | Posted by Rightocenter at 2020-03-22 06:27 PM | Reply

"If testing tracing and isolation was done early, we might have avoided the pause."

You mean like stopping air travel?

No we can't do that ... can we, thats just racist, and xenophobic.

Switching and spinning like a worm doesn't change the fact that testing is imperative and we are weeks late.

Testing at ports of entry was just too much to ask our government.

Reacting appropriately immediately as soon as we knew of the virus was impossible.

Obviously.

#63 | Posted by donnerboy at 2020-03-22 06:39 PM | Reply

From the Times article ...

Before the first case was reported, there was an unusually high number of pneumonia cases recorded at a hospital in Codogno in northern Italy, the head of the emergency ward Stefano Paglia told the newspaper La Repubblica, suggesting it is possible patients with the virus were treated as if they had a seasonal flu. Health facilities hosting these patients could have become sites for infection, helping proliferate the spread of the virus.

Interesting ...

#64 | Posted by AndreaMackris at 2020-03-22 06:42 PM | Reply

Testing at ports of entry was just too much to ask our government.

You need time to ramp up that sort of testing, verify accuracy.

Once you have that testing, then you can begin opening up the ports of entry.

Its not difficult.... but to CryBoy everything is racist.

#65 | Posted by AndreaMackris at 2020-03-22 06:43 PM | Reply

You mean like stopping air travel?
No we can't do that ... can we, thats just racist, and xenophobic.

Meaningless when done as Trump did it.

#66 | Posted by jpw at 2020-03-22 07:50 PM | Reply

#62
No expert thinks Covid has a lower death rate than any seasonal flu.
They are coming to that conclusion, some are speculating less than 1%

Name one expert that is saying it is less than the seasonal flu.

#67 | Posted by bored at 2020-03-22 07:51 PM | Reply

No expert thinks Covid has a lower death rate than any seasonal flu.
They are coming to that conclusion, some are speculating less than 1%

You don't actually know what the seasonal influenza death rate is, do you?

you listen to news, I look at data.
Let me know when you got something ...
#62 | POSTED BY ANDREAMACKRIS

You think you do.

When all I see is distortion of real numbers for a purpose.

Go back to SingTFU. You looked far smarter then.

#68 | Posted by jpw at 2020-03-22 07:53 PM | Reply

#62 and #64 It sure would have been nice if the world had a pandemic monitoring and response organization that had the power and resources to test and act on outbreaks in their early stages.

Too bad Trump killed that and many Americans.

#69 | Posted by bored at 2020-03-22 07:53 PM | Reply

Before the first case was reported, there was an unusually high number of pneumonia cases recorded at a hospital in Codogno in northern Italy, the head of the emergency ward Stefano Paglia told the newspaper La Repubblica, suggesting it is possible patients with the virus were treated as if they had a seasonal flu. Health facilities hosting these patients could have become sites for infection, helping proliferate the spread of the virus.
Interesting ...
#64 | POSTED BY ANDREAMACKRIS

Only if you're recently developed ID expert.

#72 | Posted by jpw at 2020-03-22 08:08 PM | Reply

Just incase you are like many here and can't "click a link"

#71 | POSTED BY ANDREAMACKRIS

You're not stating anything profound or unknown, schitstain.

#73 | Posted by jpw at 2020-03-22 08:09 PM | Reply

You're not stating anything profound or unknown, schitstain.

it is Mackris. So...

#74 | Posted by YAV at 2020-03-22 08:12 PM | Reply

DOW futures hit limit, drop another 5% in futures trading.

#75 | Posted by BruceBanner at 2020-03-22 08:14 PM | Reply

"Why is Kansas shutting down because of two counties in Washington?"

Because its Governor understands math, and believes her scientists.

#76 | Posted by Danforth at 2020-03-22 10:15 PM | Reply

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