David Andrews Posted March 9, 2020 Share Posted March 9, 2020 (edited) 48 minutes ago, Robert Wheeler said: The "boot black" asking about stocks was a signal to Baruch that the last possible buyers were in the market. The Banker sells their stock to the lawyer, lawyer to accountant, accountant to book keeper, book keeper to clerk, clerk to train conductor, train conductor to janitor, janitor to boot black. No one wants to buy the boot blacks stock. Crash. The Boot Black is actually an honest signal. A professional informant (broker, analyst, etc.) will only give you honest information after they have taken care of themselves. I was pointing out that the guy with the dentist anecdote was ripping off Barney Baruch, as Joe Kennedy called him. Baruch's notion was that when the bootblacks were looking for stock tips, there were too many people in the market and too few with cool heads. Baruch made an elitist comment, but at the time too many people were investing because the market had been deregulated to allow purchase on margin - gambling on credit, in effect, Of course, it would have been eiltists who advanced margin purchasing, ostensibly in the interest of improving the economy after downturns following the end of WW I. We know, however, what follows deregulation, as in the savings & loan scandal of the 1980s, and the home loan crash of 2008. NB, Baruch's remark is quoted in almost every history of the 1929 crash. Quite a day on EdForum, when those two old shibboleths of the left, Barney Baruch and Bertie Russell, come dancing out of their graves in patchworks of old, dry gore. Edited March 9, 2020 by David Andrews Link to comment Share on other sites More sharing options...
James DiEugenio Posted March 9, 2020 Author Share Posted March 9, 2020 Giuseppe Conte just put all of Italy on lockdown. Nearly 400 dead there. The stock market has lost 18.3 per cent of its value in a month. If it goes to 20 it will be an official bear market. The Fed will probably lower its lending rate once more. Link to comment Share on other sites More sharing options...
W. Niederhut Posted March 10, 2020 Share Posted March 10, 2020 (edited) 35 minutes ago, James DiEugenio said: Giuseppe Conte just put all of Italy on lockdown. Nearly 400 dead there. The stock market has lost 18.3 per cent of its value in a month. If it goes to 20 it will be an official bear market. The Fed will probably lower its lending rate once more. The Fed doesn't have much room to maneuver in now. Rates are already down to 1%. They'll most likely end up printing more money, and probably looking at an array of stimulus spending measures. Trump and his GOP Goon Squad will do anything in their power to goose the U.S. economy before November-- and these are some of the same GOP goons (e.g., Mitch McConnell, Charles Grassley, et.al.) who refused to raise the debt ceiling for Obama during the Great Bush-Cheney Recession. Edited March 10, 2020 by W. Niederhut Link to comment Share on other sites More sharing options...
Douglas Caddy Posted March 10, 2020 Share Posted March 10, 2020 I have a gut feeling that as bad as the current crisis caused by the global virus is, there are two more different crises coming later this year that will cause even greater upheaval. I hope that I am wrong in feeling this. Link to comment Share on other sites More sharing options...
Ty Carpenter Posted March 10, 2020 Share Posted March 10, 2020 13 minutes ago, Douglas Caddy said: I have a gut feeling that as bad as the current crisis caused by the global virus is, there are two more different crises coming later this year that will cause even greater upheaval. I hope that I am wrong in feeling this. Such as? Link to comment Share on other sites More sharing options...
W. Niederhut Posted March 10, 2020 Share Posted March 10, 2020 2 hours ago, Robert Wheeler said: The "boot black" asking about stocks was a signal to Baruch that the last possible buyers were in the market. The Banker sells their stock to the lawyer, lawyer to accountant, accountant to book keeper, book keeper to clerk, clerk to train conductor, train conductor to janitor, janitor to boot black. No one wants to buy the boot blacks stock. Crash. The Boot Black is actually an honest signal. A professional informant (broker, analyst, etc.) will only give you honest information after they have taken care of themselves. You, obviously, know the professional drill when it comes to taking money from Boot Blacks, eh, Robert? No wonder you support Donald Trump. 😬 Link to comment Share on other sites More sharing options...
James DiEugenio Posted March 10, 2020 Author Share Posted March 10, 2020 This is great. Naomi Klein really ripped into Booker for endorsing Biden, and she is completely correct. https://www.commondreams.org/news/2020/03/09/unitedagainstyou-vs-notmeus-naomi-klein-slams-cory-booker-and-other-corporate?fbclid=IwAR3x8ve1hwXKU8EpR8BoXFf5-zvmZybgPFXP7MW6JlLZM-40ldWuFkSFS_o Its incredible that Harris and Booker have endorsed this guy over Sanders, because Sanders record on civil rights is I think much stronger. BTW, if you have not read The Shock Doctrine, its the best takedown of Milton Friedman that is out there. Link to comment Share on other sites More sharing options...
Ron Bulman Posted March 10, 2020 Share Posted March 10, 2020 46 minutes ago, Robert Wheeler said: Yes because I'm an early 20th Century Robber Baron. You look more like Randy Travis. The title and key line seem appropriate given the last several days news. https://www.bing.com/videos/search?q=randy+travis+the+storms+of+life&view=detail&mid=C420EE617CEA0531ABF2C420EE617CEA0531ABF2&FORM=VIRE0&ru=%2fsearch%3fq%3drandy%2btravis%2bthe%2bstorms%2bof%2blife%26form%3dPRUSEN%26mkt%3den-us%26httpsmsn%3d1%26msnews%3d1%26rec_search%3d1%26refig%3d983a1021acbb4120a9afa4ce4bd797f7%26sp%3d1%26ghc%3d1%26qs%3dAS%26pq%3drandy%2btravis%2bthe%2bstorms%26sk%3dPRES1%26sc%3d4-23%26cvid%3d983a1021acbb4120a9afa4ce4bd797f7 Link to comment Share on other sites More sharing options...
Ron Bulman Posted March 10, 2020 Share Posted March 10, 2020 (edited) 5 hours ago, David Andrews said: Did we all survive the market drop? Or will the value of anyone's mutual funds be halved, as mine were in 2008? That depends on how you define survival. About 1/4 of my financial worth is retirement funds invested through a firm in the stock market. I was shocked in 2000 and 2008 but they recovered and gained. Halved is close. My fear is it's not over. I wonder if I'll live to see another recovery. That money was security for medical expenses, taxes, and in essence what life insurance I have, a good part of any inheritance for my children. Will it ultimately all be gone? If I can't pay my taxes... Edited March 10, 2020 by Ron Bulman Link to comment Share on other sites More sharing options...
David Andrews Posted March 10, 2020 Share Posted March 10, 2020 (edited) I wonder if I'll live to see another recovery. The market's been crashing every 7 to 12 years since 1987. I wonder if it's smarter to not keep a retirement account that one can't touch, but to invest and sell independently within that time frame. I know that that's not always possible if your fund is based on payroll contributions. I was invested in mutual funds on inherited money - not that much of it - but I didn't watch the market because of marital troubles and work commitments, or I would have withdrawn before I lost so much in 2008. I was knocked down from $40K to $20K at a time when I had to spend $9K on badly needed dental work and a replacement used car. Now I have no savings. There are several reasons why it's not worth being a working person in America any more, and one of them is the vulnerability of payroll-contributed retirement accounts. These things ought to be run by the government and be federally insured. Edited March 10, 2020 by David Andrews Link to comment Share on other sites More sharing options...
Joe Bauer Posted March 10, 2020 Share Posted March 10, 2020 Doug, can you tell us what other crises you feel might be coming? Link to comment Share on other sites More sharing options...
Joe Bauer Posted March 10, 2020 Share Posted March 10, 2020 (edited) Since this seems to be a catch all thread may I ask a curious question about this coronavirus? All my searches related to this question have come up empty. There are breakdowns of the coronavirus affliction and death numbers. By age, gender, over-all physical condition, pre-existing medical problems, etc. But I cannot find any based on race. I am curious if any of the deaths resulting from this virus have occurred in any race groups beyond Caucasion, Oriental and Middle Eastern? Surely with 100,000 plus cases reported and almost 4,000 deaths world wide you would think the WHO would have a breakdown of deaths by race? Are Hispanics and blacks getting hit as hard as other races in equal number racial mix areas? Edited March 10, 2020 by Joe Bauer Link to comment Share on other sites More sharing options...
W. Niederhut Posted March 10, 2020 Share Posted March 10, 2020 Ladies and Gentlemen, We Interrupt This Education Forum Thread To Bring You A Special Announcement From The President of The United States... Link to comment Share on other sites More sharing options...
Ron Bulman Posted March 10, 2020 Share Posted March 10, 2020 This seems relevant to the stock market crash aspect of things. https://www.msn.com/en-us/money/markets/putin-dumps-saudi-leader-to-start-a-war-on-americas-shale-oil-industry/ar-BB10SMWj?li=BBnb7Kz Link to comment Share on other sites More sharing options...
James DiEugenio Posted March 10, 2020 Author Share Posted March 10, 2020 Take a look at the video from about the 35 minute mark on. This guy is a member of the club. Just what we do not need now. https://www.democracynow.org/2020/2/18/worth_the_price_joe_biden_documentary?fbclid=IwAR04pea3B8NpxyESwz_uHwklVI9Snu23PBYVwbFEXztNhe1RzYYqebtN6Z8 Link to comment Share on other sites More sharing options...
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