Recession fears are spreading, along with COVID-19. The coronavirus outbreak and unknowns about preparedness caused massive financial losses this week.
The Dow closed down 350+ points.
The S&P 500 dropped for the seventh day in a row, and posted its biggest drop in a single week since the 2008 financial crisis.
More from Reuters:
The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day’s session.
The Dow Jones Industrial Average .DJI fell 356.88 points, or 1.39%, to 25,409.76, the S&P 500 .SPX lost 24.7 points, or 0.83%, to 2,954.06 and the Nasdaq Composite .IXIC added 0.89 points, or 0.01%, to 8,567.37.
Read more:S&P 500 drops for seventh day, posts biggest weekly fall since 2008 crisis Read the rest
Lloyd Blankfein might sound like the name of a fictional banker villain, but he is in fact the real-life Senior Chairman of Goldman Sachs. Prior to his current position, he served as chairman and chief executive of the infamous banking giant beginning in 2006 — just before that pesky financial crisis from which the world is still recovering.
To his credit, Blankfein did apologize for his company's role as a liquidity provider for subprime mortgages. Specifically, he said, "We participated in things that were clearly wrong and have reason to regret. We apologize." That was in 2009 — the absolute pits of the economy — and around the same time he was named "Person of the Year" by the Financial Times. Within months, he was touting his duties of "doing God's work" while the rest of us were still scrounging for employment or to recover the last few scraps of money we had foolishly invested on the advice of people on Blankfein.
Anyway, he's really concerned that Bernie Sanders will "ruin" "our" economy, should he be elected as President of the United States in the upcoming election.
Presumably, Blankfein was not referring to our economy — as in the economy that affects normal human beings such as you or I, which he has previously participated in ruining — but rather, his economy, that is, the pleasures enjoyed by him and his ilk of obscenely wealthy, out-of-touch, and utterly untouchable oligarchs. Read the rest
It's difficult to comprehend the onset and severity of the 2008 financial crisis, but this timelapse map of US unemployment data from 1990 through July 2016 helps put things in context. Read the rest
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"I signed up the second I read about it. It's a lot of fun. I enjoy hearing Ruben tell the story behind each of his comics. Good luck, Ruben!" -Mark Frauenfelder, INNER HIVE member since three weeks ago Read the rest