[quote][B]US stock markets were set for their worst day in months over fears political controversy surrounding President Trump will blunt his ability to deliver tax and regulatory reform.[/B]
Wall Street's three main indexes fell more than 1.4%, and the dollar erased most gains made since his election.
The S&P 500 stood stand 1.62% off at 2,361 points.
The Dow Jones fell 1.58% to 20,647, and tech-heavy Nasdaq lost 2.3% to 6,028.
Optimism over the Trump administration's pro-growth policies had driven a sharp rally in US stocks since his election in November.
But the current row over the firing of FBI director James Comey, and growing scepticism about the administration's ability to push major policies through Congress any time soon has cast a cloud over markets.
"We're getting into stall mode because of the early expectations for the Trump presidency. It's all being put well on the back burner and even off the stove. It's kind of worrisome as it could take time to muddle through this," said Joseph Benanti, managing director, at share trader Rosenblatt Securities, in New York.
Although the Oval Office has furiously denied wrongdoing over Mr Comey's sacking and claims Mr Trump passed on sensitive intelligence information to Russia, some commentators have even spoken about impeachment.
[B]"Calls for President Trump to be impeached are growing louder and that has created a long overdue sense of fear in markets," said market analyst Jasper Lawler at London Capital Group.[/B][/quote]
[url=http://www.bbc.com/news/business-39953112]Source[/url]
DOW currently down 310 points and still falling. :goodjob:
Looks like this might be the market correction we've been expecting. If so it's a real shame the administration and its line couldn't get their tax proposal underway before it came.
[QUOTE=Chonch;52241455]Looks like this might be the market correction we've been expecting. If so it's a real shame the administration and its line couldn't get their tax proposal underway before it came.[/QUOTE]
Cause gutting the tax code so the rich bear almost none of it and it all shifts to the poor middle class is good right?
Are you just a "temporarily embarrassed billionaire" or what?
there's the potential that this is largely just noise, although we won't be sure until there's a consistent trend over several weeks (preferably months) indicating this
[QUOTE=Chonch;52241455]Looks like this might be the market correction we've been expecting. If so it's a real shame the administration and its line couldn't get their tax proposal underway before it came.[/QUOTE]
How they about fuck off instead? For the anti-tax party, they sure love to increase the tax burden on us common people. That, or they just decrease it on the rich whilst increasing spending with money they don't have.
I genuinely want to know what about this "tax plan" you want Conch?
All it does is empower the fucking richest of the rich, lets Daddy Don off the tax hook he's been avoiding for years, and helps encourage the decay of american infrastrcucture.
Are you vindictive or do you just really think this is what is needed.
CNBC is now saying the DOW is down 370:
[url]http://www.cnbc.com/2017/05/17/us-markets.html[/url]
Next Recession confirmed.
[QUOTE=Chonch;52241455]Looks like this might be the market correction we've been expecting. If so it's a real shame the administration and its line couldn't get their tax proposal underway before it came.[/QUOTE]
remember kids, its always obama's fault if something bad happens and trump's accomplishment if something good happens
If only trump's presidency wasn't such a tranwreck, then we could pass tax reform.
if only there was something we could have done to prevent this.
[QUOTE=Lambeth;52241713]If only trump's presidency wasn't such a tranwreck, then we could pass tax reform.
if only there was something we could have done to prevent this.[/QUOTE]
by voting we did our best but somehow that didn't count
[QUOTE=portalcrazy;52241733]by voting we did our best but somehow that didn't count[/QUOTE]
Except it did count? I understand what you mean, but all you're saying is that your candidate didn't win and therefor your vote didn't count. It did, and would enough more people have voted for your candidate she would have won. I'm aware that Clinton actually got the popular vote and it is bullshit that she didn't win, but I feel as though there seems to be a mentality that everybody who went and voted for clinton were wasting their time which isn't the case. Your vote may not have counted as much as it should have, but it did count.
[QUOTE=Sobotnik;52241510]there's the potential that this is largely just noise, although we won't be sure until there's a consistent trend over several weeks (preferably months) indicating this[/QUOTE]
Given that the 'Trump Bump' as they call it has been sustained mostly on good feelings about the government, I wouldn't expect this to recover until there is some good news for the administration, like an 'all clear' for the multiple intelligence investigations, or an important bill passed.
[editline]17th May 2017[/editline]
Then again, they're called 'animal spirits' for a reason.
[QUOTE=Mr. Someguy;52241539]How they about fuck off instead? For the anti-tax party, they sure love to increase the tax burden on us common people. That, or they just decrease it on the rich whilst increasing spending with money they don't have.[/QUOTE]
Oh, they have the money. If they don't get it from taxes, they'll squeeze it out of Social Security. Either way, they'll make sure to get the brunt from us poor folk rather than the super wealthy elites.
[QUOTE=Chonch;52242118]Given that the 'Trump Bump' as they call it has been sustained mostly on good feelings about the government, I wouldn't expect this to recover until there is some good news for the administration, like an 'all clear' for the multiple intelligence investigations, or an important bill passed.
[editline]17th May 2017[/editline]
Then again, they're called 'animal spirits' for a reason.[/QUOTE]
I think it's just gonna get worse from here on out honestly. Presidents usually get the most done in earlier in their terms, before they get bogged down by politics. Trump isn't most presidents though!
[QUOTE=Chonch;52242118]Given that the 'Trump Bump' as they call it has been sustained mostly on good feelings about the government, I wouldn't expect this to recover until there is some good news for the administration, like an 'all clear' for the multiple intelligence investigations, or an important bill passed.
[editline]17th May 2017[/editline]
Then again, they're called 'animal spirits' for a reason.[/QUOTE]
Still wanna know why you want a tax plan that does nothing for anyone who isn't rich as fuck
[QUOTE=HumanAbyss;52242268]Still wanna know why you want a tax plan that does nothing for anyone who isn't rich as fuck[/QUOTE]
He won't answer you bro, at worst, he'll come into the Trump impeachment thread and blame Obama as the reason Trump got impeached.
i was reading somewhere that the industries that are set to loose big legislatively (healthcare, IT, manufacturing) are actually doing great while raw materials and mining are doing worst off
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