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U.S. stocks see biggest 2-day wipeout in history as market loses $11 trillion since Inauguration Day (www.marketwatch.com)

submitted 10 months ago by Redditsux@lemmy.world to c/news@lemmy.world

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Roughly $11.1 trillion has been wiped away from the U.S. stock market since Jan. 17, the Friday before President Donald Trump took the oath of office and began his second term, according to data from Dow Jones Market Data.

Some $6.6 trillion of that figure was lost on Thursday and Friday alone — the largest two-day wipeout of shareholder value on record, Dow Jones data showed.

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[–] entwine413@lemm.ee 41 points 10 months ago* (last edited 10 months ago) (1 children)

The thing is that in the past our government wasn't intentionally doing irreparable harm to our economy by giving nearly every trading partner we have the middle finger.

Maybe the markets will recover, but we might be looking at a situation similar to the great depression, especially if people start making bank runs.

[–] Zron@lemmy.world 11 points 10 months ago (2 children)

I don’t know if people will hit the banks.

Back on black Tuesday, most things were bought with cash.

Now everyone either uses debit or credit. I don’t think there will be the big of a demand for cash unless one of the big banks says it has run out.

I do think that the credit market might implode within 6 months, as many Americans will probably forgo paying their debt to buy food for the week, and the credit companies will not have the capacity to squeeze blood from that many stones at once.

If consumer credit crashes, then the consumer economy essentially collapses, as a huge chunk of the population essentially lives on a knife edge between their bank balance and credit limits.

I give it at least a month before this all really starts to go tits up.

Anyway, I’m gonna go buy some waterproof storage bins and about 500 pounds of rice and beans tomorrow, just because that’s my new hobby.