Archaeologists will say that MAGA was human history's biggest circle jerk of like-minded dunces:
This is the fastest reversal of fortune in U.S. history, including 1929, 1987, 2008 etc:
The question on the table isn't why did the market drop so fast - The question is, why is consumer sentiment still so elevated in February and why did stocks melt-up into global pandemic?
Exceptional bullshit, that's why. Forrest Trump and friends have been lying about the severity of this virus, just like they lie about everything else.
Zerohedge is speculating on whether or not there will be CB bailout on Sunday.
Which reminds me a lot of October 2008 and that bailout. The market didn't fully collapse until AFTER the TARP bailout. When it became clear that no one was going to get bailed out of their speculative junk stocks.
The problem with the bailout hypothesis is that central banks have been bailing out gamblers for a decade straight.
Which has led to extremely hazardous immorality:
mor·al haz·ard
"lack of incentive to guard against risk where one is protected from its consequences"Which is the reason why this was the "fastest" crash in history, and why gamblers were massively leveraged for pandemic:
“I think the market is getting ahead of itself because the market is dependent on Fed largess”
“Fed has created this dependency” among a generation of money managers who were not working in the field during previous moments of economic challenges."
“They have only seen a one-way street"
But, most importantly, market selloffs only end when overly-leveraged gamblers capitulate. And so far we have seen NO sign of capitulation or panic.
Which is why this selloff has a long way to go.
"I'm waiting for the Fed bailout"
"Me too"
"I'm waiting for the Fed bailout"
"Me too"
In summary:
"No one saw it coming"
