8/02 Mike Luckovich: Flattened the curve

[Gothmog]

Link to tweet

[malaise]

1. He destroyed the Obama/Biden economic growth

in less than four years - more needs to be made of this fact.

Great toon

[progree]

5. Well, most of it

Link to tweet

Another graph from New York Times, thanks to BumRushDaShow
from one of their "live" columns - https://www.nytimes.com/live/2020/07/30/business/stock-market-today-coronavirus)



The 9.5% drop from beginning to end of Q2 corresponds to the widely quoted 32.9% annual rate.

[progree]

6. Wait til Q2 S&P 500 earnings come out.. $earnings/share: Q1 2019: 35.02, Q1 2020: 11.88 😲 👀

They used to say that "earnings drive the market". Not anymore apparently. Now its unlimited borrowing by corporations and unlimited money creation and government spending at deficit-tripling levels, along with FOMO (Fear Of Missing Out) that drives the market:

Q1 S&P 500 Earnings per share:
2017 Q1: 27.46,
2018 Q1: 33.02,
2019 Q1: 35.02,
2020 Q1: 11.88 😲 👀
https://ycharts.com/indicators/sp_500_eps

We don't have the full Q2 earnings yet. But likely to be a lot worse, given that Q1 GDP declined by 5%, and Q2 GDP declined by 32.9% (both on an annualized rate basis. The actual GDP drops were Q1: 1.3%, Q2: 9.5%). So it would be pretty much impossible for Q2 earnings to be anything but a lot worse than Q1 earnings.

[KS Toronado]

2. With the economy in the toilet, it always sucks the current president down with it.

Good morning President Biden!

[gademocrat7]

3. Spot on, Mike Luckovich!

[iluvtennis]

4. K n R. nt

[AlexSFCA]

7. it's all about unemployment

the most meaningful number.

[crickets]

8. K&R for visibility.