Dow falls 177 points on concern Trump controversies have derailed Republican pro-business agenda

[question everything]

Source: CNBC

U.S. equities fell on Thursday on concerns President Trump's recent controversies will not allow him to work with Congress to pass business-friendly legislation.

The Dow Jones industrial average fell 177 points, hitting session lows. The index started falling earlier on fears that Gary Cohn, a business friendly advisor to the president, could resign his role as director of National Economic Council because of Trump's remarks following the violent protests in Charlottesville, VA.

(snip)

The Dow briefly pared losses when reports indicated Cohn has no plans to resign and it was just speculation. Still, the concern remains that members of Congress and others in the business community would not want to work with the President following the backlash that led Trump to dissolve two CEO advisory forums.


Read more: https://www.cnbc.com/2017/08/17/us-stocks-wal-mart-trump.html

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At least as of now. Can always change..

[PearliePoo2]

1. Will there soon be tweets about his "bigly" numbers?

K&R

[vi5]

2. So these piece of shit Wall Street/corporate types...

...are o.k. with the hatred, racist, bigotry, misogyny, homophobia and all other manners of shit spewing from Trumps pie hole.................but only until it affects their bottom line and "pro-business agenda".

[DBoon]

5. You are right

They are also fine with chaos and backstabbing in the executive office, threats of nuclear war, and long-time allies abandoning us.

They are concerned only about quarterly earnings

[LanternWaste]

8. the free market system not merely tolerates that imbalance, but encourages it

Desire for profit often outweighs any ethical courage a shareholder may posses, and the free market system not merely tolerates that imbalance, but encourages it by allowing what is popular much more weight than what is right.

[question everything]

10. Not much anymore

From today's WSJ:

On politics, business leaders are risk-averse. They prioritize stability and the status quo. What has changed is the definition of the status quo. Gay and transgender rights, and action on climate change, were once liberal causes. They are now largely mainstream, particularly in big cities that are home to corporate head offices and the educated workers they covet. Businesses have adapted their own plans, policies and attitudes to this new mainstream. White supremacy, of course, has long been rejected across the political spectrum, but for some companies, merely being associated with a president who didn’t clearly condemn it poses risks.

https://www.wsj.com/articles/in-new-political-status-quo-big-business-bucks-the-right-1502899710

(subscription, but some managed to open by twitter. The author is Greg Ip)

[workinclasszero]

11. You got it!

[IronLionZion]

12. Bigotry is bad for business

repeat it often and to everyone

[sandensea]

16. Absolutely. But when Wall Street calls something 'pro-business' they always mean pro-plutonomy.

They just want their fair share - and that's everything.

[Bradical79]

19. I hadn't heard that before, had to look it up

It was really eye opening! Citigroup laid it all out very well. How we relate to economic growth and matter less and less as far as that goes. It's a very deliberate goal to cut the rest of us out of the equations entirely.

[sandensea]

20. It's basically egomania as economics.

One has to feel really worthless inside to feel the need to lord over others like a god among ants. But unfortunately, it's the rule with those people - rather than the exception (and there are exceptions).

[IronLionZion]

21. 6 Perks Of Being Ultra-Rich (That Are Absolutely Insane)

Enjoy reading this:

http://www.cracked.com/article_24922_6-wtf-products-ultra-rich-you-had-no-idea-existed.html

and

http://www.cracked.com/personal-experiences-1424-5-things-you-learn-about-rich-people-working-at-nice-hotel.html

[sandensea]

24. Can-a-bis! Love it!

Where was this when I was smoking schwag out of a bolt and nut pipe!

In all seriousness, I think it's great that the wealthy have so many recreational options. What they shouldn't have (but definitely do), is the option to live above the law.

[IronLionZion]

29. But if they do, they can pay for luxurious jail accommodations

and of course they can always buy lawmakers and judges/police and avoid the situation altogether

[vi5]

27. Ugh. I really hate that term. Especially when applied to Dems...

I'm in the NY/NJ area and that is a badge of honor so many of them out here wear, including likely future presidential candidate Andrew Cuomo.

[sandensea]

28. It's said that no man should be so rich that he can buy others.

That goes especially for politicians.

[BumRushDaShow]

23. "but only until it affects their bottom line and 'pro-business agenda'".

I grew up in a household where this was drilled into my head - The only thing they respond to is "money". "Capitalism" = "capital" = "money".

This is why boycotts generally work. In some cases, it may take a long time (the Montgomery bus boycott took a year). But in other cases, just a threat to "the bottom line" is enough to get them to react.

[DetlefK]

3. The Dow is long overdue for a statistical fluke downwards.

I have recently read an article about that, but can't find it right now. IIRC the Dow fluctuates +/-5% on a 3-month-scale and +/-10% on a 6-month-scale. But so far, he has steadily risen and risen for a year, without such fluctuations.

One possible explanation the analysts cited was that all the traders and investors are focusing on trading stocks of few big companies.

[question everything]

9. Right. And it seems that one reason for the fall is disappointing earning

reports from retail and techs

[TexasBushwhacker]

18. I was thinking the same thing

We had a solid 7 years of growth with Obama. Of course, with what he inherited there wasn't really anywhere to go but up. But the stock market is cyclical and always has been. One can expect a correction every 8 to 10 years, so we're due. When Warren Buffett is sitting on a bunch of cash instead of investing it, you know the downturn is coming. The only question is will we have a hard or soft landing.

[Achilleaze]

4. Trump Slump

I'll bet his russian money-mob buddies, and his republican TreasonWeasel Comrades, are poised to make a KILLING as the market goes down.

[Achilleaze]

25. Trump Slump Trump Slump Trump Slump Trump Slump

Trump Slump Trump Slump Trump Slump Trump Slump
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Trump Slump Trump Slump Trump Slump Trump Slump
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Trump Slump Trump Slump Trump Slump Trump Slump
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Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump
Trump Slump Trump Slump Trump Slump Trump Slump

[hedda_foil]

6. I greatly hope so.

[bucolic_frolic]

7. CNBC and Capitalism are their own narcissists

it's always about the effect on them, even if the connection is tenuous or imaginary

[pangaia]

13. Let's be clear WHAT businesses? What kind of businesses" What size?

[bora13]

14. here is t-rump's real contribution

to the stock market, after all.

Obama got the party started in the right direction.
t-rump looks to bring it back to con territory.

[Mickju]

15. It closed down 274.14

[question everything]

17. Oh my. There goes my IRA..

This morning Ali Velshi had a guest who kept insisting that Whiny Donny is behind the rise in the stock market - at the time - and of new jobs. And Velshi who knows a lot about the economy tried to pin him down to what part of the rise since March 2009 was Obama's. The guest, of course, would not budge..

[hibbing]

22. Like President Obama was anti business?

[Warpy]

26. Well, only partially. The headline misses the fact that the dollar has rebounded

after dropping nearly 10% on currency markets. Foreign institutional investors decided it has rebounded all it's going to, so they took their profits today.

The market doesn't operate in a vacuum and it isn't confined to the US. Having the Asshole's crazy train leave the rails five miles behind it isn't helping, of course, but it's far from the whole story.