M
Mr._Clark
Audioholic Samurai
More trillions in retirement savings are being lost.It looks like stocks are heading even lower.
>>>NEW YORK (AP) — President Donald Trump’s “Liberation Day” is fast approaching, and stock markets from Wall Street to Wellington, New Zealand, are falling Monday in advance of it.
In New York, the S&P 500 was down 0.8% following one of its worst losses of the past couple of years on Friday. It’s on track to finish the first three months of the year with a loss of 5.9%, which could make this its worst quarter in nearly three years.
The Dow Jones Industrial Average was down 111 points, or 0.3%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 1.7% lower.<<<
Stock markets fall worldwide as Trump's 'Liberation Day' approaches
President Donald Trump’s “Liberation Day” is fast approaching, and stock markets around the world are falling in advance of it.apnews.com
As of March 10, 2025, the S&P 500 alone lost $4 trillion from the peak in February.
>>>NEW YORK, March 10 (Reuters) - President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out $4 trillion from the S&P 500’s peak last month, when Wall Street was cheering much of Trump's agenda.<<<
US investors own about 60% of the stocks in U.S. companies, which means those in the U.S. lost about $2.4 trillion on the S&P alone.
As far as I can tell, this far exceeds any amount the DOGE crew might be able to save. Musk said $2 trillion per year, but this is clearly not possible here in the real world:
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>>>"It is completely impossible for DOGE to save $2 trillion," Jessica Riedl, an economist and senior fellow at the Manhattan Institute, a conservative-leaning think tank, recently told CBS. "Two-thirds of the $7 trillion federal budget goes to Social Security, Medicare, defense, veterans and interest on the debt — all of which has been taken off the table by President Trump. Saving $2 trillion would require eliminating nearly every remaining federal program.”
Riedl added: “DOGE has no legal or constitutional authority to cut this spending; Congress must pass a law.”<<<
Elon Musk and DOGE promised up to $2 trillion in government savings. How much have they actually saved so far?
DOGE claims $115 billion in savings over the first seven weeks — but its own ‘wall of receipts’ shows just $35 billion.www.yahoo.com
It's hard to see how people will come out ahead financially under Trump.
>>>Most Americans' retirement savings, including 401(K)s, are tied to stock market performance. They are invested in shares and funds that track the major indices.
One that tracks the S&P 500 fell 2.2 percent in after-hours trading, while one that is tied to the Nasdaq-100 fund dropped 3.3 percent. A fund that follows the Dow Jones slipped 1 percent.<<<
Wall Street stocks drop like a stone
America's flagship S&P 500 plunged two per cent in minutes today - the kind of fall not seen since the start of the Covid pandemic.
www.dailymail.co.uk
Meanwhile, other than a handful of Senators voting on a resolution specific to Canadian tariffs, the GOP congressmen/women are sitting on their hands and watching the crash.
>>>Senate Republicans are bracing for the passage of a bipartisan bill to undo President Trump’s 25-percent tariff against Canada, which would deal Trump an embarrassing setback on “Liberation Day,” an occasion the president has proclaimed to announce a new round of tariffs.
Four Republicans — Sens. Rand Paul (Ky.), Susan Collins (Maine), Lisa Murkowski (Alaska) and Mitch McConnell (Ky.) — have indicated publicly or privately that they would vote for the resolution, according to Senate Democrats.<<<
