STOCK MARKET WATCH -- Monday, 13 March 2023

[Tansy_Gold]

STOCK MARKET WATCH, Monday, 13 March 2023

Previous SMW:
SMW for 10 March 2023




AT THE CLOSING BELL ON 10 March 2023


Dow Jones 31,909.64 -345.22 (1.07%)
S&P 500 3,861.59 -56.73 (1.45%)
Nasdaq 11,138.89 -199.47 (1.76%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

One would think such a meeting would be the perfect opportunity to share frank concerns about the credit crisis then engulfing the financial markets. Some of that did occur. But there were "no surprises," according to one participant, even though there was a spirited discussion of the increasingly worrying events, including the causes of the crisis, what could possibly go wrong, and who or what was to blame. But a room full of alpha males apparently was not the setting in which to bare one's soul.

William D. Cohan. House of Cards: A Tale of Hubris and Wretched Excess on Wall Street. Anchor Books. © 2009, 2010.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[Warpy]

1. OK, that quote did make me laugh out loud

since I knew exactly what he's talking about. He might be referring to the 2008 debacle, but he could be talking about what's going on again today. More deregulation has occurred, the loans are even shakier, and it's not going to take a whole lot for the whole business to collapse again. Rooms are still full of cigar chomping bully boys who think since they've got control of a lot of money, that has conferred superior wisdom upon them and they're impervious to anything but the sounds of their own voices.

So yeah, we're set up to have it happen again, deregulation like playing Jenga with the economy, remove one regulation too many and the whole thing is a pile of rubble. Only when the bully boys are broke can the regulators appear and start fixing things.

[Tansy_Gold]

2. I opened the book at random . . . .

. . . . to that page. I couldn't not post it. He's referring to the Bear Stearns collapse, March 2008.

The names were listed in the preceding paragraph. "It was an august gathering of Wall Street's most powerful men." All the usual suspects. Dimon. Blankfein. Geithner. Bernanke. Rubin. A few others slightly less familiar, even to us old-timers.

I still remember my rage after Obama appointed Geithner and Summers and Rubin to his transition team, and the shit I took here for it. My opinion never changed.

[Warpy]

3. I shared it but I knew why he did it

Obama was a "first," meaning he desperatly needed to maintain some semblance of the status quo. Reformers take the chance that their reforms will blow up in their faces, and a "first" doesn't have the ability to do that, since s/he is always terrified that s/he will be the only one in that "first" category if that happens. So Obama, while not awful, was more of a place holder.

I understood that, but Geithner? Summers? He couldn't have picked anyone more wretchedly antiworker than those two.

[Tansy_Gold]

4. They were terrible picks, even under the "first" circumstances

And I'm not sure that ultimately they did any good at all and may have done a lot of harm, especially in terms of setting the stage for the great orange 💩.

[bucolic_frolic]

5. Market should open about 1200 points down tomorrow

Bank failures breed uncertainty

[Tansy_Gold]

6. And then there's crypto . . . .

End of message.