Powell’s 8-Minute Speech Erases $78 Billion From Richest Americans

[DigitalDrifter]

I don't even want to look at my own accts, I know I've lost a ton. Thanks Biden.

(Bloomberg) -- In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion. Elon Musk’s saw $5.5 billion erased from his wealth. Jeff Bezos lost $6.8 billion, the most of anyone on the Bloomberg Billionaires Index. The fortunes of Bill Gates and Warren Buffett declined by $2.2 billion and $2.7 billion, respectively, while Sergey Brin’s was knocked below $100 billion.

MSN

 

[Toddsterpatriot]

I don't even want to look at my own accts, I know I've lost a ton. Thanks Biden.

MSN

How much did it cost the rest of us?

 

[EvilEyeFleegle]

I don't even want to look at my own accts, I know I've lost a ton. Thanks Biden.

MSN

LOL! So what? Stocks go up..stocks go down, only the short term investor and speculators out there on margins leveraged to the hilt--get badly hurt.
IMO the Fed did the right thing--for the long-term health of the economy--that's their job~

All those scary numbers mean shyte really, who thinks that all those mentioned won't be richer 5 years from now. Now the little guy? well..is interesting how fast 'the great resignation' will go away as the bills pile-up!

 

[JackOfNoTrades]

Buying opportunity.

Bet on Monday, the market will recover almost half of today's loss.

 

[Toddsterpatriot]

Buying opportunity.

Bet on Monday, the market will recover almost half of today's loss.

Is the next Fed hike gonna be 0.75% or a full 1%?

 

[JackOfNoTrades]

Is the next Fed hike gonna be 0.75% or a full 1%?

Since inflation dropped in July, I'm gonna say their next move is to do nothing...and wait to see what happens.

Consumer prices fell, incomes rose in July as inflation eases

Consumer prices fell in July and wages rose even when adjusting for inflation, according to data released Friday by the Bureau of Economic Analysis. The personal consumption expenditures (PCE) pric…

thehill.com

 

[Toddsterpatriot]

Since inflation dropped in July, I'm gonna say their next move is to do nothing...and wait to see what happens.

Consumer prices fell, incomes rose in July as inflation eases

Consumer prices fell in July and wages rose even when adjusting for inflation, according to data released Friday by the Bureau of Economic Analysis. The personal consumption expenditures (PCE) pric…

thehill.com

No hike in September?
Did you not hear his speech today?

 

[JackOfNoTrades]

No hike in September?
Did you not hear his speech today?

I did. Doesn't mean there will be a hike.

 

[Toddsterpatriot]

I did. Doesn't mean there will be a hike.

After being behind the curve all year, I think they have to hike in September.

 

[1srelluc]

I'm waiting to see what Mr. Beeks says about the FL orange crop report.

 

[Lesh]

(Bloomberg) -- In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion

Yea...breaking my heart

 

[Moonglow]

August and September have never been good months for the stock market.


And over time, August and September have been the worst two months for equity market returns. Since 1945, the S&P 500 has lost 0.2% on average in August and 0.7% in September.Aug 4, 2017

Stocks Just Entered a Historically Scary Period. Here's Why​

 

[Moonglow]

(Bloomberg) -- In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion

Yea...breaking my heart

One less golden handled terlit in the CEO terlit lounge suite.

 

[Tumblin Tumbleweed]

I don't even want to look at my own accts, I know I've lost a ton. Thanks Biden.

MSN

Are you rich?

 

[pknopp]

End the Fed? I'm in.

 

[Mac1958]

Markets are drama queens, overreacting to pretty much everything.

Then they calm down when they remember that assumptions and extrapolations make for bad investing.

 

[Devils_Advocate]

(Bloomberg) -- In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion

Yea...breaking my heart

It also hit people with money in the Markets, but hey like you care about anyone but yourself!

 

[Harpy Eagle]

I don't even want to look at my own accts, I know I've lost a ton. Thanks Biden.

MSN

And after the market comes back up these richest people are you so very worried about will be even richer as they are the ones buying up all the stocks at the bargain prices when people like you flee the market yet again

 

[Harpy Eagle]

It also hit people with money in the Markets, but hey like you care about anyone but yourself!

You do not really think he is one of the "richest" Americans do you?

 

[DigitalDrifter]

Are you rich?

What is the definition of rich in 2022? Someone with a million or more in assets? If so, then I'm rich. The truth is however, that it's likely not enough unless you have at least a couple million when you retire if you expect to live 25 years.
So the bottom line today with how shaky the foundations are in America, I wouldn't bet your life on it. Probably best to just keep working if you can.