Editorial

Wall Street Finally On High Alert For Potential Financial Nightmare

BLOG
Markets Continue To Drop Sharply On Recent Economic Reports

(Photo by Michael M. Santiago/Getty Images)

Kay Smythe News and Commentary Writer
Font Size:

The Dow and Nasdaq were down over 1,000 points each Monday after opening bell as Japanese stocks went into a meltdown with massive selloffs.

Tokyo’s Nikkei index suffered the worst single-day retreat in almost 30 years since the “Black Monday” crash, closing 12.4% lower, according to The Associated Press. Along with the Dow and Nasdaq disturbances, the S&P 500 sank 4.1% in early trading on Monday following Friday’s weak jobs report. Europe’s STOXX 600 index also dropped 2.6% at 487.15 points, its lowest since February.

Even a financial novice can probably tell the global financial situation is in a pretty rough place.

Nvidia, Meta, and Apple each lost 6% of its market capitalization on Monday, the New York Post noted. Apple is getting a double-whammy after Berkshire Hathaway’s chief Warren Buffet cut his stake in the technology giant by half. Buffet is still Apple’s largest shareholder … so are we heading toward the end of Apple’s oligarchy over tech devices? Hopefully! Everything in life got so much worse after we started using cell phones. (RELATED: Dear Kay: I Just Saw The Banking News. Are We Screwed?)

But apparently some MSNBC talking head told us there is no need to panic yet. And he’s right. You should have been panicking for years because this crash was so obvious. I feel like some of our financial “leaders” should be shamed for not saying or doing a darn thing to prep people for what happens next.

Back in 2022, billionaire investor Stanley Druckenmiller laughed as he was asked whether we’d hit a recession in 2023. He said he was unsure about the exact timing but that everyone should get the cyanide ready.

Financial guru Michael Burry put it brilliantly when he said in early 2023 that “2000, 2008, 2023. People full of hubris and greed take stupid risks and fail. Money is then printed. Because it works so well.” (RELATED: Energy Companies Gaslight Customers Into Thinking Soaring Costs Are Due To Extreme Weather)

So, how will this impact you, dear reader? Well, I’d expect to get used to feeling hungry, eating simple food, limiting your heating and other utilities and you will likely lose most of your favorite brands. That’s okay though. We don’t need 99% of the crap you buy and the fact we’ve been buying this amount of crap is part of the reason we’re in this situation.