She said she takes solace in the fact that Trump is surrounded by a cabinet full of handpicked experts whose advice she thinks could help avoid further losses.
... out of their fucking minds...
this post was submitted on 12 Mar 2025
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Was about to comment almost exactly this.
His "experts" are all cronies - and they're not even slightly interested in the plight of the people, including the retirement prospects of 71 year old Mrs. Redlich.
Having any faith that Trump's administratiom will do anything except line their wallets with tax payer money and do their upmost to fuck over Ukraine is morbidly stupid.
It's worse than that. Most of his cabinet picks are not only not experts in their assigned fields, not even knowledgeable in them, but are actively antagonistic toward them. They wish to limit, downsize or outright destroy the departments under them, or else twist them so severely that they are essentially the polar opposite from their intended purpose. They sure as shit are not here to fix anything. They're here to actively break things they hate.
You're telling me that the CEO of World Wrestling Entertainment isn't the most qualified person to lead the Department of Education? ShockedPikachuFace
who was also in his first term, as the head of SBA.
To be fair. A lot of these people also have faith that because they said the right words to an imaginary being, they will be "saved" after they die.
Yes, they're out of their fucking minds.
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So far into the Kool-aid she might as well just go to Jonestown
Respectfully, I feel I must disagree. I believe the beverage served in Jonestown was Flavor Aid, rather then Kool-aid.
Regarding your other point, yeah, she's staunchly in favor of Coco Puffs.
These people are so delusional.
And wealthy. That they could lose 70k and not feel anything, tells us that they're wealthy.
Hard to feel much over the pain of having your own head in your ass
Yes, they are.
To add some context to this headline, I estimate that 401k to be well into the seven figure range if it lost $70k since January. That's just a guess based on the changes I've seen in my own account, though.
Based solely on DJIA's YTD loss of 2.35%
$70,000/0.0235≈$3,000,000
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this is what a political cult looks like.
Any cult, really.
That's a funny way to say stupid!
No, delusional is the right word. You can be mind numbingly stupid but still see cause and effect; food prices going up after his inauguration is a very basic and tactile thing.
Delusion is taking that lived experience and warping reality to fit your mental narrative.
I know people like this. Some are intelligent, but the propaganda they consume warps their minds. They are engulfed in it and it is difficult to throw out all the sources they trust.
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They FAFO but never actually learn. That's why elections are not about teaching people they were wrong.
but never actually learn.
Then they're not FO'ing.
They do FO, but then they blame anything else but themselves, their cult, the conservative ideology, or their cult leader.
Remember: conservatism can never fail anyone, it's only people that fail conservatism. It means we have to do it even harder. If "doge" fires 50% of government and things are a total hellscape and their 401Ks go to 10% of what they were before, it's because "doge" should have cut 90% of government employees.
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So much cognitive dissonance for most of them, very very few of them will ever admit any mistake of theirs or his. They'll just sort of tap dance around the failings
They're in so deep that they'll take any life buoy that their feed/infowars/fox news throws. Its like an automatic reaction they're conditioned for.
The least shocking thing in this article is retirees in denial. Mental gymnastics is their full-time job; not like they've got anything else to do.
I honestly think the vast majority of them don't think any mistakes have been made. They don't know how fucking awful his cabinet is, etc.
She said she takes solace in the fact that Trump is surrounded by a cabinet full of handpicked experts whose advice she thinks could help avoid further losses.
🤣 🤣 🤣
That's next-level stupid.
Probably shouldn't focus on the short term stock movements.
If the Fed turns on the money printer, the stock prices will go up.
I would point to prices of housing and groceries, because that will not go down if the Fed turns on the money printer.
I hope these assholes starve.
I sold off all my stocks and etfs, but my 401k is still there and is STRUGGLING. It wasn't much to begin with but damn it's getting fucked both ways and back
Mine has wiped nearly 6 months of growth. And it's fairly diversified.
Since he won the election in November, in spite of putting in over $1k with employer match every month my balance has actually gone down. This is fucked up.
i think maybe the only thing that's going to get through to voters like this is if they're laughed at to their face
That'll just make them angry or defensive.
they are always angry and defensive
You are not wrong.
Its fine though, because Social Security is a ponzi scheme, pensions hurt the company's bottom line, and everyone knows the stock market only goes up, so everyone should just have a 401k.
Spoken from bizzarro world / Republican voters for the last 40 years untill this very moment, apparently
I am pointing and laughing at anyone who voted for this and is now being hurt by it. I have zero sympathy. Absolutely none whatsoever. It’s a sociological Darwin Award, more or less.
I’m certainly no trumper. Very liberal. I will just point out the things that I think about when seeing the headlines.
When Trump got elected, the stock shot up a lot. Where it is at now is a little less than what it was.
If it keeps dropping, or if we hit a recession, that is meaningful. Until then, it honestly doesn’t mean much. I have no doubt that the stock market will increase just as much under Trump as it did under Biden.
As for the 401k, those of us that are employed and not living off the proceeds, a drop is good as we will be able to buy more shares each pay period. By the time we retire, it will be significantly higher than it is now.
Does this mean Trump is good? No, but 401k balances of non retired people is a meaningless statistic.
If a recession comes, this would change things as employment will be lost and retired people will be affected more deeply. My heart will go out to the retired boomers who cause this in that case.
Edit: I’m glad to see the toxic redditors have made their way to Lemmy. Feels like home. Downvote anything that is not blind rage towards Trump.
No, but 401k balances of non retired people is a meaningless statistic.
No, its pretty important.
See, 401ks do this thing where they are invested in over time... they slowly accumulate from contributions and the index funds of the broad stock market appreciating over time.
... If you... are not yet retired... and your 401k takes a 10, 20, 30% haircut in a recession/depression...
(which are of course broadly predictable and should be expected every 5 to 10 years)
... well now, you not only have suffered that loss... you also reset the clock on how much your investments will appreciate over time.
Growth from interest is an exponential, not linear process.
This means you now have to massively increase your contributions to be able to afford the same retirement... or work longer, or, more realistically, never be able to truly retire.
... and that is assuming stock market growth reverts to the mean, inflation of primary retirement costs don't spike, you don't get laid off or have promotions and expected wage gains postponed in the recession, etc.
I have no doubt that the stock market will increase just as much under Trump as it did under Biden.
Then you are an idiot.
The housing market is crashing, right now, it's begun, go look.
Something around 1/3 of existing homes are looking to be basically uninsurable in the next decade ... insurance companies pay attention to climate change, and they hike rates or pull out of high risk areas.
Unfortunately... a whole lotof US homes are in high risk areas now. And you cannot get a mortgage if you can't get home insurance.
Everyone's credit scores are garbage, consumer credit is out of control, 60+% of Americans can't afford to miss a paycheck, and Americans routinely pay consumer credit rates that are so high they are considered usury almost everywhere else in the developed world. Approximately a third or more of US households have zero to negative net worth, more debt than assets... and their day to day costs are going to go up, and their investment class assets (including homes) are headed downward.
Every major corporation is doing or has recently done massive layoffs.
We're tariffing imported food, and our domestically produced food is reliant on migrant workers who all stopped working at farms because ICE is raiding them.
We are heavily reliant on imports and exports, and we've started a trade war and are threatening multiple new wars.
We are a highly international trade dependant economy ... and we've decided to isolate and ostracize ourselves... we are a 'rogue state' now, using parlance from about a decade ago.
Getting a job is nigh impossible, 30+% of job listings are fake, ghost jobs, no one is hiring, everyone is underpaid other than C suite.
Finally, from a more technical perspective, the most solid predictor of recession/depressions is the inversion of government issued bond yields, ie, when short term lending is viewed as more risky (has a higher interest rate or yield) than long term lending.
Every single time the yield curve inverts, when it uninverts, a downturn rapidly follows.
Except now. Now, we've had the yield curve invert, uninvert, then invert again, and then uninvert again, without the massive downturn...
We are Wile Coyote who has ran off the edge of the cliff, and we just looked down.
We are looking at the second Great Depression.
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Why would you think stocks will go back up? The tariffs have proven that we are an unreliable trading partner, and countries are starting to look elsewhere. In addition, the outrage from abandoning our allies has caused a large part of the world to boycott our companies. I don't see how things could possibly go back to what they were.
The stock market has never not recovered. Even the 2008 recession is just a blip when looking at the max timeline.
Unless you’re implying the end of the stock market, then yes, the stock market will of course go back up.
I'm not saying that the stock market will end. I'm saying that we will never be in as good of a position ever again. The post ww2 world order is being rewriten right now. We were at the top because we were more or less trustworthy and had significant influence throughout the world. We didn't have much competition. Now that no one trusts us and our influence is being dismantled our trading partners will seek out our competitors or start their own industry creating even more competition. I hope I'm wrong, but i just don't see how we will ever be trusted again.
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Yup. Just going by the indexes, the stock market is down all the way to last summer. It's been a precipitous and steady drop, but if you're a true believer, it would be easy to say it's just giving up a little bit of Trump bubble, hope it's almost over, and relax. After all, they've still got their job or most of the stock market gains collected over the last 20 years, so their immediate personal conditions look great.
Apparently, one of the things that becomes really difficult as IQ drops even a little bit below 100 is hypothetical-conditionals. Like, "How would you feel if you hadn't eaten breakfast?" becomes, "But I did eat breakfast, and I feel fine." So, looking at the economic disruption Trump's causing, imagining that it could continue or get worse, and what that might mean for their personal situation can be a real, does-not-compute struggle.
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Things will get better eventually, as long as you live long enough to see that.
I’m old, may not live thru another pandemic, I just want to be happy today and tomorrow.
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That last paragraph made me LOL. Surely that's sarcasm?
lol
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