On Monday, the Dow dropped further than it has since 2011, by four percent, according to Reuters. If you're not an economist or into stock trading, this probably doesn't mean an enormous amount to you. In reality, most of us don't make enough money to feel the widespread panic in the finance industry.
On Tuesday, the stock market has continued to "see-saw," the Wall Street Journal reports, and it is worrying that an economic crisis might eventually push the U.S. into another recession. But again, if you don't actually have any cash invested, you're probably fine right now? The world hasn't ended, but a bunch of sweaty men are yelling at each other on the stock market floor right now.
Vox reports that this has actually been a long time coming. Minimum wage is rising, and more people are employed, which is good. But it makes investors scared, because their profit margin is smaller if people are being payed fairly for their work. Capitalism, am I right? It may also lead to inflation, which will increase interest rates, which again makes investors nervous. So everyone is freaking out.
There are two main responses to this news on Twitter, which are "chill out."
For context: The largest drop in stock market history was Black Monday in 1987, -22.6%. The 20th-largest drop was Sep 29, 2008, -6.98%. Today was -4.6% on the Dow, which is, yes, big, but, still, way, way down the list. https://t.co/02LaiqFcUw pic.twitter.com/bpHHBlnGKa— Felix Salmon (@felixsalmon) February 5, 2018
Also, PLEASE stop looking at the Dow. It's 30 stocks, and it's not even an index. People love quoting it because the numbers are big. Come on, surely we're more grown-up than that.— Felix Salmon (@felixsalmon) February 5, 2018
And then people who are like, "This is catastrophic! Thanks, Trump!"
Donald Trump’s day so far:— Palmer Report (@PalmerReport) February 5, 2018
- Stock market goes into toilet
- Dow Jones record setting drop
- Trump sounds dead during speech
- Something new wrong with his hair
- Accuses everyone of treason
- He’s running out of insults
- Day keeps getting worse for him
- It’s still only 5pm
Prior to today the largest one-day drop in the Dow Jones average had been 777 points.— Brian Krassenstein🐬 (@krassenstein) February 5, 2018
Today the Dow PLUNGED a staggering 1,177 points.
Congrats Mr. Trump on YOUR economy!
I bet you won't be tweeting about it!
But this take is getting one guy dragged on Twitter.
Scott Budman is a reporter for NBC News who mostly covers tech and business. I think our friend here may be in too deep, because his tweet on the crash was basically, "Won't someone think of the poor rich people?"
Had a rough day?— scott budman (@scottbudman) February 5, 2018
Mark Zuckerberg lost $3.6 billion today.
Jeff Bezos lost $3.2 billion.
Google's founders lost $2.3 billion, each.
Bill Gates lost $2.2 billion.
Yes, the amount of money that Mark Zuckerberg, Jeff Bezos, Bill Gates, and the founders of Google lost on Monday is staggering. That's because they possess an insanely disproportionate amount of the wealth in the world.
As people were quick to point out:
If I had a dollar that was suddenly only worth $0.96, I surely wouldn’t consider it the end of the world, which is equivalent to the market drop today.— J3ff L3RoY D4v1$ (@jeffleroydavis) February 5, 2018
Had a bad day? People with enough money to fund the retirement of a medium-sized state lost a small chunk of it. So, you know, feel bad for them too— Rajan Narang (@rdnarang) February 6, 2018
But they got billions in tax cuts and their planes are tax deductible, so they're good. 👍— MomsThoughts™ (@MomsThoughts) February 6, 2018
Boy I wish I had enough money that losing millions was a inconvenience and not the end of my life.— the shape of wolfer (@coyotoy) February 6, 2018
My day was worse, because I'm not rich enough that a billion is a rounding error.— Dennis Says Ditch the Nazis, Jack (@den_down_unda) February 6, 2018
Many just celebrated rich people taking a loss:
What do you think?