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This seems like a lot of money in terms of personal finance. It's hard to imagine having $3,400,000,000,000 less money in your savings account. But global nomi
by ipnon 7y ago
This seems like a lot of money in terms of personal finance. It's hard to imagine having $3,400,000,000,000 less money in your savings account.
But global nominal GDP was $80,934,771,028,340 in 2017 [0]. This is a pothole.
[0] https://www.worldometers.info/gdp/gdp-by-country/ https://www.worldometers.info/gdp/gdp-by-country/
- taywrobel 7y agoIt's a 4.2% drop, using your numbers. That's not a pothole. If looking at my savings account, I saw a sudden 4.2% drop it would not just be a "meh, it happens, no problem here" type situation.
- entropea 7y agoThat would be like $10 for most of the country.
- Finch2192 7y agoThat isn't really the point, though, is it?
- easton_s 7y agoWhen a person has $240 bucks in their account they know exactly what that $10 is for.
- gentleman11 7y agoFair, but back when I had $240 in my account, I didn’t have any stocks. Stocks were rich person problems to me back then
- vikramkr 7y agoAnd for someone for who that 10 bucks is 4 percent of their total savings, that's a few days or a week or a month in some parts of the world without food to put on the table.
- jiveturkey 7y agoyou might want to rethink your analysis. global GDP is not "the stock market". The "stock market" in this story is actually the S&P 500. The high on 2/19 was 3386.15. The low right now as I post this is 2978.76. That's a drop of 12%. That is not a pothole. That is the grand canyon, opening all at once, not over a million years. Luckily, this is correlated to a single "act of god" event. It will recover. In the short term, however, there will be real consequences. This is one of those very, very good times to buy.
- gowld 7y agoIt's not the grand canyon opening. It happened in 2008 on a bad week, and it happened in 2018 over the month of September and again in the month of December.
- deleted 7y ago[deleted]