Stock market dives

Stock market dives

Episode Transcript

Speaker 1 (00:00):
Something that is happening right now is I love it.
What goes up must come down is the name of
the stock market. Lesson today, and let's bring in Jim
Ryan from ABC News out of Dallas, and Hey, Jim,
welcome to the show again. You're doing okay, all things considering.

Speaker 2 (00:18):
All thanks considered. Yeah, not looking at my retirement account
at all. Nobody probably should today because it's going to
show some losses. It will regardless that Dow right now,
with fifty five minutes fifty three minutes left to trade,
is down over one thousand points. S and P is
off over three percent. Nasdac's down almost four percent. The

(00:39):
numbers are staggering and it will be a historic loss
today for those major stock indexes and for investors have
money across the board.

Speaker 1 (00:48):
Okay, so mainly, and I hopefully you'll know kind of
for the most part, what is really behind this because
I don't know. I don't remember seeing any big head
lines over the weekend, although that doesn't mean they didn't
exist about something like this headed our way.

Speaker 2 (01:05):
Well, I mean it's it's a combination of a lot
of different things. Remember I mean last week when the
Federal Reserves Board of governors met and they decided, let's
keep interest rates where they are right now, we'll look
at September. In fact, the expectation built into the market
was that there will be an interest rate decrease in September.
They'll drive it down, Okay, So they kept the interest

(01:26):
rates where they were. You start hearing about Warren Buffett
selling off a lot of his stock in Apple. He's
been selling off some of his other holdings as well,
and you know, and then of course Friday, we had
this week week jobs report that came out, and so
those things all combined then conspired to turn us into
a really bad market today. That Niki and Japan was

(01:47):
off the topics overnight and that kind of led us
into today this Monday of trade and in our stock market.
So I think it was just a compilation of a
lot of different things. Mark.

Speaker 1 (01:59):
Yeah, it's down off or off rather what at least
one thousand plus right about now, probably expected to finish
down at least that far within fifty one minutes from now.

Speaker 3 (02:11):
Correct.

Speaker 2 (02:11):
Well, it'll bounce around and you may come back to
just but it seems like when this happens, you start
to see a little bit of a surge at the end,
and people start buying again, buying the cheap stocks because
they're so cheap. Right now, this is the time to
get into the market. Really, if you want to buy
low and sell high, now is the time to buy
because overall, at least in the S and P five

(02:32):
hundred year, seeing prices that are dramatically lower. Of course,
the market, all three of these indexes are still higher
than they were at the beginning of the year, right,
so this is kind of a correction. A lot of economistsy,
this is a normal sort of thing. It's dramatic, it's precipitous,
but it's this sort of thing that will iron out
the market. Overall.

Speaker 1 (02:51):
Your thoughts on this sell off, and this is just
one aspect of this. I was reading the selloff could
lead the Federal Reserve to cut interest rates early then expected.

Speaker 2 (03:01):
Yeah, I think there's some debate about that. Can they
Can they do that between their meetings? So the meeting
was held this month, then they hold one in September,
and it was that September meeting when they were supposed
to drop it back down. But there could be some
sort of you know, intercession sort of rate reduction. They
may step in and try to do that. Generally, you know,
stocks and the stock market are a reflection of what's

(03:22):
happening in the economy. But at some point the stocks,
that's the stock market itself, becomes a driver of the economy,
and the FED doesn't want to see that happen.

Speaker 1 (03:31):
We're talking to Jim Ryan ABC News right now about
the stock market and everything happening today.

Speaker 3 (03:36):
You know, we've heard over and over.

Speaker 1 (03:38):
If you've been on this rock for long enough, you've
heard even if you have half of an ear paying
attention to the markets, even if you're not necessarily financially connected,
you probably know somebody who is or you know, family member, friend, whatever,
and you always hear don't start panicking and something like this,
and dah dah da da da. Then you have people going,

(03:59):
I'm watching what Warren Buffett just did.

Speaker 3 (04:02):
And then so yeah, those people going out of my way.
I'm selling, you know or whatever.

Speaker 1 (04:06):
I'm seeing a guy who technically is somebody who I
don't know you represent somewhat stability. I would imagine I
maybe I'm off on that, but when you see that happening,
that's tough to tuck somebody off the ledge. When you
see somebody like him selling off, right.

Speaker 2 (04:21):
Well, sure, yeah, I mean he's still very stable, and
I think people do that because they figure what he's
doing is why he's not desperate. Right, So on Saturday,
the announcement came that he had cut his steak in
Apple by half, right Berkshire Hathaway. I mean, it's still
is the firm's largest shareholder, but you know they've they've
dumped that dramatically, the Apple stock and a lot of

(04:44):
the tax stocks too. And people had thought marked that
perhaps the tech shares were going into this month or
going into this quarter overvalued. You know a lot of
people were putting taking a lot of their money on AI,
and that meant Tell and Nvidia and other companies that
make those chips that power AI. And I think people

(05:05):
are sort of shaking their heads and saying, wait a minute,
is this really going to be the panacea here, and
deciding that maybe it isn't all.

Speaker 1 (05:11):
Right Jim Ryan, ABC News. Of course, Jim, everybody's going
to be watching to see what the closing bell, where
it ends up, how bad it ends up. I think
we probably can agree there have to be something pretty
interesting happened between now and four o'clock. That would would
right this ship or make get any of those losses
up to uh, you know, recovering a lot of them today.

Speaker 3 (05:31):
I would think at this point.

Speaker 2 (05:33):
Well even if they you know, even if it recovered
five hundred points, that that would be down five hundred
eighty eight points on the day, right.

Speaker 3 (05:40):
And that would technically be a win, wouldn't it.

Speaker 2 (05:43):
I mean considering I guess if it doesn't bounce back,
that's how.

Speaker 1 (05:48):
Absolutely Yeah, to use the word win loosely, I guess
that's what I meant. Uh Anyway, Jim Ryan, ABC News,
thanks for the lays on this, appreciate it.

Speaker 3 (05:56):
We'll see y all right, same see yam Uh.

Speaker 1 (05:59):
Yeah, So this is something I don't know how close
you've been watching it or do you just kind of
like do this with your hands, like, yeah, this is.

Speaker 4 (06:07):
Such a coaster because this is just another I don't
know what I did to piss got off, but I
had a meeting on Thursday schedule with my financial advisor.
I was going to pull some money out of them,
just because we need a cash inflow right now. I
mean I was up thirty five percent for the year.

(06:30):
Whoa very nice Yes, Well, I mostly pulled out of
tech and I went to the Blue Chippers, and the
blue Chippers have been doing very well.

Speaker 3 (06:39):
And now with this today.

Speaker 1 (06:43):
Well wait and see because my thirsday this who knows
this could be corrupted by it.

Speaker 3 (06:47):
I know. I just it just was like, are you kidding?

Speaker 4 (06:52):
Because I need an It's not ideal pulling money out
of your long term investment retirement accounts all, but I
also don't really have an option if I need cash
I need, if I need a few grand infusion to
keep my house afloat right now, which I do. Yeah, Uh,

(07:13):
that's my money regardless. And if that's all I have,
then that's all I have. You know what I'm saying.

Speaker 3 (07:18):
No, absolutely, dude, I hate to do it.

Speaker 1 (07:21):
That's all I have. I have no other choice. For
my first home. We and this would have been in
oh gosh, when was that?

Speaker 3 (07:29):
Oh? I closed on my first home on nine seven
oh one. That was my first home.

Speaker 1 (07:39):
And the reason I remember the exact date was clearly
because it was a few days before nine to eleven, and.

Speaker 3 (07:47):
I it was a.

Speaker 1 (07:49):
Anyway, I said all that to say, I pulled a
chunk out for the down payment.

Speaker 3 (07:53):
I did the same thing I mean, and.

Speaker 1 (07:55):
That's not necessarily what you're specifically talking.

Speaker 3 (07:58):
You're going, we just need to make it. We're just
trying to live right. But point being, if you were.

Speaker 1 (08:03):
In that situation, you're in that situation, it doesn't it
doesn't matter.

Speaker 3 (08:08):
I think you and I have had this conversation before.

Speaker 1 (08:10):
It's just like, you know, I don't know any of
your investors, anybody will tell you. We try to dodge that,
and you're just like, well, what good is it if
we're going to bankruptcy court?

Speaker 3 (08:20):
What good was it for me? That's just because we're
gonna take it anyway, That's what I'm saying.

Speaker 4 (08:24):
I've got I'm behind on one credit card that I
need to get ahead of. I understand, I've got you know,
my car payment has doubled from what it used to be.
Food is not any cheaper. I just gotta notice. I
gotta I gotta renew my lease at the condo by
the tenth and it's gone up again another seventy five dollars.

(08:45):
I mean what, I am being nickeled and dimed to death.
I don't have a choice. Yeah, it's the worst thing
you can do. This is gonna be a bad week.
So I'm gonna sell low.

Speaker 3 (08:56):
It's just but every I Luckily it's only some of it.

Speaker 4 (09:02):
I wish if I had to do it all over again,
I would have just I would have stuck that in
a CD. I would have stuck that money after my
mom passed away, and I would have just slow and
steady wins the race. Dude, I would got shunked. I
would have three percent a year compared to what you know.
I was looking at. One of my portfolios was down
ninety percent in two thousand and one when I put

(09:24):
I put the money in in May. By the end
of December it was down ninety percent of two thousand
and one or twenty twenty one.

Speaker 3 (09:31):
Okay, what does it matter?

Speaker 4 (09:32):
Well, I should have never put that in there, then,
I mean, and I get it.

Speaker 3 (09:36):
It's a risk. The market's a risk. But I'm just done.

Speaker 4 (09:40):
I'm part of me wants to just pull everything, but
I'm not going to do that because that's a that's
a that's a panic move, and I don't want to
make a panic move.

Speaker 1 (09:48):
There are a lot of people who feel like you,
So you are. I feel like you're right in the
middle of most people who are doing that, who are
doing the Wall Street thing. There are a lot of people, man,
clearly that listen to this show that probably can relate,
even if it's just on a even if it's just
a couple of different strands within your whole thread there,

(10:09):
you know what I mean, Like they they're gonna So
the other saving grace I feel like for you is
you were, like, you know, you had that great news
about your wife and such, and I'll just leave it
at that.

Speaker 3 (10:19):
You know what I'm talking about.

Speaker 1 (10:20):
Like with everything, and that is right there, fantastic and
that's something that somehow you gotta draw on that and
try to stay positive.

Speaker 3 (10:31):
But I know that, yeah, I mean, essentially.

Speaker 4 (10:35):
They just you guys can use your imagination. There was
a new contract agreement between the union the teachers where
my wife teaches, and the board and blah blah blah.

Speaker 3 (10:49):
Worked out very well for us. That's great, so good,
so good. That's that's going to be important.

Speaker 4 (10:54):
But that doesn't really matter right now when it's like
I got things I gotta do. You gots to do
what you gots to do. Yeah, no question about that.
It just is what it is, man, No worries.

Speaker 1 (11:08):
Well, anyway, we'll clearly be watching this and uh, I
don't know, forty two minutes from now, it's just going
to unfortunately it's in a bad situation.

Speaker 4 (11:17):
Can that dispensary place open ups quick enough? Because I
think I need to relax a little bit over my
financial worries.

Speaker 3 (11:23):
Well, when you pull a couple grand out, you can
stuck up.

Speaker 4 (11:27):
It's a I'm probably gonna be pulling closer to tan
out for God's sake.

Speaker 3 (11:32):
Seriously, I'm not kidding. I got to.

Speaker 1 (11:39):
Yeah, I uh, that would be such a bad financial advisor.

Speaker 4 (11:43):
How do you investing in a medical dispensary? Oh, so
you're part what what's percentage of our ownership?

Speaker 3 (11:50):
No, no, I'm investing in it.

Speaker 1 (11:52):
By no, you're would be the answer there. She's like,
what we're gonna own one? Go? No, No, you said,
what am I investing in? I'm one hundred percent. What
I'm buying will own all of that? Yes all?

Speaker 3 (12:06):
Are you buying that? Actual? Well some of their product
is what I'm trying to say, exactly.

Speaker 4 (12:10):
Yeah, dude, I can't. I mean, that would literally be
the dumbest thing I could possibly do in the world
right now, is go spend money down a place like that?

Speaker 1 (12:19):
So I think there are two options, especially with all
of the reck weed hype right now, which you'll get
into that, because tomorrow is when it officially starts, the
dual dispensaries, if you will officially start, and there's not
every single place is going to be doing this, but
there are a lot that's it's a pretty big list,
which we'll get into in a little bit. I say,
own it, like next to one of those opening up

(12:42):
some sort of a donut place I told you is
like I think would be enormous donut slash, I don't know, snacks,
And the other one is and it's not, unfortunately going
to happen in Ohio as far as the delivery portion
of this, but the state of Michigan does deliver weed
wreck weed to people. And I'm telling you to have

(13:04):
a business that does that, just delivers it. I bet
you they have all that they can handle.

Speaker 3 (13:09):
I'm serious.

Speaker 4 (13:10):
Well, here's the other thing is does this mean Ohio
will they're like, okay, let's just get this going up
and going before we allow that, or are they just
going to flat out say no, you can never have
it delivered.

Speaker 3 (13:22):
I don't know why we made it so.

Speaker 4 (13:25):
Difficult in this state with all the bureaucratic nonsense.

Speaker 1 (13:29):
So Ohio administrative code already bans medical marijuana delivery. That's
in Ohio as of right now. That's not to say
that could technically change at some point. You and I
both know if this somehow could be envisioned or reimagined.
Were the states getting a big cut of what is

(13:50):
going on there, I feel like that could change. I do,
I really feel like it now. I don't know what's
behind that. I don't claim to be one of them
there lawmakers that gets all the that gets everything figured out,
but I feel like if a large enough chunk ends
up being a possibility, if that is turned around here

(14:12):
at Ohio, and they're going to look at the framework
and what's happening in other states that do this. And
again I'm not privy to any of those numbers, say,
for instance, Michigan, but you can get it delivered in Michigan.
I don't know the parameters behind it. I would imagine
it's relatively stringent. It's going to be probably a little
different than if you were to walk into a dispensary

(14:33):
and just start buying it. But I don't know that
you could get the same amount delivered in all of
those things. I'm not again, I don't claim to know
the ins and outs of that, but I can't imagine
that is not a crazy business that generates a ton
of money. I mean, in Michigan they have to generate
so much money from that just delivery.

Speaker 4 (14:53):
Yeah, they've got you know, in New York and la
and all that, they can they just have bike delivery.
I mean they'll literally just jump on a bike and
come to your place. And it's crazy, right awesome, It's.

Speaker 1 (15:03):
Crazy, like how yeah, awesome because you don't you don't
get behind Yes, you're not tempted to smoke and get
behind the wheel of a car. Yes, because you could
start going, say you're you're getting into your stuff for
the day, and you realize, oh my god, I ran
out or I'm gonna run out, and then man.

Speaker 3 (15:19):
That is uh. And there's a lot of other people
that just want to have it delivered. They don't.

Speaker 1 (15:23):
I mean, think about people that are in pain that
it's hard for them to get around. I mean there's
so many different yeah, so many different ways to kind
of frame that. So I feel like, once the state
of Ohio is able to harness their amount their cut.
If you will and make that a big then I
feel like it's gonna happen. But as of right now,
that is what is in this article for the state

(15:46):
of Ohio, that it's an Ohio administrative code has banned
the delivery of it says medical marijuana by the way
in this so does that change with recreational You would
think it would probably be pretty much in lockstep with that,
but who knows more on this. In just a couple
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