Stocks lost more ground today over worries that European troubles and a slowing Chinese economy could weigh on earnings. Helping to prompt those worries was Advanced Micro Devices’ (AMD) earnings warning that its second-quarter sales fell because of lower demand from China and Europe. The chipmaker’s shares fell 11%, while the broader Philadelphia Semiconductor Index fell 2%.
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Stocks were listless today after a pair of economic releases indicated a manufacturing slowdown in the U.S. and China.
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In 2008, when President Obama was then president-elect, his chief of staff, Rahm Emanuel, famously said, “You never want a serious crisis to go to waste.” People on the right excoriated him for taking such a Machiavellian view of politics, but he had a good point. In fact, Franklin Delano Roosevelt used the pain of the Great Depression to transform the U.S. economy, and Ronald Reagan used extremely high unemployment in the 1980s to drive through tax reform in 1981. A crisis can often be a catalyst for significant change.
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