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The stock market’s worst fears are coming true — and Trump isn’t helping: Bloomberg

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Economists have warned that a recession is on the horizon and President Donald Trump has an opportunity to soften the blow. Instead, he’s making it worse.

Bloomberg News began its Thursday report on the economy by saying that the fundamentals aren’t looking as strong as they once did.

The huge decline in Apple revenue sent the markets into a tumble, but Kevin Hassett, President Donald Trump’s chairman of the Economic Council of Advisors did little to reassure the country everything would be fine. Instead, he predicted Apple wouldn’t be the last American company to take huge losses due to their business in China.

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“Anything that suggests cracks in the earnings and macro foundation would go down poorly on Wall Street,” Bloomberg wrote. The statement came less than an hour after Hassett did the exact opposite.

“There are a heck of a lot of U.S. companies that have sales in China that are going to be watching their earnings being downgraded next year until we get a deal with China,” he said in a Thursday CNN interview.

Bloomberg warned of an economy on “the brink of a bear market.” But investors are being told not to panic and that corporate earnings still remain strong. Confidence in that promise are taking a hit in the markets on Thursday. So far, the Dow Jones Industrial Average has fallen 600 points and the Nasdaq also dropped 3 percent.

The stimulus that was ushered in after the recession in 2008 will taper off in 2020. Jared Bernstein, a former economic advisor to Vice President Joe Biden, wrote in a July op-ed that existing economic “expansion” is approaching its 10th year, making it one of the longest. While expansions don’t die as the result of age, he noted bubbles and “central-bank mistakes or some unforeseen shock to the economy’s supply”could prophecy an economic disaster. Another predictor is a trade war.

“When it makes a big move, up or down, it’s telling you positive or negative things about future developments. The extreme move down was telling you we’d get this type of news-flow,” explained Alec Young, managing director of global markets research at FTSE Russell.

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Trump’s trade war, ongoing war with the Federal Reserve and “stretched valuations” is only adding to the problem.

“The market is pricing in recession no matter what — the market has priced it in,” Bloomberg cited Jeff Carbone, managing partner at Cornerstone Wealth. “Now to what extent and when? That history hasn’t been written yet.”

Laurence Benedict, founder of Opportunistic Trader explained that when the markets aren’t doing well, the tumble feeds into itself and results in a self-fulfilling prophecy.

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Read the full report at Bloomberg News.

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Rick Wilson buries Pam Bondi for ‘laughable and shallow’ impeachment defense designed to dazzle Trump

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Appearing on MSNBC's "Morning Joe," Republican campaign consultant Rick Wilson leveled former Florida Attorney General Pam Bondi for her defense of Donald Trump on Monday -- which turned into a diatribe against former Vice President Joe Biden and his son Hunter.

Speaking with host Willie Geist, Wilson also brought up accusations os political corruption against Bondi who dropped a Florida state lawsuit against Trump before he became president after a PAC associated with her received a substantial political donation.

"This is also one of the great master fantasies of the Trump campaign, make Hunter Biden a major issue in the 2020 election and Pam Bondi played to one audience. and that was Fox and Trump that's all they cared about," he explained. "That's all they were trying to accomplish, and, look, she goes way back with Donald Trump; left office under a cloud when she left the office of attorney general in Florida, because she had taken basically a $25,000 bribe from Donald Trump about Trump University and drop the lawsuit in Florida."

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MSNBC’s Morning Joe uncorks hilarious rant against ‘confederacy of dunces’ defending Trump from impeachment

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MSNBC's Joe Scarborough breathlessly ranted, as his co-hosts cracked up with laughter, against the "confederacy of dunces" defending President Donald Trump from impeachment.

The "Morning Joe" host mocked the hours-long parade of attorneys -- including Alan Dershowitz, Ken Starr and Pam Bondi -- offering specious legal arguments to defend the president at his Senate impeachment trial.

"You had a confederacy of dunces defending him in impeachment," Scarborough said. "Their arguments were absolutely stunning."

The defense team painted Rudy Giuliani as a minor player in the Ukraine scheme, although multiple witnesses have described him as the hub of the operation, and Starr, the lead investigator in Bill Clinton's impeachment, bemoaned the "age of impeachment."

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Mitch McConnell targeted by new group that plans to take him down — and anyone who supports him: report

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According to an exclusive report from Axios, a new group has been formed with the express purpose of making sure that Senate Majority Leader Mitch McConnell (R-KY) is ousted in the 2020 election with a plan to also go after his closest allies.

The report states that "a new independent expenditure group called Fix Our Senate will launch on Tuesday to go after Senate Majority Leader Mitch McConnell, " declaring, "McConnell is already the least popular politician in America — now, we’re going to shine a light on McConnell and every ally who supports him."

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