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Wall Street panicking: There’s a 1-in-3 chance of a recession by 2020 thanks to Trump’s trade meddling

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Monday’s 400-point Dow slide was far from the worst single day stock market performance under President Donald Trump. But it represents a lasting and growing fear on Wall Street that the massive, uninterrupted stretch of economic growth over the past decade could finally be drawing to a close.

As Politico reported on Tuesday, economists at large institutions are increasingly worried that a recession will hit before the 2020 presidential election — and they put the blame squarely on Trump’s trade policies.

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“We are worried,” wrote analysts from Bank of America. “We now have a number of early indicators starting to signal heightened risk of recession. Our official model has the probability of a recession over the next 12 months only pegged at about 20 percent, but our subjective call based on the slew of data and events leads us to believe it is closer to a 1-in-3 chance.”

President Donald Trump has tried to pass the buck for economic instability onto the Federal Reserve, with which he has repeatedly fought over interest rate hikes. But economists at Goldman Sachs, led by Jan Hatzius, said on no uncertain terms that the real problem is the trade war.

“Fears that the trade war will trigger a recession are growing,” the economists’ report stated. “We expect tariffs targeting the remaining $300 billion of U.S. imports from China to go into effect and no longer expect a trade deal before the 2020 election.”

The consequences of a recession at this juncture would be severe, as Trump and the previous Republican Congress have already stretched thin the conventional fiscal policy tools for stimulus with a massive tax cut for the rich, and the Fed has little room to cut interest rates with Trump already having leaned on them to keep rates low. Such a contraction could, as in 2008, kill millions of jobs and force large sectors of the American economy to restructure.


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New York’s coronavirus crisis tracked back to European travel — not China: scientists

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The New York Times reported Wednesday that scientists have tracked the cases of coronavirus in New York back to travel from Europe.

The Times explained that genomes show the link to those who came down with the virus back in February.

President Donald Trump has been celebrating his decision to shut down some travel from China, though not all travel. A whopping 430,000 people have traveled from China to the United States since the coronavirus crisis.

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Warrant for journalists from Jerry Falwell Jr. came from Liberty University’s own police

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A right-wing commentator interviewed Jerry Falwell Jr. during his show Wednesday, where Falwell said that there were two arrest warrants open for reporters who came onto Liberty University's campus.

Upon further examination of the warrant, the police officer who signed the warrant was Detective/Sgt. A.B. Wilkins 206 LUPD. The LUPD is not the Lynchburg Police Department nor is there a Sgt. or Detective A.B. Wilkins. It's the police department under the authority of Liberty University.

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Trump defenders Diamond and Silk locked out of Twitter for spreading COVID-19 misinformation

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Fox Nation hosts Lynnette Hardaway and Rochelle Richardson, better known as Diamond & Silk, were temporarily locked out of Twitter on Wednesday for urging people to go outside and develop immunity against the coronavirus.

“The only way we can become immune to the environment; we must be out in the environment. Quarantining people inside of their houses for extended periods will make people sick!” the pair tweeted from their joint account.

A spokesperson for Twitter told Mediaite their account was locked over the tweet.

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