Quantcast
Connect with us

Markets plunge as critics say Trump’s desperate efforts to calm the panic have backfired

Published

on

Donald Trump on Instagram (Screenshot)

by Eoin Higgins

The stock market plunged 970 points Thursday, or 3.58%, as fears of the economic impact of the global coronavirus outbreak—and President Donald Trump’s mishandling of the crisis—continued to roil the world’s financial markets after last week’s panic sent markets into freefall.

“It’s kind of like an earthquake—there’s the earthquake, which is last week, and then there’s the aftershocks, which is this week,” MUFG Union Bank chief financial economist Chris Rupkey told the New York Post.

ADVERTISEMENT

Trump’s handling of the coronavirus crisis has been blamed by some observers for market volatility. The White House response to the coronavirus outbreak has been erratic, with health officials being contradicted by the president and Trump going on cable news to downplay the level of danger posed by the disease.

On Wednesday night, as Common Dreams reported, Trump called into Fox News‘ “Hannity” and told the eponymous host that he had a “hunch” the reported death rate was being misreported, that people with mild symptoms of the disease should nonetheless go into work, and likened the coronavirus to the common flu.

The Nation‘s Jeet Heer commented on Twitter that the president’s insistence on pinning his political performance on the stock market was creating a situation where active measures to stop a pandemic might be deprioritized to ensure financial markets continued to do well.

ADVERTISEMENT

“Trump staking his presidency on a good stock market was once just an annoying tic (one he shares by many other politicians),” said Heer. “But now there’s a situation that makes it actively harmful.”

ADVERTISEMENT

Airline stocks led Thursday’s drop after a global slowdown in air travel due to the continuing outbreak was projected to cost billions in travel.

Thursday’s losses more than erased gains from Wednesday on the back of a health insurance stock surge that some analysts suggested was because of former Vice President Joe Biden’s strong showing in the Super Tuesday 2020 Democratic primary contests against fellow frontrunner Sen. Bernie Sanders (I-Vt.) and an interest rate cut by the Federal Reserve. But, as Rosenberg Research CEO and strategist David Rosenberg told the Washington Post, that was a boost with a one-time application.

ADVERTISEMENT

“Yesterday’s market catalysts, clearly a slate of one-offs, were Joe Biden’s success on Super Tuesday and a range of spending announcements to tackle the coronavirus,” said Rosenberg. “Markets typically price in an announcement once. It got it yesterday. The news today is the spread of the virus in the U.S. and Italy closing schools, universities, and museums.”


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Pro-Trump conservatives ‘trading short-term political gain for long-term ruin’: columnist

Published

on

Writing in The Atlantic this Wednesday, Rachel Shelden contends that Republicans are finding themselves "boxed in" after enabling President Donald Trump's conspiracy theories about mass voter fraud in the 2020 election.

According to Shelden, the current situation Republicans face is similar to the aftermath of the 1860 election.

Continue Reading

Breaking Banner

‘NO WAY!’ Trump starts off Thanksgiving by whining about his election loss

Published

on

President Donald Trump started off Thanksgiving by whining about his election loss to Joe Biden.

Biden earned a record 80 million votes, with ballots still being counted, and the president reacted to that news Thursday by insisting his loss was impossible.

"Just saw the vote tabulations," Trump tweeted. "There is NO WAY Biden got 80,000,000 votes!!! This was a 100% RIGGED ELECTION."

Twitter immediately slapped a disclaimer on his unfounded claims, which have been rejected over and over by courts and were disputed by the Homeland Security official who oversaw election security -- until the president fired him.

Continue Reading
 

Breaking Banner

Trump will soon be a ‘dumpy 74-year-old wheeling around the golf course’ while awaiting ‘his next cheeseburger’: columnist

Published

on

Daily Beast columnist Margaret Carlson on Thursday published a brutal opinion piece in which she danced on President Donald Trump's political grave and relished the thought of his fading into irrelevancy.

In her column, Carlson acknowledged many liberals' fears that Trump will never leave the national spotlight, but she said the soon-to-be-ex-president is more likely to be treated more like a washed-up celebrity that a political icon.

"To those worried we will never rid ourselves of Trump, watch as he shrinks before our very eyes in a Washington minute from leader of the free world to a broken-down real estate developer up to his ears in debt," she wrote. "On Monday, Trump was just another dumpy 74-year-old man wheeling around the golf course in a motorized cart wondering how long it would be until his next cheeseburger."

Continue Reading