'Did it start with F?' CNN's Tapper tries to guess Wall Street's reaction to market plunge
CNN's Jake Tapper began his Friday show by addressing the startling drop in the financial markets at the end of the week and the reaction of Wall Street experts.
President Donald Trump said his tariff plan "is already working," Tapper quoted.
From the floor of the New York Stock Exchange, however, business and politics correspondent Vanessa Yukevich cited "about $5 trillion in market value" that was lost in the S&P 500 "because of President Donald Trump's trade war."
She cited that this was the fourth time in history that the Dow closed down more than 2,000 points.
ALSO READ: 'We’ve made a mistake': Trump’s trade war sends GOP into frenzy
"Investors are essentially pricing in, right now, the worst case scenario because they're not hearing any negotiation from the president with other countries to deescalate this trade war," said Yukevich. "One analyst, Dan Ives from Wedbush, said it best, really, on social media this morning, kind of summing up what he feels like is going on. He said, essentially, that this is the worst thing he's seen in 25 years covering markets."
She said that Ives referenced the dot-com bubble, the 2007-2008 financial crisis, and the COVID-19 pandemic, which pales in comparison.
"He says that this is self-inflicted and that this did not need to happen," Yukevich quoted.
"One investor I spoke to said that consumers vote, [but] this is how Wall Street votes, and this is not a good vote of confidence," she continued.
Tapper asked if she knew when markets would stabilize, but Yukevich said that investors don't see it happening until the tariffs are repealed.
"I spoke to one analyst just before coming on air and asked him, 'What does the next month look like?' And he says that if we do not get a de-escalation or repeal of tariffs by the president, then we are — and I can't actually say what he said to me, but he used an expletive. 'We are [expletive],'" she closed.
Tapper asked if that word began with "F" and ended with "ucked."
She confirmed the expletive.
See the clip below or at the link here.
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