CNN host Wolf Blitzer noted that when President Donald Trump was running for president in 2020, he over and over would claim that if Democrats get control the stock market will crash.
Thus far, President Joe Biden has hit two record days at the Dow Jones. It was something that Blitzer couldn't help but bring up during a panel discussion Wednesday.
CNN's Phil Mattingly explained that unlike other stimulus packages, this one was built from the bottom up. Democrats didn't start with the total amount of money they wanted, they started with the things they wanted in the bill and added them up.
"They're short term, but they are a paradigm shift in terms of how lawmakers, how an administration approaches economics," he said. "How they built this plan really from the ground up as opposed to trying to fit into a specific number. That is a different approach than we've seen before. So, what it creates, I think why you've seen congressional Democrats so buoyant on the Hill when they talk about this is whether it's Obamacare, whether it's the child tax credit, while they are short term, while they will need to be extended, just getting these into law even for a short period of time, is a very big deal from a progressive approach to things. And whether or not those are extended in the future I think those are fights Democrats are more than willing to have because they know you're more than likely to win if it's already into law. It's getting it there. That's the hardest part. And Joe Biden has been able to accomplish."
"You know, not a single Republican in the House or Senate ended up voting in favor of this bill, but overall it seems to be pretty popular if you look at the public opinion polls," said Blitzer. "Popular with the American public. On Wall Street today there was a record high, an all-time record high. Take a look at these numbers. The Dow Jones closing above 32,000, up 464 points. Clearly, Wall Street was happy. Was this a tough vote for some Republicans?"
CNN's Ryan Nobles said that no Republican even "considered" voting for the stimulus bill. Meanwhile, after four years, they've suddenly decided they're worried about deficits and spending again.
"But what Democrats are already telling us to look out for is a phenomenon where these Republicans who were very much opposed to this legislation will then go back to their home districts and their home states and then brag about the federal funding that will be injected into their economies because they are the federal representative for these different districts," said Nobles. We've actually already started to see it happen. Sen. Roger Wicker putting out a press release bragging about the amount of funding that's going to be put into this bill for small businesses and the restaurant industry. This despite the fact that he was very critical of this legislation and voted against it."
But it was Blitzer who remembered Trump's lie about the stock market. He believed that somehow his personality and the GOP was able to inspire the stock markets to rise. In fact, under Trump's leadership, the Dow Jones had the largest drop in history, down 2,997.10 on March 16, 2020.
"You know, Dana, you and I and everybody probably remembers that former President Trump used to warn that if Biden is elected, the stock market's going to collapse, it's going to be a disaster. Today an all-time record high on the Dow Jones industrial average. There's a divide, we've been talking a lot about it, within the Republican Party. But they were completely unified in their opposition to this bill."
See the discussion below:
Trump was very wrong about Biden stock market www.youtube.com