It's hilarious how his supporters, who mostly don't own any stocks care about the how the stock market is doing.
5
The only thing that concerns me is all the people who have corona but are not symptomatic and are spreaders
1
Articles like this make it easy for President Trump to allege that the Left is pleased that the stock market dopped as a result of a potential virus pandemic.
1
Good Presidents create long-term value by implementing plans that outlast them and in the long run produce economic value that shows up in increased wealth (SOME of which is reflected in the financial markets).
Bad Presidents yammer on and on about things they do not understand, take credit for things they did not do and fail to have any long-term plan for the country and therefore in the end either make no difference or make the country worse off.
The problem the U.S. has today is HOW is measures "economic value". It has mistaken GDP and market value to mean the same thing when those are only COMPONENTS of the whole. When you work measuring the wrong things, you will eventually FAIL.
3
"There’s a reason most presidents are cautious when talking about the stock market. President Trump is learning it the hard way this week." Mr. Trump is notoriously immune to learning anything that does not fit into his habitual aggrandizement. I believe we can rest assured that he will continue to claim responsibility for any positive market trend and refute it for the negative ones.
4
Everyone knows that when you are 100% in the stock market, it will eventually go either one way or the other.
Right now we have a falling knife.. and then there will be a dead-cat-bounce... but grab that knife at your own risk...
Didn't they teach this in B-School?
3
"When the government announces some important good news toward resolving a crisis — whether it’s that banks have adequate capital or that a pandemic has been contained — you want people to believe it, which they will do only if the same government has been upfront about the realities of that crisis to begin with. Neither the president’s tweets nor Mr. Kudlow’s interviews suggest this administration is overly worried about this idea."
It is far, far too late for Trump to salvage the credibility of the Trump White House. After the first day's lies about the crowd size... and all the 16,000+ lies since, the Trump White House has NO crediblity. This never bothered Trump, because he's been a lifelong liar... and it is just another American 'institution of our democracy' that has been destroyed by Trump.
Why would *anyone* believe *anything* Trump says?! Today's stock market loss shows just how much the markets think of Trump's credibility.
Vote Them All Out!
4
"President Trump is learning it the hard way this week."
Actually, I don't think this man is capable of "learning" anything that doesn't comport with his preconceptions and gargantuan ego. I'm being totally serious.
6
So now we have arrived. After years of trump lying about everything, we are facing a pandemic that could cause great harm to our country. Now trump wants us to believe that everything he says is truthful. Like the little boy who cried wolf too many times, we no longer believe trump when we desperately need the truth.
2
Trump fired any staff like Tillerson or Mattis that had any experience and smarts. Trump's continuous self serving lying and his past intemperate behavior combine in a President that has zero credibility or trust. Pence, his religiosity and continuous fawning all over Trump is pathetic. This all contributes understandable fear on the part of investors. Too bad we don't have fireside chats form FDR. We need them.
3
Whether the market rises or falls right now is simply a matter of investor panic, it has nothing to do with who is president. In the big picture, the last week isn't even a blip. See for yourself, just Google "DJIA" and select "Max" for the chart time span to put things in perspective. The recent "tumble" is extremely small in comparison to how far it could potentially fall in a real crash. This is nothing. The Fed and other central banks are pumping trillions into markets to prop them up, and plan to ramp up their stimulus even further. These efforts will fail if there is a panic sell-off, the Dow could crash to around 10,000 in just a week if that happens...
1
What I find most comical about Trump's touting the virtues of the stock market is that you can't buy any shares in any of his company on any stock exchange anywhere. You'd think, boy, a guy that's trying to tell us how great things are because of the stock exchange would be happy to sell shares with his name on them.
But he won't, because then he'd have to file all sorts of SEC required reports on the operations of the Trump Organization and analysts would likely find it's a hideous mess, that likely he's not a billionaire as he claims and that anyone foolish enough to join his board of directors wouldn't stay very long.
But, hey, it's Trump. He's not a successful businessman, but he plays one on TV.
10
Trump will not claim credit for the stock market correction. Nor will he admit that his slow response to the coronavirus is largely responsible for it, and possible disruption of the world's supply chain. Watch for him to pressure the Fed to drop interest rates instead. With Trump, it's always someone else's fault.
7
Trump is trying to take charge of the messaging on the coronavirus by routing all information through Mike Pence.I need to know that Trump has not been in touch with the New York Times, asking you to moderate your coverage which has been excellent.Only the most authoritarian government would insist that the population only know what they tell them.That is how China and Iran handles their outbreaks.Dr.Fauci and his associates cannot be muzzled-long ago they took an oath which they have always lived by.FIRST, DO NO HARM!
7
As far as credibility goes, this administration squandered that early on.
6
If the virus spreads around the world for a while longer it will lead to some layoffs in the US. Layoffs, no matter what the cause, can have a snowball effect. Fed action (say 2 interest rate reductions) will do almost nothing. Auto loan defaults will spike. The over-valued stock market will continue its slump. More layoffs. Goodbye Trump.
6
Happily, with the stock market correcting, the small portion of Trump's base who haven't participated can now buy in on the developing Kudlow dip.
4
All true, except for the implications. This president is unique, with his Svengali-like hold over his followers and the terror that the Republican party have for him.
He can switch messaging on a dime, and it works because the right stopped caring about dull "facts" long ago. To weasel out of his previous cheer-leading for the stock market, all he has to do is pin the fall on the evil Democrats ("Shifty Schiff done it!") who hate America and want to bring him down. Simple. Just like his supporters.
6
Nothing will change Trump's supporters' minds about him, even The Great Depression II. They will blame liberals or say it's fake news.
8
Isnt it sad that i believe that even if the market was to crash to 50% of its peak , that trump's supporters will still believe him when he says it is better than ever.
7
If the Dems get back the WH, I really feel sorry for the next POTUS. Trump will never, ever stop tweeting for the entire four years. Remember this: Trump can run again in 4 years!
4
Not from jail he can’t.
7
Trump's boasting looks ridiculous and shows that he's a sham. When it comes to a real-world issue that affects millions of Americans' pocketbooks, they won't tolerate it and will give him the boot. It had to catch up with him eventually.
4
It is axiomatic among economists that US presidents are to be credited when the stock market rises but bear no responsibility for it falling.
3
It’s too late a rebuild credibility when you have been lying for almost four years. That is why Presidents are careful. They know they need trust in a time of crisis. Sadly, Trump squandered everything he inherited to divide us. That may work on cultural issue, but no one is going to believe Democrats are responsible for viruses when you are in charge. Bush learned a hard lesson from Katrina.
9
Donald the financial genius--yeah if you want to declare bankruptcy--he has a great (6 time) track record in that.
Would you take financial advice from him?
Have him as your child's Scout Leader, Coach or Teacher?
Run your business?
Be your lawyer?
Be your neighbor?
Be your minister?
11
Explaining to a Trump supporter how their guy is a MEGA-Foul-Up is like trying to explain Gravity to a Chicken.
During the state of the union he said, "Our military is completely rebuilt..." Really? How's that? Someone explain it to me.
He's a lying sack of perpetual falsehoods and this, this is the guy who's going to protect us from a virulent danger?
11
Trump takes credit for the sun coming up and the polluted air we breathe.
42
@Peter - Well he has done a lot to pollute the air.
6
Everyone knows that there are temporary setbacks in the stock market. There have been several during the Trump administration already.
What matters is the general direction of the market, which has been decidedly up under president Trump.
The biggest threat of Corona virus was the possible collapse of the Chinese economy. That now seems to have passed as there are virtually no new cases outside of Whuhan/Hubei. China will be back on line by early March.
The only other thing that matters is that the US avoids widespread infection within our borders. If we manage that, the market will resume its ascent, right on schedule for the 2020 elections.
6
This is a one-off aberration. Long growth periods are typically followed by corrections that eventually bring the long-term average growth to the 2-5 pct curve. The level of ‘the market’ pre-1929 drop was not reached until ~1954. That despite the boost provided by WW2. Current ‘market’ valuations are mire than 2x higher than where they ‘should’ be. Watch.
16
It is looking like we will not be able to avoid widespread infection in the US. That is why people are starting to worry about the economics and their own wellbeing.
18
@Baron95
No new cases outside of Wuhan?
Oh, that's right, we know where you get *your* news.
43
The panic about corona virus spread is overrated. Mortality is between 0.4-2% dependent on the age group and mainly effects risk groups with other compromising health issues. Bottom line coronavirus infection though novel is not much worse than a bad flu. Caution is warrant but public Hysteria due to media coverage is uncalled for. Finally, I am disgusted by how many journalists and readers blame Trump for the situation or mention him in articles responses related to the disease. This is exactly why the leftist will be defeated with a landslide in 2020 when Trump will be re-elected as POTUS.
1
@lieberma the mortality rate "dependent on age group" is exactly the reason people are very, very concerned about this virus! I'm 65, and this virus appears to be knocking out adults with compromised immune systems of all ages, but mainly those in my age group and older. No one is blaming Trump for the corona virus. But Trump is concerned first and foremost with the stock market, his poll numbers and his approval ratings - to the point where he is playing down this whole thing as if it will go away if no one talks about it, including the media. Yesterday the CDC effectively refuted his official statements on it-- so naturally that is being reported, as it should be.
23
@lieberma
Let us know how it is if you or anyone in your family happens to come down with it.
6
@lieberma
Trump gutted the CDC team that focused on pandemics. Now we risk a pandemic.
You see the connection, right? The president bears responsibility for reducing our ability to fight a virus that claims lives.
Does that make sense to you or is pointing to facts a waste of time?
19
So one week and all of the stock buybacks (tax cuts) to prop up the market have vanished. What will Thumper do now to boost his economy bragging rights?
102
@MC123
He probably doesn’t understand why an event, such as the Corona virus, could influence the stock market. The relationship is probably too complicated for him to grasp but maybe one of his advisers gets it? Maybe he or she could try to explain it to him while realizing how limited his attention span is.
30
@MC123
Simple... take absolutely no responsibility for anything negative.... and instead blame all negative moves on the media and Democrats.
This is Donald J. Trump Management 101.
14
@MC123 Maybe someone could explain supply chain disruptions. I think Peter Navarro should do it.
2
While I agree with the thrust of the comments here as I listened to Trump on radio last night I was impressed.
Trump used every card in his hand to both scare and reassure the public.
It is unclear to me that if the pandemic occurs and the stock market takes a dive leading to recession that most Americans will blame Trump.
To the poor and weak and scared - i.e most of us - he came across as a 'protector'. He has the Mafia system of creating fear and offering protection down pat.
18
@Bill Wilson
Yes, "45" has learned those tactics well from his long association with the Mafia, the Russian Mafia and anyone else who like him wants to make a fast buck as in "damn the torpedos - full speed ahead."
4
@Bill Wilson I would have a appreciated being reassured by facts, not screed and self-serving spin.
5
At a time like this it is important to be able to trust what the administration is saying. His penchant for lying (10,000 lies) make it difficult to believe anything said about this pandemic.
4
Trump telling us that everything is under control concerning the coronavirus and that we have nothing to worry about is just further evidence that this administration is totally clueless and thus ill-prepared to deal with this very dangerous threat. That and putting Pence in charge to deal with this epidemic is good for a further big decline in not only my portfolio but also my prospects for longevity.
4
Democrats and “the media” created this all in effort to hurt Trump. So obvious.
1
In his news conference today, I loved how Donald Trump blamed the Monday & Tuesday stock market plunges on the Democratic debate!
That debate occurred on Tuesday night! I'm pretty sure the stock market was closed then.
4
No thinking individual, who has spent even a tiny amount of time observing this Administration, could ever think Trump is more concerned with the health and safety of the American people than he is in saving his own skin.
4
the Coronavirus is the thing that gives the lie to trump’s world view
1
I knew when this man entered the race back in 2015 that he would be an unmitigated disaster. Much of my concern even centered on what would happen should he start a war or find himself in the midst of an emerging crisis just like this. It was perfectly clear that aside from the entrenched criminality, the grotesque incompetence, and the roiling narcissism that the real issue was his colossal stupidity and staggering ignorance, and that it would be the latter that did the most harm. Here we are.
And still he exceeds all expectations and blows past every norm; the bar simply can never be set low enough. He has to go lower. It's time the quaint qualifier "modern" was dropped from the charge. He is, with no close second, THE worst president in the history of this country. And the nation that chose to elect this man is about to find out how very steep the price to be paid is for having willfully looked and picked DJT for the most consequential job in the world.
I've said this repeatedly, but never with more urgency...here's hoping we survive him, because that's not at all a given. If only everything now didn't keep depending on pure, dumb luck...and him.
3
Trump’s blaming Bernie et al for the stock market crash. Pure Trump!
2
yes, the trillion dollar club. Let me add another big player for you.
Microsoft
Apple
Google
Amazon
Tesla
There you go trump and your decayed apple Executive branch, I have given you the truth, not your spin.
1
Trump thinks it’s all about the Benjamin’s and not about the Smiths and Jones etc who are actually people,
2
I’m sure if this was a Democrat the NYT would be commending the sane approach here. What do you expect him to do anyway - stock market or not, he doesn’t want to cry panic when there is no reason for it. If it gets out of hand he’ll face the wrath of everyone trying to score political points - no matter what he does now.
2
@Mark He shouldn't lie to the American public.
9
@Mark
Yup. Trump is the boy who cries wolf...over and over and over. Trump lies about almost everything. Even the most simple minded have to, eventually, face up to that fact.
10
@Mark
No. We would not. Some of us are actually consistent. By every measure, this man has been a disaster. Nothing he said last night should reassure anyone.
What impressed you? The magical thinking that he can wish away the virus through his asinine assertion that "we're the greatest nation in the world"? What? do even microbes do his bidding?
The man has not spent one minute even thinking about, much less planning or meeting with scientists and doctors or consulting other countries. Other countries are containing and curtailing this because they don't have raging narcissists in charge.
And don't get me started on Pence. Are we to pray away--not the gay--the sickness? Indiana posted some of the highest deaths from AIDS under his watch.
So, sorry. There's plenty to be concerned about and most of us are more worried about his mishandling of it than the virus itself.
12
The Stock Market? I barely know the guy.
-Trump
632
@Nick this made me laugh!
23
Funny!
16
@Nick But his wife does!
https://www.youtube.com/watch?v=VBALc4JbVME
6
This is what happens when ignorant, inexperienced, and self-serving sycophants are in charge of serious matters. This is Trump's first real test of matters concerning life and death. He's not up to the challenge, nor will he ever be. It's just who he is.
3
This is not about the economy, stupid. It's about American lives!
China silenced doctors and scientists and lied to their populace and we saw the egregious results. Trump has learned nothing from this recent history. He cut health and CDC spending and threatens the poor immigrant population in ways that keep them from seeking out health services. The systematic Republican attack on ACA including the red states that have not taken the Obama Government's offer of finance for Medicare expansion also undercuts the US health position.
The Virus attacks and kills the weak, the elderly, those in poor health.
We are not ready. We are vulnerable. Trump is at fault for this. Trump and the GoP are responsible there are so many poor and underserved. If the poor and elderly get sick we will all suffer...and be at risk. Mike Pence in charge of our effort based on his excellent job in Indiana? That alone is enough to sicken.
This is not about the economy, stupid, it's about American lives!
3
This is a stock market that has been dependent on rate cuts and momentum to continue. It was a bubble, waiting for an excuse to drop. The old saying re markets? "Pigs get slaughtered". The smart investors have been dumping stocks. The retail investors of course, are left holding the bag.
3
@h king
It is a good time to buy when stock prices are low.
1
Your last sentence is upside down. The risk is that the Trump administration follows the latter strategy and it works to get them re-elected. Then more people will die from COVID-19 and more people will die from other causes.
1
Mr. Trump does not understand so very many things: the global nature of trade (thinks that China's economy slowing is good news for us and that we are "winning"), most things having to do with healthcare and medicine, the stock market (no one understands fully why the markets do what they do, but they are not just a response to a good economy in this country as they, too are global).
The markets often go south, at least temporarily, with good economic news about our economy. It is said that that is because investors worry that the good news will mean increased risk of inflation and that, therefore the Fed will raise the Prime rate. So, Trump gets angry with the Fed if they don't drop and drop rates, even into negatives. What he never asks himself is "then what?" Even it that temporarily boosted the market, once it's done it can't be done again. Once the Fed has no move with the rates left, it has lost an important tool for helping the economy when the next downturn comes.
Trump, sadly and dangerously, thinks he knows more than anyone about anything. So, he will really listen to no one unless they can couch their information as supporting his only goal, Trump wins. 'He who knows little and knows not that he knows little is a fool - avoid him.' Sadly for us, we can't.
3
How many Americans will get symptoms of Coronavirus, have a super-high deductible or no health insurance at all, or can't afford to miss work (paid medical leave? haha) , and are terrified to get a diagnosis?
9
Trillion dollar deficit spending has a way of boosting the stock market. Until it doesn't. The G.W. Bush "rally" hit the skids about 3 months before the 2008 election. Trump is right on schedule-Better now than in January 2021.
4
A person on CNBC commented that investors deal with risk and uncertainty. Risk you can assess. Uncertainty defies measurement. Investors hate uncertainty. So much of the world's trade and supply chains comes from Asia and that is where center of the corona virus outbreak is. The uncertainty is will the virus cause a recession. The Fed has stated it is ready to act but the uncertainty belies what lower interest rates will accomplish. The stock market was over valued and was set for a correction. Trump though just wants to pump the stock market ever higher with steep increases in debt.
1
'When the government announces some important good news toward resolving a crisis — whether it’s that banks have adequate capital or that a pandemic has been contained — you want people to believe it, which they will do only if the same government has been upfront about the realities of that crisis to begin with', i really dont believe this, all evidence so far concerning the Trump administration, is that they can lie, lie, lie, exaggerate, lie, cheat and lie again and it will not make the slightest difference to the 'base' and the GOP generally.
11
The Trump tax cuts bubble is starting to burst.
10
When asked if the recent market decline was the result of corona virus fears, the President responded that no, it was the result of the Democratic debate on Tuesday night, and fears of a Democrat being elected. Unfortunately, the bulk of the drop happened on Monday and Tuesday, before that debate.
14
If we had actually raised interest rates when economic conditions allowed rather than goosing the economy with tweet-suppressed low rates that were about re-election then the FED would have a tool to combat an event like this if it drags us into recession.
If we had funded the CDC instead of dismantling it out of anti-black-President spite we might have expertise to deal with this issue as well.
If we had not given rich people and corporations a hand out and run up the deficit to do so (with still no sign of a wage increase outside of Dem led minimum wage increase laws) then we might have funding for an adequate response.
Yet, in spite of everything I just mentioned Trump and his cultist followers will say he had no fault in the spread of this pandemic and his policies were “perfect”.
17
So, how many of us still think having a healthcare system that keeps millions uninsured and underinsured is a fantastic idea? This thing will spread farther and faster because of all these people who cannot see a doctor when they need to.
17
In 2008, Larry Kudlow was going around saying everything is fine. But it wasn't fine, it was horrific.
Wilbur Ross, Trump's commerce secretary declared that the coronavirus was going to be great--hurting China and helping us.
More knowledgeable people came out immediately noting that Ross' take was too simplistic--our world and our manufacturing is interdependent. Apple has announced that they're heading towards trouble because if China can't assemble their products, they'll be short.
Worse yet, many ingredients needed for medications come from China--so we may have a multi-layered health crisis--coronavirus plus whatever damage medication shortages will create.
I wouldn't trust my finances nor my life to these knuckleheads.
14
What's remarkable is that Irwin needs an entire column to explain, with a straight face, that Trump doesn't understand why presidents don't take credit for the stock market when it goes up. This is something an educated grade-schooler already knows.
If Trump can't master Stock Markets 101, how can we expect him to know how to mobilize the health service system to manage the coronavirus pandemic? Or anything else, for that matter.
9
It will be something if it's the coronavirus that finally brings Trump down.
8
This just might be the natural disaster that exposes how awful this administration has been. The timing is coming right before an election and voters will have an easier time remembering.
9
i wonder how much dedicated medical research we could buy with all the billions that have been wasted wasted on his 200 plus days playing golf or diverted defense funding that was wasted on monument to his ego wall. walls won't stop this virus, but research and common sense might.
9
Want to feel safe from coranavirus?
Start by not voting for the people and party who are anti science
Don’t re-elect the short sighted self serving fools who decided tax cuts for billionaires were crucial, but funding for the CDC, World Health Organization.
Trump’s budget in October for the fiscal year that begins in October would slash the C.D.C.’s budget by almost 16 percent, and the Health and Human Services Department’s by almost 10 percent. The proposal’s $3 billion in cuts to global health programs included a 53 percent cut to the World Health Organization and a 75 percent cut to the Pan American Health Organization.
But rest easy. Dr’s Trump and Pence are on the case.
12
I rarely waste my time watching Trump, but I just watched his news conference. Putting it simply and in purely political terms: he did an excellent job. Nothing in his appearance will cost him a single vote (that is not already against him) and his demeanor some wavering voters will find reassuring. Even his gratuitous slaps at Pelosi, Schumer, and the Democratic presidential candidates were incorporated seamlessly in whatever he was talking about and with the same tone.
Why is it important to acknowledge what Trump did so effectively? Simple. If you want to beat him in the election, you have to deal with reality, not confusing such with either your fears, hopes, or previous beliefs.
1
For everyone’s health and well-being I hope this virus can be contained. But if not, the self-described germaphobe might be literally and politically undone by a germ. As the tiniest of germs, a virus is not even alive in any technical sense as it requires a cell (the fundamental unit of life) to multiply.
There is some irony in this.
6
Trump isn't like other Presidents. He claims credit for anything good, but blames others - Democrats, the press, his own staff - if something he has taken credit for turns south.
He is running this country just like he ran his bankrupt casinos. Invest a lot of other peoples money, take credit when things are good in the beginning, and then blame others and leave them holding the bag for his failure.
He is going to leave us holding the bag for the Coronavirus. We can only hope that the bug does him in, too.
14
The proverbial chickens are coming home to roost. The only pillar holding up the economy for the last three years has been consumer confidence. If consumers stay home to avoid infection and only leave their homes when necessary, there goes the market kaboom. Trump will blame any and everybody else for his failures. Including his Vice Puppy. He can run but he cannot hide this time.
5
Weren't you wondering how long it would take Trump to blame Democrats and the media for Coronavirus? I was thinking he would blurt it out by the end of the day for sure. I was close. The virus is not his concern, its the stock market. I suppose it was predictable. 'His' stock market and how it affects his election, that is his real concern.
And he blames the stock market slide on the Democrats and the media. It's not a pandemic on our doorsteps that is to blame for market reacting to world conditions, no no no, its the fake news folks fault! The stock market, not people getting sick and dying worldwide, is his primary concern.
7
This isn't going to hurt Trump at all. Nothing hurts Trump. Nothing. When are y'all gonna figure that out?
1
Let me fix the last sentence: "The risk to the United States is that Trump is president. "
7
"There’s a reason most presidents are cautious when talking about the stock market."
Yes. They're educated and intelligent; and tend not to be con artists. Or liars. Or corrupt. Or tax cheats.
9
So the stock market fell over 6 percent during the daytime on Monday and Tuesday because of the Dem debate on Tuesday night. So says Trump. Time traveling, nothing like it !
8
So POOF!, Trump's trillion dollar tax cut gift of wealth transfer from the middle class to the wealthy has evaporated, just like that. To bad it hadn't been baked into something tangible like infrastructure.
12
I have worked for bosses like Trump, bullies who aren't very smart, who don't plan beyond tomorrow, who do nothing but constantly put out fires. Eventually they fail because their bullying creates too many enemies and a lack of intelligent decision leads to bad results.
The negative yield curve in August predicted the stock market decline, but no one could see the cause. Increasing the budget deficit and corporate debt due to cheap money could be the cause of the next recession. As Warren Buffett said, when the tide goes out you see who is swimming naked.
9
The selloff in stocks has little to do with the state of the economy, and more to do with the mass hysteria of the internet news age. The cause of this whole mess is Chinese government ineptness and cover-up from day 1 that the virus broke, and if the President says anything negative about China or restricts travelers from that country, he'll be labeled a racist to no end.
1
Weren't you wondering how long it would take Trump to blame Democrats and the media for Coronavirus? I was thinking he would blurt it out by the end of the day for sure. I was close. The virus is not his concern, its the stock market. I suppose it was predictable. 'His' stock market and how it affects his election, that is his real concern.
And he blames the stock market slide on the Democrats and the media. It's not a pandemic on our doorsteps that is to blame for market reacting to world conditions, no no no, its the fake news folks fault! The stock market, not people getting sick and dying worldwide, is his primary concern.
1
Do you remember that appalling moment toward the end of "King Kong," when Kong, who had been put on display in a New York theater, was breaking out of his shackles one by one? The spectators were thrown into a panic, and started fleeing; but this did not stop one of the producers, fearing his hopes of profit were dashed, from addressing them, saying they should calm down and stay, because "it's all part of the show."
It should surprise no one that Donald Trump is exactly that sort of person.
6
The stock market should not be the issue in Trump's mind it should be the public health. The market will recover, it always does. When the coronavirus fear abates and speculators think the market has bottomed there will be a buying spree and the market will rise and top the recent high. This is how they all make their money.
If Trump is worried about his reelection he should be more concerned about protecting American's health and not the stock market as it will always be out of his complete control.
3
"He also said the stock market decline was partly a result of the Democratic presidential candidates’ rhetoric on the debate stage on Tuesday."
No one should kid themselves that Trump has learned a lesson about anything. He is not a complex thinker or strategist. If he pursued a Doctorate it would be in strategic lying. Stock market up, give him credit, stock market down blame someone else.
17
So there’s speculation that an epidemic and an economic crisis may cause Trump problems in November. Sad to say, but that could still be a win for America in the long run.
24
@Alan Wahs
retired AMA attorney F/71
What if this virus that doesn't kill most kids is a state-created pathogen introduced to a vulnerable huge country and economy (China) and intended to give our newly-crowned-by-the-Senate Emperor unprecedented powers. In November. To really suppress voter turnout in D communities he labels clusters of disease.
Fear keeps people home even if he doesn't directly do the usual voter suppression swipes like those that kept Stacey Abrams out of the GA governor's office in 2018.
Be careful what we wish for until we fully understand COVID-19 and its consequences for all of us in 2020.
2
As a caregiver of someone who recently passed away from cancer, I'm a bit confused - and possibly a bit too aware - how the talk is about the stock market and economic impact, and not, the need to "potentially" care for our families in a very concerted manner if the virus moves in to the 50 states.
I am very concerned for those over 59, or with existing health issues, who seem to bearing the brunt of the most severe cases. For example, how would the uninsured get expensive hospital ventilation treatment? Is there enough drugs if China is not making and delivering them?
As for caregivers, how can those Americans living paycheck to paycheck afford to miss work or act as caregivers if the need arises. Would they get help? Maybe I'm just thinking aloud...
There seems to be no real hard decision planning despite the obvious logistic issues. But I hope this will be revealed when the time comes.
36
Here’s the answer, we can’t. There are going to be a lot of people working paycheck to paycheck who are not going to have the resources available to stock up on medicines and food, nor miss work for maybe weeks because of this. I’m usually running out of everything by the time I get paid again, especially in winter. There is just no money for extra expenses. And one of my jobs is related to travel, if people stop going places I can kiss half my income goodbye. This is going to cause severe hardship if it goes on for very long at all.
9
Sister, no one in the government has thought that far out ahead. You’re only aware if it because you’re in the throws of taking care of vulnerable. Most of the people you’ve taken care of probably voted against their best interests.
3
Trump’s next excuse - “If only I had received the money to finish the wall, we could have kept the Coronavirus out of the United States. It’s the Democrats fault.”
41
The anti-science ignoramus deals with a looming pandemic by blaming Democrats and the media. Are there really people out there who believe that?
62
No but there are people who understand the carona virus has shown itself to be no more lethal than the flu. In fact much less so
@Frank
Plenty of them. That’s the problem here.
3
Sadly, yes.
Is it going to take an epidemic and an economic crash to get rid of this imbecile? Seems a bit extreme.
54
The Dems will stop at nothing so we will just have to wait and see.
@Doug Lowenthal
Extreme but true.
1
The lawless, so-called president pathological lying, has destroyed any credibility he (or any of his appointees) have on this global healthcare crisis.
This administration has absolutely no credibility at any level, on any subject.
54
"D J Trump and intellectual decline in middle-European immigrant pools, 1900-2020: a longitudinal study."
17
Larry Kudlow, to quote Gene Wilder in Young Frankenstein, is a pile of doo-doo, he was a loudmouth talking head on CNBC who in 2008 said there was no recession, it was all in people's minds, he basically is nothing more than a two bit hustler who found a job with the ultimate hustler.
The sad part is that so many people believe Trump that a 29,000 Dow heralded a 'great economy', when the Dow or stock prices reflect the optimism or negativity of people buying or selling stock, often based on nothing more than crowd mentality. It is true that the stock market generally does poorly when the economy is reeling (Bush drove it down to 6500 by allowing the financial industry to crash the economy, Obama got it well over 18,000, but don't tell that to the Trump cultists).
More importantly, it is a bit depressing to hear these blue collar swells go on about the Dow, how Trump "blew it out", meanwhile complain that jobs don't pay well, etc. I keep hearing how the stock market works for 'ordinary joe and janes' when most of them have very little in the market, if at all , and even 401k holdings are mostly with the better off people. The swells pretend they are gonna go on E trade and get rich because of Trump, it is pathetic.
35
One more example of the paper mache administration governing us. They lack experience, intelligence and a capable leader. This may end up being the final step for Trump.
25
From your lips to God's ears.
1
The current White House administration attempts to talk and negotiate the Coronavirus to death just like it does with the Trade War. We will soon see the Phase One score within 30 days.
11
The virus is going to get the last laugh.
1
Kudlow's absurd advice:
"I would suggest very seriously taking a look at the market; the stock market, that is a lot cheaper than it was a week or two ago.”
A reminder:
On March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.
On April 3, 2000, the NASDAQ Composite experienced a 350-point, or 8%, drop in value.
Those who bought the NASDAQ on April 4th must have got a great deal....as Kudlow says it "is a lot cheaper than it was"
However, it was well over two years before the NASDAQ finally bottomed at 1,114 on Oct. 9th 2002. And it would take almost another 15 years before hitting 5,000 again.
So go ahead.......Buy The Dip.
The Greater Fool Theory is alive and well.
19
People should listen to the man. He is such a successful business man.
9
There’s an old saying, “when it’s sunny, credit me; when it’s raining, blame them. “
18
Yeah, Wall Street is well known for putting false numbers of stocks on the trading floor, not.
Really, is there no bottom to Donnie’s ignorance?
13
This guy doesn't get it. Sociopaths don't think like normal people. He needs to understand that so called "acts of God" do happen and it's not the media's fault or that of his so called "deep state." He needs to start worrying about the health and welfare of our people and our country rather than his re-election. He needs mental health treatment more than ever. The buck stops with him.
31
Nature doesn't care about alternative facts.
32
Larry Kudlow is a TV talking head that knows nothing about economics. Like half of the Trump administration, he lacks the skill, acumen, experience and intelligence to actually do the job. But he looks like a finance guy on TV so that's good enough for Trump. The other half of the administration... open positions.
The Trump administration is incompetent, run by an incompetent and ruining America. Those that support these charlatans are those that PT Barnum said were born every minute.
17
Abuse of power!
Telling the nation lies about the coronavirus is both dangerous and stupid! Lives are at risk. National security is at risk.
Nobody is fooled by this disgraceful disregard for the safety of all Americans and the world.
Politicizing contagious disease is a criminal act and a betrayal of all Americans.
Look at stock trading. Prices are down because coronavirus is a factor that can slow economic growth and cause a recession.
For trump to try to distract and try to reduce concern about the pandemic shows how little he cares about anything but himself.
His minions, including kudlow and Limbaugh, are attacking the CDC and the media suggesting that they are spreading fake news.
18
This is almost a parody. Trump brags about his vim and vigor, then suffers from a painful hangnail. Headline? Most Presidents don’t brag about their health because they know (unlike Trump who can do nothing right) how fragile health is. Do you not see how absurd this obsession with Trump has become?
7
With stock market so great, who would guess 40 million people are on food stamps?
39
@Martin Indeed. And with the administration's intention to shrink that number down. The strategy? Let them starve.
2
Or that there would be people camping on the sidewalks in our major cities.
3
Just imagine how much more could be done with the dollars spent flying Trump on Air Force 1, along with his security personnel, to his weekly MAGA rallies and golf outings.
100 plus million dollars would go a long way toward funding medical science research.
32
How is it "exposing boasts"? Did Trump boast that he made US stock market immune to a global pandemic (pan intended)? Why must everything be Trump's fault? Did Trump produce the virus and let it lose? I wouldn't even be surprised if deranged Trump-hating "resisters" claim that he did. Or, perhaps. Putin did it to help Trump win elections somehow. Have you no shame at all?
1
Trump made the stock market rise. Can you call him and ask him to do it again? It is such a cool trick.
2
He’s up there going against his own experts advice. He seems to care about the stock market and his re-election chances far more than he does about the Americans who will suffer and die from this.
2
@David At least one of his Fox minions is speculating it was China's doing to hurt Trump in retribution for tariffs, and blah blah blah. That is what I would call deranged, sir.
1
The best advice for protection from this and the next virus is to get rid of Trump and all his anti-science supporters and replacement them with competent Democrats. ASAP. Maybe congress try impeachment again.
10
This article is mind-bogglingly unfair, which is no wonder being in NYT. In a nutshell:
Trump boasts about stock market (and why not?).
Coronavirus is killing it (its emergence has been totally unpredicatable, apparently).
It is Trump's fault that this is happening, had he been quiet on stocks, then what? Corona would not do its grim job, there would be no selloff, happy go lucky?
2
@ss
“And why not?” Well, because, as was made abundantly clear, if a President takes credit for the stock market, he’s taking credit for the stock market. Most Presidents realize this is a risky move given that the market both rises and falls. If you bill yourself as the rainmaker, it’s your fault when it’s a drought.
3
It’s not Trump’s fault the virus exists, but it is his fault when he is more concerned about how this is going to affect his re-election than about what it is going to do to the people of this nation.
3
Think about how perverse it is for the president of the United States to get furious at his own public health staff, media, Democrats for telling the truth to the American people about a possible pandemic. Then try to process the fact that his real concern is how the diving stock markets will affect his reelection.
17
It's abundantly clear that when Trump's lackeys speak, they do so only for an audience of one. So there's no credibility.
And the Tweeter-in-Chief is, as we know, virtually incapable of speaking a true sentence, or even a grammatically understandable sentence.
Add that most agencies have been neutered to destroy their effectiveness and now a Supreme Court justice's wife is helping an actual witch hunt for "disloyalty" and you have a nearly hollowed out administration.
All this for a country that was great until three years ago.
17
You make no sense. Trump did things that helped the stock market go up. The virus made the stock market go down. Why is he responsible for the virus?
If you build me a house you get credit for it. If it is hot by lightening a burns down you don’t get the blame.
1
Trump gave corporations a big tax cut, and they promptly spent the money buying their own shares back, so of course the stock market went up. The fewer shares out there, the higher the price. The wealthy did well too and I'm sure they enjoyed watching their brokerage accounts soar free.
However, most Americans don't have brokerage accounts, and they are stuck paying for the stuff: military , infrastructure, etc., that are underfunded because of the tax cut.
In order for the bull market to continue, the real economy has to expand, and that is not happening at the recent 7 and 8 percent per year implied by the rise in equity prices.
2
You do if you remove the lighting rods off the house before the storm. Trump cut funds for the CDC so he could give billionaires a tax break. And he seems far more concerned for how this will affect the election than how this will affect the America people. He could at least try and act like he cares.
1
Trump also cut the CDC budget so he could give the wealthy their tax cut. The people we need most right now to fight this!
1
Telling point, not that it is surprising: notice the misspelled Coronavirus in the second tweet. Anybody who goes on social media, especially a restricted character platform, and fires off comments that are flagrantly misspelled is not sufficiently filtering their thoughts and thinking about the possible consequences. When it is the President, this is particularly egregious.
12
I have been noticing how this virus has been spreading and have been amazed. Who would have thought Milan? It really shows how interconnected this world is. So it is foolish to think that the US isnt going to be hit in a big way at some point. We have been lucky so far in my opinion.
To hear Trump get in front of the cameras and tell us that “many people believe this goes away in April” tells me just how incompetent he is. Kudlow too for that matter. Whenever Trump rolls out the “many people believe” preface you can bank on that fact that he has no clue about whatever it is he says next.
10
What do you mean, big risk if administration focuses on stock market rather than mitigation of the virus. There is zero risk that that will not happen . Dumpster don will focus entirely on the stock market, blaming all his favorite boogeymen.
6
The US market has been up 20% in the last year. Europe's, etc., have not gained to this extent. That said, it has nothing to do with bully boy Trump. All major markets were up last year. It was a trend, all over, not just in the US, and it was not owed to anything Trump did, nor is anything else better because of him...in fact he has ruined our system of government, and angered those who were our allies...he has decimated the environment, and he knows sod all about most issues. He supports thugs and tyrants. He just makes it up as he goes. And posits all he does on people like Rush Limbaugh.
6
Excellent article. Trump and companies's fall-back position has always been: LIE and hope that there are enough people who believe you in spite of your lies, or don't care that you are lying. Trump has done this all his life and as often as not has gotten away with it, or bought his way out of it, but the odds are against him and sooner or later his lies will catch up with him. I hope it is a stock market crash (from which we can recover) and not a coronavirus epidemic (for which the US is totally unprepared however much Trump and his enablers lie about it) which could take a deadly toll, and will do so unless all the lies are quickly replaced with action!
2
Starting with Kudlow and DJT, and the HHS 'message-recovery' presser conference yesterday, the effort to downplay the whole thing is underway.
And watch the video of the DHS Secretary yesterday on the Hill, you will get an idea of the competence of DHS, the 'lead' agency. It's bad. Chad Wolf is in way above his head and can't swim.
So, I suggest looking for other, more credible sources such as the UK's National Health Service, the Canadian Public Health Service, etc.
3
Trump's tardy and dismissive approach to the coronavirus is in line with his science denying and complete lack of empathy and understanding of the implications of a pandemic! When you hear of the spread of the virus from Italy to other parts of Europe commonly visited by Americans, you sit up and take notice. On Fox news the semi circle of attractive women with their beautiful legs crossed stated that Trump had not wanted to cause panic by acting as if the USA was not under threat. The "so what!" attitude has worked for the Trump administration so far. It will be small comfort if Americans decide to vote Trump out only after they have lost loved ones to a pandemic!
5
Is there anyone alive today who was first diagnosed with HIV during the early days of the Reagan Administration?Trump's denials of the scope and seriousness of the Corona virus and Reagan's approach to Aids (God's judgement until Ryan White came along) share the same self-serving dishonesty.
9
Trump's policies & deficits will bite the next Democratic president. Meanwhile, let's cut heating assistance for poor people to scrape together funds to address the crisis. Oh, and scientists? They've been fired. Will it take American deaths for people to wake up? Vote blue no matter who! Enough of this madness!
5
I hope it doesn’t happen, but this will be Trump’s Katrina.
5
By April, when it gets a little warmer,
it will still be no where near as hot as
in Singapore.
You know: where they have 86 COVID-19 cases.
7
The Trump administration is absolutely focused on the optics. I have absolutely zero faith in the ability of this administration to contain a crisis. We have the Iranians to thank for avoiding war with Iran. Not the White House. That's how coronavirus plays out. If you aren't concerned about the health and well being of the people around you, you should be.
The economics work like this: Americans are still compelled to go to work when sick. That's it. End of story. One public vector and the disease is pandemic. The flu is coming to an office space near you.
That's after the flu has already disrupted all the business partners, supply chains, and markets you rely on to stay employed.
You're not only going to get sick. You're probably going to lose your job in the process. That's the American response to coronavirus right now. You were warned.
7
Weather or not trump is 'shorting' stocks for his own portfolio-purposes as a hedge against 'down-market' constraints on his trump-branded thievery, he's definitely shorting the future of The United States of America.
2
We are headed for the first viral recession.
2
The biggest threat to all of us is that we can't believe anything our President says. He has lied so much about everything, why would we believe him now. If America take a hit what health plan does he have? He doesn't even know that health care issues are complicated. Heaven help us if the nation needs us to act united to save ourselves. Under the current circumstances created by Republicans, it can't happen because we can't believe our leaders. They have proven that they care more about money and power and health care, so we know we can't trust them to care about our lives.
This was always the reason that truth mattered. But Trump squandered his power as POTUS by telling lies. Now when the truth is literally life savings it's gone. God help us.
7
It's difficult to believe that Trump understands anything about the science surrounding coronavirus, a pandemic or anything else related to science. Also, as he's narcissist and never shown any concern or compassion, he's hardly someone to reassure the public.
3
Illness is the ultimate democrat. If the person coughing on the subway has no access to health care, their germs don't care if you are well off, insured, or not. And given all the individuals who have no health care, can't afford to take a day off from work, there is the potential for disaster. The uninsured take care of the well off--that means your nanny, your housekeeper, your tutor, your adjunct professor.
Secondly, is the lack of access to the Internet, which prevents economically disadvantage children from staying home and logging on to their classroom. Not to mention US schoolchildren lack the notion of cooperation and interdependence which enables Asian schoolchildren to log on when they can't get to school.
Third is the inability of individuals in the US to quarantine themselves. We no longer have the infrastructure where most individuals have a week's worth of food in their house.
Germs, virii, bacteria: You can't hide in your fine white house and avoid them. Was it Poe or Boccacio (or both) who wrote stories of nobles running to the country, trying to hide from the plague. And the plague found them nonetheless.
The leaders in the US, in dismantling affordable access, don't realize if their servants have no health plans, they are just as vulnerable as anyone.
Do not ask for whom the bell tolls.
9
Welcome to Donald J. Trump's first reputational crisis.
It is one which will actually leave his base angry and disappointed as he fails to live up to their reasonable expectations of protecting their safety. And it is one that he can neither spin (as Xi Jinping is discovering), subvert the intent of Congress (by appropriating funds for his wall from DoD), nor simply deny (believe me or your lying eyes?).
As for everyone who is not his base, this will not be a reputational crisis, for he is actually now finally performing to expectations. He is failing, yet again...as expected.
8
The President has sent out his minions to call this a Democratic plot.
The Cabinet should have him removed from office if he continues this line.
This virus may well go away and be nothing more than a very bad flu. It might also mutate into something much worse.
Panic isn't helpful. It will be what it will be. We do need a prepared Federal government capable of responding and adapting based on science and logistics not loyalty and fealty to Donald Trump.
Larry Kudlow and Rush Limbaugh should be fired today.
6
An administration obsessing about the optics of a public health crisis is ill-prepared to help cities and states cope with a rush of people filling emergency rooms. I'm hoping that the "Deep State" -- the people who know stuff -- will get us through this in spite of the Trump Administration and its commissars.
5
If everyone keeps in mind Trump Jr.’s boast that the only color his father cares about is green, then all of this makes perfect sense.
4
"But there’s more at stake than public relations. There’s also the risk that the administration’s focus on the optics of the market distracts them from the bigger task at hand — trying to protect against the potential spread of disease and loss of life that would accompany a global pandemic."
Reason #35,742 why electing a feckless con man with narcissistic personality disorder - someone who ONLY cares about "optics" - to be President of the United States was a really, really bad idea.
8
The bad news: It will be months before the Coronavirus crisis runs its course and many more after that until the US and other economies and stock markets begin to recover.
The good news: the Democrats will defeat Trump in November by repeating and repeating and repeating Ronald Reagan's memorable question to Jimmy Carter:
"Are you better off today than you were four years ago?"
2
The good news. Trump is predicted to beat Sanders with 65 percent of the vote. The end of racial politics and incivility will end. Fake reporting is dying.
The bad news. Well if you a Democrat I won’t get started
Trump is very good at distorting the truth to portray the most ideal optics for himself; in this case, optics won't be good enough, real policy and real solutions are required. We can all see things are going to get worse before they get better!
Since Trump claimed 100% responsibility for the markets going-up, he must commensurately accept 100% responsibility for the markets going down (especially under the current tax-cutting welfare program for the wealthy and corporations, paid by our children, that's designed to boost the markets). But our pathetic 'President Cry Baby' doesn't understand true leadership, so he'll no doubt blame everyone except himself. Hopefully voters will remember all this come November.
4
Trump don't pivot. He believes he can alter reality. Spends most of his time crudely enforcing the notion he alone solves problems. His fumbling bumbling, fill in the blank, officials or press to blame for failures or fake news. Get your daily dose of reality from Trump or Fox. The virus no exception for Trump.
Today he will assemble a cadre of officials appearing on his showtime version of the virus. Everyone but him looking much like a hostage video. Trump fascinated by optics seldom resists cheerleading for himself and the stock market. The virus another prop for the show.
2
Let’s face the facts – Coronavirus/COVID has become a worldwide pandemic.
All the signs are in place for a global economic downturn triggered by the Coronavirus pandemic. The Stock Market went down 6% so far this week. That’s the beginning, not the end.
The crash may not happen this month, but it will come soon.
Such a crash will have major political implications. The high Stock Market seems to be Trump’s primary indicator of economic success.
3
Trump and his surrogates are trying to circumvent panic over Covid-19 by talking up the stock market and attacking the news media. What's wrong with this picture?
Trump really hasn't been tested in a crisis. What could indeed cause public panic is Trump's lack of credibility. He is in denial, woefully unprepared for what may be a looming catastrophe, and no one can believe a word he says.
3
If Trump thinks Presidents should be judged by the stock market, then fine. Let's do that:
BILL CLINTON: Took office at Dow 3,200, left office at Dow 11,000 (change +243%)
GEORGE HW BUSH: Took office at Dow 11,000, left office at Dow 8,000 (change -28%)
BARACK OBAMA: Took office at Dow 8,000, left office at Dow 20,000 (change +150%)
DONALD J TRUMP: Took office at Dow 20,000, peak Dow during presidency so far 29,500 (change +50%)
Currently, the Dow is hovering around 27,000 (about +35% since Trump took office). But even if we grant Trump his peak gain of +50%, he still has a LONG way to go to match the heady gains under Clinton and Obama.
9
It is important to note that the broad market (NYSE composite average) is down since the implementation of his first piece of major economic legislation--the reworking of the tax code--about 26 months ago.
It was up during his first year in office, riding off Obama's work, but as soon as he mucked it up with his ideas, it's been sideways to down every since. These are facts.
6
He should get credit for the continued rise in the market- until now.
We've borrowed trillions ( and are paying interest on it) to give tax cuts to billionaires and corporations to pump up stock prices.
Coupled with artificially loweringh interest rates to do the same>
Never forget that the top 1% own 50% of stocks in the US, and the top 10% of the wealthiest Americans own 81% of the stock market wealth
There is no trickling down
So when the flimsy props to artificially prolong a bullmarket for the benefit of Trump's bragging, and the continued disproportionate prosperity of the 1% breaks down, we will have little ammunition to rebuild.
He definitely owns that should a recession hit, and it be prolonged
Nothing like throwing all your logs on an already brightly burning bonfire so it makes you look impressive now, then having no wood left when winter comes.
And the rest of us will still be making the interest payments on the debt Trump and the GOP raised to give more wealth through tax cuts to the already wealthy
These are the same GOP " deficit hawks" who refused to use deficit funding to stimulate the trashed economy with infrastructure projects in 2008, the last time they were in office.
Deficits don't matter when they line the pockets of their wealthy backers
6
The stock market goes up and down, often as a result of non financial occurrences. Over time, the financial markets usually stabilize based upon changes in world events. So, despite the drop in the Dow, S and P, and NASDAQ, the real story is the inexorable spread of a virus for which there is no specific treatment. Many people have died from it, and the probability is that more people will succumb to it. As it spreads across Europe, so will it eventually reach our shores, and no border wall can stop it. This is what the administration should be focused on. But it appears that the White House is more interested in politics than in public health and safety.
4
It has been very clear that any positive economic news, is all down to the incredible business genius, President Donald Trump.
On the other hand, any negative economic news, has nothing to do with President Donald Trump.
Trump accepts no responsibility, for the negative consequences, of his decisions.
What is frustrating is that around 60 odd million Americans, will believe anything that Trump says, despite overwhelming evidence to the contrary.
3
I'm convinced the only person who can defeat Trump is Trump. His tweets this week about the market and the coming pandemic support the premise he will eventually do himself in all by himself.
4
Trump will always take credit for whatever goes well and will blame others for what doesn’t . The Truth is he has little to do with either, since he pays no attention to anything other than getting re-elected.
3
I'm happy to take a (hopefully) short-term drop in my investments if it helps defeat Trump.
7
The markets are tanking, but it isn't just about the spread of the disease to the US. China has been effectively crippled by corona virus, and because so many foolishly made it their only point of supply, they are losing money because they don't have product to sell or don't have the components they need to make the things they do sell. Not to mention that Chinese tourism is way down, and that spurs the economy in places they visit, and Europe looks like it is next, which will suppress economic activity there. The real problem is our global economy is based on a very fragile supply chain these days, big business, in its desire to cut costs, has put all its eggs in one basket, and they are paying the price. Service industries have all kinds of backups and contingencies, the Internet itself is designed around redundancy, teller networks, financial exchanges have all kinds of backups and alternate sites, but manufacturing these days is single sourced pretty much in a single country, and they are paying the price for it. They thought China was a modern country that no longer was going to be the kind of place where outbreaks like this would happen, they said things like Sars was back when China was first industrializing, it has changed......and it hasn't
1
All recessions start under republican administrations. This administration is no different. You would think people could remember the near depression caused by the last republican who held office. Here we go again.
6
So Trump chooses to emphasize the success of tech stocks, a concept he, to this day, has never quite grasp.
In his self-proclaimed status as genius, he cannot even fathom how any of this technology works.
It is beyond his comprehension how a bunch of guys with no family fortune, but armed only youth, ingenuity and hard work could amass a much greater fortune at much younger age and much faster pace than the stable genius, who could only rely on old existing ideas such as real estate, which in Trump's mind, humanity still does not have enough.
1
If we go by Kudlow's track record we are heading for a global recession.
4
No amount of "happy hype" is going to fix this. Trump isn't capable of dealing with a real problem, and he's gutted the government of anyone who might be able to help.
5
Trump sees no downside. He will just blame the stock market decline on the coronavirus: "It is biased against me".
2
Everyone knows (except Donald Trump) how cyclical the stock market can be. Yet he continues to boast he is the reason for the gains in recent years, now quickly being erased by a deadly virus sweeping the globe. The markets can be and always have been very volatile and certainly will react in an instant to something such as a terror attack, war or a pandemic. No one individually can take credit for a rising market. There are a million moving parts. But now maybe Trump should take some of the blame for resting on his laurels and not acting quickly enough to make plans to deal with COVID19. Sure, he blames the media for making it sound worse than it is. It's bad. We all need to hear that. We don't need Larry Kudlow, one of Trump's lap dogs, telling us the virus is contained in the U.S. No, it's really not! It's not contained anywhere and right now it appears to be unstoppable.
3
The idea that the stock market is now an attractive investment opportunity is ridiculous! I am an average 65 year old person who has invested all we could afford in the stock market to build a retirement base. We have no “extra funds” to take advantage of a reduction in unit cost per shares to capitalize on this market reaction to Coronavirus.
Be real Trump, average person doesn’t have money sitting idly waiting for markets reductions.
4
The average person doesn’t even have the extra funds to stock up on food and medicine.
2
Good article. Over any longer period of time, the stock market ALWAYS goes up and down. The idea that it could go up 20% a year during 8 years of Trump then 8 years of Pence, is a complete fantasy. It goes up and down.
1
In June of 2016, Lindsey Graham said that if Trump were the nominee of the Republicans “he will destroy the party, and we will deserve it.”
It seems that his prediction was correct. Now if he or his Republican cohort become infected with the virus, it will be a true case of poetic justice.
6
Every American should be outraged that our president is worried more about the stock market than the citizens of our country.
If the stock market goes down that could mean Trump is not re-elected. That’s because our president has made the stock market the center of his economy. Trump should be more concerned and working hard to stop the virus from spreading.
Honestly there is nothing this president could say that would reassure me. He doesn’t believe in science, he gutted money from the CDC and he hasn’t a clue about what is going on. The mixed messages from this administration are not encouraging. Lots of obfuscation and denials are par for the course.
We are on our own!
4
"There’s a reason most presidents are cautious when talking about the stock market. President Trump is learning it the hard way this week."
Oh, come now. Trump never learns anything.
4
Trump doesn't learn at all, so to say he is learning this the hard way is just not true.
4
This is a great occasion for Trump and his billionaire buddies to buy low and reap huge benefits from the markets while half of the population with no investments will die because they can’t access health services, and many of the middle class will lose their nest eggs due to Trumps interference with the market.
3
Most Presidents DO talk about the market. the fact that the virus will have some impact on business and therefore, the markets, is now being turned into another anti-Trump tirade. How about some balance?
1
One thing, perhaps the only thing, that Trump understands about the stock market is that he can manipulate its movement with his policy decisions. And make money doing it. I will guarantee you he has been taking long and short positions in advance of his tweets.
"Let's see. I announce the imposition of tariffs, the market goes down. I announce the removal of tariffs, the market goes up. Lucky me."
The ultimate insider trader.
4
Safety and Security of ALL people living in the U.S. is goal number one. The stock market is probably in the top 10. But Trump’s Re-election in light of much more serious challenges is definitely in the bottom 10%.
2
Some presidents are born great (not Trump). Some presidents become great (not Trump). And some presidents have greatness thrust upon them. If the coronavirus indeed becomes a national and international emergency, it's Trump by default who must finally become great, let us sincerely hope.
1
I thought ... knew ... 5 years ago that a promise to have the GDP go up at least 4% a year, and Trump would personally create 25 million jobs over 10 years (THAT had scary implications) and rally the stock market like no one ever has ...
Indeed, no President is singularly responsible for all of the ups and downs. Despite what Trump claims about is being all his good stuff, not just carrying over President Obama's successes.
In this 2020 era, we are all interlaced and inter-reliant around the world. Bringing all of our manufacturing back here and fighting other countries to dominate their markets makes no sense.
Well, quid pro quo for our POTUS.
3
So Trump tells us how lucky we are to have a 401k. Fine. But this happens and now I got less in retirement which means 1 year earlier to the poor house. The working class has seen the Trump revolution and are not thrilled. They listen to Bernie and like what he’s saying. Bernie will get Trump voters to vote for him. Because of this, he is unstoppable. It truly is remarkable.
18
Without all of Congress under Dem control, a Dem prez is as good as lame duck. And even if Sanders wins nomination, good luck to the moderate democrats in the house. And i have not even mentioned what a field day GOP will have with Sanders labeled as socialist.
2
Build the wall! Keep Americans in! Then we cannot spread it to Mexico and Central America, as COVID19 is sure to spread here.
The Trump administration does not have many experts left in DHHS or CDC, or the supplies at the ready, to combat that spread.
In any case, I imagine a lot of the money suggested to combat the virus is intended to protect Trump and his family and cronies anyhow, not ordinary Americans.
40
My company manufactures and sells a software system that relies on a hardware component manufactured in China. Today we learned that the Chinese manufacturer, due to Coronavirus lock down, will not be shipping this component for an indefinite period. My company will now lose sales until we find a replacement component, if that is possible. There will also be a ripple effect from those needing, but not getting our product. This is a hard example of how Coronavirus can abruptly slam the economy. Mr. Kudlow, you are way off base.
94
"Most presidents avoid boasting about a rising stock market because they know how fragile it is, and how little control over stock prices they really have, and how stock prices can move sharply for reasons outside their control, or sometimes for no clear reason at all."
Trump, OTOH, doesn't know anything. And couldn't learn anything - even "the hard way" - if he tried. Which he doesn't.
33
The near perfect illustration of poetic justice has tragically presented itself with the emergence of the Covid-19 epidemic precisely as Donald Trump is approaching the critical months of his re-election campaign. The abilities required to lead a nation during a global pandemic are exactly those missing in Trump. Demonstrable moral courage, an intellect conversant with the life sciences, a proven ability to lead in the face of conflict & mortal danger, a record of self-sacrifice that inspires elite individuals & organizations to make sacrifices of their own; are the traits that will be required of the world's leaders in the next year. Some individuals are able to summon previously unrevealed strengths in times of crisis. Let us all hope that the emerging pandemic now confronting human-kind has that effect on the heretofore disappointing set of "world leaders" currently in positions of political and economic authority in the United States & around the world. The skills & circumstances that have facilitated their accumulation of personal wealth & political dominance must transition into the abilities that inspire extraordinary accomplishment in the face of hardship & personal tragedy. To avoid widespread loss of life due to Covid-19 we will require effective global leadership, inspiring global cooperation. We need a Churchill, a Roosevelt, a Ghandi, a Mandela & an Einstein. As it is now, we are depending on Putin, Trump, Xi, Modi & Zuckerberg!
38
@mike4vfr
Viruses are transmitted person to person. It's not really up to leadership to fix the problem. They're too far removed in every way. Good ideas help, insight and truthfulness are good, but only help. It's not up to Trump to motivate a solution to the common cold or any new version of it.
What's he going to say, "Spend spend spend, but be sure to wash your hands." ??
Trump is in the news every day. That doesn't mean there is any value in anything he says, ever, never was or ever more.
8
I’d have to disagree somewhat. We need a coordinated public health response (with real scientists!) and funding and an acceleration of a vaccine.
Not sure Trump will be able to find a ones sufficiently ‘loyal.’
13
“I’m going to hire all of the best people”
I am sure we all remember that comforting statement/lie.
His first round of hires were mostly grifter-opportunists like him. Now he can’t even find those people to work for him now, now he can only get incompetent wannabe grifters to work for him.
I’ve never been a god bless America person. I hope god blesses every nation and people.
But if we survive this guy I might have to reconsider the possibility that god is in fact, leaning our way.
28
“Most other Presidents” is a phrase which could be used in any sentence that relates to the current occupant of the Oval Office.
15
President Trump is not learning about the foolishness of his boasts "The Hard Way". He is incapable of learning anything.
34
In reality none of this is this is his fault, and no Democrat or Republican can agrue otherwise. But by opening his mouth Trump is doing much more harm than good in potentially having all the blame be thrown on him once his smoke and mirrors economy can no longer withstand a failing stock market.
14
Trump dismantled an entire federal infrastructure developed during Obama’s presidency (due to Ebola) that was designed to effectively respond to this type of pandemic threat. Trump’s hate for all things Obama once again puts sanity and lives at risk.
750
@Ellen
retired AMA attorney F/71
Congress, all R, gets credit for passing legislation in 2018 that completely defunded all of the specialists at CDC + Natl Security + the military (to the level of Admiral). Replacing our extraordinary capabilities in science and medicine, including pandemic response, with a 2019-2024 zero federal funding "plan" that makes "state and local public health authorities" primary responders.
Nancy Cox and her CDC team were the world's best infectious disease leaders and all are gone. Anne Schuchat, CDC's Deputy Director now on the podium, attempts to speak truth to power, but she too could be axed by the flailing maniac in The White House.
VOTE BLUE in November because our lives beyond retirement funds in diving stock markets worldwide literally depend on burning this bunch in D.C. Soon.
MalignMitch is the man's PupperMaster so Senate takeover is essential too, while holding the House.
IF we cannot get Ds both angry and organized around a viable candidate who WILL announce a VP choice in March, then we all deserve the mayhem that is now upon us.
If we're trapped into white male candidates top of ticket, please call the capable African-American woman in GA leading anti-voter suppression troops and get her to "Yes" on the VP spot. Now. With a public promise that the old D white guy takes only one term before she becomes top of ticket 2024.
64
@Ellen. And the left’s hatred for all things Trump causes them to blame every illness, natural disaster, bout of insomnia, scratched knee, etc. on Trump. As if we lived in Eden until 2016. It’s a view that is 2/5 fantasy and 3/5 Trump derangement syndrome. It’s why the Dems will lose big in November.
4
@ehillesum
You need to read "The Fifth Risk" by Michael Lewis. It's a short book; you could finish it in a day. Not only will you learn how willfully ignorant most Trump officials are, you will lie awake at night after learning how none of them are prepared for their jobs of keeping Americans safe from the many potential threats facing us, including terrorists, nuclear risks, safe meat & poultry, weather emergencies & public health crises.
Thank God there are still career public servants whose knowledge & dedication keep the country running & its citizens safe.
36
Yes, a stock market expert.
Anybody have a quote on his Trumps Casinos and Resort?
Symbol is DJT
16
Imagine what the repub party would be doing to President Hillary right now as the virus moved onshore in North America and began cutting into tax-free Wall Street profiteering.
21
I wonder what the Libertarian free and open market solution is for a pandemic?
19
@JD Ripper Oh, the fittest survive, and the human race emerges in stronger shape. You know, Darwinism.....
As for actual civilization, I don't think libertarianism manages to get to that level of logic; they haven't managed to envision anything past everyone for themself, followed by a magical working out for the best through self correction.
2
It’s true that presidents don’t have much influence over the stock market, and this one has been coasting on momentum created by Obama with no help from Republicans, but at least without much opposition from Trump (he can claim some credit for doing relatively little damage). But the coronavirus nosedive and imminent recession may turn out to be largely his fault if his cuts to important health services and organizations result in millions of deaths, and his brilliant advisers handle the economic and health crisis in all the wrong ways. The virus is unimpressed by his boasts, and investors blindly follow the money.
26
I have been reading many comments, mostly from those who support the president, stating that they believe the Democrats are happy to see the coronavirus because they want to blame the president for it. Let me be clear about 2 things: first, nobody is happy to see people die from an infection; and second, we are not feeling joy but more of an "I told you so" with the president.
The analogy I am going to make is that the Democrats are like driving your kids to school in a mini-van, while the Republicans are like driving your kids to school on a motorcycle, without a helmet. Sure, taking away all of the heavy material (i.e. regulations) makes a motorcycle lighter & faster, and allows you to get your kid to school faster, but a small accident can be fatal to everyone on board (if you drive a motorcycle please do not comment on how safe of a driver you are - the fatality rate in motorcycle accidents is about 15xs higher than that of automobiles - if you want a reference, look up "Motorcycle safety" on Wikipedia).
Our economy is the motorcycle, and the coronavirus may be the major pothole in the road that will crash this bike. I so wish we were in a minivan right now!!!
42
After watching those seven candidates in last night’s debate, I am starting to think I prefer Trump to any of them.
I honestly can’t imagine any of those screaming people as dealing with an epidemic. They cured my TDS.
2
Want a preview of the Trump response to a Pandemic ? See Puerto Rico. Paper towels, for everyone.
Thanks, GOP.
119
@Phyliss Dalmatian - great, we can use the paper towels as masks since we will run out of these very soon !
Irwin wrote: ...after a 7 percent drop in the S&P 500 since its peak last Wednesday, seemingly caused by a recognition on Wall Street that the spread of coronavirus could disrupt the world economy.
SEEMINGLY caused, he wrote.
Yes. SEEMINGLY. Because nobody really knows what "causes" the stock market to fluctuate. But that doesn't stop journalists from pretending they know. While the stock market is currently over-priced according to many measures, the stock market is NOT the economy. That is indisputable. As is the cruelty, boorishness, and cluelessness of the president.
9
What we all know, however, is that both supply chains and markets are global. Around the world we are starting to see the effects of this disruption from the countries that produce the most and consume the most. This is one time the stock market may be an accurate harbinger of the near future.
2
The market is still doing great and people should be buying right now. Fire sale
3
@Nycdweller
Thanks for the advice, Larry Kudlow.
1
As the stock market(s) tank, I am 100% sure that Trump feels like his the victim of the Covid19 outbreak, that it is a conspiracy to bring him down.
On the brighter side - perhaps his administration will turn it's attention briefly to public health programs, the CDC etc. if only to keep the economy from taking a big hit.
Such is the logic of TrumpWorld.
10
He will fire someone. Anyone.
Seriously.
24
We do not have a president. We have Donald Trump.
68
If the now familiar pattern of trump's coverups follows it's predecessors, (sharpiegate, Ukraine coverup, etc.) we will see a CDC whistle blower come forward exposing the false information trump will be putting out minimizing the number of cases in our country. This ignorant man is dangerous to every living thing on our planet.
38
@MB. There are likely a million wet markets all over China, SE Asia, Africa, the Middle East and India/Pakistan. There are a part of the social and cultural fabric and date back a thousand years. I’ve been to many often and have befriended both customers and vendors. The neighborhood goes to these places and socialize. Dry markets like Costco and Walmart are alien concepts to them. Yeah, I’ve winced and gagged. The chance that the coronavirus came from one wet market is 1 in a million at this point in time in a thousand years is ridiculous. So there’s another explanation, and that is that the virus escaped unnoticed from a government biolab in Wuhan, walking distance from the former wet market.
1
I see you’re entertaining Sen Tom Cottons ridiculous conspiracy theories.
They actually know the animal that caused this.
2
@Charlie Chan
Stop with the twists.
You make a good point. There are a million such wet markets. It was inevitable that one would produce a novel virus. The fact that it was one at this address instead of that address is immaterial in the domain of the virus spawn we now face. There is no need to reach for some outside malevolent hand in this. Too coincidental remains coincidental.
I heard it described this way on a radio show. Hit a golf ball onto the green. It lands somewhere. From the point of view of the grasses, that one blade says "Why ME?". How likely is it that ball landed on me when there are billions of other blades of grass all around. From the perspective of the golf ball, any one blade of grass will suffice as a landing pad. No ulterior motive, just the facts of flight.
I'll add I have seen documentaries showing other outbreaks spread by bats peeing into a coconut shell that is then used as a drink. This isn't the first time in a thousand years. Happens a lot more than we know, just this time it's a combination that makes this bit of RNA harmful and easily spread among people.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6073609/
1
No. Scientists have been warning about this for years. Putting stressed wild animals in these markets is begging for an outbreak.
1
Tucker Carlson hit the panic button yesterday then blamed diversity and wokeness (sic) for the virus. The right is always wrong.
20
The nation, including Wall Street, has no faith that the Trump administration is capable of managing a crisis like this, or capable of coordinating the necessary international response. This stock market drop tells us what folks really think about Trump and his team of incompetent extremist sycophants.
28
As with everything coming from the mouth of trump, mostly lies. I can’t remember the last time Kudlow was correct about anything other than what day it was.
25
I will say it again, if you please. The only reason the stock market is continuing to rise since Trump was elected is because Trump and the GOP gave trillions of tax dollars to the very wealthy investment class who necessarily needed someplace to store all of their money. Therefore, the stock market has been on a run up. The values today have nothing to do with the actual value of the companies; only with the ridiculous amount of money the wealthy need to hide somewhere. This is a fragile market because most of the players know it has run too high and for too long. The stock prices are far higher than any real intrinsic value in the companies they represent. The market will come down precipitously sooner rather than later...Perhaps we are there.
20
This so-called president (actually a reality TV president) is only concerned about optics. What kind of "ratings" can he get? To actually be concerned about the problem, not so much.
15
Mr. Kudlow knowledge of public health is no different than his knowledge of economics, meaning Zero. But don’t worry when blaming the press will not work they can always blame Obama.
27
Trump takes credit when the stock market’s booming, so he ought to take credit when it dives.
23
One of the main points of this article is that if Trump keeps making overly optimistic statements about the stock market and the economy, the administration will lose credibility if it does make progress against the virus. A President who has made more than sixteen thousand false or misleading statements has no credibility to lose.
9
This administration has credibility??
1
Stay calm and focused on your financial goals. Do not buy the hype of the up market or down market and above all else stay off of the cesspool posts of FB and Twitter.
3
As usual, it's all about the optics with this president. He really doesn't care if people get sick and die. All he cares about is that it might make him look bad. And, he hasn't got a clue about what to do about a pandemic if he even knows the meaning of the word. Shameful.
23
All that matters is if MAGAheads buy into the narrative that Trump boosts the market, while the "enemy" media undermines it.
Cyu in November ...
16
@Len Arends
till they get sick in rural America where there is no hospital for miles and miles and no one to come to their aid. They wont be singing that stupid song anymore when it directly affects them.
do the supporters of Trump even understand the Stock Market? We know the rich white boys do but what about the man in rural America?
1
Defeat Trump in November! Blue (tidal) Wave in 2020!
17
I'm sure that as Team Trump drafts his his 6pm speech, POTUS is begging someone to find the perfect diminutive nickname for COVID-19.
11
The prez speaks only to his base and relies on the news media to provide the headline he wants. The media are complicit in the con.
7
I'm sure that as Team Trump drafts his 6pm speech, POTUS is begging someone to find the perfect diminutive nickname for COVID-19.
7
“It’s not so much of a question of if this will happen anymore, but rather more of a question of exactly when this will happen,” said Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases.
“We are asking the American public to prepare for the expectation that this might be bad,” she added.
After I read this out loud to him, my boyfriend remarked, "Well, there's someone else in the 'Deep State' who will soon be unemployed." "I was thinking exactly the same thing," I replied. We laughed, but at the same time, it wasn't funny. It made us both feel sad that Trump fires truth-tellers who make him look bad, and hires idiots who are willing to lie to make him look good. He's a grotesque caricature of a human being. On top of that, he can't even spell "coronavirus." And people actually voted for this guy. That's the saddest part of the whole story.
46
No problem. He will blame HRC and Obama.
Guaranteed.
17
How.on.earth. are Americans supposed to trust this narcissistic bully to have OUR best interests at heart?
23
Stock buybacks artificially inflate the price of a stock. Then, the insiders who instigated the buybacks sell off their vested shares for cash at the high price. Then, there's a dip and they buyback more. Then the insiders sell off more vested shares for more cash. Then repeat. And, best of all - it's LEGAL!
I keep a list of the companies that have been doing this for years and the insiders who have drained billions collectively from these companies.
They know the very large mutual funds that own the shares can't just dump out of their positions or the value of the shares they own will plummet in the sell-off.
In this sense, the huge funds, like your pension fund or the retirement plan you have at one of the many large mutuals, that are big holders in these companies are hostages. If the stock falls, the fund managers lose their huge year-end bonuses. Therefore, when a lot of these over-valued equities fall in price, they move in and buy more in order to support the stock instead of trimming positions.
And the insiders score again!
Meanwhile, people's retirement accounts are at grave risk because this shell game can only be sustained for so long. If revenues continues to drop - and recent earnings reports show they will - then here we go again...2008, anyone?
Meanwhile, all the insiders are sitting on billions in cash they have pulled out of these companies during this market run.
So - they have zero worries. Everyone else? Aw, shucks.
Free money! (For a few.)
14
@John Harrington,
And you can bet Trump and Co are cashing in on this.
7
@Letty Roerig in Texas, Trump might say - “My Amigos Gain - Again!”
1
If you watch CNBC or Bloomberg News, you see that the analysts aren't really concerned with the health of those who are at risk from coronavirus. They're more concerned with the economic slowdown from supply chains being held up. It's really cynical. Trump is oblivious to science and his anti-science administration is going to get caught flat-footed, possibly turning what could be a minor health threat to the US into a major one. I also find it perplexing that his administration shut down government groups that were meant to deal with a pandemic like this.
10
Gotta pay for those tax cuts for the rich somehow......
1
Trump has had it in for the CDC since the time that they wanted to classify gun violence in America as an epidemic. So, funding and staff cuts ensued. It makes one wonder if the health and safety of the people have been sacrificed by Trump to appease the NRA and gun rights absolutists.
18
Even Trump knows better. He just wants to create memories for his slowing thinking voter support.
4
There is no downside to Trump taking credit for the stock market when it's good. His followers have absolutely no problem with ideas like "when things are good, it's because of Trump, but when things aren't good, it's not Trump's fault."
This is one of the many advantages of a support base that doesn't consider rationality or logic as important elements in political discourse.
20
@A
Since that is the only subject he can talk about, it is so interesting to hear him speak without making any concrete sense. Why was he in India? what was he doing there besides inciting religious riots.
Why is he picking on the two women on the Supreme Court but having dinner with Mrs. Thomas, does he have any policies that make sense which arent racist .
Loved the picture of Roger Stone yesterday he looked like the old want to be that he is.
1
@A
Since that is the only subject he can talk about, it is so interesting to hear him speak without making any concrete sense. Why was he in India? what was he doing there besides inciting religious riots.
Why is he picking on the two women on the Supreme Court but having dinner with Mrs. Thomas, does he have any policies that make sense which arent racist .
Loved the picture of Roger Stone yesterday he looked like the old want to be that he is.
Please remember that slightly less than half of all Americans even have stocks.
Many, many in Trumps base of supporters do not own stocks. The stock market's rise and fall doesn't directly impact them. This is unlikely to matter much at all to his campaign.
Remember, the man could shoot another man on 5th Ave and nothing would happen. Just like being impeached. Just like marching patriotic Vindeman out of the White House. Just like lying about his inaugural crowds.
The list is endless.
14
@Kelly
I disagree. Everyone is affected by the stock market, even those who don't own stocks. Eventually, it trickles down and Trump's base will feel it.
There's another effect of this virus. In 2008, I couldn't imagine how Barack Obama -- a black man with only senatorial experience under his belt -- would capture the nomination and presidency, even though I believed in my heart he would win both. Then the economy tanked.
Now I'm wondering if the virus/stock market "correction" will be a path for Bernie Sanders. Though no fan of his, I believe any of the Democratic candidates would be better than Trump. -- thegamesmenplay.com
1
@Kelly
You're right, how many of the people at the MAGA rallies own anything in the market?
I laugh at the Trumpers on this board who boast about how well their "401(k)" is doing.
Your 10 or 20 thousand dollar 401(k)? Uh, okay.
1
Well we know what Trumps playbook is announce some false information i.e good economic news and the stock market bounces back like a rabbit on steroids...the problem might be that he has done this so often the markets might just ignore him, considering the virus is a real economic problem.
3
Trump’s novel market theory correlates perfectly with his 11th Century scientific theories
7
Let his children defend their father’s record, ten years from now. That will be more interesting.
But they will have disappeared from view by then.
6
A collapsing stock market will matter but in terms of the pandemic, what will matter most is possible widespread illness & even panic over workplace closures, food & medicine shortages. overcrowded emergency rooms & the public's perception that the govt. is ineffectively managing the contagion -- & our perception of whether Trump is lying about the seriousness of the problem or even understands its gravity.
All of Trump's recent public statements about coronavirus emphasize his belief the threat isn't serious & won't affect us because warm weather will kill the virus.
This is wishful thinking - & delusion.
This is how Trump wound up declaring bankruptcy 5 times.
In Trump's world, everything is always good, beautiful, "perfect" & "the best" - until, like his casinos, the bottom falls out, his dad not here to bail him out, there are no agreeable banks to cut a deal with & he's in financial free fall again.
Trump's a colossal failure at planning, risk management, facing the music & honest assessment of his mistakes. He will do no better with this virus. He's already fired the "adults in the room" & slashed the budgets of the CDC & HHS.
How could this possibly go well?
Trump, unconcerned, is busily feeding his current obsession w/revenge against "traitors" & ignoring the public good - except for the stock market.
We've been lucky there's been no widespread national disaster on Trump's watch up to now.
Our luck may be about to run out.
20
@fast/furious
Yes to all that, but Trump's election was and is a national disaster. Now comes the body count.
2
Trump's boasting is akin his constant lying; as he loses all credibility, the danger consists of us not believing a word he says when a real crisis comes along. Case in point. 'Cry wolf wolf' too many times and the price is that 'we look the other way'. With potentially tragic results.
5
Trump has no credibility about anything. I hope the coronavirus does not evolve more seriously, and(especially if that is the case) Trump does not sack everyone who disagrees with him as things unfold.
4
Though it would have a very negative impact on my life, things have become so dire in this country that I'm half hoping for a serious economic downturn before the election, from whatever cause, just to get rid of this lumbering corrupt disgrace (one of his favorite words, no?) of a man.
12
"We have contained this. It's pretty much air tight," according to Larry Kudlow. I didn't know that Kudlow was an expert on communicable diseases nor qualified to offer such opinions.
It makes as much sense as if the CDC held a press conference to offer advice on the stock market.
A major problem is that Trump abruptly ended scientific programs to halt the spread of contagious diseases initiated by Barack Obama. So now, we have to rely on the hunches of politicians like Kudlow. That's enough to make you sick.
21
Trump took ax to CDC in order to more easily transfer billions in budgeted funding to consulting and medical companies he or his cronies control for bogus or marginal work. CDC budget is one more easy mark for Trump's criminal enterprise.
10
DJT and his many enablers will find a way to blame the Coronavirus outbreak on HRC's emails.
And probably on Obama, as well, for good measure.
7
Trump is a master at taking credit for things he has done nothing to accomplish.
https://www.cbsnews.com/news/fact-checking-what-trump-has-taken-credit-for/
One of the most grievous examples was when he stole the seat on the dais reserved for a big donor at kids with AIDs fundraiser. Trump had given zero but wanted people to think he had.
https://www.washingtonpost.com/politics/trump-boasts-of-his-philanthropy-but-his-giving-falls-short-of-his-words/2016/10/29/b3c03106-9ac7-11e6-a0ed-ab0774c1eaa5_story.html
4
I hope all the Trumpsters bought stock today, based on Dear Leader and Kudlow's recommendations.
10
Nice job by Neil Irwin, but I must question his lead that Trump “is learning it the hard way.” He learns nothing, ever. He’s probably spending the day wondering whom to appoint as his “corona virus czar,” Larry Kudlow or Rush Limbaugh.
17
@loki5401 Or maybe Blagojevich. He's free at the moment.
1
The red hat followers basically ignore most everything . Most will be hit hard if this virus makes its way here .
10
@urbanteacher
If?
1
Somehow, someway, Trump will tie this to Hillary, Obama, or eating vegetables.
8
So, a known liar has motivation to lie to us. Nobody feels gaslit here. We know the score. What is appalling is that once again Americans will die and Trump is apathetic. It never gets old.
7
Your either dance to the tune of this amoral zealot illegitimate President or he comes after you! Bullying and intimidation are the tools of Nationalism.
9
Historically market crashes, failures, call them what you will were caused by totally unanticipated events…….
Why should this one be any different?……….
Be interesting to see who Trump blames it on seeing he's already starting in on the media……….
The "buck", if bad, never stops with "The Donald" - it's always someone else's fault………...
6
While the stock market overall might bounce back, individual companies may not. Corona virus poses a different type of risk to different companies. For some companies the virus might only impact their supply chains, while for other companies it could be a risk factor impacting how their sales team interacts with customers. I am sure that there are a few companies (and hedge funds) where the biggest risk corona virus poses is the possibility that it could wipe out the entire leadership board if the board members are all primarily 80 year-old men with a history of heart disease.
3
Everything good is deemed a result of Trump's magnificence.
Everything bad is blamed on perceived enemies -- the deep state, the Democrats, the courts, brown and black people, Muslims, nasty women.
That's the way the Narcissist-in-Chief sees everything. I'm sure he's not learning anything.
17
Money > Lives = Trump + GOP
7
In its policy statements, the Fed chair sometimes argues that interest rates are too low to maximize growth in jobs and GDP. In this case, future policy prescriptions by the Fed will result in it selling bonds in order to raise interest rates. At this new and higher equilibrium interest rate level, a "fair" valuation level now prevails, and the Fed would expect a more efficient and effective allocation of capital given such an economic environment.
Similarly, stocks overall can be considered "fairly" valued, or over- or undervalued. With today's current P/E ratio of about 23.75 times; historically stocks are very highly valued,with many overvalued, before considering the negative impact of the coronavirus. For a longer term perspective, the Shiller P/E ratio measures stock valuations based on compounded 10-year return periods, and at about 30 currently, it also is signaling very high valuations, today.
My point is simply that after a 10-year plus economic recovery period in the US, many metrics suggest that stocks are very highly valued. And, it is in this probably overvalued equity market, at the start of the virus' impacts, perhaps without "fair" valuations, that stock prices may have a long way to fall with the virus impacts.
[02/26/2020 Wed 1:20 pm Greenville NC]
6
The problem is, all Trump knows how to do is go on TV and tell everyone the stock market is great. He hasn't got a clue how to ignore the market and work on fixing the problems and he's fired everyone who did know how.
20
Of course, if Trump had not shuttered the pandemic arm of the CDC two years ago, the corona virus epidemic might have been caught at an earlier and more controllable stage. So in that respect he could be responsible for economic downturns around the world due to the corona virus.
14
Trump will continue to take credit for the gains and blame others when the market drops as long as it works. It's his entire playbook. I don't see any signs that large masses of people will suddenly change and start holding him accountable for anything.
14
A pandemic is a reality that trump can't spin, can't hide from, and can't deal with. We are looking at real trouble.
22
"He is, in effect, experiencing the downside of having spent the last three years personalizing much of what happens in the markets and the economy, saying that the soaring stock values under his watch are a reflection of his special ability, and a central part of his case for re-election in November."
Additionally, Trump has made budget cuts to the Center of Disease Control and Prevention. During last night's Democratic debate, Michael Bloomberg stated the Trump fired the pandemic specialist in this country two years ago.
Trump has hurt the United States's international relationships, which could have an adverse effect in terms of the Coronavirus.
There aren't sufficient N-95 masks, which cost $1 each.
If the effect of Coronavirus on the stock market hurts Trump's re-election case, perhaps that will be sliver of the silver lining in the terrifying Coronavirus storm cloud.
10
Looks like some CDC health professionals will be looking for work in the near future for saying what they are trained to recognize as a potential threat to the American people. Any information must be first checked by the W. House staff to make sure it doesn't affect Mr. Trumps agenda and re-election narrative. I am sure if there is an outbreak of the virus in the US an other Tax break for the Wealthy and Corporations will be the medicine needed to correct a falling stock market. Concerns about the American peoples heath, good luck with that!
10
Even before the outbreak, the market was only 8-9% above what it was in Jan 2018. That's a poorer than average (7% annual is average) return over those two years.
Most people forget that 2018 closed with a market loss for the year.
Today, we are around 1.5% return over two years.
The worst part is that he places the health of the market ahead of the health of US citizens, or at least he does with his tweets.
36
As I watch my investment portfolio increase, I've been thrilled. We need to thank Obama for that. In fact, intellectually, these gains have very little to do what the Republicans administration / Trump is doing, despite the constant pat-on-the-back from the president. Climate change is a major concern, as is the deficit. So despite my happiness that the economy is doing so well, I can't wait until we elect someone who thinks of the long term (and human right) issues. My portfolio will take a hit, no doubt, but without attention on the long term, won't we all?
62
The stock market worries the Wall Street 1% and the fluctuations are not a focus of 'regular' Americans on a daily basis.
Of concern is the Trump/GOP gutting of scientists - and expertise in medical fields - from our federal government infrastructure. Does the CDC and ancillary agencies have enough expertise to face the virus? Will the Trump/GOP reject knowledge and opt for 'other' measures so as to not have to spend too much money or cause economic disruption?
The Trump/GOP ignore water pollution, air pollution and have shown a disdain for funding medical research except when a large profit is guaranteed. What harm will that cause as the government attempts to handle any outbreak?
These are the serious questions to be answered.
We know Trump has Wall Street's back. Does he care about ours?
35
Rhetorical questions??!! We know that the answer to all is “no.”
Trump et al. care for nothing except themselves and their ill-gotten money.
4
My friends who support Trump generally say they dislike him but like his policies and the financial results. His reelection rests on both.
The world is in an asset bubble across all categories driven by low-interest rates and excess capital. In the US the bubble was driven by the cash influx from tax cuts and deficit spending.
So, it looked like Trump could keep this balloon in the air until after the election because there was no catalyst.
Caronavirus is the catalyst. I'm sure he will do everything he can to prevent the stock market fall and downturn in the economy. He will fail with the attendant consequences.
49
@jjs there may be light at the end of the tunnel. My rabid Trumpie neighbor said to me yesterday, "Look now, we have Sanders, a crazy person, running for office". I replied that Sanders is extreme, but checks and balances will keep things moderate, and he is not crooked and has not raped and disrespected women like Trump has. My neighbor (a woman) replies, "I guess you are right."
3
trump and his base will continue as they always have--they will believe all good things are due to trump and all bad things are the fault of democrats and liberals. Whether the stock market is high or low, and other facts, will have little or no bearing.
The media, meanwhile, has perpetuated this notion that the stock market, along with unemployment rates, together are the main indicators of how well the economy is doing, while often ignoring indicators that matter for most Americans who are not well off. Wage growth, personal debt, the number of people who have dropped out of the labor market, the costs of health care, child care, and college education--all of these are vitally important in reflecting how well the economy is functioning for the bottom 90%. By these metrics, trump's economy doesn't look so great.
The lack of media attention on these other indicators only fuels trump's ability to use the bull market to his advantage as he seeks the votes of independents and those who are undecided.
36
A crisis can be a very important time for a political leader. Reputations have been made and lost as a result of how leaders have responded to various difficult times. Winston Churchill, Rudi Giuliani, George W. Bush, and the Flint Michigan officials all had their reputations enhanced or damaged as a result of their leadership or lack thereof during difficult times. It is interesting to note that the Trump Administration, led by the President, has, at least so far, pursued a path that seems focused on itself and the effect of an economic downturn on re-election chances. Such a programme rarely ends well. One would think that the lack of preparedness in the Katrina/FEMA fiasco would offer some instruction in how to not proceed.
20
@David S. Republicans are constantly showing why their constant mantra of "government is evil" is so pathetically inept as an orienting idea for their politics. When we need government to work, they seem to find new almost inconceivable ways to demonstrate their incompetence, which I believe stems from their idea of "strangling government in the bathtub." Yeesh.
1
Lost in all of this is that contributing greatly to the stock market increasing is the corporate tax cut led to a lot of stock buybacks, pushing up prices, and reducing shares. Great financial trick but not necessarily a sign of great economic growth.
What would the stock market be doing if the deficit was $200 billion instead of $1 Trillion.?
36
Perhaps the U.S. needs to consider what critical items may need to be strategically stockpiled that are dependent on China, such as medical supplies, antibiotics, etc.
When the next one comes and supplies are short, will Americans be standing in line behind 1.4 billion Chinese citizens?
19
Hahahahaha!
That acrostic.
Truly we have a grade schooler in the White House.
Expect the COVID 19 map to be Sharpied next.
Because who are you gonna believe — contagion experts or the most intelligent human being to have ever lived named Donald Trump.
“Nobody knows about viruses that I do. Believe me!”
81
@Opinioned! I noticed that the president's acrostic doesn't include Facebook...
3
But her emails
66
Thanks, Neil, for your ever-wise, understated analysis.
Trump is too ignorant to understand more than surface level, impulsive news. Add to that his thin skin, and you've got a roaring spitting narcissist-in-chief. What an embarrassment - and worse, a threat - to our nation.
63
@Greg
In fact, DJT is the gravest threat to this nation -- and to the world -- that I've experienced in my lifetime.
2
"Donnie, you're doing a heckuva job."
20
What did we expect from a fake president and a fake chief economic advisor? Verifiable economic data to support fake cheerleading in order keep control of a fake executive branch?
58
And when the coronoavirus spreads throughout the US - Trump will blame Obama!
64
@kkm but, ..., the emails!
4
"Some people are saying if we burn the witch Hillary Clinton, god will be appeased, and the market will soar. Scientists said so too. ''
I am waiting for the tweet
36
It's not just the stock market, it's the economy in general. We give presidents too much credit (or blame) for the state of the economy when their control is actually quite limited. (Except to really screw it up as the examples of Zimbabwe and Venezuela prove.)
Perhaps the coronavirus will finally end this myth.
13
The pathogen and it’s origin exposes weaknesses in the U.S. supply chain, particularly, dependency on China. That reorganization had already begun due to President Trump’s trade dispute with China. America needs to be less dependent on China to supply a myriad of raw and finished goods, including medical supplies and critical drugs.
5
If the US becomes ‘less dependent’ on China the ‘fake’ growth of profits will evaporate. Only a controlled economy could do what the OECD have become used to -
1
News outlets also retell the nonsense about politicians claiming credit for good outcomes while claiming it was "outside influence' when things go wrong. In a modern global economy, politicians can mess with economics, but they just don't make it good or bad.
Of course, the stock market today has recovered from the day 2 losses, so is this loss short-lived, or just the beginning of the big swings that are a prelude to a severe drop.
2
He owns it, he broke it.
28
I wonder if this will be Trump's Katrina moment
16
@Quentin
I’ve said before and I’ll say it again: as a patriot who recognizes the unmitigated disaster that trump represents to the world and my country, I will willingly give everything I have, my life included, if this virus could bring him down.
1
Several dozen American and international pharmaceutical, medical equipment and supply companies are located in and around Wuhan, Hubei Province, China - among them are Abbott, Fresenius, Puracap, etc. Hubei has 42 pharmaceutical contract manufacturers, and biological engineering, medical equipment companies.
From ‘Medicine Rx’ by Rosemary Gibson, “Millions of Americans are taking prescription drugs made in China and don't know it-- and pharmaceutical companies are not eager to tell them. This probing book examines the implications for the quality and availability of vital medicines for consumers.
Several decades ago, penicillin, vitamin C, and many other prescription and over-the-counter products were manufactured in the United States. But with the rise of globalization, antibiotics, antidepressants, birth control pills, blood pressure medicines, cancer drugs, among many others are made in China and sold in the United States.
China's biggest impact on the US drug supply is making essential ingredients for thousands of medicines found in American homes and used in hospital intensive care units and operating rooms.”
22
Three statements really caught my attention:
First,
"President Trump is learning it the hard way this week."
Does this President really learn anything?
I haven't witnessed this yet, have you?
The second Statement,
“But they risk creating the impression that they’re more focused on the economic impact of the virus than effective public health measures.”
When has the Trump Administration ever been concerned about the public?
And the last statement:
" — you want people to believe it, which they will do only if the same government has been upfront about the realities of that crisis to begin with."
When has Trump been upfront about any reality?
This article can be stated fairly succinctly -
It doesn't take the Coronavirus to show that us that Trump is a willfully ignorant, selfish, mendacious, human being.
89
Trump will, of course, take credit for the stock market only when it is rising. He is blaming the media now for the falling stock market. Heads Trump wins. Tails we lose. Due to his raging narcissism, Trump is mentally incapable of believing he is to blame for anything.
Let’s focus on the Republicans’ failure to stop Trump from gutting the CDC and for Republicans’ continuing efforts to gut the ACA.
55
Such as - he did not take the blame for the riots in india, and killings. One day he says ‘i would mediate’ between pakistan and india on kashmir; next day ‘i didnt say that’.
1
I'm sure we all remember Trump's hysteria when he encouraged people to blame Obama for ebola. Granted, COVID-19 isn't as lethal, but it seems to be very contagious.
Your turn, Mr. President. Shall we all blame you?
34
"“But they risk creating the impression that they’re more focused on the economic impact of the virus than effective public health measures.”"
They risk creating the impression? That ship already sailed! The self-obssessed president never sees multiple sides of an issue, only that which affects him personally.
And Kudlow is urging "buying on the dips"--is he chief economic advisor, or a stockbroker?
They aren't prepared for this health crisis, they're self-serving in their focus on the markets, and they insist on saying things are fine when they're not and then criticizing the experts--and of course the media--for telling the truth.
They deserve every single bit of public anger they're bound to get, because when it's time to act and prepare, they haven't.
591
@ChristineMcM
But Christine, when the anger begins to boil over, it will NOT be the administration's fault for this crisis or ANY crisis. The blame will be placed on the news media. According to Trump, everything bad or negative that happens is basically their fault and their fault alone.
No one ever wins in a Trump contest because he doesn't play by any rules, other than his own, which he changes on a daily, hourly, or minute basis.
62
@ChristineMcM This one may catch up with Trump. The impacts of the coronavirus on the world economy may indeed be quick and radical, resulting in difficult times ahead. In this situation, we need politically disinterested leadership, i.e., competence in responding to the crisis. This moment, whatever it becomes, would be a severe test for any U.S. president. The last thing a president should think about in these circumstances is politics. The country will support any president who does his utmost to address an emergency.
14
@ChristineMcM
this total administration is ignorant. They have no policies, they have no understanding of the world. Focused on the stock market as if that is the beginning and the end. Why is this country not prepared? We were prepared in the past. If he thinks the stock market is going to get him relected he better think again, the American people are tired of ignorance. He is a bad actor in a bad cartoon show.
November can not come soon enough
24
We have a president who literally cannot spell "Coronavirus" (check out that second tweet in this article) and Larry Kudlow who is renowned for making outstandingly bad economic predictions (https://www.nytimes.com/2018/03/15/business/larry-kudlows-not-so-on-the-money-predictions.html) and now is attempting to advise us that the viral outbreak containment is "pretty close to airtight" (apparently, Larry now has expertise as an epidemiologist).
The stock market became divorced from underlying financial fundamentals since the financial crisis brought us non-stop intervention in the economy by the world's central banks. The Federal Reserve's continual salve of lower interest rates and ramping up the money printing press has generated a parabolic rise in stock prices (and other assets like home prices). If you're a saver or on a fixed income, well, sorry. Either you suffer with low or no interest rate returns on your hard-earned cash or you go to the stock market casino and take your chances.
Even now, we hear that the Fed should immediately implement an emergency rate cut as though that is somehow the equivalent of a vaccine and/or that this can somehow address a China-based supply shock. Of course, these days, rate cuts serve only one purpose: to keep the ever-rising stock market fiction - regardless of valuations - alive and well. The Fed continues to exhaust its monetary ammunition when times aren't bad. What will it do when an actual recession hits?
32
People are more important than things, including the stock market. We need our leadership to focus on what’s more important. Trump has been unable to look beyond what is important to him - his own personal power and wealth. We need public servants to look beyond the tyranny of the urgent to see and respond to what is more consequential long term (Dare I say, even eternally). The public good, human rights, the rule of law, safety and security, have all been scrapped by Republican leadership to stay in power. Justice will be served. The day of reckoning will come.
14
@GraceNeeded We have plenty of people. There's no shortage. Once you get over the silly notion that all people are so valuable, you will be mentally free from the chains of nonsense. Government should ensure order so that free people can make the world a better place. Central planning to "focus on people" will be our demise.
2
I know people that are not worth the air they breath. Humans are probably the least valuable things on the planet, they are actively destroying earth.
2
This is vintage Donald Trump. Everything good happens because of his genius. Everything bad is someone else's fault.
Trump's true genius is cobbling together a heterogeneous constituency. He gets the masses by giving them a circus, keeping them afraid and finding scapegoats (Democrats, immigrants, elites, et. al.) for every problem. He gets religious voters through judicial appointments. He gets the wealthy and powerful through his legislation. I fear that this will be the template for politicians to come (though not all will have Trump's gifts).
There have always been people of this ilk but they had been confined to the margins until recently. Only the people can decide to send them back there. I am not optimistic that they will do so.
26
We are supposed to look to the President for inspiration and assurance in times of crisis, but it is near impossible to believe someone who has lied or given misleading statements over 16,000 times. The trust is gone.
32
His fearful fans look to him only for the assurance that they are still relevant, that they still possess enough, er, agency to run things to their satisfaction.
4
Who cares about Trump losing credibility now? If you believed him through his perfect phone call, his not knowing about payments to Stormy Daniels, his dad being born in Germany, etc then you won’t care if he shoots someone on Fifth Ave. And for the rest of us, he has no credibility to lose.
57
The Democratic candidates can fill the void here by speaking to this crisis which likely will not be fixed before either convention. Their thoughtful plans need to be counterpoint to the 'head-in-the-sand' current White House. It will propel a democratic win in the elections - top to bottom ballots.
3
If this proves to be trump’s downfall, this senior citizen may just have to get his first tattoo: #COVFEFE-19.
29
Unfortunately, the American people are saddled with a president who concocts national emergency fantasies where there are none—the border wall—while treating catastrophic actual emergencies—climate change, the coronavirus, etc.—as if they were a joke. Sadly, Trump thereby firmly establishes himself as both a national emergency and a joke.
85
The Great and Powerful Wizard of Trumplica is and always has been a charlatan. His only skill is the art of the bamboozle. Facts to him are malleable inconveniences best dealt with by a combination of obfuscation, distraction, and bald faced lying. Who better to lead the band while the ship of state grinds into the corona virus pandemic threat.
The Pied Piper of Queens is marching us steadily toward a towering cliff of intractable facts. The climate is changing, the world is heavily populated, resource scarcity looms, but hey, the stock market, get some!
This guy is no leader. More like a pompous egocentric fool with with a finely tuned skill of deception. We follow him at our peril.
38
Trump doesn’t learn anything, the hard way or otherwise. He and his propagandists will say “ The market was doing tremendous (sic) under me until China caused and spread the virus just to harm the US. I can’t be blamed for that “.
16
Every president takes credit for good markets and disavows responsibility for bad ones. They can't help themselves. Corporate profits, and thus stock values, have soared under Trump. That's just a fact. Whether they've soared because of, or despite, him is a matter of opinion.
1
@Paul McBride Well, it's not just opinion. Unless you do something that has a large financial impact compared to the size of the global economy, most laws and regulations only affect it a bit. If they wanted real growth, they'd open the USA to be a true free trade nation, and they'd institute a simple, flat tax on all income (or all expenses) without the corrupted political shenanigans of special interests (both to ham some out group or help some donor/in group).
2
It does seem any president would try to give an optimistic outlook publicly at least, because "the only think we have to fear is fear itself." I.e., to avoid a panic. The president tries to protect the health of the economy, i.e, they try to do a good job.
Trying to protect the economy and trying to do a good job will happen to be good for their reelection, but it's not in itself bad.
(For those who say the average wage worker doesn't have stocks, remember that the city and state government is invested in the stock market. The stock market tanks, services tank. Ditto universities and other entities that serve the poor. It's a bad thing.)
So he's probably trying to do what any president would do, if perhaps ineptly, and perhaps a smarter person or more experienced person might have better ideas and better outcomes.
4
@KTT The public will truly panic if they're assured up to the brink that we'll have no pandemic impact in the US. Giving people information and guidance is not the same as inducing fear.
The more people are aware of possible impacts and their options, the less disruption they'll experience (or cause) as a scenario evolves. The more people who prepare for contingencies, the less panic at the last moment for those who would not or could not prepare in advance.
4
@KTT
When the Dow reached 25,000. I told my broker that that was enough riches for me based on the 'Trump bump' and deregulation, so I took quite a bit out (of my retirement fund, I don't have stocks otherwise)
25,000 is really high, actually. Really high. I feel guilty profiting from the trump bump, but well, I did.
The Dow has recently 'plummeted' to 27,200.
27,200 is really, really high. It really is.
If it 'plummets' to 20,000, it's still pretty high.
If it really does sink to where it was when this 'trump bump' started, then that's a bit of a plummet--maybe 16,000 hundred. I don't know if that will happen. Despite what I said above, if everyone has less money, we might tighten our belts a bit and that would be good for climate change. That's pretty much the only silver lining, but it is a silver lining.
2
I love trump’s little “MAGA” list of companies, as if he had anything to do with them. I don’t believe that any of them are owned or managed by friends of his. In fact, isn’t Amazon owned by the same guy who owns the “failing” Washington Post (the primary WH news source, after Fox and Mad Magazine...)?
27
kudlow has a long history of horrible predictions about the market. If he is predicting that the market will recover, it's time to worry.
I would say it is ridiculous that he is the WH Chief Economic Advisor, but trump's whole administration is a clown car of hacks and sycophants, so why should kudlow be singled out?
25
@D The great thing about being a TV talking head who makes big predictions is that no one really cares if you are right as long as you are entertaining and maintain ratings.
1
The stock market is tanking not only because of fears about the spread of the coronavirus affecting the U.S. economy, but also because people with brains realize the Trump Administration doesn't care about public health.
More, we have a president who spews alternative facts on a daily basis, doesn't believe in scientific truth, has dramatically cut staffing for the CDC, got rid of the NSC and DHS epidemic teams, and mouths off with absurd opinions about the new coronavirus (as in, "It looks like by April, you know in theory, when it gets a little warmer, [the new coronavirus] miraculously goes away — I hope that’s true.")
Above all else, stock markets reflect confidence or fear. Who, pray tell, is confident the Trump administration would be able to handle the spread of the new coronavirus in the U.S.?
426
@Emile
The bad news: It's likely to be months before the Coronavirus crisis runs its course and many more after that until the US and other economies and stock markets begin to recover.
The good news: the Democrats will defeat Trump in November by repeating and repeating and repeating Ronald Reagan's memorable question during a debate with Jimmy Carter:
"Are you better off today than you were four years ago?"
11
@Emile -- "It looks like by April, you know in theory, when it gets a little warmer, [the new coronavirus] miraculously goes away — I hope that’s true."
Somebody should tell Trump "hope is not a plan".
3
@Jim Brokaw I missed his explanation on why the virus is increasing in Viet Nam and surrounding countries. Always warm if memory serves.
He knows his minions don’t follow the markets. Whatever he says is happening, is true in their minds.
10
To Internet marketeers, ‘going viral’ is good. Not anymore. They’ll need a new phrase.
5
The competence (or incompetence) of Trump's response to the coronavirus pandemic will drive the direction of the stock market and the economy.
If a major outbreak of the coronavirus occurs in the United States, the stock market will crash and Trump will end up alongside Herbert H Hoover in the history books.
Do you think Trump will do a good job of dealing with this coronavirus pandemic?
Neither do I.
15
Why is Larry Kudlow, who plays an economic advisor on the reality show that passes for the executive branch of the federal government these days, saying anything about a possible public health emergency? More important, why is anyone paying attention to him?
22
Trump always take the easy way. If things are not going well blame the anti-American mainstream media. He is unable or unwilling to think through a problem. His administration has been very effective on economic issues. Until the last few days a record Dow Jones has reflected that success.The market is reacting to a black swan potential global health crisis.Not caused by Trump.Mr.President just deal with reality. Do not blame the media. Just protect Americans from this potential health disaster.
2
I know there is no one left in this *administration* with any credibility. I hope there are still people who have knowledge of the science of pandemics and can implement a plan.
7
It is also very problematic when one almost wants to see the stockmarket take a nice, prolonged hit, if that's what it takes to see the stable genius gone. Even if that hurts one's own interests. What a world!
9
Trump called out Obama's economic recovery as fake news, "unemployment was higher than the government numbers indicated", yet he espouses those very same numbers now as the best ever. He claims total responsibility for the growth of the economy but was handed a growing economy by Obama who was handed a recession on it's way to a depression. And lastly, any fool can push an economy forward by cutting taxes for everyone but the reality is that money is no longer going into the treasury to pay our bills, therefore the growth of our national debt to a trillion dollars and growing. Some genius! I'd really like to see his grades from Wharton Business School. Oh, I forgot they're under seal with a threat of being sued it exposed! Good grief, Charlie Brown when will this nightmare end.
21
Trump, post impeachment, has not been shy in cleaning house of those whose truth does not match his political viewpoint. At State, EPA, DOJ, Intel have been decapitated of truth. Now, we meet the ultimate crossroads with Public Health. Stories are that Trump is furious with Azor about telling the truth. Will he decapitate CDC, NIH and HHS? If he does, we are cooked, for sure.
2
Congress should take the 2.5 billion dollars for the virus response out of the Wall funds.
End of story.
He broke, he owns it.
6
Beware of them trying to prop up the market artificially because the fall will then be much steeper
1
Except the stock market is rebounding this morning and by next month it will fully recover. More doom and gloom that is not working for the Democrats.
1
@Jonathan
Yeah, well, just you wait until thousands of Americans are infected and Trump/Kudlow are still running around with their thumbs up their you-know-whats.
4
I'll be here next month, Jonatham. And I'll remember. Will you?
1
The only economic profitable advantage that Donald Trump really cares about is that arising from his occupation of the White House impact upon the Trump Organization.
By refusing to declare, disclose and divest his personal assets into a blind- trust you can't tell where Trump Organization Mar-a-Lago ends and Trump Administration White House begins.
4
I don’t listen to Trump. Don’t trust him.
12
The problem, as usual, is not just Trump but those who have chosen to believe whatever Trump says. A rude awakening is overdue. Unfortunately, that awakening will also rock those of us who have always been skeptical of Trump.
6
Trump has assured us everything is under control. Since he has diligently earned the reputation that whatever he says is the exact opposite of reality, we can only assume things are already out of control.
And it is pretty obvious that when things get bad, he will still be lying about how great everything is. For me, that fleeting "confidence" we are supposed to have in our government is already dead, beaten to death.
2
With his trusty sharpie ready to map out just how well he is handling this health crisis, Trump is the perfect guy to lead us through this crisis, right? Remember his amazing leadership during the solar eclipse? Everyone else was afraid to look at the sun without protective eyewear. That's what I call a perfect example of his "great and unmatched wisdom".
6
The coronas virus is way overblown, and also minuscule in effect when compared to the coming chaos of climate change. I am not sure if the corporate overlords really think climate change is a Chinese hoax, but if they do, they will soon find out the truth. What kind of panic do you think will happen then? I am pretty sure they will not use their money to help anyone, because that is not what capitalists do. They will cry like Trump does all the time and tell us how hard it is to be a rich overlord. No one understands their plight.
1
J.P. Morgan made the only prescient comment about the stock market. He said: “It will fluctuate, young man. It will fluctuate.”
2
“ President Trump is learning it the hard way this week.”
That’s a very presumptuous statement. What evidence is there that he’s learning anything?
7
Nothing matters to Trump and his criminal gang but partisan politics...electoral success...maintaining power.
7
Corona will not be important until one of his properties is shuttered.
Then he might pay attention.
5
“Markets go up, and markets go down, but the underlying state of the economy is sound”.
That’s what presidents used to say, because the stock market isn’t the economy and because they didn’t want to let a market drop lead to a panic that affected the real economy.
But Trump picked market prices as the metric, and then juiced it by cutting taxes for corporations and cutting taxes for the rich people who buy stocks with their extra cash. It’s economically stupid on several levels, but politically it’s worked so far: the number of Trump supporters who don’t own stocks that point to the markets as proof that their lives are better is astounding.
9
Yeah if this is a sustained downturn I could imagine a montage of him saying you have to vote for me if you have a 401k. You got no choice.
1
“We have contained this,” Mr. Kudlow said. “I won’t say airtight, but it’s pretty close to airtight.”
Remember the name Larry Kudlow.
8
@JWB
Pretty close to airtight - like sterile except for germs, brand new but used, perfect with flaws. Got it.
1
People are dying around the world and the stable genius is touting the U.S. stock market. I hope that when his son-in-law and top advisor streamlined our government he didn't gut the department that the previous administration created to deal with pandemics. The rise in the stock market doesn't help dead people.
3
The sky is falling Trump is bad. Of course the markets going to take a hit from a pandemic. What’s your point that voters will blame Trump for a bad market during a pandemic? You got to be kidding me. I think even democrats will see right through that smear.
Trump is afraid of that smear because he would be right behind doing it to the Dems.
1
When seeking assurance of government competence in the face of looming pandemic, who better than Larry Kudlow and some dude named Chad to provide it. Trump's furious because the malpractice that pervades his administration is being laid bare with potentially catastrophic consequences.
7
The virus is bad news for Democrats. The market was due for a drop. Now Trump can correctly blame it on the Coronavirus. Meanwhile, House Democrats argue about whose special interests should take precedence in any bill for added funding for the CDC and fighting the Coronavirus.
1
Most Presidents don't brag about their supposed virility either, so I don't understand the surprise here.
3
Trump couldn't care less if we have a pandemic. He doesn't want to talk about it because he is only worried about himself and the stock market. This is outrageous. We will probably see clearly in the next couple of months what happens when voters elect a lying, fraudulent conman to the office of the presidency. He is not up to what is coming, nor is the band of incompetents he refers to as an "administration".
3
The fact that Trump was bragging about how great the stock market was doing the evening that it crashed a couple days ago shows that he does not even keep up with headline news.
What a deplorable president.
12
We'll see if the G.O.P. "containment" of the Covid-19 coronavirus and the "fake media" are spooking the stock market. Donald Trump has fettered the American economy to his and his administration's brilliant leadership. Will The Market slide? Will the coronavirus, on the cusp of a global edpidemic, upend President Trump's strategy for re-election?
1
On Trump’s mind today:
“If I just keep saying everything is fine and try to distract the media, how many people could possibly die before November? I wonder, can we just shut down the news?”
5
How long before Trump fires the head of CDC for disagreeing (disbelieving) him?
8
Everyone knew this day was coming (except the president). After telling us approximately 16,000 lies in fewer than four years, he now expects us to believe him when he says we have nothing to worry about with the corona virus. And, just like in so many instances before this one, he declares one thing while his team members convey an entirely different message.
All I can say is that I wish his team members the best of luck when they begin their inevitable search for a new job.
8
Perhaps it would be worthwhile to point out Trump's efforts, which was a significant campaign promise, to upset the stranglehold China was getting on the American economy. On top of his agressive efforts through tariffs and negotiation, the outbreak of the corona virus is a clear example that the President is on the right track in freeing our economic dependence on China. And by the way, what's with the presumption in this article that the Administration is not doing enough to protect the U.S. from the virus?
1
@johnlo: What protections, exactly, have you seen put in place to protect the American public from the coronavirus...go ahead, name one!
10
I see two possible scenarios, both driven by Trump's obsession with the health of the stock market (not the American people). He will either:
(1) Pretend that the worldwide coronavirus outbreak is under control in the U.S. (if he says it enough, it must be true), spout off at the media, and ignore the CDC's infectious disease experts and the rest of the world; OR
(2) Realize that to thwart the market from tanking, it's in HIS best interest (not ours; he only cares about himself) to direct his administration to take proactive measures (other than tweeting) to curtail what could be a disastrous spread of a potentially deadly disease.
Let's hope he chooses the latter.
15
@MN Mom
Option 2 is a very long shot on two fronts, the first being that he would concern himself with anything other than his needs, secondly where is the competency in his administration to effectively deal with this crisis?
1
The risk of economic damage from the virus is amplified by the fact that China and Europe were already experiencing a slowdown. The extra stress caused by the virus may push Europe into recession. This of course would be bad for the US even if the virus doesn’t spread here.
16
What is the “average” American concerned about? Customarily, not the health of the stock market. The American worker/wage earner day to day is focused on meeting the cost of monthly living expenses. They are not the population of Americans who have the required disposable income to invest in stocks. Right now what people are worried about is their physical health. The spread of the coronavirus to the USA. What would be troubling in the best of times now presents us with a more alarming situation under a President and government officials whose priorities are misplaced, who underestimate the urgency of an issue that impacts the health of individuals nationwide. How can Americans have confidence in a President who on tweets cheers the health of the stock market seeing that issue as equivocal to the threat of a pandemic?
26
"stock prices can move sharply for reasons outside their control.."
Except in this case the drop is due to our well-founded fear that owing to budget cuts at the CDC and other agencies, and our disregard for science, we are defenseless in the face of an epidemic. Not to speak of the only somewhat more distant threat of equally-denied climate change.
Trump owns these looming disasters.
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@Nathaniel Brown
Markets are moving... driven by large block programmed trading. Such program trades are driven by code designed to take advantage of the psychology of the human mind.
Such trading is more driven by short cycle opportunity due to the jittery nature of human society in general.
This really has nothing much to do with COVID-19 directly... it is simply soft moves over soft feelings.. and as such what comes next is fleeting and unimportant in terms of long term investors (both big and small).
Further some program trading programs actually inject uncertainty into markets deliberately, to create short cycle profit moving opportunities at the expense of the rest of the market. It is called speculative manipulation, but on steroids (courtesy of the power of computers, and the physicists that write most of the actual code and tune it). Yes... physicists have dominated the market in recent years as they find their segment of science actually works well in financial markets.
1
When tweets drive the market, it is going to be a wild ride. At some point fundamentals will matter. Not sure we are there yet.
28
We've always been there. It's just that now everyone including and especially trump and his supporters may very soon learn what "there" really means. Hint: buckle up!
4
Although there may be some truth to the notion that presidents shouldn't claim all of the credit for good economic times and the resulting rise in the stock market, it seems a bit of a stretch to conflate taking credit for a rising market based on policies that are successful and getting blamed for external events that are under nobody's control.
3
@Bruce Hall Contrary to your assertion, the point being made here is not that Trump should be blamed for the falling stock market but instead that Trump repeatedly claiming that a rising stock market was proof-positive that his policies were wise carried significant downside risk.
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@Bruce Hall
If you cut the CDC budget by one sixth, and eliminate the office dealing with epidemics, then the blame lies on you.
12
@Bruce Hall
What successful policies, specifically?
6
Trump has pushed the stock market to its current levels with the expectation of continuing low interest rates, deficit financing and tax cuts for the rich. There is no enduring value in this stock market, it is completely dependent on the continuation of these polices, and it will deflate, possibly cataclysmically, at the first sign of the end of these policies.
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@gbc1
There has NEVER been any enduring value in the stock market. Markets go up, and markets go down, and the range between the two extremes varies with each cycle.
Further, with the markets dominated today by computer controlled and triggered block trades, individual investors are simply along for whatever ride is being offered at any moment in time.
Which is why the smart small investor sticks to well managed mutual finds.... even over index funds AND... invest regularly, thus appreciating the value of "averaging over time" and do not panic when markets move up or down strongly at any given point in time.
3
Trump's and Kudlow's statements are proof, that neither of these men respect science, and their past lying may result in no credibility in any crisis. Senator Kennedy's grilling of the "Acting" Secretary of Homeland Security yesterday was very discouraging, but also gratifying to see, that not all GOP senators are not taking their eyes off the ball.
Reports of the president's expressed anger that the CDC's information about Coronavirus will "spook the markets" is in parallel to his recent rage, when his DNI staff informed Congress of Russian meddling. The danger of a leader with the attitude "what I say is the truth, regardless of all available facts is extremely dangerous, regardless if the issue is a pandemic, economic decline, climate change, meddling in elections, nuclear dangers from North Korea, etc. Must I go on to make this point?
331
The danger is of a president that doesn’t care about the citizens of this country, even those in red states. He only cares about reelection and running the next con.
24
@batpa
Too bad kennedy wasn't so "concerned" when it came to allowing witnesses for the impeachment trial. Had the senate done their job our country would have different leadership and possibly be better prepared to deal with this possible dangerous pandemic.
Sorry he doesn't get any respect from me. Far too little, far too late.
8
“But they risk creating the impression that they’re more focused on the economic impact of the virus than effective public health measures.”
And people would be right in thinking Trump cares more about the stock market and its effect on his reelection prospects than he does about protecting Americans from a pandemic. Likewise, he will only care about the toll the disease takes on American lives if that begins to threaten his reelection.
For a narcissist like Trump every issue begins and ends with its effect on him personally. Nothing else matters.
298
As someone else astutely observed, "Donald Trump is about to face a major dilemma. Should he shut down America to stop the spread of the virus, which will tank the economy? Or should he not shut down America, allowing the virus to spread, which will tank the economy?"
What to do, what to do?
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@Observer
Which is better for our government, saving lives or keeping capitalists from -what-a slight loss of assets? Gee, what to do?
10
@Observer
Either way, he will blame Democrats.
17
@Observer He should resign, along with Pence, and pass the buck on to Pelosi who would work for us, not herself.
21
Can we please discuss the elephant in the room?
This virus started in China. In wet markets where sanitation is nowhere. No look where that has placed the world.
China, a supposed wanna be 1st world power, a totalitarian regime that US businesses cow-tow to (Apple, Microsoft, NBA, etc), a supposed invincible economic powerhouse, with influence extending into the Pacific, South America, Africa and elsewhere.
China can’t even demand clear sanitation standards? Some world power....
22
@MB There are wet markets in many places besides China. I have visited them. Yesterday I heard that China was closing these markets. Just wait until they are driven underground without any oversight whatsoever. The viral, bacterial and prion soups breeding in these places won't know the difference. Good luck with that.
22
@MB
My understanding is that genetic analysis of the virus indicates that it originated outside the market, and was already undergoing human-to-human transmission before any cases were detected there.
The connection to the wet market appears to be a coincidence.
3
@MB
At least Chinese people know better than to drink the tap water in Flint, Michigan...
2
The article raises the concern of credibility of those in the White House and this current administration.
It has been years since any critical thinking citizen or observer believed anything coming out of the White House. Any slim semblance of expertise has long been removed from any statement or position taken by Trump.
104
@reid Thank you for stating what we know to be true, and begging the question: is there anyone in the current administration who has credibility? Perhaps another whistle blower will emerge.
6
@reid
"The article raises the concern of credibility of those in the White House and this current administration. "
How can "the article raised the concern of credibility of those in the White House and this current administration",
when it has been long established that there is no credibility of those in the White House and this current administration ?
8
@reid I think you meant "3" years
3
The problem with marking NHC maps up with a sharpie then chastising your administration when they try to correct you is that no one believes anything that comes out of your administration.
This is why we need a president who hasn't squandered all of the government's credibility with petty lies designed solely to protect the president's fragile ego.
240
I was aghast reading Mr. Kudlow’s comments on the ‘containment of coronavirus’ yesterday. The thought that ‘ignorance is intrepid’ came to mind. However, as chief economic adviser in the White House his comments are not only abominable but speak poorly and very loud as to what is going on at the highest levels of government.
145
Larry will say anything to get/keep a job - remember at one time LK favored trading, now not so much.
5
@MMJ Kudlow has never been right about anything.
3
Trump is under the illusion—frankly, the delusion—that his words create reality. He names reality, and reality conforms to his golden mouth.
He will never learn the truth. He will never see reality for what it is. He will call our international health crisis a hoax, even if it means people die as a result of his neglect.
But OTHERS can see that his words, and reality, are radically different, including at least some of his devoted followers.
Surely now, for the wavering, it is beyond clear: Donald Trump would rather deny reality than save human life.
Think about that when you consider your upcoming vote.
281
@Paul C. McGlasson we can conclude that Trump’ claims that he is Prolife are just rhetoric and politics. No real concern for anything but Trump!
6
Inevitably, when you lie constantly, you run the risk that reality will back you into a corner where your lies are unconvincing. It will be interesting to see how the President copes with the inevitable US spread of the Coronavirus. If history is any guide, he will continue to prattle on about how great things are while the economy suffers and people die. Maybe this will inform some of his supporters just how dangerous Donald Trump is to their economic and physical health.
98
@David Hurwitz You would hope, but don't hold your breath.
4
Trump will blame the media for reporting coronavirus is spreading and his fan club will continue to believe him.
5
@David Hurwitz Just wait for Trump to blame the Chinese for creating the virus to hurt our economy and influence the election. Has to blame someone!
3
Trump doesn't care. He is a oblivious to history, just interested in his ego and wealth and nothing else.
When it crashes (and it may be doing it), he will just blame is on Hillary.
With an insane trade war against friend and foe alike, record consumer, national, student and corporate debt, the economy will implode the only question is when and how bad.
The virus issue may just speed it up.
70
(Very stable) genius is a rising market.
It's all pump-and-dump with these guys. Listen to them at your peril.
31
The basic problem with Trump is claiming credit in the good times and ignoring the bad while his supporters think the world was made in 7 days when he got elected. The missing data? the stock market is on a 10 year trend that did not start when Trump took office. https://www.macrotrends.net/2488/sp500-10-year-daily-chart
43
The trump White House is looking a lot like China right now in trying to detract from the reality of a crisis and playing it down. Markets go up and markets go down and it can happen in a day because markets react to the real world. That's just a fact. The president has nothing more to promote himself other than his claim about the economy....and any realistic person knows that's a fools game.
50
Trump is ever-hungry for validation....a sign of profound weakness.
54
Of course Trump and his minions will claim credit for any uptick in stock prices and shift blame for any downdraft. I'm just waiting for him to blame Coronavirus on Hillary Clinton's lost emails.
86
Anyone who takes financial advice from Trump deserves what they get.
70
@Blackstone
The same with those who take his advice on STDs...
1
Who will be fired by Trump for causing the "fake news COVID-19" that Rush Limbaugh will insist was created by James Comey?
47
If the cable shows he mentions are low ratings then how could they have any influence on the stock market? He sounds like an idiot. Oh, wait ...
178
Exactly!!!
6
During the Obama administration, a standing group was formed within the National Security Council to consider and plan for the very kind of thing this article discusses in the case of an epidemic. Trump eliminated that group. Now there is no coordination of the virus response. Homeland Security is run by an "acting" head, The NSC has no one, the CDC had its funds cut, global pandemics personnel have been eliminated. We all know that Trump is untruthful, lacks the capacity to be a leader on anything, is unable appoint people who are more than yes men, and actually spend time working on this after carefully studying the problem. Time for elections to have consequences.
216
From the beginning, many have warned that the constant and unprecedented barrage of lies, half-truths, manipulations, and distortions from this President and his administration would undermine credibility when it is most needed. We have arrived at one of those moments, and we continue to see these people distort the truth and attempt to distract us in the name of getting Trump reelected. The health of citizens is actually on the line now and they still can't be forthright with us.
We can only hope that those at the CDC and elsewhere who actually understand the situation will continue to speak up and out. Good luck to us all.
81
Every morning I wake up and read the news regarding Potus . The news slapstick funny but it is sad because it is about the president of the USA. No writer can make this stuff up. Stephen Colbert and the other night time comedians must really fear a Trump loss in November. Trump has made their jobs easy.
16
@sues
I have to think that expanded health care, help for students and those struggling, increased wages, etc. after his defeat will prove difficult subjects for late night laugh lines. With trump, Colbert and Trevor merely have to read the daily news- the jokes write themselves...
No free ride, once adults are back in charge.
7
Even before this weeks cascade Trump's market boasting is unfounded when compared to his predecessors. As of the peak on 2/12/20 since inauguration day 2017 Trumps DJIA +48%, Obama +60%, GW Bush +0%, Clinton +69%
22
@Pauljk
Clearly even though business fears Democratic presidents, the economy does better when presidents are from the Democratic Party. Why? Because workers do better and have more money to spend.
2
The very stable genius takes credit for the gains in the stock market day in and day out. He owns this crash now.
72
@Jacquie
Pottery barn rules: he broke it, he owns it.
Wow, who knew that useless, unnecessary, ill-advised trade wars would eventually bring the economy down on his head, just as his fickle gullible electorate heads to a November election!
Who are they going to blame now, if a large number of his important supporters are still struggling to barely get by after listening to and swallowing all his big-time-hot-shot promises that have been, shall I say, mightily under-realized, hmmm?
8
The disconnect in messaging that you mention is concerning. Given the President's history of shooting the messenger(s), I wonder if the administration is working harder now behind the scenes to conceal the facts, control the messengers, and change the narrative...and not focus on containing the disease. And, speaking of credibility, the present administration has none.
62
Trump has been taking credit for stock market rise because the policies he implemented, which include the reversal of policies that Obama implemented, did help improve the markets. the Coronavirus is currently causing a significant drop in the markets but any who is rational understands that the drop in the World markets has absolutely nothing to do with Trump's policies. Any who attempts to turn a world wide health crisis, a pandemic, into a political attack on trump, in hopes of gaining some sort of perverse political advantage will look like the fools they are. As expected, the Democrats are already trying to use a pandemic that started in China to try to gain political advantage and hurt Trump. They are relentless. If Congress thinks the $2.5 Billion request for funds to help protect the US from coronavirus they should increase it to whatever they think is required. Make it $10billion. That should cover it. In the meantime, the CDC and all the organizations who are responsible for our health are working around the clock to be sure our risk is minimized. They have been training for such an event for decades.
3
The MIT economist on the radio seemed rational and suggested that it’s more complicated than just the virus and that perhaps the virus is acting as a trigger for a correction.
4
@NYChap
Trump fired the people at the CDC whose job it was to coordinate a response to an epidemic and cut the CDC's funding. He took all that training you mention and flushed it down the toilet.
Trump can't be blamed for starting the coronavirus epidemic but he sure can be blamed for his response and that of his administration, which so far amounts to " I (Trump) says its not a problem, it will go away by itself in April."
405
@NYChap Trump made us less prepared.
https://www.vox.com/science-and-health/2018/2/23/16974012/trump-pandemic-disease-response
8
More dangerously, it could encourage some in the US public health agencies to pull their punches to bolster US or other Trump-favored country markets.
4
The market has been overpriced for some time. Valuations have been bloated by (among other things) the tax cut. Investors have been looking for a reason for a correction. The impact of COVID-19 on travel and supply chains provide one.
The market went down. It will go back up, but perhaps only slowly, in keeping with business fundamentals.
21
Donald Trump and the Truth rarely appear together. It should be no surprise that his election is more important to him than the health of Americians.
41
When the administration has Larry Kudlow making public health predictions, you know it's time to be worried.
Other governments have put preventing party embarrassment ahead of public health and had disastrous results. Sure looks like we can expect more of that kind of short sightedness from the Trump administration.
48
@Fred G But Trump hires only the "best people", right?
13
The stock market is not a reasonable indication of economic health in any case. Only 55% of American families own any stock whatsoever - that includes in their 401Ks or other retirement savings plans. 50% of the value of all stock ownership in the USA is held by the 1% - 17% by the 0.1% alone - and 84% is held by the top 10% of Americans. That leaves 16% of the total market value of stocks for the remaining 90% of all Americans. For those of us in the 90% high stock prices mean: 1) high profits for corporations thus low wages and high prices for us; and 2) high risk of market failure with no corresponding market benefit. It means ordinary Americans are going to have to pay higher taxes to bail out the billionaires again. It means socialization of risk but privatization of gain. Socialism for the rich. Remember that when Bloomberg bashes Sanders for being a "socialist".
71
@KenC
Maybe so, but people who invest in the stock market are more likely to vote.
1
@KenC
Excellent comment.
3
When you bet the house on just two factors in the economy, the unemployment rate, and a strong market, you are placing your family in jeopardy and your house at risk of foreclosure. When the market inevitably collapses in on itself, Trump will be left exposed. Fortunately, the market is too transparent to lie about, even for Trump. Down, in this case, does not mean up and blaming others for the fall convinces only those willing to suspend disbelief in favor of fairy tales.
90
This president knows that the strength of the stock market is always conflated with the "strength" in the economy by most pundits. People can't really relate to official economic statistics that have been politicized for years, but they sure notice how well their 401Ks are doing and will accept the positive narrative when their values go up.
The problem here is that the stock market has been on fumes and has now little to do with company fundamentals. History shows that paying 30, 40, 50 times earnings or more makes little sense. The market is ripe for a substantial fall and the virus is proving to be the catalyst. This is a real problem for Trump and his cabinet of Wall Street insiders and he will try to talk the market up.
His other "achievements", like giving tax break to the wealthy, dismantling environmental regulations, and appointing incompetent people (including judges), may be significant in the eyes of a right wing fringe but they won't get him reelected. Without a strong stock market, Trump's claim to have achieved "the strongest economy in the country's history" will ring hollow. Watch him stop at nothing to reverse the trend.
187
Investors crave solid information. With this administration, they know that isn't forthcoming, forcing them to decide for themselves about the seriousness of the threat to the global economy. Nothing that Larry Kudlow, Steve Mnuchin or Donald Trump say is going to carry any weight right now. The market is going to look at how effective the US is likely to be in confronting the pandemic threat and right now the look of that is not inspiring confidence.
240
@Somebody Even more than solid information is the need for information you can trust. Who can trust the “lying liars” in the Trump administration.
12
@Somebody It’s not as bad as it looks. We may assume that whatever the Trumpists tell us, the opposite is most likely to be true.
3
Even before the last few days and the coronavirus, it would seem equity markets were already in a bubble. NASDAQ and S&P500 price earnings ratios are in the 25-30 range, and the Russell 2000's is nearly 60. And, a lot of the US economic growth from the last 18 months can be attributed to the recent huge increase in federal deficit spending. If the equity markets shed another 20% to 25% of value in the next few months, I'd say that would be a market correction that would be neither surprising nor particularly worrisome.
68
The Upshot claims that presidents have "little control over stock prices" and that "stock prices can move sharply for reasons outside their control.."
True in the short-term. But then again, some president implement policies that result in clear movements in the stockmarket. Think Republican Herbert Hoover and his gross failure to stimulate the economy as it spiraled downward, making him the only one-term president to leave office with the Dow Jones lower than the day he took office. Think Republican George W. Bush's disastrous policies of deficits and deregulation that left him the only two-term president to leave office with the Dow lower than when he arrived.
On the other hand, consider Democratic President Clinton, whose policies of implementing tax increases resulted in four straight years of budget surpluses, and saw a major increase in stocks. And Barack Obama, whose emergency policies to counter the economic meltdown he inherited resulted in a strong and sustained stockmarket for most of his eight years in office.
Presidents matter. And Democratic presidents are best for stockmarkets.
616
And Clinton’s stock market bubble burst when?.
1
@PL - During his two terms in office, when did President Clinton publicly brag about the stock market? He had more sense.
25
@PL ~
Under Bush.
7
“But they risk creating the impression that they’re more focused on the economic impact of the virus than effective public health measures.”
That's because they ARE more concerned about the economic impact. Trump perceives that it affects HIM, his re-election, and in Trump-world that's all that ever matters.
783
@LS Exactly.
13
And what Democratic politician doesn’t make decisions based on reelection ? Do you ever listen to yourselves. You’re so anti trump you ignore all the saMe behaviors in your guys that you complain about trump. You and your party more than republicans or the President will use this crisis to try to unseat Trump at the risk of a full blown outbreak of the virus ....
All for re-election.
1
And then, when Republicans finally outlaw abortion and convert everyone to Christianity, all of our problems will be solved and we can all bask in utopia.
15