The stock market has lost nearly fifteen percent of its value over the past few weeks, as the coronavirus continues to negatively impact the world economy, and Donald Trump’s botched response to the virus has investors worried that things will get even worse. We’ve been waiting to see if a full-on panic selloff would happen, and tonight it did.
The Dow Futures are currently down an astounding 1300 points – nearly five percent of the market’s value erased all at once – and unless that number turns around before morning, the Dow Jones will be a bloodbath tomorrow. Other futures markets are also dive-bombing. S&P 500 futures crashed so badly tonight, an automatic halt to trading kicked in.
Most presidents experience economic challenges at one point or another. Donald Trump has been very lucky up to now, as he inherited the roaring Obama economy, and his idiotic trade war didn’t manage to completely derail it. But now this worldwide epidemic is presenting Trump with a bona fide economic crisis, and we all know that the “king of bankruptcy” isn’t up to the challenge. If he were smart he’d resign in the morning.
Bill Palmer is the publisher of the political news outlet Palmer Report