This is just UGLY
Just how bad have things gotten today? The U.S. stock market was literally open for five minutes today before they had to shut it down because it was crashing so badly. Once it did reopen, it dropped even further, with the Dow Jones closing down a little more than 2,000 points today. This is the worst stock market disaster since, well, the last time we had a republican president.
In after-hours trading this evening, the Dow Futures were down a few hundred more points, but have since partially recovered. We’ll see what the market does tomorrow. But the plunge in oil prices, and the obvious negative impact that the coronavirus crisis is having on the world economy, mean that it’s very difficult to foresee the U.S. economy continuing to grow as all of this plays out.
Stock market plunges happen. Recessions happen. But we have a President of the United States who’s not capable of dealing with this. He lacks the economic savvy to make the correct moves. He’s too narcissistic to ask economic experts for help. He’s too worried about his grifting to properly focus on America’s biggest problems anyway. At this point he comes off as too psychologically incompetent to deal with anything. So yeah, this is ugly.
