Politics - News Analysis
Trump Freaks Out in India After Stock Market Plummets Over 1000 Points, Says He Has ‘Everything Under Control’
U.S. stock markets tanked Monday amid fears that the coronavirus will continue to spread beyond China’s borders, but Donald Trump says it’s nothing to worry about.
The Dow Jones Industrial Average plunged 1,031 points, or 3.6 percent, among its largest one-day drop in terms of points, and its worst day since February 2018.
The drop wiped out all of the market’s 2020 gains, which just last week had reached new summits.
The declines follow reports that countries beyond China are struggling to contain the spread of the coronavirus. South Korea raised its alert level to the highest level as infections topped 830, while Italian officials worked to contain an outbreak of 220 cases and Iranian officials confirmed 61 cases.
The vast majority of the 78,000 cases of the virus are in China, where more than 2,400 people have died from the illness.
Stay up-to-date with the latest news!
Subscribe and start recieving our daily emails.
Steps to contain the virus have disrupted air travel and some businesses dependent on Chinese manufacturing, including supply chains for electronics.
Last week, a Goldman Sachs analysis warned that investors weren’t taking the coronavirus seriously enough and that markets were due for a correction.
Some economists have predicted the virus will weaken growth in the near term, but also expect markets and the global economy to bounce back quickly when the spread of the virus is under control.
From India, Trump tweeted, “The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!”
The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!
— Donald J. Trump (@realDonaldTrump) February 24, 2020
Trump has failed in every way to reassure the American people that he has this problem under control, and Twitter quickly pointed that out:
Trump eliminated a position called Senior Director of Global Health Security. That person used to work in the NSC to coordinate responses to global health emergencies and potential pandemics.
— Brian Schatz (@brianschatz) February 24, 2020
Trump's 2021 budget, released during the Coronavirus outbreak, cuts $1.3 billion from the CDC. https://t.co/xTLShIzRAE
— Swing Left (@swingleft) February 24, 2020
The stock market is down 1,000 points today; so saying that it's "starting to look very good" seems a little odd. https://t.co/MsqytPbvno
— Mike Rothschild, Perfumed Prince of the Illuminati (@rothschildmd) February 24, 2020
We're all going to die aren't we. https://t.co/VDJwuFaNPn
— James Doleman (@jamesdoleman) February 24, 2020
If you ever need a non sequitur logical fallacy, this is a pretty good example right here. https://t.co/zeEtF8HEhi
— Stonekettle (@Stonekettle) February 24, 2020
None. Of. This. Is.True. https://t.co/EPZDFE56Fg
— Hal Sparks (@HalSparks) February 24, 2020
What a shallow, uneducated statement to try to prop up public opinion. Dumb Donnie has no idea what's being done here or elsewhere about Coronavirus. He cannot read the daily briefings that are provided to him and does not listen to scientists. https://t.co/p2q5emu7BA
— Rick (@BaltimoreOs) February 24, 2020
Comments
Comments are currently closed.