On Sunday, stock futures plummeted at the open of trading after the Federal Reserve slashed its benchmark interest rate to nearly zero. The president seemed happy about the Fed cutting its interest rate but probably didn’t realize that the move would rattle investors in thinking the coronavirus will fuel a recession. Unfortunately, things got worse on Monday morning, and while Donald Trump addressed the nation on COVID-19, the Dow plunged even further.
According to CNN Business, the Dow just recorded its worst one-day point drop in history and its worst performance on a percentage basis since October 19, 1987 — also known as “Black Monday.”
President Bungles said that on a scale of 1 to 10, he would rate his performance in response to the coronavirus crisis at the top.
“I’d rate it a 10,” he said. “I think we’ve done a great job.”
When he was asked if “the buck stops with you,” Trump answered: “Normally, but this has never been done in this country.”
Meanwhile, the market was freaking out.
— The Daily Edge (@TheDailyEdge) March 16, 2020
Trump just gave himself a 10 (out of 10) for the handling of the crisis – 🤔 pic.twitter.com/fKbmVPIkvu
— TopTradersLive.com (@TopTradersLive) March 16, 2020
The Dow had its worst point drop ever today – 2,999 points.
Trump says, “The market will take care of itself. The market will be very strong as soon as we get rid of the virus.”
Best thing he could do to assure the market is resign.
— Amy Siskind 🏳️🌈 (@Amy_Siskind) March 16, 2020
The President just gave himself “a 10.”
The Dow is giving him a -3000.
— Bill Weir (@BillWeirCNN) March 16, 2020
— Cheddar🧀 (@cheddar) March 16, 2020
Trump, speaking at the White House, said that it could be July or August, perhaps even longer before the peak of coronavirus starts to trail off or “washes through.” Trump tied his economy to the stock market, so he’s going to need his binky right away since a recession would likely ruin his chances of being reelected. The former frozen steak salesman’s bungled response to the outbreak is just one more thing to add to his mountainous pile of failures.
All of the stock market’s gains under Trump’s watch were just wiped out, and he admitted that we “may be” headed into a recession. Trump was handed a glowing economy and a pandemic response team from his predecessor, but he managed to somehow fuck that up. This is what happens when you give a narcissistic amateur the keys to the White House.
Featured image via screen capture
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