Trump says the 'Stock Market starting to look very good' — after the worst investor panic in 2 years

Trump says the 'Stock Market starting to look very good' — after the worst investor panic in 2 years
President Donald J. Trump speaks with reporters prior to his bilateral meeting with Romanian President Klaus Iohannis Tuesday, Aug. 20, 2019, in the Oval Office of the White House. (Official White House Photo by Shealah Craighead)

President Donald Trump boasted about the state of economy Monday afternoon, not even an hour after the markets closed on the worst day of investor panic in two years.


The S&P 500 lost 3.3 percent as fears about the spreading coronavirus outbreak spiked, and the Dow Jones tumbled 1,000 points. It was the worst decline since February 2018, CNN reported.

Analysts broadly agreed that the sudden stock market plunge was a result of the emerging coronavirus pandemic, which started in China but has spread to Italy, South Korea and elsewhere, triggering expectations that it could be harder to contain than had been hoped.

“We are at a turning point in the Covid-19 epidemic,” Lawrence Gostin, a global health law professor at Georgetown University, told Vox, using the name for the specific virus. “We must prepare for the foreseeable possibility, even probability, that Covid-19 may soon become a pandemic affecting countries on virtually all continents.”

But amidst this news — and clearly fearful of the impact the outbreak could have on his policial standing — Trump is resorting to a blatant defiance of reality:

While there doesn't appear to be a massive outbreak in the U.S. at this point, the virus's spread in other countries makes its proliferation here a more significant possibility. (However, it's far from clear how severe an outbreak would be, as the mortality rate from the infection is uncertain.)

But the fact that Trump would tell such an absurd lie about the stock market on its worst day in two years is deeply disturbing. We need no new evidence that he's an unrepentant liar, of course, but this kind of outright deception and effort to instill distrust of other news sources is extremely dangerous in the time of a public health emergency. Citizens and institutions need to be able to look to the government and the news media for reliable information to keep themselves safe. Trump has no interest in preserving this trust, however; he's only interested in winning every individual news cycle.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.