Trump Reacts to Stock Market Nosedive: ‘Good for the Consumer, Gasoline Prices Coming Down!’
President Donald Trump has reacted to Monday’s precipitous fall in U.S. markets by praising the decline in oil prices and attacking the ‘fake news’. An oil price war combined with ongoing fears about the Coronavirus saw the Dow Jones lose around 1,800 points at the opening bell.
“Good for the consumer, gasoline prices coming down!” Trump tweeted. This is a strange take on what is looking like the biggest fall in the stock market since the 2008 crash.
Good for the consumer, gasoline prices coming down!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Trump correctly pointed out that competition in the oil market has affected the stock markets but also lashed out at the media, blaming them for the falls.
“Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” he tweeted.
Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Trump went on to suggest that Coronavirus isn’t affecting the economy at all and hinted at other factors.
“So last year 37,000 Americans died from the common Flu,” he said. “It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!”
So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Despite the President’s attempts to tweet away the realities on the stock market, trading was halted this morning because of the extent of the drop. Further market decline is expected due to the effects of Covid-19 and the drop in oil prices.
