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Lagarde, media, Democrats make stock market coronavirus panic worse

Written By | Mar 12, 2020
coronavirus panic, Christine Lagarde, media, Democrats

Cartoon by Branco. Reproduced with permission and by arrangement with Legal Insurrection. (see link below article)*

WASHINGTON – Almost as a single voice, cable media lackeys, hyper-partisan Democrats and even ECB President Christine Lagarde busily piled on President Trump Thursday morning for his televised response to the nation on the nation’s current response to the coronavirus panic. They denounced his Wednesday evening prime-time speech to the nation as “inadequate,” “xenophobic,” and every other negative adjective they could conjure up. The result? Another stock market pounding Thursday morning adding injury to Wednesday’s vicious, coronavirus panic induced selloff.

By some definitions at least, the Dow and likely the S&P 500 are now in bear-market territory, wiping out every gain stockholders enjoyed just this past January and even before. The media, Democrat and Euro game, of course, is to blame the coronavirus panic, not to mention the Saudi-Russian oil price war, on the allegedly foolish policies of President Trump. That paves the way for them to blame the resulting insane market collapse – for that’s what it is – on Trump, the better to boost dementia-addled Joe Biden for President in Election 2020.

The ugliest market I have ever seen

Meanwhile, the wealth destruction of middle-class 401(k) and IRA plans continues at a horrific rate. This is truly the ugliest market I’ve ever seen in 40 years of investing, and the destruction is extensive and growing.

As I write today’s column around 1 p.m. ET, US markets have already taken another 15-minute mandatory circuit-breaker pause for the continuing cascade of panic selling. And, with rare, minor respite, the mass puking of stocks continues at a record pace. The Dow is off roughly 8 percent, the broader-based S&P 500 is down over 7%, and the tech-heavy NASDAQ isn’t doing much better, down nearly 7% at the moment but trying to improve.

The media is cheering the coronavirus panic on Wall Street

On cable TV and network “newsrooms,” in Europe and in the US Congress (which may be in the process of shutting down after discovering several coronavirus exposure situations in the US Capitol), the Blame Trump and his Administration for the ongoing health and fiscal disasters game is running at a fever pitch. (No pun intended.) These clowns will capriciously bring down the world economy along with America’s finally recovering middle class if they think it will put their favorite Alzheimer’s patient in the White House in 2021.

Christine Lagarde gets in her little bit of unasked for snark at Trump

Here’s ECB President Christine Lagarde tagging President Trump and the US for taking obvious precautions against importing more coronavirus cases, even as she hides behind clever diplomatic lingo. (Although the following CNBC news excerpt helps her out.)

“European Central Bank (ECB) President Christine Lagarde suggested that the coronavirus is likely to keep spreading irrespective of President Donald Trump‘s travel ban on some European nations.

“Trump announced Wednesday a ban for those entering the United States coming from 26 European countries. The travel restriction is due to start Friday and last for 30 days.

“‘I am not to judge one measure or the other by any government. But I doubt very much that diseases have passports and are aware of borders,’ Lagarde told CNBC’s Annette Weisbach Thursday.

“‘They ignore those borders and I think all economies should be mindful about taking the right steps to protect households, the people, enterprises, and make sure as, I said, we bridge that collectively,’ she added in an exclusive interview.”

Yeah. They DO ignore borders, Christine Lagarde. When you carelessly let them into your own countries, even though you knew the risk. I have to admit, I’m sick and tired of brainless Euroclown elites acting like they know it all, even though the Eurozone has clearly screwed their own health protocols, if indeed they ever had any to begin with.

And then there’s precious media maven Jim “The Joke” Acosta

But why waste too much time with Clueless Christine when we have (who else?) CNN’s ignorant yet perpetually bloviating Jim “The Joke” Acosta accusing the President of “racism”(what else?) in Thursday evening’s televised address.

CNN’s Jim Acosta bitterly complained last night that President Trump referring to Covid-19 as a ‘foreign virus’ was an act of ‘xenophobia.’

“Because according to some, people’s feelings being hurt is still an infinitely bigger threat than a deadly pandemic.

“‘The president referred to the coronavirus as a ‘foreign virus,’ Acosta said following Trump’s Oval Office address to the nation Wednesday night. ‘It’s going to come across to a lot of Americans as smacking of xenophobia to use that kind of term in this speech.’”

What’s in a name? At least for CNN and Democrat xenophobists

“Xenophobia,” BTW, means “racism” to highly educated elites. The likes of Christine Lacosta and Jim Acosta just like to use bigger, more serious words to describe the same phenomenon, lying as they go along, just like Democrats do with the term “racism,” which has ceased to have any meaning, save as a dog whistle for faux Marxists.

Acosta’s prattling did make use of the left’s favorite tactic, misdirection, heading down the “racist” road when we’re talking about the economy.

BTW #2: Ever hear of the “Spanish flu?” Or the “Hong Kong flu?” Or “Legionnaires’ Disease?” So why is a virus that first emerged in a foreign country, initially labeled as the “Wuhan coronavirus” to cite its origin, any more “racist” “xenophobic” as those other flu outbreaks? We can never expect logic from these people.

Or from Socialista darling AOC, who’s bitching about the same thing, for that matter as in the asinine tweet below.

A brief cameo from AOC

AOC, her lefty cohorts, and Boss Nancy “Dentures” Pelosi have been snarking about all this stuff for days as they attempt to pile on Trump for something new, since the Russia story failed again when they jacked up the oil price crisis with the Saudis. (Was that “xenophobic” on their part?)

We’d all better go to a Chinese restaurant. Tonight. Lest we be labeled “xenophonbes.” If AOC is a product of the modern American university system, what the hell are moms and dads paying for?

Guess who’s point person for the coronavirus crisis at the CDC? (Bet you didn’t hear this on CNN)

Speaking of the government response to the coronavirus crisis itself, have you heard the following news from the politically flaky Centers for Disease Control (CDC). I spotted this news tidbit over a week ago, but I’ll bet you never read it or saw anything about it in the MSM.

Want to take a guess at who’s currently the Director of the CDC’s National Center for Immunization and Respiratory Diseases (NCIRD)? Time’s up. Here’s a tweet from The Conservative Tree House from a couple of weeks back before the coronavirus issue started an international health and economic panic that might give you a hint.

Yes, Nancy Messonnier. Specifically, Nancy Rosenstein Messonnier. She’s the learned sister of another upstanding ex-Federal official, Rod Rosenstein. Pushing a “panic narrative” concerning the coronavirus, perhaps to gin up the early beginnings of the current anti-Trump drumbeat. Anyone want to tell me again that the “Deep State” is just another conspiracy theory. Seriously, you can’t make this stuff up.

Enter every blow-dried media market analyst’s most ridiculed and reviled stock market  prognosticator

Fortunately, to counter this amazing swamp-fed nonsense, there are a few sane people still left in the MSM complex. We’re talking about “Mad Money’s” Jim Cramer on CNBC. Like Trump, Cramer is regularly denounced by nearly as many “serious” pundits as those regularly jumping on President Trump. And yes, Camer is indeed spectacularly wrong sometimes. But so is everyone else on the Street.

But Cramer has made a living in the trading and hedge fund businesses. He knows where the bodies are buried. He can be a bit counter-trend, but he knows what he’s talking about. Particularly if you recall his famous anti-Federal Reserve “They know nothing” rant back when the Great Recession seemed nearly out of control. (And he was right, too.)

Cramer’s thoughts on the coronavirus panic

Does Cramer think the Federal government will get its act in gear this time? Will the current lack of a serious response from official Washington turn into something constructive? Cramer thinks it will, and says so in a CNBC interview piece that’s been revised on line several times during the day. Regarding the government’s confused response to the coronavirus panic, Cramer waxed cautiously optimistic today.

“’I think that’s about to change…Yeah, I do believe that they’ll enact some of the ideas I just talked about earlier.

“‘I think that they will perhaps consider the idea that the federal government does not need to be paid during this period so therefore the people, the working people, get paid and are protected.

“‘I think they are debating the notion about whether they should have a trust fund…also debating the notion right now about whether the Federal Reserve should be able to guarantee credit lines. The Treasury trust fund would indeed, perhaps, take advantage of the lower rates and make it so that people feel their credit lines would be backed up.

‘I believe that some of these plans that I mentioned are being debated right now and I feel better…You’re going to get clarity.’”

Cramer elaborated on this point in a later CNBC revision of the original interview piece.

“‘I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now and it is disappointing,’ he said.

“Cramer said he’s worried about companies going bankrupt from the economic damage cause by the coronavirus. ‘Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid.’

Now there’s a delightfully insightful but Deplorable point of view from a guy who’s been a longtime faithful New York Democrat.

Leave it to the media hacks to spoil an otherwise enlightening interview piece

Of course, CNBC then made my earlier point again in this piece regarding the sheer, partisan lunacy of the media. Like clockwork, they had to spoil the Cramer piece by inserting their own gratuitous anti-Trump comment after Cramer’s more sensible and useful commentary.

“President Donald Trump‘s address Wednesday night failed to ease concerns about the possible economic from downturn the coronavirus. Wall Street opened sharply lower Thursday, with the S&P 500 down about 6% midmorning after reopening from the circuit breaker trading pause.”

They just can’t give it a rest, can they? But what do you expect from the typical NBC-based media hacks that write this stuff, even for the more serious CNBC?

And that’s essentially the same market-killing, confidence-busting meme the media has been running with ever since Trump wrapped up his address Thursday night. Just like Jim Acosta and assorted fellow network nincompoops displayed their ignorance to establish and then drive home Thursday morning’s market damaging partisan meme:

“President Donald Trump’s address Wednesday night failed to ease concerns…”

And down the stock market goes, right on cue. Take that to the bank. Assuming you’re still solvent.

And if you find that your 401(k) has just vanished, remember well whose disinformation campaign blasted it across all media, sending you and your retirement gurgling down the drain. Never forget.

4:15 p.m. UPDATE after the CLOSING BELL:

After several feeble rally attempts, the entire market just gave up the ghost at the final bell, closing at what looked to be the day’s astonishingly low lows. The Dow was off a horrendous 10% on the day (down 2352 points give or take), while the S&P 500 and the NASDAQ were off almost as badly.

Boeing (trading symbol: BA) was again the big villain on the Dow, off over 18% on the day and sinking slowly into the sunset. Both Boeing and its buffoonish government regulators are going to have to button up some kind of agreement soon on that 737 MAX catastrophe. Or this hitherto widely respected company will be facing Chapter 11, no joke.

And it’s fears like this, plus the utter destruction today of preferred stocks and many bonds due to liquidity fears, that absolutely killed fixed income issues today, damaging my portfolio seriously, among others. I.e., even conservative investing didn’t help anyone today.

Coronavirus panic: Is there an endgame?

We are now clearly in a bear market of unknown severity and duration. Unless the government — particularly Capitol Hill and the White House — can bury the hatchet for at least 10 minutes, official Washington is taking all Americans well down the Road to Perdition. The Democrats may very well hate Trump (and the feeling is mutual.) But these clowns don’t hold the high ground either, as they propose to put slow Joe in the White House to replace Trump. This city has become a playpen for the asinine, and there’s still no end in sight. Which is really what Mr Market was seriously worried about today. I’ll be frank: It’s time for Washington’s overpaid and overprivileged squadron of flying assholes to start earning their overly large paychecks or get out of The Swamp.

We’ll see what tomorrow brings. But at this point, it looks like Friday will wreak more of the same kind of havoc we saw today. A few more days of this, and most portfolios will vanish into the mists of history.

See you tomorrow. I think. Right now, it’s time for a beakerful of single malt scotch.

– Headline image: Cartoon by Branco. Reproduced with permission and by arrangement with Legal Insurrection.




Terry Ponick

Biographical Note: Dateline Award-winning music and theater critic for The Connection Newspapers and the Reston-Fairfax Times, Terry was the music critic for the Washington Times print edition (1994-2010) and online Communities (2010-2014). Since 2014, he has been the Senior Business and Entertainment Editor for Communities Digital News (CDN). A former stockbroker and a writer and editor with many interests, he served as editor under contract from the White House Office of Science and Technology Policy (OSTP) and continues to write on science and business topics. He is a graduate of Georgetown University (BA, MA) and the University of South Carolina where he was awarded a Ph.D. in English and American Literature and co-founded one of the earliest Writing Labs in the country. Twitter: @terryp17