While President Trump gave a speech in Ohio boasting about the economy under his administration, the Dow Jones plunged by as much as 1,500 points.
In Blue Ash, Ohio — just outside of Cincinnati — Trump took the opportunity to tell workers at Sheffer Corp in the pivotal swing state that his tax bill was the reason for a positive economic climate, claiming “factories are coming back.” During the network’s live coverage of the speech, CBS anchors cut in and interrupted Trump to let viewers know that the Dow Jones Industrial Average — which lists 30 major corporations — had dipped by as much as 1,500 points.
— CBS News (@CBSNews) February 5, 2018
The network’s decision to talk over the President’s economic speech about the Dow Jones crashing is noteworthy, as Trump has taken to Twitter to boast about the Dow rallying on multiple occasions. In a January tweet celebrating the Dow Jones surpassing the 25,000 mark, Trump credited his administration’s drastic cutbacks on regulations.
U.S. Stock Market up almost 20% since Election!
— Donald J. Trump (@realDonaldTrump) July 29, 2017
Dow, S&P 500 and Nasdaq all finished the day at new RECORD HIGHS! pic.twitter.com/wJyB9d00hh
— Donald J. Trump (@realDonaldTrump) November 28, 2017
Dow just crashes through 25,000. Congrats! Big cuts in unnecessary regulations continuing.
— Donald J. Trump (@realDonaldTrump) January 4, 2018
On Friday, the Dow dropped by 666 points amid news from the most recent jobs report that showed workers’ wages were finally starting to make a comeback. According to CNNMoney, investors feared that higher wages would prompt the Federal Reserve to increase interest rates, prompting a selloff of stocks among some investors. Data from the St. Louis Fed shows that while corporate profits have consistently reached multiple record highs, wages still haven’t recovered to pre-recession levels.
As GritPost previously reported, the Trump administration’s relentless push to cut business regulations follows a pattern throughout centuries of past history of wanton deregulation precipitating significant financial crashes all over the world. A January paper by an economist with the International Monetary Fund found that the biggest economic crashes throughout history happened after governments pursued an agenda of rampant deregulation.
Michael Boone is a freelance journalist and columnist writing about politics, government, race, and media. He graduated from Texas Southern University’s School of Communication, and lives in Houston’s Third Ward.