If you have any cash in the stock market today, it is a good time not to look at it. In the last 24 hours, the Dow Jones cratered by nearly 800 points, with other markets following a similar trend. For the first time ever, the markets are in a lower state in the administration of Joe Biden than when he began his term.
This is what a large-scale collapse looks like.
It is not surprising that the White House, which has frequently boasted about its economic performance, is being demanded to explain what happened and where things will go from here. There aren't many answers and the buck-passing Biden typically engages with is now being challenged in a new video of the president taking credit for the market in early January.
Similar to the price of gas, Biden doesn't get to discuss how wonderful he is when the market is on the rise, only to deny his role when things go down and to be honest the current situation is a kind of crash of which we've not seen before since the Great Recession. Retirements are being destroyed while those who made investments in the market in a more short-term way have lost their shirts.
(related Tucker Carlson Is All of Us in Latest Takedown of Biden's America)
In contrast to the past of economic turmoil, there's no place to hide. The combination of increasing interest rates, inflation that is soaring, and falling investments mean that whether you invest your money into real estate, stocks, or in the bank, you're losing money today. In the Great Recession, inflation stopped at a mere 4 percent. This means that the people who saved up, kept their investments at a low cost, and played the game well were paid in the long run. Now the economy is on fire and there's nothing to escape from the economic calamity of Biden's administration. Even more, there's no chance for a turnaround.
When confronted about the chaos on Monday, Biden's press secretary, Karine Jean Pierre, was acrobatic in a way that suggested she thought the economic situation is incredible that people are able to manage a bit of hardship.
Do you feel secure? As I'm not sure I'm in a good place as I witness my investments go down in flames while my savings shrink due to the pressure of inflation. This type of gaslighting is awe-inspiring to watch. Jen Psaki had no shame and Jean-Pierre is the same, but lacks any ability to speak in a convincing manner.
Need a different illustration? Take a look at this solution.
The woman is literally reading the answer from her press briefing book. This woman is so inexperienced and unprepared that she's unable to provide a basic answer without reading it out loud. Isn't speaking in public the prerequisite to become an official in the press?
However, it's her content (or absence of it) that's most interesting. She also suggests it's a good thing that business is growing and she promotes her American Rescue Plan and noting that Republicans weren't in the majority to support the plan. Yes I'm sure that Republicans are pleased to report that they didn't support the primary reason for the country's uncontrollable inflation.
In the end, the words of the White House and its economic strategy are absurd. However, the message it conveys is equally sloppy. This is a group of people who are out of their depth all the way from Biden all the way to Jean-Pierre.