Gaffe Ridden Biden Blames Stock Market Crash on Trump, Says the President has No “Competence”
In an interview with MSNBC, presidential hopeful Joe Biden told the news network that President Donald Trump is not competent enough to handle both the stock market crash and the coronavirus outbreak simply because the American public does not have enough trust in the administration.
In his statement, Sleepy Joe said, “[T]his gets down to competence and capability. And the—unfortunately, the president has very—no competence in how to handle this crisis.” He went on to say that the president had been generating false information and pretending that everything is perfect, without having a “sense of urgency.”
Biden continued, “I believe that’s the case. Now, it doesn’t mean the market wouldn’t still go down, but it wouldn’t collapse, I don’t think. Now, who can say? But I think there’s no confidence in the president and anything he says or does.”
Biden’s statement came after the American Stock Market took a 2,000 point plunge on Monday. In fact, the sudden drop had made it difficult for the market to find footing even when automatic market stabilizers have been implemented overnight.
One of the most hardly hit companies was the Dow Jones Industrial, which dropped to 7.8% or equivalent to 2,014 points. In fact, it was the company’s worst drop since 2008. On the other hand, companies including Exxon Mobil, Boeing, J.P. Morgan Chase, Caterpillar, and Chevron were down by up to 12%.
All the 11 sectors have received huge blows, with the Energy sector, down by 20%, and followed by the financial sector which plummeted to 10.9%.
However, contrary to Biden’s claims, the sudden market drop was not caused by the president. Instead, a huge factor has to do with the ongoing price war between Saudi Arabia and Russia. As oil companies scramble to raise and stabilize oil prices, the U.S. and European governments were hesitant to implement fiscal stimulus to stabilize the economy due to the coronavirus outbreak.
While the rest of the world has been concerned with the stock market drop and the coronavirus outbreak, Democrats have used the opportunity to spread fake news. Even well-established media personalities like MSNBC’s Joe Scarborough believed the infamous fake tweet, in which Trump called out the current president of Dow Jones Industrial.
The tweet implied that if the company falls to 1000 points within a day, the sitting president should be “loaded into a big cannon.”
The fake tweets, which surfaced in 2015, had since been debunked as early as 2018. True enough, media outlet, Politifact had already clarified that Twitter user Shaun Usher admitted to creating the false tweet.
Nevertheless, Democrats have latched on to the bait to spread even more fear and hysteria amidst one of the most challenging days in U.S. history.