MSNBC host Stephanie Ruhle spoke with her network colleague Nicolle Wallace about the Dow Jones Industrial Average closing down over 2,000 points after Monday’s trading session.
Ruhle said, “It’s been scary all day. Yes, we saw that happen in part fueled by coronavirus, but what really pushed it overnight was this oil price war. Now a week ago, OPEC was meeting tied to corona[virus]. Because we know oil demand is down specifically in China. By the end of the meeting, Russia said, ‘you are on your own, we’ll figure this out.’ Saudi Arabia responds by saying we’ll hike up production and depress the cost. That sent markets down in an aggressive way. The circuit breakers basically put the markets on pause. Now the president responds with something that is really out of fashion and out of date that lower prices at the pump is great for American people. Yeah, back in the day when we’re not oil producers. Oil-producing, shale, fracking is a huge business here in the U.S. Those oil producers in Houston were already on the ropes. So that is a really negative day on the markets.”
She continued, “Broader than that, you know this better than I do. The president is still just not being honest and upfront about the impact and the spread of corona. Yes, the underlining economy is better than it was when we were facing the financial crisis. You got people 16 million in lockdown in Italy. Look what has happened in China and South Korea. Corporate America knows it’s coming. We’re a service-based economy, and the advice around coronavirus is stay home. Don’t go to work. Don’t go to school. Don’t go to a big concert. And you still have an administration with a president just hours ago is tweeting, look at how many people died from the flu this isn’t a big deal. It is.”
After clips of National Economic Council Director Larry Kudlow and Counselor to the President Kellyanne Conway saying last week that the virus is being “contained,” Wallace asked, “How the markets feel being lied to?”
Ruhle answered, “Not good. I just left the New York Stock exchange where people are dumbfounded, saying, ‘This isn’t even Larry Kudlow’s job, what in the world is he doing talking about this.’ But one could make the argument of economic fundamentals. If you want to be an investor for the next 10 years, you want to buy Amazon or Disney. That’s a conversation to have over here. For Larry and Kellyanne to say, this thing is contained that’s a flat-out lie. Remember it was two weeks the day president assigned Mike Pence to be in charge of this when he said there are 15 people it’s going down to zero. Do you need me to give you the numbers? That is the opposite of zero.”
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