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March 10, 2020

Dow Finishes Day at +1067 (Where's Kurt?);
Trump Pitches 0% Withholding Tax for Rest of Year, to Ease Economy Through Virus Shock

Wow, a thousand point surge.

I'm going to guess the media will name this The Joe Biden Rally 2.0.

Why did it jump so much?

Well, probably partly due to people figuring out that the media is deliberately trying to cause a panic based on a virus that, while dangerous for some, is probably going to turn out to be the Y2K of pandemics.

But also partly due to Trump's proposal of a payroll cut:

Stock markets rally, with Dow surging 1,000 points at closing bell

Markets rallied after reports President Trump is considering a permanent payroll tax cut to tackle the coronavirus outbreak.

...

President Donald Trump met with lawmakers on Tuesday afternoon to discuss "major" steps to ease concerns about the economy in light of the coronavirus outbreak. Investors wavered throughout the day, parsing headlines and reports that focused on whether a robust economic package could be introduced quickly enough to shore up the growing financial impact from the coronavirus.

The odds of this happening are... zero.

But, the Democrats are playing a game of claiming that any downturn in the economy, even if caused by an epidemic which started in China and is ravaging the world, is the fault of the Bad Orange Man.

This is a political gambit to say, "Well, if you care about the economy, join me in strengthening it."

I'd like to see what the Democrats have to say about why they're refusing to do this.


I mean: If they're soooo Concerned about the economy and all.

Or are they just Concerned that it might remain too strong?

Trump pitched 0% payroll tax rate for the rest of the year, White House official says


President Donald Trump, in a meeting with Republican lawmakers on Capitol Hill Tuesday, pitched a 0% payroll tax rate that would last through the rest of this year, a White House official told CNBC.

The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak.

The White House is also considering federal assistance for the shale industry as oil prices have tanked in recent days due to a price war between Russia and Saudi Arabia.


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posted by Ace at 04:27 PM

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