The Dow Plunges 372 Points As Trump Impeachment Talk Reaches A Fever Pitch On Capitol Hill
The Dow Plunges 372 Points As Trump Impeachment Talk Reaches A Fever Pitch On Capitol Hill by Michael Snyder – The Economic Collapse Blog
The wolves are circling, and members of Congress from both political parties are now openly talking about impeaching President Trump. On Wednesday, speculation of a looming Trump impeachment sent stocks plunging. The Dow was down 372 points, and the S&P 500 and the Nasdaq both experienced their largest declines in eight months. This downturn was sparked by a New York Times report that said that a memo that FBI Director James Comey wrote in February stated that Trump requested that Comey “end the investigation into former national security adviser Michael Flynn”. Democrats and Republicans are both jumping on this memo as potential evidence of “obstruction of justice”, but as I will explain below, even if everything that Comey is saying is true there is no evidence of obstruction of justice in this case. However, perception is often more important than reality, and at this moment Wall Street and many of Trump’s fellow Republicans in Washington believe that the Trump administration is coming apart at the seams. After the events of this week, it is clearer than ever that it is imperative that we get Trump some friends in Congress in 2018.
Following Trump’s surprise election victory in November, stocks surged as investors anticipated the implementation of a robust pro-business agenda.
But now that the Trump administration is deeply embroiled in controversy, many fear that Trump’s pro-business agenda will never become a reality…
“A week ago, we were talking about the agenda grinding to a halt,” the Republican said. “Now, the train is going down the hill backwards.”
And even before Wednesday’s revelation about Comey’s memo, some top Republican leaders were already disavowing Trump’s agenda. For example, just check out what Bloomberg is reporting about Senate Majority Leader Mitch McConnell…
Earlier Tuesday, Senate Majority Leader Mitch McConnell said he’s prepared to block Trump on many of his proposed budget cuts and won’t support major tax cuts that add to the deficit. Nor would he commit to building Trump’s border wall.
The financial markets had already “priced in” big tax cuts, reduced regulations and a massive increase in infrastructure spending.
If the markets believe that none of those things are going to happen now, that is likely to result in a significant downturn for stocks.
Of course the Democrats are just thrilled by these latest developments. U.S. Representative Jim Himes told MSNBC that the Republican agenda is now “lying in ruins on the floor of this building”…
Speaking earlier on Wednesday, Rep. Jim Himes (D-Conn.), a member of the House intelligence committee, said the Republican legislative agenda “is lying in ruins on the floor of this building.”
“It was tenuous when they got through their so-called health care bill in the House. You can still see blood on the floor here for what it cost them to get that through the House,” Himes told MSNBC’s “Morning Joe” in an interview from the U.S. Capitol.
“Now, you know, things like tax reform , which is, you know, very, very difficult in the best of times — with that cloud, with this cloud, hanging over this building, that legislative agenda is all but gone.”
Previously, I have warned about the “gangster culture” in Washington D.C., and the truth is that the “Deep State” has been out to get Trump since the moment he was elected.
There are thousands upon thousands of laws that apply to the presidency, and the jackals among the establishment have been waiting for Trump to trip up just a little bit so that they can try to take him down for good.