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Coronavirus Stock Market Tank is Biggest Since 2008

The plunge was fueled by new reports of the virus spreading globally.

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The stock market has been sent reeling for a second straight day amidst reports of a growing Coronavirus pandemic, with the loss in stock value being the greatest two-day decline since the financial crash of 2008.

The S&P 500 index declined by more than 3% on Tuesday, closely followed by the Dow and NASDAQ. The decline in stock prices seems primarily fueled by new reports of the Chinese Coronavirus’ global spread. The disease is beginning to enter widespread circulation in countries such as Iran and Italy, the latter of which has been hardest hit by the viral disease in any country outside of Asia.

Trump administration officials are reassuring the public about the containment of the viral disease, hoping to shore up the decline in stock prices by encouraging discounted investment in the market.

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Markets plunged immediately when officials of the Center for Disease Control were quoted as saying a genuine spread of the pandemic to the United States was “inevitable.” The governmental agency then went on the walk back the claims.

The coronavirus has directly affected the American economy by putting an effective freeze on imports from China, shutting down trade and exchange of goods in the pandemic’s epicenter. The implications of the disease on the American economy have led some commentators to question the wisdom of closely linking American markets to the authoritarian Communist nation, where the response to the disease has been heavily criticized for a lack of transparency.

As the virus appears to be picking up steam globally, it may seem that health officials are finally getting the better of the epidemic in China. New diagnoses of Coronavirus in China have decreased significantly over the past week.

The human suffering caused by the disease obviously remains the most pressing issue at hand. The economic implications will prove less lasting, and the decline in stock prices may present an opportunity for financial investment.

Big League Economics

SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check

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Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.

Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.

The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.

The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.

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Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”

Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.

Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in  a stimulus package, and will block stimulus legislation to do so.

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