Trump Blames Market Drop on Oil Prices and the News Media

[Dennis Donovan]

https://www.nytimes.com/2020/03/09/us/politics/trump-blames-market-drop-on-oil-prices-and-the-news-media.html

While in Florida for a campaign fund-raiser, the president disregarded the fear of coronavirus and sought to reassure Americans that the risk remained low.

By Peter Baker
March 9, 2020, 11:23 a.m. ET

ORLANDO — President Trump blamed Monday’s collapse of the stock markets on falling oil prices and the news media, dismissing the widening fear over coronavirus as he faced one of the most rattling days of his presidency.

Mr. Trump, arriving in Orlando on Monday morning for a campaign fund-raiser after spending the weekend at his Mar-a-Lago estate, did not respond to reporters who shouted questions about the tumbling markets, but he made his views known via his Twitter account.

“Saudi Arabia and Russia are arguing over the price and flow of oil,” he wrote while Air Force One was landing in Orlando. “That, and the Fake News, is the reason for the market drop!”

He sought to cast the decline in oil prices in positive terms. “Good for the consumer, gasoline prices coming down!” he wrote.

Link to tweet

Donald J. Trump ✔@realDonaldTrump

Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!

10:36 AM - Mar 9, 2020

</snip>

[global1]

1. I Knew He Use This Oil War For Stock Market Drop.....

His friends in Saudi A and Russia are helping him out.

For Trump - there's always someone else to blame.

[malaise]

2. He needs to make up his mind

He blamed the Democratic Party debate two weeks ago even though that debate followed the two day drop.

It's the Trumpvirus

[captain queeg]

3. When it's obvious no one is buying that then it's back to

The Democrats, Obama, Hillary and always fake news. He said cheap oil is good for consumers, also god for some industries. Like the airlines; if they weren’t losing money due to coronavirus. (not Wuhan virus like they are trying to use now).

[empedocles]

4. Surprised stock markets down over 5% with circuit breakers in place.

traitortrump may be screaming at ceo's to buyback corp shares.

[uponit7771]

5. How is cheap oil bad for the markets?!?! MAGA cultist are brain dead

[D_Master81]

6. It actually is

Good for consumers but entire economies are based around producing and selling oil. When that goes down their economy suffers. Plus a lot of funds on the stock market include oil commodities. I’ll say though that a president commenting on the daily stock movements and blaming different things is incredibly unprofessional. There is always going to be a reason for declining numbers but the measure of a president is how they respond.

[uponit7771]

7. High gas prices are not good for the consumer it's structurally bad for the markets

[pampango]

8. That is odd. Didn't he take credit for a rising stock market?

Now, when it goes down, it is someone else's fault? That seems a bit inconsistent.

[Cosmocat]

9. YEP

Spent three years taking credit for (and then sugar boosting it to keep it going) BHO's bull market, after slagging the shit out of him when he got it rolling ...

Why this country indulges him AND the republicans who just do not conduct public discourse with any sense of honesty or integrity is beyond baffling.

[ooky]

10. Uh huh, and a "Stable Genius" would know what to do about it.

Not a clown that nobody is laughing about. Sitting in our White House making excuses and doing nothing.