Donald Trump regime admits to terrible news, sends stock market plunging overnight
After weeks of massive losses, and a stunning three thousand point Dow Jones plunge yesterday, investors were desperate for a respite today. They sent the market spiking right out of the gate this morning, and apart from a steep plunge while Donald Trump was giving a press conference, the market had a good day. But tonight is a different story, thanks to some terrible news.
Treasury Secretary Steve Mnuchin is telling people in the Senate that he now expects a twenty percent unemployment rate in the United States as a result of the coronavirus crisis, according to NBC News. Mnuchin is likely referring to the worst case scenario, in the hope of prompting reluctant Republican Senators to vote for emergency stimulus legislation. But still, this is a truly sobering prospect, considering the Great Depression had a twenty-five percent unemployment rate.
Investors are naturally seeing this as bad news. Dow Futures are currently down nearly six hundred points tonight. We weren’t expecting today’s rally to last long, but now it looks like it could all be wiped out before nightfall.
