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Markets correcting after Chinese freefall

Wall Street

By Bob Eschliman
Editor

 

Topic A LogoOvernight, key markets around the world were correcting themselves following big losses triggered by the continued freefall of the Chinese market. Analysts this morning were predicting a full rebound in the U.S. markets from what was termed “China’s Black Monday.”

But the volatility caused some of the Republican presidential candidates to respond.

The first to jump in, just minutes after the opening bell at the New York Stock Exchange when the Dow Jones Industrial Average had dropped to more than 1,000 points below the opening, was Donald Trump. He first made the following statement via social media.

A -- Market Crash Trump Rx 1

Then, a few minutes later, he posted the following in a video on social media:

“I have been telling people for a long time, China is taking our jobs, taking our money. Be careful they will bring us down. You have to know what you’re doing. We have nobody who has a clue.”

A couple hours later, while the market continued to founder in near-correction territory, former Arkansas Gov. Mike Huckabee weighed in on the issue:

“You don’t build a strong economy by empowering Washington-Wall Street elites at the expense of American workers on Main Street.  Sadly the chickens are now coming home to roost for the Obama administration and its failed economic policies. It’s time to build America’s economy, not China’s or Mexico’s and quit importing cheap labor and exporting jobs overseas, driving the wages of American workers lower than the Dead Sea!

“As president, I’ll implement the FairTax to let workers keep their entire paycheck and bring trillions of dollars in offshore investment and manufacturing back to the U.S.  This would grow our economy, create good jobs and bring about real prosperity for American workers.”

As it became clear the markets would close sharply lower for the day, Wisconsin Gov. Scott Walker weighed in, saying the market volatility induced by Chinese manipulation of their own markets and currency should be grounds to cancel a planned meeting next month between President Obama and Chinese President Xi Jinping.

“Americans are struggling to cope with the fall in today’s markets driven in part by China’s slowing economy and the fact that they actively manipulate their economy,” he said. “Rather than honoring Chinese President Xi Jinping with an official state visit next month, President Obama should focus on holding China accountable over its increasing attempts to undermine U.S. interests. Given China’s massive cyberattacks against America, its militarization of the South China Sea, continued state interference with its economy, and persistent persecution of Christians and human rights activists, President Obama needs to cancel the state visit. There’s serious work to be done rather than pomp and circumstance. We need to see some backbone from President Obama on U.S.-China relations.”