A Fox News host and her guest took creative liberties in blaming newly-elected Democrats for the tumbles recently taken on Wall Street.
Fox News host Sandra Smith was speaking with Fox Business correspondent Charles Payne about the huge dips seen in the stock market earlier this week. “How much of this is Democrats winning control of the House?” Smith asked, per reporting from Crooks and Liars. “I mean, since Election Day, the midterm Election Day, the Dow lost 4% on.”
Payne, taking his spoon-fed cue from Smith, went right on the attack against Democrats, blaming their rhetoric for the stock losses.
“I think it’s the tone,” Payne said. “You know, the very next day, the market was up. But since then, the tone of Democrats who have declared war on President Trump, I think, have been a real negative way for the market.”
See the video below, courtesy of Crooks and Liars
Payne and Smith are echoing comments from President Donald Trump, who made the assertions that Democrat wins in the midterms were the reason why stocks were falling in a tweet he wrote last week Monday.
“The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!” Trump wrote.
There’s just one problem with these claims: they’re not based on fact. In reality, the main driver of stock prices lowering is due to poor performances from tech companies and retailers.
Kohl’s department stores, for example, saw losses of 9.2 percent Tuesday morning, per reporting from CNBC. Target also saw declines of over 10 percent, while Macy’s lost 3.4 percent of its stock price.
Tech companies in the much-watched FAANG category — which stands for Facebook, Amazon, Apple, Netflix, and Google (including Alphabet) — were also seeing losses, continuing declines they had seen over the past couple of months. In fact, FAANG companies have lost more than $1 trillion this year alone since the time when each of the businesses reached their respective 52-week highs.
Why are tech stocks sliding? Trump’s trade wars are largely to blame. Many of those tech companies depend on products that are made with parts manufactured in China. As Trump has increased tariffs on that country, China has retaliated, and prices on those goods have gone up.
Placing blame on the Democrats is not really a surprise based on Trump’s rhetoric aimed directly at many of the companies affected. If the blame belongs anywhere, it belongs with him and his offensive attacks, and Fox News “experts” ought to consider reporting on that for a change.
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Chris Walker is a freelance writer based out of Madison, Wisconsin. A millennial with more than a decade of journalism experience, Chris aims to provide readers with the latest and most accurate news of national importance. Chris likes to spend his free time doing activities in his community with his family.