The Dow Jones Industrial Average dropped by over 1,000 points by Thursday's closing and the folks at ABC News were eager to place the blame on someone during World News Tonight. That someone, of course, was President Trump and the much welcomed GOP tax cuts, which were responsible for generous bonuses and wage increases across the country.
“Tonight, some economists also say the President's tax cuts could actually be adding to all of this, by stimulating an already improving economy,” claimed ABC reporter Linzie Janis. “And the question, who pays for those cuts later on?”
Their questions over who was going to pay for it wasn’t a sentiment shared during their report on the absolutely massive spending bill before the Senate to ward off against another possible government shutdown. The only thing they seemed to care about was why a deal on DACA and for the Dreamers wasn’t included in the proposal.
On top of their smears of the tax cuts, sensationalist anchor David Muir loaded up his introduction to the segment with hyperbole and fearful language. “And as the White House was riding out this latest storm, traders on Wall Street were riding out the latest plunge on the Dow. The stock market, once again, in a freefall today,” he declared. “And what does it mean for your retirement, your 401(k)?”
“The look on their faces says it all. Anxious traders on Wall Street as the Dow closed more than 1,000 points lower. Coming on top of Monday's massive selloff, the largest one-day drop in history,” Janis added.
And according to Janis, the reason the market was volatile was that the economy was doing too good. “Tonight, investors tell ABC News the fast and furious selloff is actually about anxiety the economy is doing too well too quickly. And fears the federal reserve may have to hike rates more aggressively this year in order to keep inflation under control,” she explained. But according to others, the volatility was driven by computer algorithms over analyzing the market.
Janis also seemed dismissive of President Trump's grievance with the swings: “The President tweeting after Monday's losses: ‘In the old days, when good news was reported, the stock market would go up. Today, when good news is reported, the stock market goes down. Big mistake.’”
As a Media Research Center study found earlier this week, the liberal networks mostly ignored the Dow’s history rise to above 26,000 and all the records it left busted in its wake. But now that the market was undergoing an anticipated correction, they were on top of it. And where they were hesitant to credit Trump with the success, they were quick to burden him with the perceived failure.
The relevant portions of the transcript are below:
ABC
World News Tonight
February 8, 2018
6:36:35 PM EasternDAVID MUIR: And as the White House was riding out this latest storm, traders on Wall Street were riding out the latest plunge on the Dow. The stock market, once again, in a freefall today. The Dow losing more than 1,000 points today, sinking below 24,000, down 10 percent in two weeks that's what's considered an official correction now. But with unemployment low and a strong economy, what's really behind this? And what does it mean for your retirement, your 401(k)? ABC's Linzie Janis tonight at the New York stock exchange.
[Cuts to video]
LINZIE JANIS: The look on their faces says it all. Anxious traders on Wall Street as the Dow closed more than 1,000 points lower. Coming on top of Monday's massive selloff, the largest one-day drop in history. The Dow is now down 10 percent from its high in January. That's considered an official correction.
Tonight, investors tell ABC News the fast and furious selloff is actually about anxiety the economy is doing too well too quickly. And fears the federal reserve may have to hike rates more aggressively this year in order to keep inflation under control.
(…)
JANIS: The President tweeting after Monday's losses: "In the old days, when good news was reported, the stock market would go up. Today, when good news is reported, the stock market goes down. Big mistake."
Tonight, some economists also say the President's tax cuts could actually be adding to all of this, by stimulating an already improving economy. And the question, who pays for those cuts later on? Still, if you put $1,000 in a 401(k) one year ago, the average investor would still be up about 12 percent, meaning that would now be worth about $1,125.
(…)
