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Fox News Chart: Killing Black People Boosts Stocks

Reprinted with permission from Alternet

On Friday evening, Fox News displayed a bar graph showing how well the stock market performed after historical instances of attacking and killing black people. It's a somewhat ghoulish graphic to release following the murders of George Floyd and Jamel Floyd (no relation) by police and the nationwide protests that have received even more police violence.

"Historically there has been a disconnect between what investors focus on and what happens in the rest of the country," the Fox News anchorwoman said of the graphic. "For instance in 1968, the week after the tragedy of Martin Luther King, the S&P 500 rose over two percent. Also, up the week of the Rodney King ruling."

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While Thousands Die, Trump Says ‘Everybody’s Excited’ By Stock Rise

Even as the death toll from the new coronavirus continues to rise, Donald Trump is focused on the stock market.

A Trump administration internal document predicts that the daily death toll from the virus will reach 3,000 by June 1, which would be a 70 percent increase from the current number of deaths per day, the New York Times reported on Monday.

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GOP Rigged Rules To Ensure Only A Republican Can Replace Burr

Sen. Richard Burr (R-NC) is facing calls to resign after news broke that he dumped as much as $1.7 million in stock ahead of the market’s steep downturn following the coronavirus outbreak.

Burr chairs the Senate Intelligence Committee — which was receiving daily classified briefings about the virus at the time of his sale.

Critics say that makes Burr’s sale unethical, as he possibly used information the rest of the public did not have in order to save himself money amid the stock market slide.

It’s unclear whether Burr will resign — or face any consequences for his actions.

In trying to excuse Burr’s actions, his spokesperson said in a statement to Politico, “Senator Burr filed a financial disclosure form for personal transactions made several weeks before the U.S. and financial markets showed signs of volatility due to the growing coronavirus outbreak.”

Of course, that explanation is exactly what is drawing criticism.

A poll from the progressive organization Data for Progress showed that 50 percent of North Carolina voters want Burr to resign.

If Burr resigned, Democratic Gov. Roy Cooper would pick his replacement. But unlike many states, where the governor is free to choose whomever they want to fill the vacancy, Cooper would be forced to pick a Republican.

That’s because in 2018, the state’s GOP-controlled legislature changed the law to tie Cooper’s hand.

According to the law:

The governor shall appoint from a list of three persons recommended by the state executive committee of the political party with which the vacating member was affiliated when elected if that party executive committee makes recommendations within 30 days of the occurrence of the vacancy.

That means that Cooper would be given a list of three Republicans to choose from.

The law change was one of a handful of ways the state’s Republican legislators tried to strip Cooper of power after he won in 2016.

Among other things, the legislature weakened Cooper’s control of state elections, including trying to ensure that Republicans would chair state elections boards in every election year. That law in particular was ruled unconstitutional.

Published with permission of The American Independent Foundation.

Markets Erase All Gains During Trump Presidency

The Dow Jones Industrial Average slid yet again on Wednesday, erasing all of the gains it had made since Donald Trump took office — as well as a key argument Trump has made for his reelection in November.

When Trump took office, the Dow stood at 19,827 points. On Wednesday, that number was even lower — 19,520 at the time of publication.

That’s down from a high of 29,398 on Feb. 14.

The market has struggled for weeks amid the growing COVID-19 outbreak. On Wednesday, the latest drop triggered the fourth automatic halt in trading in a month.

The stock market slide — thanks to economic fallout from the outbreak and related business closures — could spell trouble for Trump’s reelection hopes.

Trump has long touted stock market gains as evidence that voters should give him a second term in office.

More specifically, he has claimed that Americans’ 401k retirement accounts were performing well because of him.

“STOCK MARKET AT ALL-TIME HIGH! HOW ARE YOUR 401K’S DOING?” Trump tweeted in on Jan. 9. “70 percent, 80 percent, 90 percent up? Only 50 percent up! What are you doing wrong?”

He also touted market gains in his State of the Union speech in February.

“Since my election, U.S. stock markets have soared 70 percent, adding more than $12 trillion to our nation’s wealth, transcending anything anyone believed was possible,” Trump said. “This is a record. It is something that every country in the world is looking up to. They admire. Consumer confidence has just reached amazing new highs.”

He added, “All of those millions of people with 401ks and pensions are doing far better than they have ever done before with increases of 60, 70, 80, 90 and 100 percent, and even more.”

Trump has similarly celebrated market milestones, suggesting they were tied to his success as president.

“New Stock Market RECORD. Congratulations, spend your money wisely. KEEP AMERICA GREAT!!!!!” Trump tweeted just a few weeks ago on Feb. 11. 

He even used the stock market success as reason why he shouldn’t be impeached and removed from office.

“STOCK MARKET CLOSES AT ALL-TIME HIGH! What a great time for the Radical Left, Do Nothing Democrats to Impeach your favorite President, especially since he has not done anything wrong!” Trump tweeted on Dec. 23, 2019, days after he was impeached by the House of Representatives.

Those gains, however, are now gone, as investors fear the loss of business and jobs thanks to the drastic social distancing measures that have been put in place to prevent the spread of COVID-19, the disease caused by the new coronavirus.

Trump has yet to comment on the stock market losses.

He did, however, comment on a gain a few days ago.

“BIGGEST STOCK MARKET RISE IN HISTORY YESTERDAY!” Trump tweeted on March 14 after the market recovered briefly from an otherwise dramatic loss one day prior.

All of those gains have since been erased.

Published with permission of The American Independent Foundation.