Posted on 08/05/2024 10:07:19 AM PDT by bitt
Joe Biden’s senior economic advisor Gene Sperling resigned on Monday after stocks tumbled around the world.
Japan’s Nikkei lost 4,451 points on Monday, its biggest single day loss since 1987.
The ‘Magnificent Seven’ will shed $1 trillion in value, Reuters reported.
Apple and Nvidia led the sell-off.
The DOW tumbled more than 1,000 points on Monday.
Gene Sperling stepped down as Biden’s senior econ advisor to go work for the Harris campaign.
“Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat,” Biden said
Full statement from Joe Biden:
When I took office, our economy was reeling, a pandemic was raging, and hundreds of thousands of small businesses across the country were at risk of shutting their doors. Having run Recovery Act implementation for President Obama, I knew I needed an American Rescue Plan Coordinator with the expertise and experience to hit the ground running. I’m glad I picked Gene Sperling.
Gene joined my administration as the only person to have ever directed the National Economic Council under two presidents, and has helped me execute a rescue plan that has led to one of the most equitable and resilient economic recoveries ever. His work helped nearly 40 million working families get unprecedented child tax cut relief and over 8 million renters get emergency assistance to help keep their families housed. Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat.
I also looked to Gene as a trusted advisor on the economy and gave him some of the toughest assignments, including serving as my liaison to the Big 3 automakers and UAW as autoworkers fought for – and secured – record contracts.
Having traveled from Delaware to D.C. every day during my Senate career, I know a thing or two about long commutes. I’m grateful to Gene’s wife Allison, his children Nina and Miles and his godchildren Derick and Samantha for allowing Gene to lend me his wisdom, his counsel, and his friendship. They should know our nation is stronger and more just because of the families that Gene has spent every day fighting for over the past three-and-a-half years.
dow is -898 right now..
IOW< ‘I’m not even good enough for Joe Biden’s Administration, but hey, Kamala, I think I’m good enough for you!”
will work for (Ineligible) Harris campaign?
after wrecking the stock market?
ha ha ha ha ha
well at least he’s qualified to work for the (Ineligible) Harris campaign! he’s proven he’s got what she wants
How appropriate. He goes from one rat-infested sinking ship to another.
Ah, he’s after the Gold Medal in the sought-after “multiple and continuous failure” award. He has active competition from EVERY Biden Clown Show loser.
Makes perfect sense ... but only if you’re an America-/American-hating, anti-capitalist member of the Democrat/Communist Party.
Out of the frying pan and onto the burning spatula.
(or something like that...)
It’s not even September.
Ouch...My daughter has all kinds of retirement monies in stocks.
Absolute personification of the Peter Principle. Rising to the level of one’s own incompetence.
Perfect.
Historically you don’t lose until you sell. The market will come back.
The market according to the Dow is down 4% this last week after recording gains throughout the year. The author should us the term correction and not market crash, but then of course that would take away from the rhetoric.
Prices of houses and stocks got to absurd levels.
There are corrections underway.
They’ve already retired...They need “X” to supplement their SS..and only my son in law is collecting right now. She’s 60.
That is difficult. I anticipate that if Trump wins the markets will be much better by 2nd quarter 2025. They all have to have their hissy fits first.
“when I am president, I will take on price gouging and bring down costs; I will ban more of those hidden fees and surprise late charges that banks and other companies use to pad their profits; I will take on corporate landlords and cap rent increases; and take on Big Pharma and cap the cost of prescription drugs for all Americans.”
Economic Catastrophe? Rule#1. Deny Deny Deny
Traders realized that Kamala is serious about being elected and it was sell, sell, SELL!
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