The Flinchum File
Thoughtful Economic Analysis and Existential Opinions

What A Week !

02/28/2020

We’ve never had a President that paid such close attention to the stock market.  With the coronavirus pandemic causing the Dow to lose over 1,600 points on Monday and Tuesday, he wisely hurried back from a state visit to India, for a hastily called press conference on Wednesday.  The market was relatively calm that day, waiting for that press conference.

Instead of commanding the subject matter, he patted us on the head and told us not to worry.  (Besides, the Democratic debate on Tuesday night had somehow contributed to the losses on Monday, he said.)  Worse, it was announced Thursday morning that government information had to be filtered through the Vice President before being released to the public, and that we should accept everything we are told as scientific, not political.  Losing transparency when facing a pandemic is a terrible loss.

That was the point when a pandemic of coronavirus became a pandemic of fear!  Meanwhile, the bad news about coronavirus internationally continues to flow.  There is scant possibility that the market will recover today (Friday), because nobody knows what developments will be revealed over the weekend.

Admittedly, I have long believed the President lacks the moral integrity to lead America, and his management of this pandemic could easily cost him the reelection, but I hope not.  I pray he handles it well, because American lives depend on it.  The stock market will be fine, but pray for the President!

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