Furious over the Dow’s 1,900 point plunge over the past three days, President Trump held a press conference Wednesday to try to calm markets. Echoing the comments of his National Economic Council Director Larry Kudlow that “we have contained” Coronavirus and the American economy is “holding up nicely,” Trump declared the pandemic risk to Americans is “very low” because “we’re very, very ready for this.” Not content to rest there, the President predictably tried to lay blame for the steep slide on Wall Street on Democrats:
“I think they're very upset when they look at the Democrat candidates standing on the stage making fools out of themselves.”
Of course, with that slander the President was only regurgitating the sound bites vomited up by right-wing media. On Monday, Fox Business host Charles Payne proclaimed, “The Bernie factor is finally rearing its head in the stock market.” Bond king Jeff Gundlach, too, attributed the stock markets’ natural reaction to global supply chain disruptions to Bernie’s “rejection of a market based economy.” Meanwhile, Rush Limbaugh and other of the usual suspects on the right are accusing Democrats and even the “deep state” of “weaponizing” the COVID19 outbreak to damage Donald Trump politically.
If you have the nauseating feeling that you’ve seen this GOP fraud before, that’s because you did. As the United States financial system teetered on the brink of total collapse in the summer and fall of President George W. Bush’s last year in office, the conservative commentariat instead blamed Democrats and Barack Obama.
The conservative propaganda machine began perpetuating the “Obama bear market” myth long before the 44th President even took the oath of office. The first installment of the Republicans' “previsionist” history unsurprisingly came from CNBC host and former Reagan advisor Larry Kudlow. That right-wing water carrier, who in April 2008 compared the deepening recession to an enema (calling it “an economic cleansing” and crowing that “recessions are therapeutic“), blamed a one-day 242-point drop on the Democratic Convention: