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The Dow Plunges 372 Points As Trump Impeachment Talk Reaches A Fever Pitch On Capitol Hill

by Michael Snyder, The Economic Collapse Blog:

The wolves are circling, and members of Congress from both political parties are now openly talking about impeaching President Trump. On Wednesday, speculation of a looming Trump impeachment sent stocks plunging. The Dow was down 372 points, and the S&P 500 and the Nasdaq both experienced their largest declines in eight months. This downturn was sparked by a New York Times report that said that a memo that FBI Director James Comey wrote in February stated that Trump requested that Comey “end the investigation into former national security adviser Michael Flynn”. Democrats and Republicans are both jumping on this memo as potential evidence of “obstruction of justice”, but as I will explain below, even if everything that Comey is saying is true there is no evidence of obstruction of justice in this case. However, perception is often more important than reality, and at this moment Wall Street and many of Trump’s fellow Republicans in Washington believe that the Trump administration is coming apart at the seams. After the events of this week, it is clearer than ever that it is imperative that we get Trump some friends in Congress in 2018.

Following Trump’s surprise election victory in November, stocks surged as investors anticipated the implementation of a robust pro-business agenda.

But now that the Trump administration is deeply embroiled in controversy, many fear that Trump’s pro-business agenda will never become a reality

“A week ago, we were talking about the agenda grinding to a halt,” the Republican said. “Now, the train is going down the hill backwards.

And even before Wednesday’s revelation about Comey’s memo, some top Republican leaders were already disavowing Trump’s agenda. For example, just check out what Bloomberg is reporting about Senate Majority Leader Mitch McConnell…

Earlier Tuesday, Senate Majority Leader Mitch McConnell said he’s prepared to block Trump on many of his proposed budget cuts and won’t support major tax cuts that add to the deficit. Nor would he commit to building Trump’s border wall.

The financial markets had already “priced in” big tax cuts, reduced regulations and a massive increase in infrastructure spending.

If the markets believe that none of those things are going to happen now, that is likely to result in a significant downturn for stocks.

Of course the Democrats are just thrilled by these latest developments. U.S. Representative Jim Himes told MSNBC that the Republican agenda is now “lying in ruins on the floor of this building”…

Speaking earlier on Wednesday, Rep. Jim Himes (D-Conn.), a member of the House intelligence committee, said the Republican legislative agenda “is lying in ruins on the floor of this building.”

“It was tenuous when they got through their so-called health care bill in the House. You can still see blood on the floor here for what it cost them to get that through the House,” Himes told MSNBC’s “Morning Joe” in an interview from the U.S. Capitol.

“Now, you know, things like tax reform , which is, you know, very, very difficult in the best of times — with that cloud, with this cloud, hanging over this building, that legislative agenda is all but gone.”

Previously, I have warned about the “gangster culture” in Washington D.C., and the truth is that the “Deep State” has been out to get Trump since the moment he was elected.

There are thousands upon thousands of laws that apply to the presidency, and the jackals among the establishment have been waiting for Trump to trip up just a little bit so that they can try to take him down for good.

And things are starting to move very quickly now.

Within hours of the revelation about the Comey memo, Democratic Representative Al Green called for Trump to be impeached from the House floor: “This is about what I believe. And this is where I stand. I will not be moved. The president must be impeached.”

It isn’t much of a surprise to see this sort of rush to judgment from the Democrats, but the speed at which Republicans are turning on Trump is more than just a little bit alarming…

Read More @ TheEconomicCollapseBlog.com

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1 comment to The Dow Plunges 372 Points As Trump Impeachment Talk Reaches A Fever Pitch On Capitol Hill

  • Craig Escaped Detroit

    I don’t think a reduction of 1.7% of the DOW is much of a ‘P L U N G E’ the way Michael shouts about it.

    If it drops 3%, that would be something people would notice, but still not overly concerned about.

    You and me both know that the fun begins when it drops 20-40% in a few days, followed by another huge drop. The smart ones know that when the roller coaster is falling off the tracks, that nobody is allowed to sell (or rather, nobody is willing to buy all those shares that will be up for sale)…so the prices keep falling until they reach their ultimate bottom.

    Care to take a guess at how LOW the DOW COW we go? I’m thinking the bottom numbers will be somewhere around “DOW 5000”. But, of course, if “The FED” prints up another $400 Trillion mega-bucks, they can push the DOW back up to 50,000 ………. but a gallon of gas will cost a thousand bucks… right before the price at the pump REALLY goes up. (I imagine the day will come, when a thousand dollars per gallon will be remembered as “small change”.)

    Just like those Zimbabwe $100 Trillion dollar bank notes that can’t even be exchanged for a single penny. Now we’ve got Venezuela “Bolivars” worth less than a length of toilet paper.
    Maduro can call his money “Poopivars”.

    How many more years or months before our “Greenbacks” are known as Greenback-poopy-wipes?

    Stack that silver, seeds, solar, food, ammo, enough fuel for bugging out… BUT… during the apocalypse, streets will be jammed, cars will run out of gas, and your BUG-OUT driving may be forced to occur all in 1st or 2nd gear because you may have to drive 100 miles over lawns and driveways, curbs, etc.

    It may be very real, that you’ll be getting only 4 miles per gallon in that situation. A full tank (20 gallons) may last for only 80 miles. Do you REALLY think you’ll be cruising the un-congested freeways at 60mph and getting 20-30 miles per gallon? Be sure you’ve got a good bike (and spare bike parts) inside your car, because it may be the only transportation that is available for you. Don’t forget the backpack, bike trailer, water filters, etc.

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