The market suffered it’s worse day since 2008, partly due to Coronavirus, but also due to the oil wars between Saudi Arabia, Iran, and Russia. The Dow fell over 2,000 percentage points, the NASDAQ over 589, and the S&P over 225.
President Trump is taking action to avoid recession. He said on Monday that the White House is planning on asking Congress to pass a payroll tax cut and relief for hourly wage earners, NPR reported. he will also provide aid to small businesses, and industries hurt by the virus.
A meeting to discuss the tax cut and relief for hourly wage earners will take place with members of the House and Senate on Tuesday.
“Very substantial relief that’s a big number,” Trump said. “We’re also going to be talking about hourly wage earners getting help so that they can be in a position so they are not going to ever miss a paycheck,” he said.
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Trump said his administration will be creating loans for small businesses and working with industries such as airlines and cruise ships that have been harmed by the coronavirus scare. In addition, the White House has invited Wall Street executives to meet with Trump later this week on how to cope with the coronavirus threat, according to USA Today.
“We are going to take care of and have been taking care of the American public and the American economy,” Trump said.
Mnuchin added, “The economy will be in really good shape a year from now. This is not like the financial crisis where we don’t know the end in sight. This is about providing proper tools and liquidity to get through the next few months.”
JIM CRAMER PRAISED THE PRESIDENT’S ACTIONS
In a surprise reaction, the stock market hero Jim Cramer praised the President’s actions in a series of tweets Monday. Cramer is a legend and this is high praise coming from him.
President doing stimulus that we want. This is very good… money to those who did nothing wrong and are going to lose jobs!! Loans for small businesses very good!!!
— Jim Cramer (@jimcramer) March 9, 2020
President doing what i said at the top of the show..This can slow the sell-off
— Jim Cramer (@jimcramer) March 9, 2020
Cruise ship/airlines/ they need help
— Jim Cramer (@jimcramer) March 9, 2020
This hourly worker issue is so important. So many feel they will lose their job if they don’t show.
— Jim Cramer (@jimcramer) March 9, 2020
the fact is the president changed his tone and his deeds.. i know that it isn’t want some want but it is important that we get fiscal policy change. And we are getting it.
— Jim Cramer (@jimcramer) March 9, 2020
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