GUEST: Marshall Auerback, market analyst and commentator. He is a regular contributor to Economy for All, a project of the Independent Media Institute.
BACKGROUND: The stock market has gone up and down at various times over the past two years but generally held strong on the upward trend - until recently. A confluence of factors including market instability over President Trump's tariffs on China, finally appears to be taking a toll. A recent survey of business economists found that 74% worried that there would be a full-blown recession in the US by the end of 2021.
But Trump was having none of it, blaming negative media coverage for fueling uncertainty, and his own Federal Reserve Chairman Jerome Powell. Trump has sold his base the claim that the economy is in excellent health and that it is all because of him. He fears that a crash would deeply hurt his chances of reelection.
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