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Biden causes stock market to plummet

In a single day, President Biden announced that that he wants to cut greenhouse gases even faster and that he is seeking to raise the capital gains tax for individuals.

And so, the market gets it. Bad news for the economy.

According to Fox Business:

“U.S. equity markets turned sharply lower Thursday afternoon following a report that the Biden administration is mulling increasing the capital gains tax.

“The Dow Jones Industrial Average fell over 321 points, or 0.94%, while the Nasdaq Composite and S&P 500 declined 0.92% and 0.94%, respectively.

“Biden, according to Bloomberg, is exploring raising the top capital gains tax rate for individuals earning over $1 million to between 39.6% and 43.4%. The increase would help fund Biden’s American Families Plan, the details of which are still being ironed out.

“In economic data, initial jobless claims fell to a coronavirus-era low of 547,000, better than the 617,000 that analysts were expecting. Additionally, existing-home sales slid to a seven-month low as record prices and tight inventory held back transactions.

“Also impacting trading on Thursday was Biden’s virtual conference with 40 world leaders, including Chinese President Xi Jinping, where he pledged to lower U.S. greenhouse gas emissions by up to 52% from 2005 levels before the end of the decade. Automakers were among the groups in focus as Biden gets set to unveil his climate actions.”

9 thoughts on “Biden causes stock market to plummet”

  1. Where is Jimmy Carter?

    I wasn’t old enough during his administration to care about politics, but he couldn’t be this bad!

    Rush, if behind that golden microphone, would be having a field day with this guy in the White House.

    1. Ah, yes, jimmy carter, I do remember him, a one term president. I can understand why voters gave him only one term. (1) His presidency was horrible with the Tehran hostage nightmare, the oil embargo fiasco, etc, etc and (2) carter had a formidable opponent in Ronald Reagan. Which brings me to my point. Donald Trump’s 1st term was GREAT, with a record breaking economy, historical low unemployment, etc., etc., and (2) senile joe could hardly be called a “formidable” opponent which raises the question “What happened?”. I think we all know the answer, an answer with the word “rigged” somewhere in it.

    1. Sarah, the only answer I can give is what the Wall St Jl (WSJ) reported today which is that the Chinese dictator Xi stopped short of promising a carbon-emissions cap as some climate campaigners had hoped. The WSJ noted that, under current chinese policy, China will be further increasing coal consumption in the next four years.

      It should be noted that China and India – the 2 biggest polluters in the world – are labeled as “developing” nations and are therefore exempt from many of the Paris Accord requirements. The WSJ also noted that the “developing” countries want richer countries to make good on pledges from the Paris Climate Accord to mobilize $100 BILLION A YEAR to aid the climate control effort.

      That is what the poor developing countries are interested in, money! Those gov’ts are so corrupt that most of that money will go to the corrupt politicians and their cronies, little, if any, to environmental cleanup.

      The WSJ noted the 2 biggest polluters in the world are #1 China and #2 India with China contributing over 50% of the world’s pollution. The WSJ went on to say that India’s increase in pollution will more than offset the forecast drop in emissions from all of Europe. This means that even if the Paris Accord is fully implemented, it will mean nothing for the net change will be zero!

      These poor countries in the world are not dummies. They know senile joe is willing to hand out billions to “developing” countries to join him in this ridiculous effort to “clean” the world environment. This is why the Brazilian President announced yesterday he wants biden to provide him a billion dollars to ensure that trees are not cut down in the Brazilian Amazon. forest. Imagine that!

      President Trump, I sorely miss you.

      1. Note to the President of Brazil. Will you use the money to pay for the new statue? Is is reported to be taller than the one in Rio.

        Note to John Kerry. You want CO2 to be removed One way is plant trees. Trees take in CO2 and give back oxygen.

        Note to Al Gore. Where are you and what are you doing about climate change? Do you still still charge people to hear you speak? It pays better than being a Senator or VP.

  2. This administration is starting to remind me of “It’s a Wonderful Life.”

    Every time Joe Biden talks, an angel gets sent on a suicide prevention mission.

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