The Trump administration is blaming the alleged “pandemic” of falling stocks and falling approval ratings for the recent midterm elections.
The administration contends there is no truth to the conspiracy theories that it is intentionally attempting to undermine the stock market’s recovery in recent years and also argue that polls are misleading in their calculations.
The special counsel Robert Mueller is now also probing alleged stock market manipulation, reported Reuters.
Last Friday alone, the Dow Jones Industrial Average fell more than 250 points in broad sell-offs on economic, tariff and trade fears.
During a conference call last week, White House economic adviser Larry Kudlow rejected theories that the administration has anything to do with the falling market.
“There’s lots of theories out there,” Kudlow said. “So, no.”
He also questioned whether the stock market can swing 25 percent in a day. “So, I mean, this is just nonsense,” he said.
During a TV interview, Kudlow said: “The market swings are never the cause of a midterm election.”
White House Principal Deputy Press Secretary Raj Shah also said the administration has no plans to launch a stock market crash, blaming the problem on the resulting backlash.
“If you look at the stock market the last 18 months, which is not the stock market for which the Democrats voted, if you’re wondering where things are this year, look no further than the last 18 months,” Shah said.
Fox Business’ Charles Gasparino noted in an interview last week that the drop in the stock market could simply be “the market panicking.”
Gasparino noted that President Trump has been highly unpopular in polls, and many are worried about a Democrat-controlled House, but the market may have been reacting negatively to speculation that Trump’s trade war could slow global trade.
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“We actually are being hammered for this tariff issue,” Gasparino said. “It’s very tough.”