UPDATE: The White House was asked about the situation Monday afternoon.
DOOCY TIME: "Does the President think it's a big deal that, today, the Dow Jones is down at one point, more than 1100 points?— Curtis Houck (@CurtisHouck) January 24, 2022
Psaki: "Well, to start with, we focus on the trends in the economy, not any one day and any single indicator, unlike his predecessor." pic.twitter.com/5NsSGZK234
Wall Street took a nosedive Monday as worries of a recession intensify under Present Joe Biden's economic policies, rapidly rising inflation and as global supply chain problems continue.
During the last 5 trading days, DIJA has lost over 7%, S&P 500 has lost 9%, and NASDAQ has lost over 11.5%. pic.twitter.com/ZQgJtyFmAQ— Nick Short ?? (@PoliticalShort) January 24, 2022
Stock market doing its best impersonation of Biden’s approval rating pic.twitter.com/a5IuxaTZbR— Mike Hahn ?? (@mikehahn_) January 24, 2022
The crypto markets are also taking a beating.
"The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours, as major digital coins continued their multi-day sell-off. On Monday bitcoin fell to as low as $32,982.11, its lowest point since July, according to Coin Metrics. The largest cryptocurrency by market cap was last down 1.6% to $34,623.20," CNBC reports. "Ether plunged to as low as $2,176.41, its lowest since July, according to Coin Metrics. It last fell 6.3% to $2,263.72. Both are about 50% off their respective all-time highs."
"Cryptocurrencies are moving in tandem with stocks, which have continued to fall since the beginning of the year and just came off of their worst week since March 2020. Investors have been selling risk assets like technology stocks, as they prepare for tighter monetary policy from the U.S. Federal Reserve," the report continues.
Not only was the U.S. economy already headed into a #recession prior to the #Fed announcing its plans to hike rates, but the reverse wealth effect that will result from the crash in stocks and crypto currencies and associated margin calls will make the recession that much worse!— Peter Schiff (@PeterSchiff) January 24, 2022
Meanwhile, Senate Budget Committee Chairman Bernie Sanders continues to demand President Joe Biden move forward with massive government spending plans.
"I think there's widespread understanding of what we've done for the last six months has failed from a policy point of view... We need to change course," says Sen. Bernie Sanders on Pres. Biden signaling that he supports passing "chunks" of his spending plan. #CNNSOTU pic.twitter.com/P0RPyTtCMz— State of the Union (@CNNSotu) January 23, 2022