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There’s a scene in the original Beauty and the Beast Disney cartoon when Maurice is going through the forest on his trusted horse, Philippe. When they come to a crossroad, Maurice wants to go in one direction that looks dark and dangerous, but Philippe decides to go down the brighter path. Maurice insists and pulls Philippe down the dark path. When Maurice realizes they’re lost, he says, “This can’t be right. Where have you taken us, Philippe?”
If we compare this scenario to the current stock market crash gripping Wall Street, mainstream media is the foolish Maurice and President Trump is the wiser Philippe. The President called for calm, but mainstream media prompted panic. The President went on television and said the coronavirus doesn’t have as high of a mortality rate as is being reported, and that turned out to be true. But just like Maurice, mainstream media took America down the dark path with incessant, biased coverage and fearmongering. And just like Maurice, they’re questioning why President Trump caused the problem.
He didn’t. In fact, the entire problem is completely manufactured. Much of the economy, from consumer spending to jobs, is based in part on public perception. When people trust the economy, it goes up. When they’re concerned, it goes down. But nothing is more fickle and based on public perception as the stock market. Right now, the public perception is being driven by unhinged mainstream media that’s panicking over a virus that has caused 22 deaths in the United States but barely said a word about tens of thousands of deaths caused every year by the flu.
There’s a silver lining to all of this. As the market dips lower, the recovery that will certainly come when coronavirus fears subside will be epic. The markets will skyrocket and everything will be back to normal (or better than normal) very soon. We haven’t reached bottom yet; the panic that has been prompted by 22 deaths is only going to grow when the death toll reaches triple- and possibly even quadruple-digits. But it will subside as viruses always do. When it does, the economy will rebound.
Through that rebound, which should dominate most of the summer going into election crunch time in the fall, President Trump will have another major victory on his reelection resume. It may take longer for the world economy to get back on its feet, but that will happen eventually as well. As it sits, this manufactured stock market crash could backfire completely on Democrats and mainstream media. There’s always a chance it won’t, that the coronavirus will last longer than expected or infect more people than hoped, but standard timetables tell us it should clear up this summer.
Mainstream media is taking a great risk by harming the economy now. The rebound from the panic they’re prompting will benefit President Trump’s reelection chances and reinforce the notion that only an act of God can slow the flourishing economy.
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