'What do we mean by down?' Scornful Fox News host tries to downplay market mayhem
Fox News' Will Cain had to report on the collapse of markets on Thursday as stocks saw their biggest single-day loss since the COVID-19 pandemic in 2020 in response to President Donald Trump's "Liberation Day" tariff regime that upended the global order in international trade.
And he did his best to put a positive spin on the situation.
"The short-term fallout is already being felt," said Cain. "The market today, down, S&P 500, the NASDAQ, the Dow, down. Tech stocks, absolutely hammered, down 10 percent on the NASDAQ."
"It does deserve some context," he continued. "What do we mean by down? Take a look at this 12-month chart of the Dow Jones Industrial Average. We have returned to the average of roughly October. Down from the December highs of the election of Donald Trump, down from the January highs of the first month of his second term at the presidency. We've essentially returned to the place that we were a few months before Donald Trump."
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"This is a 'crisis' according to Wall Street," Cain scornfully added. "The Economist today suggests it's a day of 'ruination.' Today, betting markets are suggesting that we have about a 50-percent odds of a recession. But this is a big bet. It is a revolutionary bet. A historic bet. And a long-term bet that has been time in the making."
Cain is not the only figure trying to put a positive spin on the current economic situation, which indeed has experts concerned that the United States could be heading for an economic contraction.
Earlier in the day, for example, pro-Trump Sen. Bernie Moreno (R-OH) suggested everyone should go out and buy stocks while they're so cheap. Cain's fellow Fox personality, Judge Jeanine Pirro, said she doesn't "really care" about her 401(k) losing value because "I believe in" Trump's ability to steer the country.