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Stocks Take A Nosedive After Trump’s Coronavirus Address Scares Investors

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The stock market once again took a severe plummet after President Trump’s coronavirus speech Wednesday night failed to assuage investors’ fears about the spread of this awful illness that is currently making its way across America.

The Dow Jones Industrial Average dropped a whopping 7.43 percent which resulted a loss of 1,749 points upon opening.

Here are more details from The Washington Examiner:

Trending: Maxine Waters Escapes Censure, Goes on MSNBC to Gloat

The S&P 500 and Nasdaq composite were also down at opening, 6.62% and 6.49%, respectively.

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At the market opening, the price for crude oil is down by more than 7% and trading at roughly $30 a barrel.

Before opening, the stock futures indexes hit the so-called limit down threshold by dropping more than 5% before recovering.

The market fallout will likely prompt the Federal Reserve to cut interest rates at its next meeting, on March 17 and 18, predicted Greg McBride, chief financial analyst at Bankrate.com.

McBride also said, “The Federal Reserve will be compelled to cut interest rates further, likely all the way to zero, but more important will be the steps they take to provide liquidity and assure proper functioning of markets. That is critical to preventing the economic and financial fallout going from bad to worse.”

During Trump’s coronavirus address, the president said that the outbreak is not a “financial crisis” and then told the Small Business Administration to ensure that capital and liquidity are available for companies that are affected by COVID-19.

Trump also imposed strict travel restrictions on Europeans entering the country as a means to prevent the further spread of the virus to American citizens.

The president has also instructed the Treasury Department to defer tax payments without interest or penalties for specific individuals and businesses who get negatively impacted by the virus.

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Amazon Rolls Out Creepy ‘Pay By Palm’ Hardware at Whole Foods

Is this one of the harbingers of a cashless society?

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Throughout much of modern history, Americans and their cash were two separate things.  One was a human being, breathing and walking about, earning money.  The money was an inanimate commodity of varying value that we used to keep the organism alive, fat, and happy. But in the future, it seems as though we may find ourselves intrinsically, and anatomically indistinguishable from our bank account.  In fact, it appears as though Amazon is banking on it. Amazon.com Inc (AMZN.O) said it is rolling out biometric technology at its Whole Foods stores around Seattle starting on Wednesday, letting shoppers pay for items with a scan of their palm. The move shows how Amazon is bringing some of the technology already in use at its namesake brick-and-mortar Go and Books stores to the grocery chain it acquired in 2017. The system, called Amazon One, lets customers associate a credit card with their palm print. It offers a contact-less alternative to cash and card payments, Amazon said. Of course, the move is being regarded as a terrifying leap into Orwellian territory by privacy experts, as it appears to push us ever closer to a cashless society where hackers and power failures could doom us all to poverty in the blink of an eye.

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Fraternal Order of Police Responds to LeBron James’ Tweet Fiasco

And they were NOT happy.

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The politicization of American sports has been ongoing for some time, perhaps decades, but the most recent acceleration of this melding has come thanks to the power of social media and the blurring of the line between celebrity and athlete. At the forefront of this movement has been the NBA, and, more specifically, superstar LeBron James. This week, James came under fire for a tweet in which he referenced the Derek Chauvin trial’s guilty verdicts, with a photo of another officer who was involved in the shooting of a young black girl and text stating “you’re next”. The tweet was seen as a threat by many, including the Fraternal Order of Police who responded harshly. On Wednesday, James tweeted a photo of the officer involved in the shooting with a caption reading “YOU’RE NEXT #ACCOUNTABILITY.” The tweet has since been deleted. James was reacting to the deadly police shooting of 16-year-old Ma’Khia Bryant. Hours later, the National Fraternal Order of Police tweeted a photo of James’ original tweet, saying: “[email protected], with his vast resources & influence, should educate himself and, frankly, has a responsibility to do so, on the facts before weighing in. This is disgraceful & extremely reckless. The officer saved a young girl’s life. No amount of gaslighting will change that fact.” James attempted to walk back the tweet after deleting it, by issuing an explanation that garnered only a lukewarm response online.

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