Wealthy investors were privately warned about the potential economic devastation of the COVID pandemic. Ordinary Americans were not, and at least 8 million have fallen into poverty.
In Tuesday night's debate, President Trump continued to claim that the stock market would save the country. Meanwhile, economists say Biden and Democrats would be better for jobs.
Little more than half of Americans actually own stock. That helps make the stock market a less-than-ideal indicator of how the US economy is actually doing.
Loeffler sold $46,027 worth of stock in an online travel company in the day preceding President Trump’s March 11 announcement of a ban on most European travel to the United States.
Republican Sen. Richard Burr dumped as much as $1.7 million in stock ahead of the coronavirus-driven downturn.
The president has frequently touted market gains as a reason for voters to reelect him in November.
On Friday, #StockMarketCrash2020 was one of the top three trending topics on Twitter.