Fox’s Charles Payne does his best to put lipstick on Trump’s pig that crashed the stock market this week. Payne made an appearance on Fox’s Special Report with Bret Baier this Friday, and while discussing Trump’s tariffs that sent the markets reeling, was asked about Fed Chair Jerome Powell’s statement that the tariffs may cause inflation to rise, but he will wait before making any interest rate moves.
Trump, of course, wants Powell to cut rates. A sentiment Payne echoed before downplaying just how long the damage may last from this insanity, and telling Baier he’s licking his chops at the prospect of making some money on companies that might quickly recover. Payne also demeaned a 72 year old woman who was stuck selling some stock that just tanked over her investment choices.
PAYNE: I think, I think it will happen. I heard enough from Powell today that if he gets the right hard evidence, he doesn’t need a preponderance. He doesn’t need a lot of economic data, just the right thing, and on the inflation thing.
You know, you may see higher prices, but we’re not going to have classic demand inflation. People are not going to go out there and be spending a lot of money on things they can’t afford.
In fact, the greatest threat right now that the market is showing you is slowing growth, that the economy is going to slow.
People are raising their recession calls, and that’s the main threat that’s hurting the stock market. And again, my biggest fear is that sometimes these things can be self-fulfilling if more and more people in the country believe it.
BAIER: Yeah. You know, there’s a lot of people obviously getting ready to retire. They’re looking at their 401ks. They’re getting nervous.
There’s others who are looking at this at at big companies, Charles, that took a hit that might be bouncing back.
PAYNE: It’s, I mean, I don’t want to sound, you know, too flippant about this, but I’m licking at my chops.
I mean, every time something like this has happened, the market comes roaring back, and there are so many stocks out there that are gonna come roaring back.
And I’ll tell you a quick story of a woman. Who 72 years old was complaining because she has, she has to cash out of her account with her firm.
She had the 30 day notice, and she’s talked about having stocks like Nvidia, all these stocks that have been great stocks but have come down.
And it’s very frustrating because she had, she’s 72, she’s obviously made a lot of money, but her greed didn’t let her make the right decisions in the last 30 days, where naturally you would just go to something that doesn’t perform as well.
But I think now is the wrong time to be trying to sell this market. You may want to pick different stocks, but the market is going to come back.
I’m more concerned about Main Street, sort of, sort of this thing becoming something it does not have to become because of emotions more than fundamentals.
Yes, the real problem is that people are just to “emotional” watching their savings evaporate from Trump’s recklessness. Not everyone has enough money to ride this out, but that doesn’t seem to concern the likes of Payne, or Trump, for that matter.