In February, the Trump administration’s warning to elite insiders that the coronavirus epidemic might have a drastic economic impact “helped them gain financial advantage during a chaotic three days when global markets were teetering” the New York Times reports, while the president was painting a glowing picture on Twitter.
Tweeted Trump on February 24: “The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!”
Meanwhile: “U.S. stocks were already spiraling because of a warning from a federal public health official that the virus was likely to spread, but traders spotted the immediate significance: The president’s aides appeared to be giving wealthy party donors an early warning of a potentially impactful contagion at a time when Mr. Trump was publicly insisting that the threat was nonexistent.”
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