Financial Armageddon: Your Wealth is Under Siege
During his "My Take," Monday, "Varney & Co." host Stuart Varney analyzed the intensifying stock market selloff as fears of slowing U.S. growth rattle financial markets around the world.
STUART VARNEY: It’s a market selloff, and here's what's behind it.
First, an economic slowdown that points to recession. The housing market is in deep trouble.
The consumer looks to be tapped out. Friday's very weak jobs report convinced investors that the slowdown is real.
It didn't help when Warren Buffett revealed he'd sold about half his stake in Apple, and that he had been a net seller of stocks for several quarters.
It sends a signal when an investor of his stature cuts his stock holdings. He now has $277 billion in cash.
War talk is also a factor in this selloff. Iran is considering a direct attack on Israel.
Its retaliation for the killing of a Hamas leader in Tehran last week. A wave of rocket attacks is expected.
Mayors in Israeli towns have been warned about power and water outages.
In Tel Aviv an underground bunker has been publicly revealed for the first time. It’s ominous.
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Then there's politics and the election.
If we're heading for recession, Wall Street doesn't want to hear about tax hikes on corporations, or the repeal of Trump's tax cuts.
So here we are in white-knuckle territory.
The Federal Reserve is being hammered for not cutting rates and A.I. looks like a bubble that’s bursting.
One hundred and sixty-two million Americans who have a stake in the stock market are looking at a cut in their net worth.
When does the selling stop?
This article originally appeared on Fox Business.
