Morning Wire Wall Street Woes & Missing Migrant Records | 1.2.23
Jan 2, 2023
The discussion kicks off with a stark analysis of Wall Street's dismal 2022, marking it as one of the worst years since 2008, particularly for tech stocks. Next, there are serious concerns about Homeland Security's inability to track hundreds of thousands of illegal immigrants, raising alarms about immigration oversight. The episode also dives into investigative techniques in the Idaho murder case, linking genealogy and technology to solve crimes. Amidst these serious topics, the podcast offers a clear view of current events impacting society.
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Wall Street's Dismal 2022
- 2022 marked the worst year for Wall Street since the 2008 financial crisis, impacting all major averages.
- Tech stocks, heavily represented in the Nasdaq, suffered the most significant decline.
Market Downturn Factors
- Inflation and the Federal Reserve's subsequent interest rate hikes contributed to the market downturn.
- Economists predict further decline until a recession triggers the Fed to lower rates again.
Political Reactions to Market Fluctuations
- When markets perform well, politicians often take credit, but they deflect blame when markets decline.
- The Biden administration's rhetoric shifted from credit-taking in 2021 to downplaying the market's importance in 2022.