Dollar reaches lowest level since before the election
NASHVILLE, Tenn. —
The fallout surrounding the investigation into alleged white house ties to Russia reached Wall Street Wednesday.
The Dow Jones Industrial average fell more than 300 points with the dollar at its lowest level since before the election.
Experts say many supporters voted for President Trump because of wanting change, but change is hard to make without support on The Hill.
In a speech, Wednesday, the president made his feelings known on the matter.
“No politician in history...has been treated worse or more unfairly," Trump said.
As President Trump and his administration continue with a series of shocks, it’s now leading to the worst day in stocks in eight months.
“This is a political crisis that could affect the American economy," Tom Schwartz said. "The drop in the stock market today indicates the uncertainty whether he's going to be able to remain in office, which has come up of course as something that could be damaging to the American economy to the degree that we've gotten out of the recession.
Tom Schwartz is a Vanderbilt University political science professor. He said the president's economic agenda, like tax breaks and healthcare, could be delayed or more with major issues like former FBI director James Comey being fired.
“People voted for a change in November, and it maybe impossible for him to carry out his domestic promises if he loses support or if he is distracted or knocked off track by these continuing controversies over the campaign's ties to Russia and to his ability to do the job even among people who are very supportive of Trump, like Senator Corker who said the administration is in a downward spiral," Schwartz said. "When you have someone like Corker expressing doubts, you begin to think the president doesn't have any political support on the hill. All of this is adding up to a political crisis of first proportions, and the president needs to diffuse it in someway."