April 07, 2025 12:30 PM UTC

"PANICAN" Yet? Market Convulsions Continue While Gabe Evans Scratches Your 401k

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• by: Colorado Pols

CNN reports this morning and continues to update as markets pinball Monday on misinformation and continued fears of a new Great Depression gripping the global economy:

US stocks were extremely volatile Monday — tumbling, surging and then bouncing around in every direction, as traders searched for any sign that President Donald Trump’s tariffs could be negotiated or halted.

Markets around the world had tumbled earlier in the day over concerns about how Trump’s sweeping tariffs might upend the global economy and stymie economic growth. US stocks opened the day in bear market territory but surged an hour later on rumors that the Trump administration may pause tariffs — perhaps for several months…

As Politico reports, an unfounded rumor originating with an anonymous social media account that Donald Trump might be on the verge of pausing the “Liquidation Day” tariffs announced last Wednesday evening that have eliminated trillions of dollars in value from global markets in the two trading days and counting briefly restored trillions of dollars in value to the S&P 500–only to be wiped out moments later as the White House pronounced the story to be “Fake News.”

The inaccurate post that followed prompted wire services and networks, including CNBC, to air reports that Trump was considering the pause for all countries aside from China. Within minutes of the reported change in policy, the S&P, Dow Jones and tech-heavy Nasdaq all surged, before taking another dramatic fall once administration officials denied the report. At one point today, the S&P 500 surged from a loss of 4.7 percent to a peak gain of 3.4 percent, briefly adding trillions of dollars in market value before plunging again.

As NBC reports, millions of Americans are watching their retirement nest eggs evaporate, with nothing but vague promises about a far-off idyllic future many won’t even be around to enjoy as their only consolation. In the meantime, the trillions of dollars of market value lost in last week’s crash will force retirees back to work, cut their personal spending, and live generally speaking less well than they would have:

As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.

Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil…

As Wall Street reeled Friday after China hit back with tariffs against the U.S., millions of Americans with 401(k)s watched their retirement funds diminish along with the stock market.

With Trump insisting in the face of all good advice and plain evidence of harm that “MY POLICIES WILL NEVER CHANGE,” Nebraska Republican Rep. Don Bacon is preparing legislation to claw back presidential power over trade agreements and restore it to Congress–appearing on CBS’ Face the Nation yesterday:

Rep. Don Bacon, a Nebraska Republican, said Sunday that he has “beginning support” in the House for forthcoming legislation that would give Congress more authority over tariffs and trade policy amid concerns on Wall Street and on Capitol Hill after President Trump announced far-reaching new tariffs last week…

The bill is companion legislation to a measure introduced in the upper chamber last week by Sens. Maria Cantwell, a Washington Democrat, and Chuck Grassley, an Iowa Republican, aimed at reasserting Congress’ role over trade policy. The measure, known as the Trade Review Act of 2025, would require the president to give Congress 48 hours’ notice before imposing or raising tariffs. The president would have to include an explanation and analysis of the potential impact, while lawmakers would have the ability to end the levy with a joint resolution.

The prospects of getting this bill through the Republican-controlled House and Senate seem dim today, but if this self-inflicted international crisis continues to escalate and cost Americans their retirement while driving up prices instead of keeping President Trump’s promise to bring prices down “on Day One,” Republicans may find themselves compelled in the interest of their own survival to limit Trump’s authority to unilaterally plunge the world into turmoil.

If that day does come, don’t count on Colorado Reps. Lauren Boebert or Gabe Evans to help:

Got that, folks? If you’re upset about your plunging 401k balance, to Trump and Boebert you’re just a “PANICAN!” Trump even went the additional step to call you “weak and stupid!” As for Rep. Gabe Evans, last Thursday the Trump administration cited Evans’ glowing support for the tariff announcement in their press roundup of hard-to-find positive coverage. Evans, as readers recall, compared the tariff announcement last Wednesday to “breaking the rack” in a pool game–the idea being that however chaotic things look at the beginning, Trump will “sink the balls in the different pockets.”

As of today, the fabled masterstroke hasn’t happened. The losses Evans is breezily asking his constituents to suck up haven’t been restored. And Trump is signaling full steam ahead, no matter how much “short-term disruption” occurs.

Where it stops, nobody knows. The only upshot, also far down the road, is that voters will know exactly who to blame.