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‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off

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From the Daily Caller News Foundation

By HAROLD HUTCHISON

The NASDAQ fell on open on Monday, down over 1,000 points, recovering slightly to around 500 points in the first two hours of trading, while the Dow Jones Industrial Average dropped over 1,000 points in that same time frame, according to Yahoo Finance. Simonetti, who co-hosts “Varney and Company” with Stuart Varney, reacted with shock as Varney ran down the opening numbers from Wall Street, calling the drop “history in the making.”

WATCH:

“They’ve never been down a thousand points, ever, not even intraday on the NASDAQ,” Simonetti said after Varney listed the market changes, prompting him to ask her, “Is that true?”

“That is true,” Simonetti responded.

The S&P 500 was down over 120 points in the first two hours of trading, Yahoo Finance reported. Stocks also tumbled Friday following the release of a disappointing jobs report, with only 114,000 jobs being added in July and the unemployment rate climbing to 4.3%. Previously reported jobs numbers for May and June were also revised down.

The Federal Reserve did not cut its federal funds rate on Wednesday from its 23-year high, but chairman Jerome Powell left open the possibility of a rate cut later in the year. The vast majority of investors now predict that the Federal Reserve will cut interest rates by 0.5% in September as the economy shows signs of softening and recession concerns circulate, according to CME Group’s FedWatch tool.

Inflation has also been an issue dogging the U.S. economy, with prices having climbed by over 20% since President Joe Biden took office, even as the Consumer Price Index rose by 3.0% year-over-year in June, slightly below economists’ expectations, two years after inflation hit a recent high of 9% in June 2022.

Ahead of the American stock open, Japan’s Nikkei stock index dropped 12.40% in Monday’s trading, while Taiwan’s TSEC index lost 8.35% and South Korea’s KOSPI index fell 8.77% in Monday trading.

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2025 Federal Election

Don’t let the Liberals fool you on electric cars

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CAE Logo Dan McTeague

“The Liberals, hoodwinked by the ideological (and false) narrative that EVs are better for the environment, want to force you to replace the car or truck you love with one you can’t afford which doesn’t do what you need it to do.”

The Liberals’ carbon tax ploy is utterly shameless. For years they’ve been telling us that the Carbon Tax was a hallmark of Canadian patriotism, that it was the best way to save the planet, that it was really a “price on pollution,” which would ultimately benefit the little guy, in the form of a rebate in which Canadians would get back all the money they paid in, and more!

Meanwhile big, faceless Captain Planet villain corporations — who are out there wrecking the planet for the sheer fun of it! — will shoulder the whole burden.

But then, as people started to feel the hit to their wallets and polling on the topic fell off a cliff, the Liberals’ newly anointed leader — the  environmentalist fanatic Mark Carney — threw himself a Trumpian signing ceremony, at which he and the party (at least rhetorically) kicked the carbon tax to the curb and started patting themselves on the back for saving Canada from the foul beast. “Don’t ask where it came from,” they seem to be saying. “The point is, it’s gone.”

Of course, it’s not. The Consumer Carbon Tax has been zeroed out, at least for the moment, not repealed. Meanwhile, the Industrial Carbon Tax, on business and industry, is not only being left in place, it’s being talked up in exactly the same terms as the Consumer Tax was.

No matter that it will continue to go up at the same rate as the Consumer Tax would have, such that it will be indistinguishable from the Consumer Tax by 2030. And no matter that the burden of that tax will ultimately be passed down to working Canadians in the form of higher prices.

Of course, when that happens, Carney & Co will probably blame Donald Trump, rather than their own crooked tax regime.

Yes, it is shameless. But it also puts Pierre Poilievre and the Conservatives in a bind. They’ve been proclaiming their intention to “Axe the Tax” for quite some time now. On the energy file, it was pretty much all you could get them to talk about. So much so that I was worried that upon entering government, they might just go after the low hanging fruit, repeal the Carbon Tax, and move on to other things, leaving the rest of the rotten Net-Zero superstructure in place.

But now, since the Liberals beat them to it (or claim they did,) the Conservatives are left grasping for a straightforward, signature policy which they can use to differentiate themselves from their opponents.

Poilievre’s recently announced intention to kill the Industrial Carbon Tax is welcome, especially at a time when Canadian business is under a tariff threat from both the U.S. and China. But that requires some explanation, and as the old political saying goes, “If you’re explaining, you’re losing.”

There is one policy change however, which comes to mind as a potential replacement. It’s bold, it would make the lives of Canadians materially better, and it’s so deeply interwoven with the “Green” grift of the environmentalist movement of which Mark Carney is so much a part that his party couldn’t possibly bring themselves to steal it.

Pierre Poilievre should pledge to repeal the Liberals’ Electric Vehicle mandate.

The EV mandate is bad policy. It forces Canadians to buy an expensive product — EVs cost more than Internal Combustion Engine (ICE) vehicles even when the federal government was subsidizing their purchase with a taxpayer-funded rebate of $5,000 per vehicle, but that program ran out of money in January and was discontinued. Without that rebate, EVs haven’t a prayer of competing with ICE vehicles.

EVs are particularly ill-suited for Canada. Their batteries are bad at holding a charge in the cold. Even in mild weather, EVs aren’t known for their reliability, a major downside in a country as spread out as ours. Maybe it’ll work out if you live in a big city, but what if you’re in the country? Heaven help you if your EV battery dies when you’re an hour away from everywhere.

Moreover, Canada doesn’t have the infrastructure to support a total replacement of gas-and-diesel driven vehicles with EVs. Our already-strained electrical grid just doesn’t have the capacity to support millions of EVs being plugged in every night. Natural Resources Canada estimates that we will need somewhere in the neighborhood of 450,000 public charging stations to support an entirely electric fleet. At the moment, we have roughly 30,000. That’s a pretty big gap to fill in ten years.

And that’s another fact which doesn’t get nearly as much attention as it should. The law mandates that every new vehicle sold in Canada must be electric by 2035. Maybe that sounded incredibly far in the future when it was passed, but now it’s only ten years away! That’s not a lot of time for these technological problems or cost issues to be resolved.

So the pitch from Poilievre here is simple.

“The Liberals, hoodwinked by the ideological (and false) narrative that EVs are better for the environment, want to force you to replace the car or truck you love with one you can’t afford which doesn’t do what you need it to do. If you vote Conservative, we will fix that, so you will be free to buy the vehicle that meets your needs, whether it’s battery or gas powered, because we trust you to make decisions for yourself. Mark Carney, on the other hand, does not. We won’t just Axe the Tax, we will End the EV Mandate!”

A decade (and counting) of Liberal misrule has saddled this country with a raft of onerous and expensive Net-Zero legislation I’d like to see the Conservative Party campaign against.

These include so-called “Clean Fuel” Regulations, Emissions Caps, their war on pipelines and Natural Gas terminals, not to mention Bill C-59, which bans businesses from touting the environmental benefits of their work if it doesn’t meet a government-approved standard.

But the EV mandate is bad for Canada, and terrible for Canadians. A pledge to repeal it would be an excellent start.

Dan McTeague is President of Canadians for Affordable Energy.

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2025 Federal Election

Three cheers for Poilievre’s alcohol tax cut

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By Franco Terrazzano

The Canadian Taxpayers Federation applauds Conservative Party Leader Pierre Poilievre’s commitment to end and reverse the alcohol escalator tax.

“Poilievre just promised major alcohol tax cuts and taxpayers will cheers to that,” said Franco Terrazzano, CTF Federal Director. “Poilievre’s tax cut will save Canadians money every time they have a cold one with a buddy or enjoy a glass of Pinot with their better half and it will give Canadians brewers, distillers and wineries a fighting chance against tariffs.”

Today, federal alcohol taxes increased by two per cent, costing taxpayers about $40 million this year, according to Beer Canada.

Poilievre announced a Conservative government “will axe the escalator tax on wine, beer and spirits back to 2017 levels, ending the automatic annual tax increases.”

The alcohol escalator tax has automatically increased excise taxes on beer, wine and spirits every year, without a vote in Parliament, since 2017. The alcohol escalator tax has cost taxpayers more than $900 million since being imposed, according to Beer Canada.

Taxes from multiple levels of government account for about half of the price of alcohol.

Meanwhile, tariffs are hitting the industry hard. Brewers have described the tariffs as “Armageddon for craft brewing.”

“Automatic tax hikes are undemocratic, uncompetitive and unaffordable and they need to stop,” Terrazzano said. “If politicians think Canadians aren’t paying enough tax, they should at least have the spine to vote on the tax increase.

“Poilievre is right to end the escalator tax and all party leaders should commit to making life more affordable for Canadian consumers and businesses by ending the undemocratic alcohol tax hikes.”

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