The Rundown-Tues 2/6/18: Market chaos; Howie Kurtz; Michael Cannon

Quick note re financial markets: Yesterday was an insane day in the markets, with the largest point drop (but not close to the largest percentage drop) ever in the Dow Jones Industrial average. I have a lot to say about it. 

This is why I have suggested that Trump should focus on the actual economy, not the market:
https://www.politico.com/story/2018/02/05/trump-stock-market-down-324880

At about 1 PM our time, the Dow fell 800 points in 10 min before recovering to be down "only" 800 points, then selling off to close down nearly 1200 points.
https://yhoo.it/2EJSDXG

I'm going to give myself a small pat on the back: In early December, I told my listeners that I'd start selling 3 weeks after Trump signs the tax reform bill. That advice would have had people lighten up on their stock portfolios basically at the top. That said, I did not trade it myself and I don't recommend market-timing for ordinary investors. There were plenty of other reasons to be bearish when I said a few days ago that I was very confident that the next 1000 points in the market would be down. Now it's closer to 2000, and in a very short time. What's my guess from here??? I'll tell you on the air.

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Our guest at 7:06 AM: 

Long-time journalist and Fox News media analyst Howie Kurtz is out with a new book, "Media Madness" which argues that while Trump and the media engaged in scorched-earth warfare, the losers are the American people and the main casualty is the truth.

https://www.amazon.com/Media-Madness-Donald-Trump-Press/dp/1621577260

At 8:06 AM, we'll talk with Michael Cannon of the Cato Institute. During the State of the Union address, President Trump mentioned efforts to lower prescription drug prices. (see below) What are the best ways to do that? Is drug importation a good answer (as it surely seems on first thought)? In fact, a Democratic Colorado State Senator is proposing a bill which would require the Colorado state government to create a program to import drugs from Canada:
http://leg.colorado.gov/bills/sb18-080

Here's some stuff to think about, regarding drug prices:
https://object.cato.org/sites/cato.org/files/serials/files/regulation/2016/4/regulation-v39n1-2.pdf


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