Trump: People who lost money in the stock market should consider suing ABC News over incorrect story

[DonViejo]

Source: The Hill




BY MALLORY SHELBOURNE - 12/03/17 08:46 AM EST

President Trump said early Sunday that individuals who lost money in the stock market due to an incorrect report about the special counsel investigation should consider suing ABC News.

Link to tweet

ABC News on Saturday announced that it had suspended Brian Ross over the report, which originally said that former national security advisor Michael Flynn would testify that Trump told him to contact Russian officials during the campaign.

The news network later corrected the story to say Trump asked Flynn during the transition period “to find ways to repair relations with Russia and other hot spots.”

But U.S. stocks had already plunged as a result of the original report on Friday, which came the same day Flynn pleaded guilty to lying to the FBI about his contacts with the Russian ambassador.

Read more: http://thehill.com/homenews/administration/362978-trump-people-should-sue-abc-over-incorrect-story-if-they-lost-money

[chelsea0011]

1. So, you are saying the next time the market goes down because of something dumb

you say or do, we can sue you?

[Zoonart]

2. Me too!

When drop the big one on North Korea and the market implodes, can we sue your orange ass?

[Calista241]

3. Trump is immune from this kind of lawsuit.

But given what happened to Gawker, the media clearly is not, and there might be a case to be made here.

Of course, Trump tweeting about it has reduced the chances of any lawsuit being successful.

[MFM008]

14. He is not immune from ALL

see Clinton.

[Calista241]

16. Trump is immune from any liability related to anything he did

when he is acting on the authority of the office of the president.

[MFM008]

17. He is the federal government

And can be sued as such..as we know he takes that very personally... Just not personally. Not yet. Clinton v Jones laid out some guidelines.

[bucolic_frolic]

4. Fake News Class Action

would sure open Trump to liability. Not sure that's a very wise move, Mr. President.

It would clog the courts debating truth in media and tweets. We would do nothing else.

I think the market was already down about 125 when the news broke. Lowest I saw was -324.

But I could be wrong.

[Cicada]

5. Should investors pay ABC when correct story raises stock price?

Everyone on earth makes mistakes. To err is human. Charging reporters for mistakes would mean there would be no reporters. Not worth the risk.

[PatSeg]

7. Bingo!

Oh well, its the weekend and Trump is in Twitter rant mode. The world would be safer if they just got him out on the golf course.

[George II]

6. Of course they'd have to prove that the news report was the reason for the drop, which they can't.

[greeny2323]

8. Rush

Like when the market dropped when Rush Limbaugh "reported" that Vince Foster was murdered?

[CincyDem]

9. Assume, for a moment, that there is an undeniable connection between Ross and the mkt spike...

...the weekend investor who looks at their portfolio monthly says "I'm up from this time last month".
...the weekend investor who looks at their portfolio weekly says "I'm up from this time last week".
...the weekend investor who looks at their portfolio daily says "meh...first flat day in a while".

In fact, this Yuge market drop of Friday only traded down to Wednesday lunch levels. So think of that as worst case - an investor lost 2 days worth of gains. If that's a concern, you shouldn't be anywhere near the market.

So who got caught up in that 45-60 minute spike - traders "betting" that the market was going to the moon on passing the tax bill who weren't paying attention to their risk management. If you trade as a business, there are things ya just do to make sure that you don't get nailed something like this. If you trade as a surrogate for the local casino - well, it was just a matter of time and this turned out to be your time.

And, by the way, I respectfully contend that the spike had NOTHING to do with the Brian Ross story and everything to do the big players "clearing out the weak hands" before the market runs higher post tax bill. Flynn/Trump/Russia, NK Missile launch, whatever...something was going to spike the market before the senate vote.

Anyway - just my 2 cents. Not intended as market commentary or advice.

[7962]

15. It actually makes perfect sense the way you categorize it. nt

[CincyDem]

19. Just to close the loop...there's the start of the run-up in the futures market.

Since the market opened at 6pm EST, S&P Futures are up 0.49% from Friday's close...and up 2% from the low of Friday's spike.

To put that in perspective...

If you keep your money in a bank savings account, it takes you a year to make what the market made in the last 45 minutes.
If you keep you money in a CD, it takes you about 4 months.
If you've got a good annuity, it probably takes you about 2 months.

And some people wonder why the monied class was waiting for this thing to pass. Sheesh

[BumRushDaShow]

10. The Dow closed down 40.76

so focusing on the "-350" intra-day low is bullshit at this point.

Really - it needs to start correcting and go down 2400.

[Ferrets are Cool]

11. Every day this PGIC does something either illegal or immoral...which one is this?

[yurbud]

12. people who lost jobs, democracy, & respect of the world should consider suing TRUMP

[BigmanPigman]

13. When I heard the news before it was caught and corrected

I was jumping up and down and shouting, "Yeah, treason, go straight to jail!". When I heard it was not The Moron I thought I must have heard it incorrectly or maybe I wished so hard that it was true I convinced my brain it was true.

[Vinca]

18. The market tanked as a result of the Flynn deal.

Should people sue Don with his Russia scandal?

[EarthFirst]

20. So for a bunch of lying, dishonest journalists; the #maga elite seem to trust the media...

...enough to sell off hundreds of points in the stock market.

I thought it was all fake news bullshit?

Clearly someone still believes in what the media is reporting...