The right-wing political media bubble has burst.
Breitbart editor Milo Yiannopoulos gets fired after pedophilia comments, TheBlaze host Tomi Lahren gets suspended for “intellectual dishonesty,” Fox News’ Judge Napolitano gets booted for pushing Obama wiretap allegations, and at least three employees of the conservative news outlet Independent Journalism Review including one executive have been suspended for publishing a story suggesting that President Obama was involved in a Hawaii judge’s decision to block President Trump’s new travel ban. It hasn’t even been a year since the founder and former Chairman and CEO of Fox News Roger Ailes resigned following allegations that he sexually harassed female colleagues. It seems like the honeymoon is over for those in the fact-free and zero-accountability right-wing news environments.
And now President Donald Trump, the right-wing ratings king with ties to the Breitbart machine, is officially under investigation, which according to USA Today, “not since the Watergate scandal that forced President Richard Nixon to resign less than a half-century ago has there been an official investigation of such potential consequence.” Also according to the latest Gallup poll, his approval rating has hit a new low of 37%, lower than President Obama’s lowest approval rating during his entire 8 years in office, and the worst approval rating that any president has ever had this early in their term.
If his approval rating continues to fall, then more and more Republicans will abandon his agenda, with Trumpcare becoming the first victim and one of his biggest promises becoming broken. Also if this downward trend continues, then it’s only a matter of time before congressional Republicans begin separating themselves from his presidency, with impeachment as the inevitable and final result, especially if history is a judge. Already the markets are beginning to change, becoming much more pessimistic about Trump’s success.
For the first time since the election, markets are doubting they will get the pro-growth policies of tax reform and stimulus that President Trump promised. U.S. stocks are tumbling, with the Dow Jones sliding over 200 points and the S&P 500 falling for the fourth day straight. Also, the dollar extended its retreat to the longest since November.
Earlier Tuesday, Bank of America Merrill Lynch released its monthly fund managers survey, with a record number saying the market is extremely overvalued, and just 10 percent expecting to see U.S. tax reform passed by Congress before its August recess, as promised by the administration.
“Policy is the key catalyst for the Icarus trade to fly higher in the coming months,” said Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist.