FBN Analysis: Dow Jones Opens More Than 1,000 Points Lower
Stuart Varney, Charlie Gasparino and others gave us their expert analysis of what's going on this morning on Wall Street.
After a huge drop on Friday, the Dow Jones Industrial Average plunged more than 1,000 points at the opening. As of 10:15am ET, the sell-off had slowed, with the Dow down less than 400 points and back over 16,000.
Gasparino said he has never seen a 1,000-point drop like this, pinning the blame on President Obama's policies, rather than the Federal Reserve.
He said Obama's lack of "coherent" fiscal policy forced the Fed to take action, slamming Obama for "de-stimulating" the economy through taxes and regulations after the 2008 crash.
"The root of the problem is Obama-nomics. He created this and now we're paying the price," said Gasparino,
Despite the huge sell-off, Gasparino advised that people act rationally and take the opportunity to buy stock in large companies that pay a dividend.
Commonwealth Financial CIO Brad MacMillan countered that the fundamentals of the American economy remain strong. He noted that U.S. stocks bounced back quickly after the recent Asian market crash.
Economist Harry Dent said he's been warning for years about changing demographic trends in the United States, explaining that the Fed has used quantitative easing to "fight this natural decline."
He said the demographic downturn is going to get worse in the coming years.
Watch the full analysis below.