foil sheets, and go for days without showers. meanwhile, house minority leader kevin mccarthy has visited one of those migrant detention facilities in texas and went after president biden. he said, he should visit the border himself to see what his policies have created. it s more than a crisis. this is a human heartbreak. the sad part about all of this, it didn t have to happen. this crisis is created by the presidential policies of this new administration. there is no other way to claimant than a biden border crisis. harris: but dhs secretary al hunter myrick has echoed the white house in blaming former president trumps policies for the surge, while also dismissing security concerns. the border is secure. the united states border patrol secures the border on behalf of the american people. that s what we do, and we are doing it. in order to keep the american public safe, give us the time to rebuild the system that was entirely dismantled in the prior administration.
developing. biden s white house calling the situation at the border a challenge at a big problem but still not calling it a crisis. this is as the administration officials blame the trump team for what is happening there. now biden s homeland security chief s warning we are on pace to encounter more individuals on the southwest border when we have in just the last 20 years. john: pretty shocking statement. were going to speak with texas senator john cornyn and arizona s attorney general who is leading efforts to sue the biden administration over its immigration policy. so-called public charge. we begin with casey stegall live at the southern border in alamo, texas. casey, what s the situation? john, sandra, good to see you. the border patrol agent chief for this very sector which is the rio grande valley of south texas, one sector alone covers and encompasses some 277 miles of the entire southern border. over the last couple days, he says his agents have arrested almost
to the american people, but it would be unfair i think of us to put the blame for all this on the administration. i don t see it that way. yeah, it is a midterm election year so there will be blame being put unfairly all over the place because that is the way the game works. more than a year of gains wiped out in the s&p 500, market stress signals are high, that was a warning from a ubs strategist this week. and deutsche bank said that we live in the most hard to predict macroeconomic times in decades. and i would agree. i wonder if the bill has come due for all that you just mentioned and stock market investors are seeing an adjustment to this reality? 100%. you know, the fed is warning about just that. and this is a big deal for the fed to say, you know, hey investors, we may see a big correction and it may be unpred unpredictable. trading conditions will be worse than they have been. you know, in some time.
this report and kind of this picture we re looking at now has on the fed s decision of when to start raising interest rates. you know, i think when you look at unemployment this low, and you look at inflation at a 40-year high, they have to start raising rates. but it is a tricky moment, kate. there are so many factors out there that are changing now. not just the pandemic, but if you go back even before covid, we had an economy over the last ten years that has really been driven by the fed. not so much by wage hikes, not so much by big job increases, so, you know, where are we going to be after the fed pulls back the juice, you know, the music stops playing as they say on wall street, if we see a big correction in the market, how is that going to make people feel. what is that going to do to the big housing price increases we have seen? that s the kind of thing that makes people feel secure if you see a 20%, 30% dip, which is possible, that changes the whole picture and it could cha
Over the long term, confusing market crashes and bear markets can be detrimental to investor outcomes. Yet, this is what Morningstar did recently in discussing the market correction in 2020. To wit:
“The market downturn caused by the COVID-19 pandemic was one of the most severe in recent history, but it also proved to be one of the fastest recoveries. This episode reinforces two important lessons for long-term investors:
Don’t panic and sell stocks when the market crashes.
It’s very hard to predict how long the stock market recovery will take.”
During the downturn, I made these points in an article about the history of market crashes. I showed that the 150-year record of U.S. market returns is littered with bear markets (downturns of 20% or more) and in each case, the market eventually recovered and then went on to new heights.”