Who’s responsible for the incipient financial pandemic?

American investors are among those feeling ill as U.S. capital markets respond to the spreading coronavirus. For example, 401k plans were hard hit yesterday, with the distinct possibility of further losses as disruptions in Chinese supply chains increasingly afflict businesses here. 

Let’s be clear about who’s to blame for this potential financial pandemic. Primarily, it’s the Chinese Communist Party.  Among other things, it failed to act for a month, contributing to the virus’ deadly spread throughout China and beyond.

Then, there are the Wall Street financiers and their enablers at the Securities and Exchange Commission who have exposed millions of U.S. investors’ funds to huge losses in non-transparent, risky and sometimes malevolent Chinese companies’ stocks and bonds. As those bets prove to have been predictably reckless, they must be held accountable along with their friends in the Chinese Communist Party.

This is Frank Gaffney.