Commentary
On Tuesday, Jan. 20, the Dow Jones Industrial Average stock index crashed by 870 points, the biggest drop since October 2025.
Banknotes of Japanese yen are seen in this illustration picture taken on June 15, 2022. Florence Lo/Illustration/Reuters
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Peter St Onge is an economic research fellow in the Roe Institute for Economic Policy Studies at The Heritage Foundation. He holds a doctorate in economics from George Mason University and is a former professor at Taiwan’s Feng Chia University. He blogs at Substack.com/@profstonge.
