The stock market record shows the Clinton supporters who said a Trump win would crash the economy were wrong, but not much else.
I love the news of the stock market record because it shows that people are excited about the Trump Presidency. They expect great things from him.
According to Fox News Insider,
Club For Growth founder Stephen Moore reacted to reporting that since President Trump was elected, the stock market gained $2 trillion in wealth.
“This could be the start of a big bull market rally,” Moore said on Risk & Reward, noting the market today crossed 20,000 point threshold.
Likewise, CNBC reported,
The Dow Jones industrial average broke above 20,000 for the first time, rising about 150 points as Boeing, Goldman Sachs and IBM contributed the most gains.
“People are seeing that the administration is carrying through with some of the things they promised,” said John Stadtler, head of U.S. Financial Services Industry Practice at PwC. “It looks like long-term capital gains are here to stay.”
I agree that this is a Trump rally. It demonstrates that people love what he is doing. Deregulating the economy is a good thing.
But it is not enough to undo the eight years of damage done by the Federal Reserve under President Obama. Years of “quantitative easing” and other tricks cannot be fixed by a Presidential election. We are overdue for a market “correction.” I wish it had happened before the election so that Obama could have been blamed. It is his fault. He gave us the slowest “recovery” since World War II. Wikileaks showed that Democrats knew the economy was horrible but lied about it.
The price for Barack Obama continuing the awful policies of Bill Clinton and George W. Bush has yet to be paid. But the bill is overdue.
The media allowed Obama to blame Bush for his economic failings, but they won’t give Donald Trump that excuse. They are already getting ready to blame him, as CNBC reported,
The market rally that drove the Dow Jones industrial average past 20,000 on Wednesday won’t last, thanks to President Donald Trump, former U.S. Labor Secretary Robert Reich told CNBC.
In the short term, all looks well, Reich said Wednesday. But in several months, markets will not look as sunny as they do now as Trump continues to implement his policies, Reich, who served in the Labor post under former President Bill Clinton, told “Squawk Alley.”
“Donald Trump is treating the world economy as a zero-sum game, the assumption being ‘make America first, we win or they win,'” Reich said. “He’s talking down NATO, the European community. He’s making it seem as if trade is really bad for the United States and therefore we are going to put up trade barriers.”
I don’t agree with trade barriers either, but the manipulation of interest rates by the Federal Reserve is the real culprit. And NATO is a drain on the economy. Trump would help alleviate economic damage if he got us out of that boondoggle.
The pundits are ready to frame Trump for an economic crime that he didn’t commit. Be ready for the onslaught of fake news!