Donald Trump is a guy who knows a lot about the stock market, ok?
For instance, he (and Sean Hannity, who unbeknownst to Fox viewers, shared a lawyer with Trump even as he jerked the President off night after night after night) knows that when the stock market rises, the national debt goes down. Not a lot of people know that, primarily because it’s not true, but you know, while we’re just making shit up, right?
He also knows that rising stocks benefit the everyday Americans who make up a sizable percentage of his base. That’s another thing a lot of people didn’t realize and again, the reason a lot of people didn’t realize it is because it’s blatantly false. The people who benefit the most from rising stock prices are the people in whose hands those assets are disproportionately held:
And wouldn’t you know it, those would be the same people who benefit disproportionately from Trump’s tax cuts which he and the GOP disingenuously pitched as a “Middle Class miracle”. It’s a “miracle” all right – just not for you:
Boy, numbers and math sure are inconvenient for the populist financial blogs who try and force-feed you Trump’s agenda, aren’t they?
But believe it or not, there was indeed a time when Trump knew some things about the stock market that are true. It’s just that he conveniently forgot about those things once he became President or, more to the point, he forgot about them once it was possible for him to take credit for stock market gains.
See, when Obama was President, Trump called the stock market a figment of Janet Yellen’s imagination – a manifestation of Yellen’s desire to “do political things”:
A couple of days after that interview aired on CNBC, he noted that if rates rise, the “big, fat ugly bubble” that Janet Yellen has created will pop. Here, listen:
The jury is still out on what he’s going to do later this year if/when Jerome Powell’s persistent hikes end up pulling the rug out from under U.S. equities, but my guess would be he’ll channel his inner Recep Tayyip ErdoÄŸan. Then we’ll get to show that “political things” clip again and laugh.
Well as you’re probably aware, some of Trump’s recent rantings about trade have catalyzed quite a bit of market angst and at a ridiculous rally in Michigan on Saturday night (convened in an effort to spite the White House correspondents’ dinner), Trump said the following on the way to “explaining” why his beloved stock market rally has faltered in the wake of his increasingly aggressive trade stance:
Got that? Here it is:
The stock market could have been up 60% but I have to do things.
I can’t let other countries take advantage of us. The country is doing much better than the stock market.
I see. And by “the country is doing better”, I suppose he doesn’t mean how his lunatic decision to pile deficit-funded tax cuts that benefit him and his rich friends has put the U.S. on a path to fiscal ruin that will see America rank below Italy, Mozambique And Burundi in terms of debt sustainability by 2023 which, conveniently, will be right about the time it’s someone else’s problem. And by “someone else”, I mean all Americans besides Trump, who will probably disappear after 2022 and live out his remaining days in a cottage outside of St. Petersburg.
12 thoughts on “Trump: The Stock Market Stopped Going Up ‘Because I Have To Do Things’”
This is a top ten blog, no question. SNL etc. can’t touch this.
> “tax cuts that benefit him and his rich friends”
Supposedly not true, at least per John Mauldin who wrote the following this week on his website:..
“What tax cuts for the rich? With relatively small exceptions, the “rich” have not seen their taxes go down. In fact, it’s been just the opposite. The only real tax cuts were for the bottom 60-70%. The top 10% and especially the top 1% are paying a much higher percentage of taxes and are paying more. The small percentage of corporations organized as C corporations got a serious tax cut. But that is not the way that most of the “rich” own their businesses.
“If you are a small business that’s run through a pass-through corporation like an LLC, theoretically the headline say that you get to deduct some of your revenue. The reality is that most of the people I know don’t qualify for that deduction. Their taxes really will go up and often significantly.”
because every rich person owns a corporation? give me a break.
why do folks insist on quoting these people? go look at the multiple bi-partisan analyses of the tax plan. they all say the same thing. the numbers are just the numbers.
plus, the historical evidence on supply side economics is unequivocal.
and really, who gives a shit what “most people John knows” say?
I mean if you actually believe that Donald Trump and the GOP enacted a tax cut for the poor and the middle class, then I think maybe you’re not as discerning an observer as you claim to be.
I have no dog in that fight and observe nothing, except that John who IMO usually seems objective & credible took issue with the narrative that the tax cuts only help the rich.
Would that be St.Petersburg Florida?
Or that cold one that doesn’t speak?