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A trading board on the floor of the New York Stock Exchange (NYSE) shows the closing numbers on February 5, 2018 in New York City. Following Fridays's over 600 point drop, the Dow Jones Industrial Average briefly fell over 1500 points in afternoon trading before closing down at 1,175.21 points. (Photo: Spencer Platt/Getty Images)
After Claiming Credit for Rise, Will Trump Take Credit for Historic Stock Market Tumble?
"Seeing as how Trump loves to brag about the stock market doing well, I know he'll be a man of integrity and take an equal share of the responsibility when it doesn't."
Feb 06, 2018
Bucking the wisdom of his predecessors--who operated on the knowledge that stock prices go up and down, all for a variety of reasons--President Donald Trump has not been shy about taking personal credit for the recent highs of the stock market, but with Monday's historic drop on Wall Street the president has many people wondering if he'll take credit (or on who he'll cast the blame).
As USA Today reports:
Traditionally, presidents have avoided patting themselves on the back for Wall Street's highs, because they don't wish to be anchored down by its lows.
As Axel Merk, president of Merk Investments, said, "Let Trump take credit, but he'll also own it should the market ever tank."
"Trump hasn't just claimed that stocks are up because of him," CNN added, "he has argued without offering proof that they would have crashed if Hillary Clinton were president."
Across social media, as the Huffington Post cataloged, countless people were making that connection rather easily after Trump went conspicuously silent on Monday as the market tanked:
According to the latest data from the Survey of Consumer Finances, only around 14 percent of all U.S. families directly own stocks or hold investments like mutual funds, which is why many astute economists issue the reminder in moments like these that "the stock market is not the economy."
On the other hand, the state of other stock indexes around the world on Tuesday--not to mention that investor jitters, inflation fears, and sell-offs can have real-world ramifications--makes it clear that there are impressive dynamics in the U.S. economy exerting pressure on the globalized system.
It is "too soon to tell" if the overall economy is heading for real trouble, wrote New York Times columnist Paul Krugman on Tuesday.
"But if we are," he noted, citing Trump and the financial team he has assembled at the Fed and within his administration, "rest assured that we'll have the worst possible people on the case."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Bucking the wisdom of his predecessors--who operated on the knowledge that stock prices go up and down, all for a variety of reasons--President Donald Trump has not been shy about taking personal credit for the recent highs of the stock market, but with Monday's historic drop on Wall Street the president has many people wondering if he'll take credit (or on who he'll cast the blame).
As USA Today reports:
Traditionally, presidents have avoided patting themselves on the back for Wall Street's highs, because they don't wish to be anchored down by its lows.
As Axel Merk, president of Merk Investments, said, "Let Trump take credit, but he'll also own it should the market ever tank."
"Trump hasn't just claimed that stocks are up because of him," CNN added, "he has argued without offering proof that they would have crashed if Hillary Clinton were president."
Across social media, as the Huffington Post cataloged, countless people were making that connection rather easily after Trump went conspicuously silent on Monday as the market tanked:
According to the latest data from the Survey of Consumer Finances, only around 14 percent of all U.S. families directly own stocks or hold investments like mutual funds, which is why many astute economists issue the reminder in moments like these that "the stock market is not the economy."
On the other hand, the state of other stock indexes around the world on Tuesday--not to mention that investor jitters, inflation fears, and sell-offs can have real-world ramifications--makes it clear that there are impressive dynamics in the U.S. economy exerting pressure on the globalized system.
It is "too soon to tell" if the overall economy is heading for real trouble, wrote New York Times columnist Paul Krugman on Tuesday.
"But if we are," he noted, citing Trump and the financial team he has assembled at the Fed and within his administration, "rest assured that we'll have the worst possible people on the case."
Bucking the wisdom of his predecessors--who operated on the knowledge that stock prices go up and down, all for a variety of reasons--President Donald Trump has not been shy about taking personal credit for the recent highs of the stock market, but with Monday's historic drop on Wall Street the president has many people wondering if he'll take credit (or on who he'll cast the blame).
As USA Today reports:
Traditionally, presidents have avoided patting themselves on the back for Wall Street's highs, because they don't wish to be anchored down by its lows.
As Axel Merk, president of Merk Investments, said, "Let Trump take credit, but he'll also own it should the market ever tank."
"Trump hasn't just claimed that stocks are up because of him," CNN added, "he has argued without offering proof that they would have crashed if Hillary Clinton were president."
Across social media, as the Huffington Post cataloged, countless people were making that connection rather easily after Trump went conspicuously silent on Monday as the market tanked:
According to the latest data from the Survey of Consumer Finances, only around 14 percent of all U.S. families directly own stocks or hold investments like mutual funds, which is why many astute economists issue the reminder in moments like these that "the stock market is not the economy."
On the other hand, the state of other stock indexes around the world on Tuesday--not to mention that investor jitters, inflation fears, and sell-offs can have real-world ramifications--makes it clear that there are impressive dynamics in the U.S. economy exerting pressure on the globalized system.
It is "too soon to tell" if the overall economy is heading for real trouble, wrote New York Times columnist Paul Krugman on Tuesday.
"But if we are," he noted, citing Trump and the financial team he has assembled at the Fed and within his administration, "rest assured that we'll have the worst possible people on the case."
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