Donald Trump has spent the past year bragging about the rising stock market, either without understanding or without wanting to admit that it was a direct result of President Obama’s economic policies. In the past several days, the market has finally turned sharply downward, a fairly clear signal that investors don’t think Trump has what it takes to keep the Obama economy booming. So how is Trump responding to the market plunge? By trying to start a feud with it, of course.
The Dow Jones Industrial Average lost 666 points on Friday, and a whopping 1175 points on Monday, making clear that the market has had enough of Trump and his poor economic policies. Even though the market partially rebounded on Tuesday, and was up slightly again today, Trump decided that he needed to teach the market a lesson. This morning Trump tweeted “In the “old days,” when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!”
Trump doesn’t seem to understand that the market has begun plunging in part because investors hate instability, and they’ve concluded that Trump’s scandals and psychological problems make him too unstable to count on. No matter what the economic indicator numbers say – and some of them have been quietly but definitively turning negative since he took office – investors are not willing to keep pushing the market higher if they think the President of the United States is about to be impeached or they think he’s about to set his own pants on fire and skydive off the Washington Monument. But there’s an even bigger thing Trump doesn’t get here.
At the time Donald Trump posted his tweet attacking the stock market, the DJIA was up roughly 200 points for the day. In the three hours since, all those gains have been erased. This appears to be a direct result of Trump’s tweet, meaning he’s causing it go even lower by publicly attacking it.
Bill Palmer is the publisher of the political news outlet Palmer Report