Donald Trump has spent the past year bragging about the stock market, without acknowledging that its continued strong performance is a result of President Obama’s long term economic policies. During that time, nearly every other economic indicator has gradually turned negative, even as Trump has ignored (or lied) about those indicators. But today, Trump’s idiocy finally managed to break the stock market as well.
The Dow Jones Industrial Average closed down 666 points today, its worst single-day performance in years, capping off an overall terrible week for the stock market. There are several complex factors which simultaneously go into the market’s rise and fall. But the short explanation is that it’s an indicator of investors’ confidence that the economy is going to continue to expand. There were terrible new economic numbers released today, but that’s probably wasn’t the only factor contributing to today’s crash.
Trump’s stooge Devin Nunes released a memo full of classified information which was supposed to exonerate Trump in his Russia scandal, but has instead served to make him look even guiltier. Reactions are negative across the board, and investors appear to be interpreting this as a further destabilization of the United States government. The market hates instability, but up to now investors had been willing to keep pushing stock prices higher, despite Trump’s calamitous time in office. But no more.
We’ll see if the DJIA rebounds slightly on Monday or keeps plunging. But for now we’re looking at an entire weekend of headlines about how the market has plunged, which will force the mainstream media to finally put a heavier focus on the increasingly negative economic indicator numbers. Donald Trump’s approval rating was in the thirties when everyone still thought the economy was in good shape. What will happen to his approval rating now that everyone is about to figure out Trump has indeed broken the economy?
Bill Palmer is the publisher of the political news outlet Palmer Report