Just how badly did Donald Trump blow it today? He tweeted a psychotic attack on his own Fed Chair Jay Powell, prompting the stock market to drop five hundred points. Then he tweeted an inappropriate joke about how the stock market was tanking, prompting it to drop another hundred points.
We all know why this is happening: Donald Trump’s trade war is a complete failure, because tariffs never work under these kinds of circumstances. But after the market closed, Trump announced that he was implementing even more tariffs on Chinese goods, which means the market will likely continue tanking when it reopens next week. Just how untenable is this?
The CEO of American Apparel just publicly asserted that Donald Trump’s economic policies are “a one-way ticket on the Titanic,” according to CNN political analyst Joshua Green. We all know what happened to the Titanic in the end – though come to think of it, it’s entirely possible that the ever ignorant Donald Trump watched the movie and thought the part about the ship sinking was fiction.
The bottom line here is that a quote like this isn’t about politics or partisanship. It’s about corporate America having had enough of Donald Trump’s damaging economic idiocy. History shows that you never come between wealthy people and their money without consequences. Trump, a perennially bankrupt bumbler who has spent his life pretending to be a wealthy person, is about to learn that lesson the hard way. Wall Street won’t stand for this for long.
Bill Palmer is the publisher of the political news outlet Palmer Report