Thursday, 23 November 2017 18:38

The bull behind Donald Trump's Thanksgiving stock market self-praise

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trump stocksToday, Donald Trump engaged in a teleconference with members of the US military across the seas and told them that they had something to fight for.

"We're doing well at home. The economy is doing really great," he said. "When you come back, you are going to see with the jobs and companies coming back into our country and the stock market just hit a record high. Unemployment is the lowest it's been in 17 years. So you're fighting for something real, you're fighting for something good."

 

Early today, he also tweeted:

HAPPY THANKSGIVING, your Country is starting to do really well. Jobs coming back, highest Stock Market EVER, Military getting really strong, we will build the WALL, V.A. taking care of our Vets, great Supreme Court Justice, RECORD CUT IN REGS, lowest unemployment in 17 years....!

On this day of thanks for America, Trump wants America to know that one of the major signs of economic success in America since he took office is none other than Wall Street.

Donald Trump News Today

Never mind that some of the same members of the military were fighting something good before he became President, a question arises with his comments—should Donald Trump be promoting the stock market gain as he is doing to provide evidence of his presidential successes?

Undergirding that inquiry, the dominant issue is--why should we believe Trump about the importance of the stock market since he denounced it often when the gains occurred under Obama’s watch?

Since becoming President, Trump has tweeted about the stock market rises at least thirty times, equating it with growth in his economy.

Yet, when running for President, the success of the market which had doubled under Obama’s stead was basically a hoax, or at least, that is what he implied.

On Jan 20, 2017 on Trump’s inauguration day, the stock market hit 19,827. Today, the market hit 23,526 84.27 increase of 18.65%.

When Obama was inaugurated, Jan. 20, 2009, the Dow Jones Industrial Average (DJIA) hit 7,949.09. That was the lowest inaugural performance for the Dow ever.  On November 20, 2009, the Dow Jones industrials, hit 10,317, amounting to a 29.78% gain

On Jan 20, 2017 on Trump’s inauguration day, the stock market hit 19,827. Today, the market hit 23,526 84.27, an increase of 18.65%.

Do the math. Obama’s stock market gain was 11.13% better than that of Trump’s.

Here are just some of the media references to Trump’s campaign run stock-market comments:

If rates go up, you're going to see something that's not pretty," the billionaire businessman told Fox News during a Tuesday morning phone interview. "It's all a big bubble."

https://www.cnbc.com/2016/08/09/donald-trump-on-the-stock-market-its-all-a-big-bubble.html

“It’s all a big bubble.” Trump added that he’s dabbled in picking stocks, but, “I’m a person who doesn’t believe in it much,” and right now, “I wouldn’t do it.”

http://fortune.com/2016/08/09/trump-right-about-stocks/


“At some point the rates are going to have to change,” Trump, who was campaigning in Ohio on Monday, added. “The only thing that is strong is the artificial stock market,” he said.

https://www.reuters.com/article/us-usa-election-trump/trump-says-u-s-interest-rates-must-change-as-fed-weighs-rate-hike-idUSKCN11B24E

Give Trump’s stock market increase its due. Although he demeaned the stock market increases under Obama, the Dow has increased by an 18.65%.

But, if Trump wants any kudos for that climb, it is time for him to acknowledge Obama’s 29.78% growth.

More than anything else, he should admit that the US Military was fighting for something good back then too and not just because stocks prices are bullish.

Read 468 times Last modified on Thursday, 23 November 2017 19:01
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