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Wednesday, February 07, 2018

Trump punked the press on the stock market

To the lefty loons in the media, your stock market crash has been placed on back order. Its new ETA is the second year of the next Democratic president.

President Trump punked the press by playing the long game. His plan involves not only raising stock prices, but raising the minimum wage.



Trump has correctly taken credit for the historic rise in the stock market since he was elected. Unlike previous presidents-elect, Trump did not take a vacation. He went right to work, as he focused on convincing manufacturers to invest here.

It paid off -- much to the consternation of the political experts in the press.

(His election was much to the consternation of the political experts in the press. Trump loves consternating the press.)

Like Wile E. Coyote waiting for the Road Runner to run into the trap, the Fake News media stood waiting for the market to fall. After all, what goes up must come down, right? On Friday the Dow fell and on Monday it fell harder.

Dana Milbank of the Washington Post was among the sudden financial experts in the Fake News media who pounced on Trump.

The last time I saw Milbank on TV, he was on Keith Olbermann's show wearing a knit orange hat and a crossing guard's vest -- pretending it was blaze orange. Apparently there are no outdoors shops in the Greater DC area. Nevertheless, following a hunting accident involving Dick Cheney, Milbank became an expert sportsman.

On Monday, Milbank became an expert in the stock market.

"Reality is catching up with Trump — everywhere," the headline read.

Milbank wrote, "President Trump, in his State of the Union address last week, boasted to the nation about stock market gains: 'The stock market has smashed one record after another, gaining $8 trillion dollars and more in value in just this short period of time.'"

Milbank had counted Trump bragging about the stock market rise more than 100 times. Imagine Trump taking credit for the Trump Rally. Obviously, it was named for some other Trump.

"The Dow Jones Industrial Average plunged 1,175 points Monday, its biggest one-day point drop in history, following Friday’s beastly 666-point slide. The S&P 500 has lost more than $1 trillion in market value in just three trading days, and the Dow’s 8 percent drop in six trading days wiped out the year’s gains," Milbank wrote.

It is called a correction. And on Tuesday, the Dow rose. Today it fell a whopping 0.08%.

Milbank was not the only fool on Monday. The New York Times headlined its political stock market story: "Live by the Dow, Die by the Dow? Trump Is Quiet on Market."

That works both ways, of course. Trump set up his critics like a bowling pin, as the Grateful Dead might put it.

The stock market knocked the press down.

When he stands for re-election, Trump will be graded in large part by the performance of the economy. Trump has embraced this as no other president has since FDR. Unlike Roosevelt, Trump has embraced capitalism.

The stock market gain is nice, but what about raising minimum wage? Democrats both in and out of the media have been trying for over a decade to get a $15 minimum wage.

"The new mandatory minimum wage laws set to take effect in 12 states and the District of Columbia in 2018 will have disastrous effects on job growth and the longevity of small businesses, according to a new study provided exclusively to The Daily Caller News Foundation," the Daily Caller reported.

"The study, conducted by the free market advocacy group American Action Forum, found that incremental minimum wage increases implemented in 2018 alone will cost the nation roughly 261,000 jobs. Once the minimum wage increases are fully phased in, they are expected to cost approximately 1.7 million jobs, using each state’s official employment projections as a baseline. The number is significant in light of the Bureau of Labor Statistics 2017 projection that the entire U.S. economy will add 11.5 million jobs over the next decade."

So raising the minimum wage by government fiat results in fewer jobs.

Trump tried something else. He cut taxes. And guess what? Companies are raising the minimum they pay voluntarily.

"Walmart is raising its minimum wage and handing out tax cut bonuses because of the new Republican tax law. The retail company said the wage hike to $11 an hour would roll out in February. Employees are also getting a one-time bonus of up to $1,000," CNN reported on January 11.

"Charter Communications says it is setting its minimum wage across the board at $15 an hour, citing the impact on its business from the tax overhaul and the repeal of net-neutrality rules," the Associated Press reported on Tuesday.

Wells Fargo and others also raised their minimum wage.

To the consternation of the press, the public now credits Trump -- not Obama -- with the economic boom.

"For the first time in a year, voters say 48%-41% that President Trump is more responsible for the state of the economy than former President Barack Obama," the Quinnipiac University National Poll reported.

The poll also showed 70% of the people "describe the state of the nation's economy these days as" either excellent or good.

But that's today. As Sir Ringo Starr once said, "tomorrow never knows."

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"Fake News Follies of 2017" is available on Kindle and in paperback.

Autographed copies are available. Email me at DonSurber@GMail.com for details. I am including a "director's cut." I'll email you back the original Chapter 1 that I cut because while the chapter was amusing, it really had nothing to do with the "Fake News Follies of 2017."

Ben Garrison did the cover and I am so happy with it. I told him what the book was about, sent him a copy of the manuscript, and he came up with a perfect cover. I am so pleased.


7 comments:

  1. Did Ringo write that? I thought it was Lennon. John sang it, fo sho. Must research...

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    1. Well, Big D, you were right! Why did I ever doubt you? The song title doesn't appear anywhere in the lyrics, but Ringo said it in a 1964 interview. You'd beat me like a gong in Beatles Jeopardy! Well played, sir.

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    2. John was going to name it "The Void," which does appear in the lyrics, but then he remembered Ringo's malapropism.
      ---Fred

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    3. Gov't Mule at the Clay Center in Charleston on April 22, if interested.

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  2. Official news reporting that the government was actively attempting to unseat a sitting President has more to do with the sudden explosive dip than anything President Trump did yet Trump is to blame? GMAB!

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  3. The NYT undoubtedly believes everything Paullie "The Beard" Krugman prognosticates. I believe neither.

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  4. The issue I've not seen discussed is why this sell off happened now instead of in mid December as it usually does. I expect the tax advisors got a handle on the tax cut and issued advice.


    Those seeking to teardown Trump forget he was a builder and a businessman. The builder knows the value of getting to work immediately on preparing a good foundation for the later more noticeable work. The businessman knows not every initiative pays off so invests in a lot of different things needing only a few to pay off to make a profit.

    Year 1 of Trump was successful, but it was also mostly site prep work. What is to come is likely to be much more noticeable and public opinion winning.

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