All errors should be reported to DonSurber@gmail.com

Tuesday, April 23, 2019

Remember the media said, "Trump Owns This Stock Market"

Mike Bloomberg is a multi-billionaire with his own business wire service, Bloomberg News.

You would think its staff and editors would know by now how the stock market works. That is after all the largest reason people read business stories.

But no. Bloomberg News is obsessed with politics, which has ruined its value as a conduit of information.

In the final five months of 2018, a stock market that shot up when we elected Donald John Trump president finally had its correction.

Bloomberg News pounced. On December 10, it ran a column by Barry Ritholtz, "Donald Trump Owns This Stock Market.

The subheadline said, "It wasn’t smart to dump a dovish Fed chief, run up the deficit, and start a trade war. Trump did all three."

Ritholtz has a "wealth management" business.

He wrote, "For the better part of the past three years, I have suggested that investors not let their partisan political views influence their choices. This is no longer the case. The Trump administration’s policies, passed as legislation by Congress and implemented by the executive branch, have driven interest rates higher, made deficits bigger and led to a trade war, and are risking a global slowdown and even a recession."

He also wrote, "I assumed that Trump’s aggressive style, economic ignorance and personal peccadilloes wouldn’t leave a lasting mark on either stocks or bonds. Now, roughly two years later, the chaos surrounding this presidency proves that was wishful thinking."

Economic ignorance?

The man is a billionaire. Let me be that stupid.

But stocks bounced back as they always do and today Wall Street was back to setting records again.

CNBC reported, "The S&P 500 and Nasdaq Composite rallied on Tuesday to notch record closing highs as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.

"The broad index closed 0.9% higher at 2,933.68, topping its previous record close of 2,930.75. The S&P 500 also ended the day just below its intraday record of 2,940.91. The Nasdaq closed up 1.3% at 8,120.82. The Dow Jones Industrial Average, meanwhile, gained 145.34 points to close at 26,656.39 and was 1.1% from an all-time high.

"Tuesday’s move toward an all-time closing high comes less than six months after a sharp decline in late December, which led the S&P 500 to its worst annual performance since 2008. But stocks quickly turned around as the Federal Reserve reversed course on monetary policy while the tone around U.S.-China trade talks improved."

***

Just remember: It is Donald John Trump's stock market.

By the way, over the Christmas weekend President Trump said it was time to buy stocks.

Had you, you would be up 20%.

More "economic ignorance," please.

19 comments:

  1. Goes to prove that you can't buy brains or common sense

    ReplyDelete
  2. Paul Krugman, Nobel Prize winning economist the day after election day 2016, commenting on President Trump's win..."So we are very probably looking at a global recession, with no end in sight."

    HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

    ReplyDelete
    Replies
    1. I always think of this Keynesian POS when hearing of the booming markets.

      Delete
  3. Those clowns in the Business News biz would rather get their stock tips from Bullsh*t Bernie.

    ReplyDelete
  4. Is he lumped in with the rest of the un-named economists who predicted financial doom for America should Trump be elected?

    I figured.

    ReplyDelete
  5. The Dow is about 200 points short of a record close, also.

    ReplyDelete
  6. Thanks Obama! President bone spurs has always taken credit for his inheritance.

    ReplyDelete
    Replies
    1. Ah, of course. Somehow, mysteriously, the Obama recovery began only after Trump was elected.

      Delete
    2. The Barry boom happened in 2009-12 as American production fled to China.

      Delete
  7. Presidents affect stocks by policies, regulations, and environment.

    Sadly, stocks represent shareholders value and most share holders do not give a flip if America has a middle class or not.

    Even worse, most middle class Americans are shareholders of these corporations via their 401ks.

    ReplyDelete
    Replies
    1. That's why possibly the best economic victory being won by President Trump is the reversal of several decades of declining working class wages and a shrinking middle class. Even during the economic boom of the Reagan years this horrible trend continued. And our betters in the GOP elite were more than happy to cheer on the decline. Remember how the horrible Bush Family wanted to shrink the working/middle class out of existence and replace us with cheap third world labor that [gawd I hate him] Jeb! called "an act of love." And the f****n* idi*t morons like Kevin Williamson and the NRO continually lecture us on how we deserve our fate.

      I'm happy we finally have a president who, contrary to the elites, want to see a growing, prospering working/middle class. I truly think this is one of the biggest reasons why the Mittens, the Kristol cruisers, and the NRO crowd in the GOP elite hate Trump so much. That and the fact that he doesn't want to fight perpetual wars killing others' children.
      -TK

      Delete
  8. Did Obama actually say “profits and earnings ratios”??!

    Bwahahahaha

    ReplyDelete
  9. To familiarize oneself with Trump's track record of publicly traded corporations, one only need to look at TCHR.

    "Trump Entertainment Resorts, Inc. is a gaming and hospitality company that currently does not own or operate any properties. The company previously owned and operated the now-renamed Trump Taj Mahal, the now-shuttered Trump Plaza, the demolished Trump World's Fair, the now-renamed Trump Marina, the now-renamed Trump Lake Michigan, and the now-renamed Trump 29. Formerly known as Trump Hotels & Casino Resorts, it was founded in 1995 by Donald Trump, now 45th president of the United States.[1] The company filed for bankruptcy in 2004, 2009 and 2014. It has been a subsidiary of Icahn Enterprises since 2016. Trump Entertainment Resorts currently owns one property, Trump Plaza Hotel and Casino, which is currently shuttered and vacant. "

    It's little wonder why the conman can't handle publicly traded companies. Too much accountability.

    ReplyDelete
    Replies
    1. Trump never said to invest in Him because he is a private enterprise. However in the recession following the last Clinton term he made 175 million in 3 months trading with Bear Sterns as his broker. Being Trump he bragged about it and was attacked by the NYT for attempting to "blind the rest of us with his rays of gold".
      The market goes up and down so, like global warming, when it is hot his enemies are silent, and when it is cold they claim he is a charlatan. The market is generally a 10 year play. However Trump's market has made his enemies rich including the media barons who direct their slaves to trash him every day. There is no "gratitude" because they were very wealthy already. They get a thrill now being powerful and corrupting the system that made them so. It is human vanity on a large scale.
      As for Bloomberg, in my experience his own platform was always anti Trump, but be also Allows access to various investment firms and "experts" for content purposes. None of these people give free advice. They always use the opportunity provided to promote their own interests, and by that I do not mean advertising. They want to make money. So if one says he is going long it usually means he is shorting the issue he is referring to but wants you to buy it. In this case the chosen Trump trasher was probably buying as the market sank but wanted his listeners to think a maniac was driving the market even lower so they should sell. We will never know but my bet is he was not on the program just to give his useless opinion.
      Don likes to fight for Trump in the front line. Unlike those of this always irrelevant troll, all of His battle scars were received facing forward.

      Delete
  10. Trump has been great for the stock market. If there is no recession, he's very very likely to get reelected.

    It's been a long time since the last recession, tho. They are caused by mal-investments. None know, now, where the mal-investments are, nor how big. I suspect they remain small enough to avoid recession, except maybe in the biggest over-taxed blue cities.

    ReplyDelete
  11. I am pretty jaded by the stock market. I have my stocks but I highly suspect that it's a rigged system and these billionaires are the beneficiary's. They are part of the elite system where their investing is not a gamble, it's a sure thing. The rest of us have to gamble. For instance couple of years ago we were squeezing the pipeline companies so much that most of the oil from ND had to go by rail. Who owned the rail company? Berkshire Hathaway..... Get how this works!

    ReplyDelete
  12. The problem with those who "claim to be Keynesian" is that, as my mother used to say, "you only hear what you want to hear." As Keynes actually said, yes you can borrow during bad times, but you have to restore those funds during good times.
    Gimmecrats go deaf on that last part.

    ReplyDelete
  13. Obama had absolutely NO economic experience nor skin in the game and yet nobody questioned his expertise.

    Funny, that.

    ReplyDelete