Home | About | Donate

After Claiming Credit for Rise, Will Trump Take Credit for Historic Stock Market Tumble?


#1

After Claiming Credit for Rise, Will Trump Take Credit for Historic Stock Market Tumble?

Jon Queally, staff writer

Bucking the wisdom of his predecessors—who operated on the knowledge that stock prices go up and down, all for a variety of reasons—President Donald Trump has not been shy about taking personal credit for the recent highs of the stock market, but with Monday's historic drop on Wall Street the president has many people wondering if he'll take credit (or on who he'll cast the blame).

As USA Today reports:


#2

Good riddance to the stock market. If only it would truly fail. Idiots who invest in these corporations are only enabling a system that is designed to screw them over. The corporations own the government completely now and by investing in them one is only supporting the oligarchs who control your lives and don’t give a damn about you. It’s no different than family members who enable an alcoholic, or a child molester, or a rapist. Divest from the stock market now and let it go down the drain where it belongs. It’s nothing but a gambling casino owned by the oligarchs and it is designed to steal from the suckers who buy into it.


#3

If only it were that easy. Even now, very few of us own stock (or bonds) outright; much of the market is our “retirement savings,” like pension plans, all bundled together, over which we have no decision-making power. But not to worry, I think the whole mess is about to fall apart. Get prepared by getting to know your neighbors. Work out a plan to care for each other in the lean times to come, and good luck.


#4

Trump will never ascribe anything negative to himself. Never. Ever. He is psychologically incapable of it, and 100% certain in his “like, really smart” infallibility.

He could shoot someone on 5th Avenue and not lose any votes. Remember?


#5

Econ 101

Corporate capitalism is a simple monopoly game that was fun for pack rat types without moral compunctions back when the world was relatively empty of humans. Old fashioned capitalists think they are better people because they or their parents and grandparents have stolen more from Earth than others have.

Now there are billions of people and every living cell on Earth is stuffed full of capitalist chemical poisons that are put there in living bodies for profits to immortal beings designed to grow to infinity in a small and increasingly polluted blue dot planet floating in Cosmos.

The result is entirely predictable. One can now drive across the US without annoying bug splats on the windshield because capitalism is waging a chemical war against life. Corporatist servants own the US government and are using Pentagonian slaves working feverishly to start a nuclear war for profit.

Autonomous democracy is the only way out of America’s death wish. Use your purchasing power like your vote and choose None of the Above.


#6

Trump; has been selling real estate with hyperbole for years so you can’t take too seriously the claims he makes when it comes to selling himself as president. He has one mode and that is sell it. If he can make a sale of himself using a bull market he is going to do it. And if the market drops there is no way he will take any blame. It is all about making the sale.


#7

The US economy is now heavily dependent on finance for accumulation, which coincides with the explosion in debt. Private debt is now massive and growing, and those that own the debt have paid politicians (including “middle class” Biden) to keep their debts on the books. In fact, when the last crash happened, there was supposed to be help for home owners, and their debt, municipal debt and none of that happened. Cause the debt finance owns cannot be written down, even as wages, and profits, and tax revenues fall. The too big to fail banks are now much larger, and they pose a larger threat to the system, which means when the crash happens, the state will bail out financial capital, and they’ll keep all the debt on the books again. And it will be both parties doing this again.

Regarding inflation, realize what the financial press said. They said that wages were better than expected and there were fears about inflation. I want all of the working people reading this to think about that. Increased wages for working people is something that spooks the markets, and increased wages results in people with high propensities to spend (the poorer you are, the higher that propensity is, usually) having more money. So, not only do the capitalists want to push forward with automation (without ever discussing ownership, and whether or not it then makes sense for capitalists to own the machines), not only will they create intellectual property rights regimes that benefit large corporations, not only will they offshore production to places with massively low wages, in countries that are often authoritarian, and next to no environmental regulations, but if wages (despite all of this) increase, the financial markets will flip out. Then there’s the fact that capitalism is undeniably the key driver in the environmental crisis and in undermining democracies the world over.

This is capitalism. It isn’t a capitalism that is bad because it isn’t properly regulated. It isn’t just this version of capitalism that is bad. This is capitalism, always has been. And now the left in many developed countries is too weak to be a good counterweight. Maybe what is ahead will radicalize people further. That is already underway in the US, I just hope it speeds up a bit, cause those in power have no freaking answers and things continue to get much worse thanks to them and their crappy ideas.

We need public banking and we need to take away the power of private banks to create credit money. Let’s socialize that too. Kind of funny that Marx essentially assumed that capitalism had an important historical role to play, in that it would develop countries to the point where socialism was possible. If you read Marx, he basically assumed that industrial capital would take on financial capital, and warned time and time again what would happen if it didn’t. Well, it hasn’t, and at some point, a crisis will be too big for central banks to do anything. If you look at what central banks have done since, they’ve just made the next crash far, far, far worse.


#8

If the stock market continues to fall that may finally be what gets the reptardicons to impeach the pinhead :hugs::hugs::hugs:


#9

Okay, so the economy is now heavily dependent on finance. Finance’s product is debt, and people, households, students, homeowners, those that have credit cards, cars, are all massively in debt. Domestically, when Reagan was president, about 10% of profits accrued to the financial sector. Now, it is approaching 40%. It is a fact that capitalism the world over is increasingly reliant on finance for accumulation, which is a clear sign that the economy people like you support is just dead and not functioning well anymore. What exactly is your party’s solution? More to the point, what is the solution of Cuomo, and Biden (thanks for your rotten bankruptcy bill Joe), and people like Clinton to all of this?

The too big to fail banks are now bigger, and the last time the crash happened, nothing was done to write down private debt, which is much larger than public debt. Again, what is your party’s solution?

Public banking? Financial transaction taxes? Socializing money creation? What? What does your party offer policy wise? Where is it as far as articulating alternatives? Does your party being heavily reliant on bribes from financial capital have anything to do with the fact that when the next crash hits, all you will offer is to panic and to bail out financial capital with tax payer money?


#10

The article is about Trump taking credit for the recent rise in the stock market. The stock market s different than the economy. I think what you are referring to is the economy. That really is not what this article is about.


#11

No, the stock market is obviously part of the economy and is an important means of accumulation in modern capitalism. The point I was making was that one of the things that scared the financial markets was inflation fears, and they fear inflation because reports came out about workers’ earnings being higher than expected. Makes sense to think about the implications of this. It also makes sense to discuss what is going to happen when the massive bubble that has been building busts, and there are also issues in regards to financialization. Trump is the most boring part of this story, and your party not having any solutions, not bothering to articulate clear alternatives, and not doing so because of utter corruption, is a huge issue, and issue that will become even more apparent when the crash hits.

What are your party’s solutions and alternatives? I am not asking for a long thesis, give some bullet points, and point me to the times where the Democrats are out front articulating their clear alternatives. If you are game, point out the ways in which the Democrats propose things that would necessitate them taking on Wall Street, which is needed.


#12

Yeah, but the suckers will be told by Trump: " don’t worry it is just a minor correction that was long overdue."


#13

As Michael Hudson repeatedly notes, no matter how long they drag out the game and how many times they prop up their books again:

“Debts that cannot be repaid, will not be repaid.”

The next “correction” to unsustainable debt is coming. It will be the worst ever, since they have propped this house of cards up so many times now, with such sophisticated computerized games, that the house of cards is a tower many miles high. And as you and Garret note, it is all tied to the “financialized” ecology now as well.


#14

Hudson is amazing. The central banks around the world have flooded global markets with money, and inflation is barely impacted. Says a lot about where that money is flowing, that it just sits somewhere doing nothing, accrues interest at the Fed or gets used for financial speculation that often has negative societal consequences. We really are getting to the point where governments and central banks won’t be able to do anything, and given how much capitalism relies on finance, that’s kind of a problem.


#15

I’m sure republicans and rump supporters will find ways to spin it and place the blame on obama and democrats.


#16

i think Wolfess is on track: The “powers that be” will happily toss Trump, when they think they can use him that way to their benefit, and to again distract us from the true deep systemic problems.


#17

I think if the stock market continues to slide, our elected terrorists will start losing some hefty ‘re-election money’ (as in: money they have invested in the stock market) and when that happens they will get pissed at Trump for failing to stop it … if you combine the loss of money with the very real possibility that they will lose the midterms, I think that is when they will decide for their own well-being that they will have to impeach Trump in order to save their @$$es.

And about blaming Obama and the democrats, l fervently believe Obama is a big part of the reason Trump could get elected – lots of us believed what he said in '08 and were sorely disappointed all of his 8 years. Concerning democrats – HRC – need I say more?