The President continues to run on a populist message to the common folk of America. But it is well known that the stock market is owned by the elite.
By Pam Martens and Russ Martens of Wall Street on Parade.
Donald Trump continues to go out of his way to tie his reelection chances to the stock market setting new highs by perpetually taking credit for its gains on his Twitter page. No other sitting U.S. president in history has done that because they have all been aware of how fast trends can change in the stock market. In fact, we recall a previous Republican President, George W. Bush, being dismissive of the stock market, saying “they run it up and they run it down,” or words to that effect. (On Wall Street that’s known as a bull raid and a bear raid.)
On January 9 President Trump delivered the message below on his Twitter page, mistakenly referring to a 401(K) as a 409K. The implication is that Trump has rallied the stock market by 70 to 90 percent and it’s your own dumb fault if your retirement portfolio is only up by 50 percent. Retirees could take this to mean that the sitting President of the United States is encouraging them to allocate more of their retirement assets to stocks and less to conservative bonds.
That’s not the role of a sitting President and it could very well lead to dangerous risk-taking and bad outcomes for retirees.
President Donald Trump was inaugurated on January 20, 2017. That day the Standard and Poor’s 500 Index closed at 2,271. Yesterday it closed at 3,288, an increase of 1,071 points or a gain of 44.8 percent. The bulk of that gain came on the promise and eventual enactment of a massive corporate tax cut that has ballooned the national debt and now promises to deliver the U.S. a sub-2 percent rate of growth this year and the following two years according to the World Bank’s latest forecast…