In a bout of probably steroid induced pique, the president* tweeted he was ending talks with Congress regarding Covid 19 relief legislation. Within minutes, the stock market declined precipitously and within hours, Cheetolini started to walk back his message of intransigence.
If there is one economic indicator tRump respects and reveres for some reason, it is the stock market. Despite any president's marginal effect on stock prices, he feels a strong market is proof of his mastery of the economy. In reality, the market has risen at the same rate during his presidency* as that of his predecessor, so there is little to brag about. But, having hitched himself to this particular wagon, it would seem to be political suicide to say things which would bring the market down. Shutting off the spigot of government spending at a time when the Federal Reserve Board Chairman is literally begging for another round of stimulus is a strange play, to say the least.
tRump is down by as many as 16 points in polls released in the aftermath of the first and likely last presidential debate. Most Americans blame him for his failure to stay coronavirus free. To blow up his claim to be a master of the economy seems unbelievable on its face, especially 30 days from an election which is shaping up to be a Biden landslide. Maybe someone should check the dose of steroids the old boy is on. 'Roid rage, indeed.
No comments:
Post a Comment