“I am a Tariff Man” and Credit for the Stock Market

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US stock markets fell sharply on Tuesday as investors lost faith in a trade truce between the US and China that had been negotiated by Donald Trump at last week’s G20 summit.

 

On September 8th, 2018 I wrote:

“It is astounding that Republicans, like Lee Zeldin, are claiming credit for a soaring stock market.  They will mention the tax give-away to businesses (thus increasing profits), the abolition of regulations and hard-nosed trade wars with allies and others.  A bull run based on borrowed money and a soaring national deficit seems dangerous.  Add the inflation expected from the trade war.  Accordingly, the Warren Buffett Indicator predicts a stock market crash in 2018!  Perhaps Zeldin and company, should also be credited with the crash, when it happens?”

Well guess what, it is happening!

These are the headlines all over the internet “Dow dives 600 points to below 22,000, S&P 500 enters bear marketworst Christmas Eve ever

Now Mr. Zeldin, please own up and claim the credit that is rightfully yours.  Your pal, Donald Trump, knows this is bad news.

Trump’s aides have described the president as obsessed with the stock market’s performance, which he sees as a numerical validation of his personal performance. Trump spent much of late 2017 and early 2018 cheering big gains, which he claimed were stimulated by his presidency — in particular, his moves to cut taxes and roll back regulations.”  Lee Zeldin followed his lead.

As recently as July 2018, Zeldin took credit in the Riverhead Local: “With our markets hitting historic highs, retirement and college savings accounts are as well, making it a little easier for Long Islanders who invest with the hopes of providing a better life for themselves and their families.”

He also liked to tweet about this:

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As stocks drop, Trump fears he’s losing his best argument for reelection. So should Lee!

About D. Posnett MD

Emeritus Prof. of Medicine at Weill Cornell Medical College
This entry was posted in economics, economy, stock market, Trump, Uncategorized, Zeldin and tagged , , , , , , . Bookmark the permalink.

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