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http://www.msnbc.com/rachel-maddow-show/white-house-tries-blame-dems-the-stock-market-drop?cid=sm_npd_ms_fb_maWhite House tries to blame Dems for the stock market drop
10/25/18 08:40 AMUpdated 10/25/18 08:41 AM
By Steve Benen
One of Donald Trumps standard election-season lines encourages people to look at the value of their investments. The stock market is at an all-time high, the president boasted two weeks ago. Think of that over 50 percent since my election. Fifty percent. People the 401(k)s and they have 401(k)s, and they were dying with them for years. Now theyre so happy.
As it turns out, none of this was included in Trumps rally last night in Wisconsin. Its a safe bet this wasnt a simple oversight.
After yesterdays drops, all of the major Wall Street indexes are in negative territory for the year. On Jan. 1, 2018, for example, the Dow Jones Industrial Average stood at 24,719.22. Yesterday, it closed at 24,583.42.
For White House officials, this creates a bit of a messaging problem. But true to form, Team Trump has come up with a politically convenient line.
Kudlow, speaking to reporters outside the White House on Tuesday, blamed the market decline on the midterm elections. I think the stock market is worried that Congress will change and will overturn these pro-growth policies, he said. The correction has to overcome the uncertainty about this election.
Its a classic heads-I-win-tails-you-lose pitch: when the markets go up, its proof that Donald Trump is a genius; when the markets go down, its proof that out-of-power Democrats are screwing things up.
To the extent that reality still has any meaning, there is nothing to suggest market drops are related to election uncertainty. Its far easier to believe recent downturns are related to rising interest rates, Trumps trade war, weaker overseas growth, some unexpectedly sub-par corporate earnings reports, and the presidents increasingly over-the-top criticisms of the Federal Reserve.
Some in the White House probably understand this, but blaming the presidents political opponents is apparently more satisfying, even if its wrong.
Proud Liberal Dem
(24,414 posts)The GOOD economy is due to Trump's awesome businesses/managerial omnipotence but the BAD economy is due to Democrats/George Soros/Hillary Clinton/Barack Obama/Nancy Pelosi *argle bargle*
RKP5637
(67,111 posts)blame everything on others. What an absolute bunch of misfits. Stupid as hell and belong back in the 1500's.
Baitball Blogger
(46,737 posts)Totally misjudged the intent.
RKP5637
(67,111 posts)me wonder about the future if so many Americans are so stupid and/or so easily mislead by his lies and distortions.
Liberal In Texas
(13,556 posts)A tax cut stimulus will only last so long. It'll goose the economy just like if I take my credit cards and go on a massive shopping spree.
dlk
(11,569 posts)And the winning continues .
Turbineguy
(37,343 posts)just like getting the bombs was their fault.
duforsure
(11,885 posts)The Department of Denial. Con men and criminals always have lots of excuses up their sleeves to blames others with.