Failing Trump administration. Sad!


#3391

Third worst point drop (after two days earlier this year.)

In terms of percentage drop (3.15%), which is the actual meaningful number, it’s not even in the top 20 percentage drops. (1987 and various days in 1929 still top that list.)


#3392

So we can expect Trump to say nothing about it then?


#3393

He really shouldn’t anyway. Presidents do not control the economy which is not the market which is not the DOW in the way they claim anyway… although they can certainly help or hinder the process.


#3394

I agree, but he’s been taking credit for when it was good. Like non-stop.


#3395

Well I am certainly not one to give Trump a pass, but the fact is… most the presidents do this. He’s just exceedingly obnoxious when he does. He can’t even pass on basic information or pat himself on the back without being an ass about it.


#3396

Presidents can definitely fuck up the economy. Trade wars, actual wars and uncertainty can cause real problems. Improving the economy is a whole different bag of squirrels.


#3397

So what instances are you thinking of. When did we go to war due one president’s decision and no other factors, modern history? When did a trade war actually tank a perfectly functioning doing well economy. We’re not talking industry or a specific market, but it took down the whole thing. One minute everything is hunky dory and suddenly one president pens his name and it went straight down?


#3398

He is having a rally literally tonight in PA. I wonder if anyone told him to tune back the economy bragging?


#3399

#3400

Right… I wasn’t arguing to that extremes. Trump’s trade wars have already caused some precipitous drops in the Dow at times. Those are the disruptions (fuckups) to which I refer. If you’ll only accept examples where the entire market is completely tanked… That has never happened in our country. It has in others (Germany in 1914, Venezuela now, etc).


#3401

My point is the presidents don’t really control the economy. So them taking credit or blame like they do is usually pretty ridiculous. They can influence it sure, but they simply do not have the power they claim they have or the way most people think they do.


#3402

Trump’s policies have really been testing the economy’s resistance to inflationary pressures. That resistance is going to give way, and we will see much higher interest rates and inflation.


#3403

Testing how. Trade Wars? Tax Cuts? This is not the first time for either of those. He doesn’t control the Fed. I mean, yeah if we’re going down the president can stomp his foot and try and push it down faster with doing dumb things. Congress can do that too but it… was already going down. You can say lack of regulation can lead to financial instability but they didn’t force the banks to make ninja loans. There were a lot of assumptions about how much a bank might not shoot itself in the foot but… the president did not tell them to do it.


#3404

of course, he is such a giver


#3405

It’s certainly possible for an individual to screw up an economy, but it’s rare that it happens. Winston Churchill almost destroyed the British economy after WWI. Maduro is largely responsible (with US help to be sure) for the destruction of the Venezuelan economy. Stalin fucked up the Soviet economy for generations and the Kims have ruined North Korea for about as long. But I’m not aware of any US President doing it, because the great depression as well as the recent one were both due to nonfeasance rather than active destructive effort.


#3406

Yeah given the choice between adoration from a few hundred people and helping millions, he naturally chooses the adoration.


#3407

Well I said President. I am not going to make claims about other countries and certainly not dictators or places where huge portions of the economy are actually in control of or owned by the national government either.

Ours is… well like I said, most presidents take too much credit and also too much blame.


#3408

Heh. Also May and friends (and enemies) are about to cause grievous damage to the British economy, but that’s a party-wide effort.


#3409

One could argue Hoover kind of did it, but generally their impact is limited at least in the short term.

I mean Clinton in many ways helped create the Great Recession, but we didn’t see those effects for quite a while. And it’s not like Congress didn’t help.


#3410

Also:

I think you can put this directly in Trump’s lap. While most Presidents can’t claim the economy, he can because he’s directly fucking with it on a daily basis. It’s not like Clinton, Bush or Obama were in there tinkering with shit and starting trade wars (and trade wars will definitely have direct impact, which is why we stopped doing them).