Only a fool would take investment advice from someone who has filed for bankruptcy multiple times and to whom most banks refused to lend money because of his lack of creditworthiness.
It would be even more foolish to take advice from someone whose market predictions erratically contradict each other from one day to the next.
Yet Donald Trump still seems to think that people should pay attention when he discusses the stock market, given his frequent pronouncements and numerous tweets on the subject of market indices.
Anyone who used the president’s predictions last August as to what would happen to the Dow Jones Industrial Average if he were to be impeached would be a whole lot poorer, however.
“I’ll tell you what, if I ever got impeached, I think the market would crash. I think everybody would be very poor.” Trump said at the time in an interview on Fox & Friends.
He repeated the same sentiment in a tweet as recently as September.
If they actually did this the markets would crash. Do you think it was luck that got us to the best Stock Market and Economy in our history. It wasn’t! https://t.co/V0WGVWEWTN
— Donald J. Trump (@realDonaldTrump) September 26, 2019
Now, however, Trump is ignoring the fact that not only did his impeachment not inspire a panic-induced meltdown on Wall Street, it actually helped propel the markets to record highs.
Never one to take the hint that America’s capitalists were not-so-subtly sending his way, Trump simply pretended that he never made the ominous prediction about the effect of his impeachment on the financial health of share-owners and corporations alike, and pivoted to claim credit for the booming economy and utilize it as an argument against the very impeachment that he warned would have the opposite result.
NASDAQ UP 72.2% SINCE OUR GREAT 2016 ELECTION VICTORY! DOW UP 55.8%. The best is yet to come!
— Donald J. Trump (@realDonaldTrump) December 23, 2019
Trump clarified his argument in a second tweet he posted soon after this first bout of electioneering — since one could conceivably argue that “the best” he claims is “yet to come” would be the market reaction to his actual removal from office after a Senate conviction for his high crimes and misdemeanors.
STOCK MARKET CLOSES AT ALL-TIME HIGH! What a great time for the Radical Left, Do Nothing Democrats to Impeach your favorite President, especially since he has not done anything wrong!
— Donald J. Trump (@realDonaldTrump) December 24, 2019
At least Trump got one thing right in this tweet.
While his propagandistic description of the Democrats and his characterization of both his innocence and our estimation of his presidency are way off base, it is a great time to impeach this president.
In fact, anytime would be good for this long-overdue attempt to hold Trump accountable for his heinous and evil actions. The sooner, the better, but still not soon enough.
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Vinnie Longobardo is a 35-year veteran of the TV, mobile & internet industries, specializing in start-ups and the international media business. His passions are politics, music and art.