April 3, 2018: Speaking of "Fake News..."

 

4/3/18: Speaking of “Fake News,” let’s see how the stock market is doing. If the market is up Trump and loyal Trumpsters claim all credit is due him. When the market was down in the past – for stretches under Obama – it was always the fault of the black guy in the White House. 

 

Not as good as the 32.5% rise under Obama. 

Consider a few Trump tweets: 

Nov 7, 2012: The stock market and US dollar are both plunging today. Welcome to @BarackObama’s second term. 

 

If the market goes up, and you aren’t even president, but you’re a candidate, then all credit to you: 

Jun 28, 2016: @arnold_ziffel: @AnnCoulter also can’t help but notice the stock market’s reaction as @realDonaldTrump was speaking. #UPUPUP

 

Once Trump wins election and has his presidential index finger on the Twitter button, the tweets begin to flow. Trump is a stock market hero! 

Feb 16, 2017: Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism - even before tax plan rollout!

 

Aug 3, 2017: Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn’t just happen!

 

Nov 29, 2017: Looks like another great day for the Stock Market. Consumer Confidence is at Record High. I guess somebody likes me (my policies)! 

 

In the next tweet, Trump appears to be quoting a fan, but doesn’t identify who that might be: 

Jan 14, 2018: “President Trump is not getting the credit he deserves for the economy. Tax Cut bonuses to more than 2,000,000 workers. Most explosive Stock Market rally that we’ve seen in modern times. 18,000 to 26,000 from Election, and grounded in profitability and growth. All Trump, not 0...

 

“All Trump, not 0 [sic],” apparently means, any rise in the Dow is due to Trump, whereas Obama never helped the markets at all. 

So, let’s recap. When stocks go up, Trump gets credit. And Obama was terrible for stocks.

 

This is easy to check. The Dow Jones closed at 8,281 on January 16, 2009, the last trading day before Obama took office. By then, the market had plunged nearly six thousand points, from a high in 2007 (14,164). This left Mr. Obama to deal with a real mess, dwarfing the imaginary mess Trump says he inherited. 

The Dow bottomed out at 6,547 in March, having lost more than half its value. 

Under Mr. Obama the market quickly (and thankfully) recovered, ending 2009 at 10,428. That would represent a gain, from Inauguration Day 2009 to New Years’ Eve 2009, of 25.9%. 

By April 5, 2010 (the first trading day after Easter weekend), the Dow stood at 10,974. Starting from Inauguration Day to April Fools’ Day, the market had risen a shade under 32.5%.

 

Of course, conservatives never give Obama credit if they can avoid it. As mentioned, they like to claim that all the gains from the moment Trump was elected should be chalked up to Trump and the “optimism” he brings to the market. Suppose a gracious liberal (such as this blogger) gives Trump and Trump fans that break – credits our current president with all gains from November 8, 2016, when the market closed at 18,333 – and computes stock increases from that point. 

The Dow finished today at 24,033. 

That means the market is up 31.1%, giving Trump the best starting point and more than three extra months to pump up the gains. 

It’s not as good as the 32.5% rise under Obama, to the same point in his first term, but it’s good.

 

* 

THE PRESIDENT of the United States continues his assault on the First Amendment. He starts this day at 5:38 a.m., tweet-bitching again:  

The Fake News Networks, those that knowingly have a sick and biased AGENDA, are worried about the competition and quality of Sinclair Broadcast. The “Fakers” at CNN, NBC, ABC & CBS have done so much dishonest reporting that they should only be allowed to get awards for fiction! 

 

Trump caps his attacks during a press conference with leaders of three Baltic republics later the same day. Keep in mind: Those three nations spent fifty years under the iron hand of the Soviet Union. In that half century their people never enjoyed a single day of press freedom. 

Once again, the President of the United States mocks the American free press, telling the president of Latvia to pick a “Baltic reporter” to ask a question. 

“Pick a reporter, please,” Trump says to Latvian President Raimonds Vejonis. “A Baltic reporter ideally. Real news, not fake news.”