Yesterday on Stonekettle Station
Trump’s pet spokes bull, Kellyanne Conway says, “Record stock market highs AGAIN. The new normal under @POTUS and @GOP Congress.”
This comment is one of the most disingenuous in an administration literally based on disingenuity.
The stock market history trends upward ALWAYS — with certain notable momentary dips, which we’ll come back to in a moment. Trump’s supposed “record high” is just the normal far side of the graph.
For example, during Bill Clinton’s 8 year term, the market rose 229% with annual average gain of 14.9%. Every high during Clinton’s term was a record high.
On yesterday’s episode of the BBC World News Service’s Business Daily (Warning Signs for the Global Economy?) the first interview featured an economist (Pippa Malmgrem) who points out that quantitative easing put eighteen trillion more dollars into the world markets, and most of that increased supply of money went into the pockets of the wealthy class, who then proceed to play the stock market with it. Or as she put it, that eighteen trillion dollars will show up somewhere. This increase in the stock market has nothing to do with the Orange Hate-Monkey (OHM) anymore than Bill Clinton enabled the creation of the PC and it’s resultant boom. This is all beside the point that Stonekettle Station makes quite well, that the markets always trend upward; if not for inflationary reasons, then for real reasons of increased value. I find it amusing that eighteen trillion additional dollars doesn’t equate to inflating the money supply in the minds of most economists.
However, I would point out that the OHM’s stock market increases are not based on anything real but are instead based on the increased amount of money available to the markets, held by people who already have too much money. This allows them to bid up the market because millions of dollars mean nothing to these people. If the markets crash they’ll still have billions to rely upon. This is in direct contrast to the increases under Bill Clinton which were based on the creation and expansion of real markets and equated to more goods, more jobs, and more progress for the world and specifically for the American people. Progress that was lost under W’s watch and only regained slightly under Barack Obama. The OHM is presiding over the dismantling of America’s Long Peace. This will be disastrous to the US economy both short-term and long-term. I can’t imagine how we will survive this destruction even though I know some of us will.