When the stock market plunged earlier this month the liberal media wasted no time in foisting the blame on President Trump. Second rate news outlets like Politico
ran stories about the Commander-in-Chief learning a basic and painful lesson of Wall Street: Stocks also go down." As if the business titan of New York doesnt know more about the market than the rest of us.
The white noise reached such a fever pitch that the president was left with no choice but to address this absurd accusation responding to suggestions that the improved American economy was behind the market plummeting
The president reacted to this cynicism by saying In the old days when good news was reported the Stock Market would go up. Today when good news is reported the Stock Market goes down. Big mistake and we have so much good (great) news about the economy!"
Truer words could not be spoken as the US economy continues to improve by the day. The unemployment rate has
reached a 17-year low more than
160000 jobs have been added per month and...wait...whats that? Oh yeah! The stock market has already
bounced back with the Dow gaining more than 400 points as the focus has shifted from the economy to the presidents infrastructure plan.
The Trump administration has announced plans to invest $200 billion in the nations technology energy and materials. This comes on the footsteps of President Trump
signing a $700 billion military spending bill that will serve to increase among other things national cybersecurity.
So why then are investors and traders joining the lamestream media in their battle cry about the bull market being all Trumps fault? Because its easier to point the finger at someone else than to take a good hard look at oneself.
For starters the overwhelming majority of Americans had next to no money in stocks in the last few years. The reason being three in ten households have a net worth of
less than zero. With stock ownership so concentrated traders often make knee-jerk decisions when prices rise or fall.
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One of the biggest mistakes that novice investors make is underestimating the volatility of the market. Rather than investing via DCA (Dollar-cost averaging) which can make their portfolios essentially bulletproof over the long term they sink their life savings into stocks and then act like the sky is falling when prices fall.
Part of this can be chocked up to first-time investors being ignorant about the wealth of investing strategies out there. Most amateurs take a concentrated approach because they are unaware that fractional investments are possible with many modern assets particularly in the case of wildly popular cryptocurrencies like Bitcoin (BTC) and Ethereum (Ether).
As such any decline in the market seems like bad news and it follows that the less skilled investor will want a fall guy to pin it on. Enter the president who has weathered more insane accusations in his first year in office than most US presidents have had to weather in their entire term.
In the last year alone our Commander-in-Chief has been falsely accused of
hiring Russian prostitutes and having an
affair with a fame-seeking porn star. And in what amounts to
force majeure hes even been
blamed for the devastating wildfires that burned out of control in California.
In a ridiculously unstable tweet has-been actress Jamie Lee Curtis even blamed Hawaiis false alarm on the president writing This Hawaii missle sic scare is on YOU Mr. Trump. The real FEAR that mothers & fathers & children felt is on YOU. It is on YOUR ARROGANCE. HUBRIS. NARCISSISM. RAGE. EGO. IMMATURITY and your UNSTABLE IDIOCY. Shame on your hate filled self. YOU DID THIS!"
Evidently the
Trading Places actress neglected two things when she sent out her tweet. She forgot to blame the president for the poor education that resulted in her lack of proper spelling or grammar and she neglected to do her homework on the subject of the Hawaii panic.
As it turns out the president was golfing when the false alarm went off and the Emergency Management Agency not the president sent the ballistic missile alert. The Emergency Management Agency falls under the authority of the state of Hawaii not the White House.
Nevertheless the media played the blame game and the president was their target just as he is now. The stock market is the latest example in a string of such unwarranted attacks.
The reason for this hostility is simple; its no small task to reflect on ones own mistakes. The average American household now
carries more than $16000 in credit card debt. The total debt owed by US consumers is estimated to hover around
$1 trillion.
While credit scores have a tendency to fluctuate over time many Americans have poor credit scores or even no credit score to speak of. For instance 48 of African-Americans have been found to have
poor credit reports and are less likely to be eligible for credit cards.
It would be a breeze to blame Visa or Mastercard or Mike Pence for creating these conditions but logic dictates that the only people responsible for credit card debt are the people who accumulated it. This is especially true now and in the years ahead.
Now that Trump has raised minimum wage and created more jobs there is no excuse for people to spend frivolously on credit. Of course if theres no excuse people will invent one. Therein lies the inherent problem one that has dogged not only the public but the political space as well.
There is a staggering lack of accountability among Americans and its been
crippling our ability to thrive. This goes far toward explaining why so many people look at the president as their personal pinatabecause he represents a break from this broken system of passing the buck.
As the record will show President Trump is far from the obstinate blowhard the mainstream press paints him as. On the contrary he famously
admitted that he was wrong in his initial assessment of our presence in Afghanistan and expanded military intervention. We should all take a page from this kind of principled realism lest we continue to behave like the kid whose dog ate his homework.
Sources:
- https://nypost.com/2017/08/21/trumps-principled-realism-call-on-afghanistan/
- https://aaacreditguide.com
