Thursday, October 11, 2018

Market drops, Trump talks...

This is hardly worth saying.  When the market was going up, Trump took credit.  When the market has a correction, Trump goes into blame mode.  Saying the Fed is going wild, saying the Fed is loco, has gone crazy, has a ridiculous policy, and on and on.  No self reflection, no self control, no perspective, that's our President.

This is unprecedented, at least in the post WWII era.  When there is market turmoil the President, the regulators, and most responsible legislators band together to project a sense of calm and control.  This President goes on the attack, as if he has panicked too.  Today he commented on the Federal budget deficit(it is normal for any entity to borrow by the way) and said "I"am paying higher rates and "I" don't like it.  The Federal budget is his?  This is the rant of an aspiring autocrat.

We have a sense of why the market corrected yesterday.  The continuation of this substantial decline, sharply at day's end, could by some be partially attributed to a complete absence of executive leadership.  Will Treasury Secretary Mnuchin provide any substantive advice. No. Will the fawning Larry Kudlow do so?  Absolutely not. Pence knows nothing about markets. Wilbur Ross is napping.  Sarah Huckabee is yapping.  Melania is trying on shoes.  Hope Hicks is gone.  Who is in charge?  Is it just the fringe economist Navarro who has the President's short attention span working by talking in sound bites?

And on and on...


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