Is anyone looking at Dow Jones?

Waiting for every single Republican to turn in their resignations today.

I know I cursed when I read the breaking news on the tariffs. I think I also said “damn him, is he trying to crash the economy?”

See Ichan's remarks below:

https://www.democraticunderground.com/?com=view_post&forum=1002&pid=10306211

Conservative Policies in action. Talk about massive Inflation to come. Unemployment goes to 10%.

As pain runs across their faces.

factor of the Great Depression was the tariffs:

http://money.cnn.com/2016/07/07/news/economy/trump-trade-smoot-hawley/index.html

We don't manufacture much steel and aluminum anymore - certainly not enough to sustain growth, let alone any serious attempt at infrastructure repair.
This is what happens when a fool is at the helm. Look out below.

These tariffs are the beginning of a trade war. The inflation that results will be staggering. This type of protectionism leads to depressions and war.

And is intentionally trying to take us down

... and I bet it isn't even close to done.


Will be down 1000+ by day's end.

But of course, to enter trade agreements, you have to know how to negotiate and know what you are talking about. There is literally nobody in the Trump administration who can do that.

Shitler is utterly incompetent and is hurting the booming economy Obama handed off to him.

I don't think Trump is deliberately trying to crash the economy. But he has so little understanding of how the economy works that he does all of the wrong things. Like stupid tariffs. Like lowering taxes on the rich. Cutting funding to programs that actually help people.

Damn!
-560

Trump's comments today to start a worldwide trade war on steel and aluminum.
Smoot-Hawley tariff bill is considered the spark that set off the Great Depression.

Any incoming president inherits the economy of their predecessor for about a year thereafter. The 2000 dot-com bust was Clinton's (though the 2008 housing bust was wholly Bush). The one major exception I can think of was Obama in 2009, when it was largely his emergency policies that caused the DOW to bottom and rebound in April. Trump becoming president encouraged investors who saw him as basically being very laissez faire and committed to a major business tax cut, which investors saw (incorrectly) as Bullish.

I suspect that we'd be in a mild recession at this point even under Clinton - the market has been overvalued for a while, and a small contraction I think was baked into the cards. However, I think that Trump's effects are now factoring into the mix as well, and he's doing a very good job of turning a mild recession into a severe one.