It’s out of control. And I’m not even talking about the stock market, which fell off a cliff. I’m talking about the president who has deified himself. I hesitate to write strongly against Trump because I understand why many readers here voted for him, but today is a day that shall live in insanity!
I understand that we need someone who is anti-establishment; but, at the risk of offending my own audience, enough is enough with this guy! He’s done nothing but serve the establishment. He’s flooded the White House with establishment leaders. He’s currently turning himself into the perfect scapegoat for the Federal Reserve. But now he’s accepted a conspiracist’s anointing as the Second Coming of the Chosen One! I’m not concerned that someone said this about him, but about how quickly and proudly Trump wore it!
First, the stock market, which does need God’s help
Since the actions of the stock market were driven today by Trump’s mania (and since I need an economic tie-in), I’ll start with stocks as evidence of how much Trump rocks the boat the further off his own rocker he gets. (It is not even Trump’s economic policies or trade ingenuities that I’m going to write about. It is his now out-of-the-boat megalomania.)
In terms of the market’s apoplectic heaving today, one analyst wrote,
The moment of truth has arrived for stocks. The market, S&P 500 (SP500) is at a crucial inflection point here. The SPX can either breakout above 2,950, and go on to make higher highs, or the S&P 500 can break down below 2,850, and further reinstate the idea of this being the early stages of a bear market.
I guess the stock market got a little truth today. Maybe it’ll get religion … when hell freezes over. It could sure use it. Stocks readily broke the lower bound described above with the Donald’s help and China’s and with little answer to the market’s prayers from the Fed in whom it trusts.
Read the rest here: http://thegreatrecession.info/blog/god-help-us/