August 14, 2022

Trump just desperately tried to pass the blame as stocks take sudden tumble

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Nero at least produced some dulcet tones from his violin when he fiddled as Rome burned.


The best Donald Trump can come up with as the American economy — and much of the rest of the industrial world’s — begins its descent into recession is a few desperate tweets trying to place the blame on anywhere but his own tariff wars — that and a few divots in the grass of his Bedminster, New Jersey golf club were he is pretending not be vacationing.

With the Dow Jones Industrial Average falling 2.75% this afternoon — driven down by economic indicators in the bond market and data that shows that Trump’s tariff wars are sending the German and Chinese economies down the toilet — Trump took to Twitter to quote Fox Business hosts in an attempt to avoid responsibility for the effects of his disastrous trade policies.

Trump’s view of the Federal Reserve as his personal piggy bank — rather than the independent arbiter of monetary policy that it was designed to be — has led him to publicly pressure the Fed to tailor its decisions to make his own life easier rather than base its interest rate policy on what makes sense for long term economic health.

One would think that Trump would have learned to stop meddling with the Fed after nominating two completely unqualified candidates to vacant seats on the board of the organization and being forced to withdraw both nominees in the face of the realization that neither candidate would be able to achieve confirmation by an unusually uncompliant Senate.

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Since blaming the central bank did nothing to stop the stock market slide, Trump’s next reality-defying tweet sought to spread misinformation about the effects that his tariffs have had on the economy.

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There are plenty of farmers who would beg to differ about the effects of the Trump tariffs on their livelihoods. While they are receiving massive government subsidies to help them weather the loss of one of the largest markets for their farm exports, that money is paid for by taxpayers and —after the massive Republican tax cuts for billionaires — adds to America’s already massive deficit and leaves little money left to be spent on infrastructure and other urgent priorities.

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Moreover, if Trump truly believed that his trade war wouldn’t hurt the economy, then why did he postpone the imposition of additional 10% tariffs on Chinese goods worth $156 billion yesterday?

If it wasn’t because of the potential negative effects on the economy, then speculation could be reraised that it was some sly attempt at market manipulation from which he and his family and friends could make a quick profit as his tweets announcing his next economic policy move help turn the markets.

Trump’s employment of smoke and mirrors won’t change the reality of our sinking economy that financial savants see turning towards recession in the months ahead.

You can be sure that everything that Trump does on the economic front going forward will be aimed at preventing that recession from taking place before the 2020 election and making his already dismal reelection prospects even worse.

The enormous question is whether Trump has the financial skills and intelligence to postpone the inevitable economic downturn. Given his multiple bankruptcies and track record to date, the markets today already made their bet, and Trump’s odds don’t look good.

Vinnie Longobardo

is the Managing Editor of Washington Press and a 35-year veteran of the TV, mobile, & internet industries, specializing in start-ups and the international media business. His passions are politics, music, and art.

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