Thursday, December 27, 2018

Dim Wits

Like some of our resident trolls, the people at CNN are dimwits.

For a week now, their coverage of the Wall Street Crash (It's only a mild correction.) was wall to wall Trump mania.  It was all Donald Trump's fault.


Confusing signals from Washington send markets plunging



Funny thing is, they are too dumb to realise that if it is the president's fault that the market goes down, then it must be his positive influence at play when the same market goes up.

Here's today's headline:-

Dow soars 1,086 points in a miraculous comeback


Nothing to to do with the president, folks.  Just a bloody miracle. 

Hell, they might have to go to church and give thanks to God.

It get's even funnier as you read though the tripe.  In essence, their story is:-  Donald Trump caused the Dow to plunge 653 points while three days later a rise of 1,086 points is attributed to divine intervention.

10 comments:

Hal said...

Trump claimed credit repeatedly, and by your own admission falsely, when the Dow was up. But when it’s down it’s not his fault? Why’s that?

Actually for several reasons you are incorrect. He owns the bear market by creating uncertainty and pursuing policies which are economic suicide. What’s laughable are the clownish own goals, such as replacing the dovish Janet Yellen with a monetary hawk, becuase she’s apparently too short. The 2017 upside was an Obama hangover, and now it’s all on the orange one and the results are not pretty. Down again today, and the worst December since Hoover. Legend.

Adolf Fiinkensein said...

What particular policies do you consider to be economic suicide? Restricting oil, gas and coal production? Allowing China to continue stealing American intellectual property and military technology? Sorry, I forgot. Those were the policies of his predecessor.

The only respect in which the 2017 upside had anything to do with Obama was the fact it was an enormous gesture of relief by US businesses at getting rid of him.

You'll find the stock market rally started the day after Donald Trump was elected president. Progress during the last three years of Obama's occupation was anaemic, to say the least. It rose from 18,000 to 19,000. The market shot up and has stayed up since November 2016, rising from 19,000 to 23,000 having peaked at over 26,000.

BTW, the Dow finished today up, not down. You should look before you leap.

https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart

Hal said...

Incorrect on a number of fronts. The stock market has dropped 15% in the last couple of months, so has not “stayed up”. And it’s just getting started. Economically suicidal policies like an unnecessary trade war with China, threatening trade wars elsewhere, entirely deficit funded tax cuts for the wealthy, demands for billions of dollars for pointless walls, and damaging steel and aluminium tariffs have all contributed to plummeting investor confidence, and that’s hitting home.

Obama never oversaw such horrendous wealth destruction and in fact the Dow more than doubled under his watch. You obviously weren’t aware of this, or you wouldn’t be making such spurious claims. Consider yourself educated. You’re welcome.

Adolf Fiinkensein said...

The Dow drops from 26,600 to 23,100, a drop of 3,500 off 26,600 and the Hal's of this world call that fifteen percent? (FYI the drop was THIRTEEN percent. If he can't count, it's no wonder he can't think.)

It get's better. He forgets it was those tax cuts which were largely responsible for record low unemployment and record high employment among Blacks. Now he's predicting the market will continue to fall. Pity about the meteoric rise since December 24th.

But wait, there's more to this fellow's idiocy.

His 'unnecessary trade war' is being won as China continues to remove more tariffs from US imports each week. Hal seems not to comprehend that China built it's economy by stealing America blind and this president has called its bluff.

Hal's piece de resistance is the 'pointless wall' which was the centre piece of Donald Trump's election campaign. Illegal entries dropped by sixty percent when people realised Clinton would not be there to continue Obama's insane catch and release policy and just the prospect of a wall scared most of them off. Hal describes the wall as pointless but I call it a mandate. Hal would not know the meaning of such a word because he has never seen a Democrat president who kept an election promise, let alone operated with a mandate.

Hal said...

I’m not sure of the reason for your uncivil tone Adolf, but l shall endeavour to do you the courtesy of addressing your points and correcting some of your more egregious errors.

The Dow peaked at around 26850, so the drop, which you now admit occurred has actually been around 14% (and close to 20% on Xmas eve), and will no doubt be higher tomorrow and in the weeks ahead. Apologies for being 1% out.

No reputable economic analysis places the Trump deficit funded tax cuts primarily responsible for the current low levels of unemployment. It’s been dropping since around 2011. As for the rally post Xmas, you seem confident it will continue. Time will tell, but I do not think it will.

You appear to take Trump’s Twitter feed as fact re Chinese tariffs. What ones are you talking about specifically? The US trade deficit is at record levels so whatever he’s doing isn’t working.

Your analysis of illegal border crossings is not based on fact. Apprehensions dropped initially but then increased to normal levels sending Trump into fits of rage. The prospect of a wall wouldn’t scare anyone off. Why would it? Trump does not have a mandate for anything much, but in this case he said Mexico would pay, so he demonstrably has no mandate to force American taxpayers to fund it. Happy to help.

Adolf Fiinkensein said...

Hal

I'll be as uncivil as I please to people who get things wrong and then claim to be educating me when I point out their errors. By the way, I'm unaware I 'admitted' anything nor do I recall saying anything to indicate I expect the rally to continue. It is you who predicted a further slump. So don't go getting shirty when I call you for your snide little digs.

Once again you are cherry picking. US unemployment was around 5% when Obama was elected in 2008. It quickly rose to a massive 10% two years later. So you are disingenuous to focus on its decline since then. In point of fact, after eight long dark years of his mismanagement, unemployment had moved from five percent to just under four percent. Ho hum.

Interestingly, for the first four years of Obama's tenure, black unemployment hovered between 15 and 17%. It slowly declined during his second term to 9%. During President Trumps first two years, that rate has plummeted to 6%. You might find that has a lot to do with black approval ratings for this president.

Hal said...

I don't believe i got anything wrong.
You, however...

Anyhoo, a long term downward trend in unemployment then. Thanks.

Unemployment rose in 2009 because Bush destroyed the US economy. Look it up.

Trump's approval ratings among African Americans are abysmal. What makes you think they're good? His Twitter feed? You shouldn't go there for facts.

Adolf Fiinkensein said...

Not according to Rasmussen, USAToday or Breitbart.

Oh and I'll give you one thing. You are right about president Trump's tax cuts not being the sole driver of the economic boom which brought about record low unemployment.

It was Trump's deregulation as well.

BTW

Hal said...

Couldn't you at least find some original fake polls to site? Breitbart is a joke and Rasmussen are so bent they said the GOP would win the generic vote in the midterms.

Wrong again I'm afraid. There is no economic boom. It's falling apart. Haven't you been watching?

david said...

Stock Market Closing Prices - January 2, 2018

Dow Jones Industrial Average ( DJIA ) Close 24824.01
Nasdaq Stock Market Close - 7006.90
S&P 500 Close - 2695.81

Stock Market Closing Prices - December 24, 2018

Dow Jones Industrial Average ( DJIA ) Close 22,445.37 DOWN 2378.64
Nasdaq Stock Market Close - 6,332.99 DOWN 673.91
S&P 500 Close - 2,416.62 DOWN 279.19

And this is what Adolf calls "winning".