Albeit with the help of a pandemic, Trump finally squandered the Obama economy he inherited, much like he used to squander what he inherited from his daddy.
Bloomberg warned us that Trump wasted family money on stupid schemes.
We have enjoyed a BULL MARKET SINCE…
You guessed it, since Obama was installed as the President of the United States in the Spring of 2009 following the last major financial crisis and market crash in the United States. During the 2008 – 2009 crisis, Obama’s response and reaction compared in no way to what we are seeing out of Trump.
On Monday morning, for the first time since 1997, the stock market circuit breakers kicked in and halted all trades after only minutes of trading. It happened amid fears and uncertainty as the oil market crashed and as the country seemed to panic over fears about how the White House will handle (or fail to handle) the coronavirus crisis that Trump for all intents and purposes is still calling a Hoax. Trump’s reply to the crash of the oil market came not in the form of an address of assuredness and calmness to the American people but instead in the form of a Tweet which basically said, “Great for consumers, CHEAP GAS!”
After almost no demonstration of leadership following an unfathomable single day 2000+ point drop in the stock market, are we sure that Trump isn’t the one that got away from Will Smith and Tommy Lee Jones in Men in Black?
Ala’ Rep. Nancy Pelosi, maybe he’ll stop the name calling and get something done, but the only thing Trump is doing is focusing on big business with conversations of bailouts or stimulus packages for industries; but nothing of real substance for ordinary people such as free test, food vouchers, or emergency medical assistance, etc.
Let’s compare Obama’s handling of the financial crisis of 2008 – 2009 to Trump’s handling of the current crisis.
Obama, through his actions, demonstrated that his objective was one of conveying calmness and confidence to the American people to assist in weathering the crisis.
As the coronavirus grassfires across the country, Trump takes a golfing trip with a few buddies. Does not make it a priority to convey calmness and confidence to the American people.
Obama quickly brought in experts well versed in the field of economics.
Trump basically was backed into or forced to finally bring in experts after repeatedly declaring that the coronavirus spreading was NO BIG DEAL and a Democratic Hoax.
Obama actually listened to and followed the advice of his experts. What a novel (no pun intended) concept.
Trump repeatedly contradicts and makes announcements in opposition to what his experts have stated and declared.
Obama allowed his experts to take the lead on rescuing the economy.
Trump gets angry with his experts when they don’t say what he thinks they ought to say.
Obama and his team of experts were guided by the facts. (How Elementary)
Trump continues to deny reality. And often puts out misinformation contrary to the facts.
The development and enactment of the Dodd-Frank Reform Bill and Stimulus Package that basically saved the auto industry (among other industries) was a textbook example of leadership at its finest
Trump has not shown any real leadership, nor does he even speak of the science and health issues behind the coronavirus crisis.
Who would you rather have manage your crisis, Trump or Obama?
On top of all of that, The 10 year Treasury yield fell below 0.5% for the first time in history. It appears that a recession is inevitable.
In reiteration, albeit with the help of a pandemic, Trump finally figures out a way to squander the Obama economy he inherited, much like he used to squander what he inherited from his daddy.
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Originally posted on A Few Minutes for Millennials. Re-posted with permission.
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