The Dow Jones Industrial Average dropped 800 points today.
The last time the DJIA dropped 800 points in one day, Secy of Treasury Hank Paulsen literally, actually, really did get down on his knees in front of Nancy Pelosi and BEG her to pass President George Bush’s bank bailout bill.
You will not see anything like this happen today . . . because . . . there is not a single person in the White House or in the Trump administration who has a clue as to what to do. Not one. Trump’s chief economic advisor Larry Kudlow is NOT an economist. He has not a single academic degree in any discipline that has anything to do with economics. There is not a single adult in the Trump administration who has a clue as to what to do.
Trump’s entire professional life has been one failure after another. That was good as long as he was responsible only for himself.
Trump inherited $400 million from his father and turned it into six bankruptcies. He inherited a healthy, growing, improving economy from President Obama. He is now turning that economy into a disaster.
Remember those bonuses and tax cuts after the Trump Phony Tax Reform Bill of 2007? Wait, what? Bonuses and pay increases after the tax cut law? When did that happen?
The accountant who prepares my taxes and manages some of my finances indicated the so-called “pay increases” was a smoke and mirror tactic. The paycheck withholding table was modified so people will get a more money in their check during the year and less of a refund when their tax return is filed. It gave the illusion the tax cut benefited the low and middle class.