According to the apes at WSJ, Tariff Man is obsessed, transfixed even, over the rapid decline of his great, beautiful, stock market.
Mr. Trump has often dismissed market fluctuations as part of a natural correction, but several people close to the president say he places as much importance on the health of the Dow Jones Industrial Average for validation of his job performance as he does with his polling numbers.
While at the White House, he will often keep the TV tuned to business channels and watch the Dow’s minute-to-minute movements, people close to the White House said. He would get excited about triple-digit gains in a single day and question aides about how certain actions might influence the market, people familiar with the matter said. Asked about Mr. Trump’s attention to the stock market, one person close to the White House said: “He’s glued to it.”
Let’s examine this for a moment. He’s scared, plain and simple. He is obsessed with his legacy and how markets respond to his administration. In a sense, it represents everything he’s trying to achieve, which means the leverage is wholly on the side of the Chinese — who quite literally give zero fucks about their markets.
If you’re President XI, you do not bend and set a bad precedent for your country. You wait Trump out, as he sweats and markets unravel. In two years hence, a new President will preside and Xi can crush him into reverting back to the status quo.
At the same token, we’ve seen his recent tweets and how he’s explicitly trying to jimmy stocks higher, even sending out his minions to talk up markets. This is not normal behavior for any President, even this one. I think Wall Street is keen to his tricks now and have called him out for crying wolf and are punishing markets, more than usual, because he lacks credibility. He needs to broker a deal now, and stop talking about getting one, otherwise morale will collapse and markets will follow it down the rabbit hole.
UPDATE: Unbelievable tweet.
Mike Pompeo is doing a great job, I am very proud of him. His predecessor, Rex Tillerson, didn’t have the mental capacity needed. He was dumb as a rock and I couldn’t get rid of him fast enough. He was lazy as hell. Now it is a whole new ballgame, great spirit at State!
— Donald J. Trump (@realDonaldTrump) December 7, 2018
If you enjoy the content at iBankCoin, please follow us on Twitter