Trump Fires Off Tweet Bragging About Hurting The Stock Market
Yesterday, in one particular tweet, President Trump inadvertently revealed that he couldn’t care less about the U.S. economy. In fact, he was apparently bragging that he, single-handedly, with his executive order, caused health insurance stocks to “plunge”, which in turn could have a windfall of its own in affecting the overall market as a whole.
“Health Insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!” President Trump tweeted Saturday morning.
Health Insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!
— Donald J. Trump (@realDonaldTrump) October 14, 2017
Trump’s tweet was completely off-target from the message he has been pushing since taking office, and it’s truly telling.
What the president seemingly fails to realize is the fact that many large hedge funds, mutual funds and even other corporations which trade on the NYSE and NASDAQ rely heavily on health insurance stocks themselves.
Never before in the history of America has a President boasted about causing harm to the stock market, and traders typically don’t take kindly to such words from the leader of our nation.
For the past eight years, the U.S. Stock market has been trending in an upward trajectory. After hitting a bottom at the end of George W. Bush’s presidency, the market turned around under Obama and has been following the same upward trend line since. And while President Trump loves taking credit for the continuation of this trend, in reality, he is doing more to hurt the economy than he leads us to believe.
With the market so high right now, it’s a matter of time before corrections are made and the market pulls back. By coming out and directly attacking a very large segment of the market, President Trump may just happen to speed this pull-back up.