The New York Stock Exchange has been leaving mouths agape and investors pinching themselves ever since Donald Trump was elected president.
The Dow Jones Industrial Average has surged on a virtually vertical line, from about 18,000 points to a peak of 26,616.71 on Jan. 26, before dropping a couple of thousand points and then regaining 500 on Tuesday.
Analysts are posing a number of reason for the market volatility.
But Rush Limbaugh thinks there’s one factor everyone is missing.
On his program Tuesday, he pointed to the people trying to remove President Trump from office.
“There are a lot of people in the market who I think are very, very alarmed by the instability brought about by this attempt to get rid of Donald Trump,” Limbaugh told his listeners.
He began his explanation:
We have this mysterious roller-coaster stock market. Yesterday when the market was going through its gyrations and plummeting down, you know what the Drive-Bys did? They put a side-by-side of the Dow Jones Industrial Average with Trump speaking in Cincinnati and tried to make it look like Trump is the reason the market is plummeting. And one of the explanations that they’re giving — and this is not new. I’ve been familiar with this for a long time.
They’re saying that this economic growth, this wild economic growth and all of this job creation and the accompanying wage increases is putting inflationary pressures on the economy, and the Federal Reserve says, ‘We’re gonna have to raise interest rates,’ and that supposedly is causing the market to plunge. What causes markets to plunge is uncertainty, and I’m gonna give you another ingredient – a potential ingredient — into this market seesaw, if you will, and that is this.
Limbaugh said “not everybody in the market is a Democrat; not everybody in the market is an uber-liberal.”
“There are a lot of people in the market who I think are very, very alarmed by the instability brought about by this attempt to get rid of Donald Trump,” he said.
“Now, you’ll never see that excuse published. You’ll never see that reason given as an explanation for market volatility. But as far as I’m concerned, you can’t take that out of the equation here. So there are a lot of factors that go into this.”
The market has been on a record run since Trump was elected. He has made many executive decisions to enhance the business environment and the economy, and Congress approved his tax reform and program just before Christmas.
Already in response, companies have announced extra bonuses of $1,000 and more, along with raises, enhancements to retirement programs and new jobs.
On Friday, the Dow backed off a few hundred points. And then Monday it went down nearly 1,200 points, setting off critics of the president, even though the decline was less 4 percent.
Limbaugh said he’s previously made the observation that “what’s good for America is bad for the Democrats, and what’s bad for America is good for the Democrats.”
He noted the Democrats today hold an ideology in which winning “depended on the country being damaged.”
He also pointed out that Democrats, including Barack Obama, repeatedly have claimed for Obama credit for the economy under Trump’s administration.
“The way it went was the Drive-Bys said, ‘Well, Trump isn’t doing anything. All he’s doing is permitting the continuation of Obama policies. The economy was such a mess when Obama took office in 2009. It was worse than anybody knew. Bush did not tell Obama the truth about how bad it was, and Obama thought his stimulus bill would be all it would take to reignite the economy, but as we all know now that was clearly not enough,’ and it took eight years for the Obama recovery to kick in. And they trying to claim credit for it.”
He continued: “Now all of a sudden when a very curious stock-market plunge occurs, now all of a sudden it’s Trump’s economy, it’s his alone, and not only that, the specifics of the Trump economy are why you are losing all of your money in the stock market.”
The clash, he said, is between the Democratic version of the world with a run-of-the-mill America and Trump’s superior version.
Democrats, he said, claim its unfair and unjust for the United States to be better.
“And the Democrat Party was gonna make sure that we were just one of many nations in the world, with open borders diluting our culture — and ridding this country of that which made it great, special, and unique — because all of this would lead to permanent empowerment of the American left and the Democrat Party. Trump has upset all of those plans.
“Trump has come in and demonstrated that there need not be a new norm of economic decline.
“There need not be a new America that is not exceptional.
“There need not be an America that is not a superpower.
“There need not be an America that is not wealthy and growing and prosperous.”
“Donald Trump, in a year, has blown to smithereens eight years of conditioning of the American people brought about by the Obama administration — and for that (among many other reasons) he’s got to go. And that’s what we’re living in.”