The stock market is not cooperating with the fairy tale Donald Trump has been telling his most devoted supporters, so now he is attacking the market. All of it.
Trump, who has professed to have advanced knowledge on a series of topics despite sending his company into bankruptcy six times, insisted Wednesday that the markets are in the process of a “big mistake.”
The Dow Jones average continues to wildly gyrate, and recently suffered the single largest point decline in history. The key index dropped 1,175 points in one day on Feb. 5, more than it ever has.
While the stock index is not the only measure of economic health, Trump has repeatedly cited the bull market spurred on by the Obama-era recovery as an indicator of support.
Before the recent downturn, Trump had boasted about the market once every 35 hours over the course of his presidency.
But then when his favorite signal departed from the narrative he created, Trump went silent.
Now, apparently, he has decided on a storyline to sell to his most devoted followers: The market has wronged him.
It fits the pattern of conspiratorial and nonsensical behavior from Trump, in which the entire world is always in cahoots with each other to attack him.
He insists to his supporters that despite objective facts and reality, that “up” is in fact “down.”
In his fairytale version of events, when the stock market goes up that is thanks to his economic policies and not the difficult choices and policies put in place by President Obama over the course of eight years.
And in the Trump reality, when the market goes down and makes him look bad, that isn’t his fault, but rather the market not understanding what good and bad economic information and news are.
No matter what the outcome is, in Trump’s fake reality, he’s always the hero and the victim.
The truth, of course, is that the stock market is complex and its day to day gyrations are not easily explained away.
But crackpot economic ideas, like passing tax cuts for the ultra-wealthy while leaving the middle class hanging, are easy to explain. They don’t work.
Those policies have already harmed the economy by forcing the government to raise more money than expected.
That is a reality that millions of Americans, and the world who relies on the U.S. economy, will have to deal with very soon. And lecturing the stock market from Twitter won’t change any of that.