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Market drop: Trump focused on long-term 'fundamentals'

Market drop: Trump focused on long-term 'fundamentals'”

The conservative network has spent months promoting the Trump administration's claim that the market's health is a result of the president's policies and promises.

In his first appearance last month before the panel, Bannon said he would only answer questions about topics when he was the chief executive of the campaign, with his attorney saying the White House directed him to protect President Donald Trump's right to assert executive privilege.

At Monday's close, the Dow Jones industrial average had fallen more than 1,150 points, its largest one-day point drop.

None of these market gyrations will matter if markets stabilize, the Federal Reserves's interest-rate brakes don't lock up, and increased economy activity boosts tax receipts to offset the deficit. Analysts point to rising wages as the proximate cause of the market dip and as the canary in the coal mine that signals long-anticipated inflation (demonstrating once again that labor and capital are often at odds in our economic system).

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His reaction highlighted the risks for politicians who take credit for soaring stocks: the fall.

Even the President's favorite news source, Fox News, was the bearer of bad tidings for Trump, with a banner reading "DOW, S&P turn negative for the year".

"The reason our stock market is so successful is because of me", he told reporters on Air Force One in November.

Thus, the markets' flirtation with a correction is not a sign of economic weakness but simply a natural reaction to an unsustainable froth in the markets' recent rise. "Since his election, starting on November the 9th of a year ago, the stock market has gained in value $4.1 trillion". "It's based on the hope of what the Trump presidency could do for our economy and our country and it's dependent upon the Republican Party to come through for our president".



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