On Wednesday, stocks in the Dow Jones Industrial Average showed its worst performance of 2019 after the bond market flashed a troubling signal about the U.S. economy, thus leading to speculation by economists, investors, and market observers of a risking risk of a recession. The sell-off on Wednesday came after the yield on 10-year U.S. Treasury bonds fell below the yield on two-year bonds for the first time since 2007 when the previous recession began.
So, this is what people were talking about that caused a swift response, pointing to Trump’s policies: When a 10-year bonds trade for less than two-year bonds, that inversion is considered a leading indicator of a possible economic downturn in the next 12 to 18 months, thus possibly harming Trump’s chances of a reelection. And this, after Trump’s tax gift to the wealthy and his failed tariff war.
With his re-election campaign on the line, and after riding the coattails of former president Barack Obama’s economy, Trump took to Twitter to blame the “Fake News Media” because that’s what he does instead of taking responsibility.
“The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election,” It tweeted. “The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!”
The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election. The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!
— Donald J. Trump (@realDonaldTrump) August 15, 2019
The backlash on Twitter was swift.
I crunched the numbers and I don’t think it is CNN, MSNBC, or The New York Times fault the economy is predicted to crash.
Based on my calculations it’s because you are a dumbfuck who has never been successful at anything.
— Tony Posnanski (@tonyposnanski) August 15, 2019
Keep dreaming. You’re ruining the good economy you inherited. The only good thing-hopefully it means you have no chance at re-election.
— Jana Hyde (@janahyde1) August 15, 2019
#DonaldTrump doesn’t know what he’s doing and should go back to playing golf full time. Oh wait, he does that now. 🙄
— Jules Morgan (@glamelegance) August 15, 2019
Sir, You incompetence is killing the economy.
— 🎱 L.D. Thill🌵 (@RagingPachyderm) August 15, 2019
Can you please get the fuck off your phone and get to work? You’re the fucking President. You spend more time on social media than my middle schooler.
— Shugar (@GregShugar) August 15, 2019
You incoherent fuck. You fucked up the hard work Barack did to get the economy right again. You’re not winning anything and are failing miserably. Impeach, jailed or voted out. Your days at 1600 are numbered
— Fred Chavez (@FredCha25670972) August 15, 2019
Your numbskull minions probably believe this lie too. But the media didn‘t crash the economy. Trump did.
The Dow lost 2.000 points the last 30 days. Farmers goes bankrupt. Because Trump‘s trade wars.
— Thorsten (@Airvooocht) August 15, 2019
From the only person I know of who can bankrupt a casino. This is on you, asshole. You own this. You can’t own the strong and shuck it off when it tanks. Who the fuck thought it was a good idea to put you in the drivers seat anyway?? #sawitcoming
— Jefferson™ (@JeffersonIsMe) August 15, 2019
The only thing the media is doing is reporting on actual, factual ways your ignorant and impulsive trade and tax decisions are impacting the economy.
The DOW is not fake news.
The bond market is not fake news.
The national deficit is not fake news.
The trade war is not fake news.
— Anonymous White House Official (@littledeekay) August 15, 2019
This is embarrassing. Most Americans saw this coming but the lint-licking, incompetent “president” has failed to listen to experts and even his own advisers. The yield curve inversion, which the media accurately reported, follows the former reality show star’s decision Tuesday to delay further tariffs on China until after the holiday shopping season, reflecting mounting fears that the trade war could derail the U.S. economy. So, Trump inadvertently admitted that his tariffs will be paid for by Americans.
Featured image via screen capture
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