Wednesday, 25 January 2017

Dow Jones up 20,000 points on Trump's 3rd day

Silhouette of George Washington's statue across from the ornate New York Stock Exchange on Wall Street. The Wall Street bull sits around the corner in a part of a park named Bowling Green.

It looks as though Wall Street is adjusting to the new White House administration. For the first time ever, the Dow Jones hit 20,000 points today, a rarity not only on Wall Street but also in previous presidencies. Even as former President Obama revived the economy following the 2007 Financial Crisis, the Dow Jones has been coasting and at times climbing steadily to 19,000 at the most. This good news will certainly boost the ego of the President and White House. It is Trump's third day in office. Curiously, Trump's recent demands to the large automotive corporations Ford, GM to bring manufacturing jobs back into the U.S. and yesterday's signing of Keystone and Dakota pipelines, the financial markets are responding positively to the executive orders. Normally, the markets would be more skittish over such moves. The positivity could also be due to Trump stocking his White House staff with Wall Street people ie Steven Mnuchian and Steve Bannon (Yes of Breibert Report) both worked at Goldman Sachs and Rex Tillerson, former CEO of Exxon Mobile. The last time the Dow Jones closed high above 10,000 points was in March 1999. The financial markets have been climbing since Election Day 2016 considering that Wall Street was terrified over a Trump Presidency coming to fruition.

The famed Charging Bull aka the Wall Street Bull coloured gold to represent a booming economy ie the Bull economy. The bull is around the corner from Wall Street itself in Manhattan's financial distract. It is a popular tourist stop for many visitors to New York and its not uncommon to see people climbing atop the bull to take pictures.

The new Manchild in Chief, Donald Trump is the epitome of Wall Street. Trump was born into wealth, has long been part of the financial establishment not against it, is even looked down upon by the Manhattan elite and doesn't know what reality is like for the poor and struggling middle class. He is a reality TV host and brilliant marketing millionaire who blames the poor for the own poverty without understanding how U.S. society's upward mobility structure and ubercapitalism thrives off the massive wealth gap. On capitalism, it is well known that financial system has never cared about the poor and makes people jump through hoops and loops to reach the golden top of the abyss.

No comments:

Post a Comment