The US economy and markets hit several historic record highs in 2018.
President Trump was correct in his policy and the economy was never stronger.
Then in October Federal Reserve Chairman Jerome Powell stepped in and crushed the outstanding gains.
The market tanked, the Dow Jones dropped over 5,000 points, the Middle Class was decimated and the global markets were shocked. Jerome Powell’s stock market crash was GREATER THAN the market crash after 9-11. The guy is a dangerous lunatic.
The Dow crashed 5,036 in December from its all-time high on October 3, 2018.
Since Jerome Powell’s comments on October 3rd and continuing promises of rate hikes the Dow Jones sank 18.7%.
The Dow went down over 5,000 points or 18%!
The stock market crashed 14% after the 9-11 Islamic attacks on America.
The DOW reached another all-time high on October 3rd reaching 26,829. It was up for the 103rd time since Donald Trump was elected President and 46% since the November 2016 election.
This was clearly too much for the Fed’s Powell who then scared investors signalling he would raise rates well into next year.
Over $5 Trillion in Wealth was erased!
As a result of Fed Chief Powell’s actions, Americans have watched their 401k’s dissolve into thin air.
- Jerome Powell added billions of new debt to the economy.
- He stalled the Trump market surge.
- He decimated 401k’s.
- He eliminated trillions of dollars in wealth.
- And he also managed to bring the economy to a halt.
President Trump did not forget about Powell’s mistakes. In June Trump hammered the Fed Chair on Twitter and called for a rate cut.
Despite a Federal Reserve that doesn’t know what it is doing – raised rates far too fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in US history…
— Donald J. Trump (@realDonaldTrump) June 24, 2019
….Think of what it could have been if the Fed had gotten it right. Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it!
— Donald J. Trump (@realDonaldTrump) June 24, 2019
On Wednesday Jerome Powell cut rates by only a quarter point.
Then he started speaking and the market sank another 300 points before he was done.
Trump was right.
Federal Reserve Chairman Jerome Powell has been a complete disaster.
