Dow closes above 30,000 for first time

[mama2one]

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[MIDutch]

Like him or dislike him, he got stuck with a problem that most presidents have never had to deal with in the form of a novel virus that caused a global pandemic that upended the one and only aspect where he actually could claim a few successes (that being the economy).

trump's abysmal response to the pandemic created much of the economic crisis we are in right now. If trump would have acted apporpriately, and given the medical resources available to the United States, we might actually have gotten back to a fair representation of normal by now.

Also, perhaps you have forgotten about (against the best advice from economic experts) his trade and tariff wars with China, the European Union, Mexico and Canada, etc. which adversely affected the markets.

Further, his betrayal of the TPP agreements and ceding predominance to China in the Asian economic community (through the RCEP) will have detrimental repercussions for decades to come.

 

[FireDragon76]

trump's abysmal response to the pandemic created much of the economic crisis we are in right now. If trump would have acted apporpriately, and given the medical resources available to the United States, we might actually have gotten back to a fair representation of normal by now.

Also, perhaps you have forgotten about (against the best advice from economic experts) his trade and tariff wars with China, the European Union, Mexico and Canada, etc. which adversely affected the markets.

Further, his betrayal of the TPP agreements and ceding predominance to China in the Asian economic community (through the RCEP) will have detrimental repercussions for decades to come.

Cultural patterns of nations drive the response to the pandemic more than individual personalities. Trump is just a reflection of the underlying culture in the US, which is individualistic and narcissistic to a high degree. Not unlike the UK, which is also doing poorly right now.

The only European countries doing OK in the face of the pandemic are historically Lutheran, for the most part. The Catholic and Calvinist/Reformed nations of the EU and Latin America are all individualistic and have low social trust. Of course, the Confucian societies of Asia doing an order of magnitude better than even those.

 

[essentialsaltes]

Dow closes above 30,000 for first time in history on hopes of economic recovery under Biden

Up another 10% to 33,000.

 

[cow451]

My cousins in Amsterdam are a little more blunt.

Would they be cousins Harold and Kumar?

 

[Bobber]

This is because of the immaturity of the markets responding to the government stimulus package relating to covid right? So going more trillions in debt what will happen when people have no more faith in the American dollar? Run away inflation and a crash? And by the way I'd say the same thing and others have if Trump would have done the same. Hope I'm wrong but is this like giving a druggie a fix? Feels good but......

 

[GoldenBoy89]

This is because of the immaturity of the markets responding to the government stimulus package relating to covid right? So going more trillions in debt what will happen when people have no more faith in the American dollar? Run away inflation and a crash? And by the way I'd say the same thing and others have if Trump would have done the same. Hope I'm wrong but is this like giving a druggie a fix? Feels good but......

I see the point about incurring more debt and that’s definitely a problem that needs to be addressed but right now the government’s best interest is in getting the economy jump started and the only way our system works is if people have money to spend on goods and services. Right now, too many people don’t have the money to spend on things even if we opened everything back up today. Without that stimulus we’d be looking at a very slow recovery since so many have been out of work or had their businesses closed or severely affected by the pandemic. The money being paid out right now will be put right back into the economy and help all those struggling businesses bring in more hands to do the work, lifting even more people out of the recession and back to normal. Once the economy is back up and running again we can worry about the growing debt that didn’t seem to be a problem to anyone until about January 20 of this year.

 

[Ringo84]

The stock market is almost completely - if not completely - divorced from the everyday realities most Americans face. It's little more than a measure of how confident/good about themselves very wealthy people happen to be feeling that day.

HOWEVER, it is admittedly pretty hilarious that for all the dark talk about Biden destroying the country and causing an imminent collapse, we're doing quite well under his leadership. The economy has always done better under Democratic presidents, who stimulate average Americans and not just the wealthiest tenth of a percent, which helps.
Ringo

 

[essentialsaltes]

Up another 10% to 33,000.

Oops, it closed under 33,000. I think we can all agree Biden is a terrible president.

 

[essentialsaltes]

Oops, it closed under 33,000. I think we can all agree Biden is a terrible president.

34,000 (at the moment)

 

[essentialsaltes]

Dow closes above 30,000 for first time in history on hopes of economic recovery under Biden

IIRC, Donald said the market would collapse if he wasn't re-elected... now, once he informally concedes, it hits a record milestone... but that's probably a coincidence.

34,000 (at the moment)

35,000 (at the moment)

 

[essentialsaltes]

Dow closes above 30,000 for first time in history on hopes of economic recovery under Biden
IIRC, Donald said the market would collapse if he wasn't re-elected... now, once he informally concedes, it hits a record milestone... but that's probably a coincidence.

Now up 20% since then. Closing over 36,000.

Home prices are also up about 20% year over year.

“In August 2021, the National Composite Index rose 19.84% from year-ago levels, marginally ahead of July’s 19.75% increase. This slowing acceleration was also evident in our 10- and 20-City Composites,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, in a press statement. “Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels.

Biden has been great for homeowners with sizable investment portfolios. Just like under Trump and Obama.

 

[TLK Valentine]

Now up 20% since then. Closing over 36,000.

Winning!

 

[essentialsaltes]

Biden's done it twice now, and Trump was never able to do it even once!

30,396.75+507.97 (1.70%)today

 

[Desk trauma]

Biden's done it twice now, and Trump was never able to do it even once!

30,396.75+507.97 (1.70%)today

Shoo! Only negative economic indicators are credited to the president when a Democrat is in office!