387
submitted 9 months ago by MicroWave@lemmy.world to c/politics@lemmy.world
  • Former President Donald Trump tried to take credit for the stock market's gains under President Joe Biden.
  • Trump claimed that investors are betting he will win the 2024 presidential election.
  • Key stock market indexes have hit record highs this year, while a series of positive economic developments have tamped down fears of a recession.

——-

Former President Donald Trump on Monday admitted that the stock market is on the rise under his successor, President Joe Biden — but Trump still tried to take credit for it.

"THIS IS THE TRUMP STOCK MARKET," Trump claimed in an all-caps Truth social post, "BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP."

Trump cited no evidence to back up the claim that investors are buying into the stock market now in anticipation that the Republican ex-president will beat the Democratic incumbent in an election nearly 10 months away.

A spokesman for Trump did not immediately respond when asked if he could provide sources to support Trump's claim.

The Dow Jones Industrial Average swelled to 38,000 for the first time Jan. 22, marking a 1,000-point jump in just 40 days. The S&P 500 hit a record high Jan. 19, which confirmed a new bull market.

all 37 comments
sorted by: hot top controversial new old
[-] eran_morad@lemmy.world 136 points 9 months ago

Republicans are dumber than dogshit.

[-] NegativeLookBehind@kbin.social 75 points 9 months ago

Pretty fucking rude of you to insult dog shit like that

[-] FlyingSquid@lemmy.world 57 points 9 months ago

Why do old men on the internet always type in all caps?

[-] dhork@lemmy.world 52 points 9 months ago

BECAUSE IT MAKES IT STRONGER AND MORE FORCEFUL. SEE MY MASSIVE STRENGTH IN THIS POST?

[-] Carvex@lemmy.world 32 points 9 months ago

CAPS LOCK IS CRUISE CONTROL FOR COOL

[-] numberfour002@lemmy.world 30 points 9 months ago

BECAUSE I CAN'T SEE WHAT I TYPE OTHERWISE HONEY I LEFT MY GLASSES IN THE BATHROOM AND MY KNEES WON'T GET ME BACK THERE ANY TIME SOON

[-] Tristaniopsis@aussie.zone 5 points 9 months ago

To get to the other side?

[-] betterdeadthanreddit@lemmy.world 4 points 9 months ago

Because it cuts the number of squiggly noise-shapes they (and followers) have to remember in half.

[-] Rapidcreek@lemmy.world 48 points 9 months ago

Same old playbook. He did the same thing before.

If my math is right, the Dow was 30,000 shortly after Biden was elected and Trump took credit for it and now it’s 38,000, over a 21% increase in just over 3 years. That’s huge, especially with taming of inflation.

[-] GiddyGap@lemm.ee 47 points 9 months ago

It's hard to believe anyone's actually voting for this dumbass.

[-] Fuzzy_Dunlop@lemm.ee 30 points 9 months ago

Not for me. After nearly 20 years in retail, I can safely say that at least half the people out there are dumbasses. I'm sure that they'd vote for one of their kind.

[-] Asafum@feddit.nl 1 points 9 months ago

Not when you consider the people that are voting for him consume very specific propaganda that paints him as the perfect saint, self-made business man and paint his opposition as literal baby murderers and psychotic gender crazy karens. To them it's absolutely rational and anything bad he ever did or said didn't actually happen, it's just "liberal media" lying.

I hate that there are multiple versions of "reality"...

[-] doctorcrimson@lemmy.today 40 points 9 months ago

So correct me if I'm wrong but Trump believes:

  1. The stock market at the beginning of the Trump Admin was good because of Trump

  2. The stock market at the end of the Trump Admin was bad because of Obama

  3. The stock market at the start of the Biden Admin was bad because of Biden

  4. The stock market at the end of the Biden Admin was good because of Trump

Is that right?

[-] DogPeePoo@lemm.ee 18 points 9 months ago

The only thing I am betting is that Trump continues to shit his diaper and remains obese.

[-] Davel23@kbin.social 10 points 9 months ago

A spokesman for Trump did not immediately respond when asked if he could provide sources to support Trump’s claim.

https://media.tenor.com/v6Awsd0YO7IAAAAe/metal-gear-rising-metal-gear-rising-revengeance.png

[-] frezik@midwest.social 9 points 9 months ago

You know what I read when I look at typical stock market analysis? It's "this company's new product is clearly going to fail and their stock is overvalued", or "this company had financial struggles, but is digging out of it and is undervalued".

You know what I never read when I look at typical stock market analysis? "This company will succeed if Trump is in office".

[-] Overzeetop@kbin.social 7 points 9 months ago

" asked if he could provide sources to support Trump’s claim"

https://y.yarn.co/8d9c8fde-25eb-418e-930e-24168b210fe8_text.gif

[-] jordanlund@lemmy.world 7 points 9 months ago* (last edited 9 months ago)

When Trump took office on 1/20/2017, the Dow declined 0.4%, to close at 19,732.40.

When Biden was sworn in on 1/20/2021, the Dow rose 0.4% closing at 30,930.52.

So over Trump's 4 years, that's a net gain of 11,198.12.

As of today, the Dow is up 0.59% to 38,333.45. Or a net gain of 7,402.93 with 11 months left in Biden's first term.

By point of comparison:

Obama 1: 7,949.09 to 13,649.70
Obama 2: 13,649.70 to 19,732.40

[-] Dianoga@lemm.ee 8 points 9 months ago* (last edited 9 months ago)

I usually figure there is about a year at the beginning of each term that is still the result of the previous administration. I'm curious how that would change the numbers here (though not yet curious enough to look it up).

Also, those numbers do a really good job of highlighting just how unrelated the market and the buying power of individuals really is.

[-] Rapidcreek@lemmy.world 4 points 9 months ago

In addition, Congress usually passes a government budget before their Christmas break. That results in a new Presdent working from the past President's budget their first year.

[-] Fal@yiffit.net 2 points 9 months ago

Why are you using inauguration date? That's totally meaningless. The day after election night would be a better indicator

[-] jordanlund@lemmy.world 2 points 9 months ago

Hard delineation point, seemed like a good marker to use.

[-] frezik@midwest.social 1 points 9 months ago

It's silly either way. For first term Presidents, none of their policies could have come into effect yet. It's based entirely on what the stock market thinks is going to happen, which is too nebulous to be useful.

[-] PatFussy@lemm.ee 5 points 9 months ago

What's funny is that he might be right. MACD indicator is showing a reversal right now so if I were a betting man (which I am), I would buy some bearish positions (which I did)

[-] Itsamemario@lemmy.world 5 points 9 months ago

"Look, all of you are basically here because god wanted to give you me." - trump, probably...

[-] CharlesDarwin@lemmy.world 3 points 9 months ago

Lololol. Mmmmkay.

[-] DarkDecay@lemmy.world 2 points 9 months ago

Lmao hes just an old dementia patient screeching at clouds to me now. Diaper don is cracking under the financial and legal pressure, and it's glorious

this post was submitted on 29 Jan 2024
387 points (100.0% liked)

politics

19096 readers
3512 users here now

Welcome to the discussion of US Politics!

Rules:

  1. Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

  1. Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
  2. Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
  3. No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
  4. Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
  5. No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

Register To Vote

Citizenship Resource Center

Congressional Awards Program

Federal Government Agencies

Library of Congress Legislative Resources

The White House

U.S. House of Representatives

U.S. Senate

Partnered Communities:

News

World News

Business News

Political Discussion

Ask Politics

Military News

Global Politics

Moderate Politics

Progressive Politics

UK Politics

Canadian Politics

Australian Politics

New Zealand Politics

founded 1 year ago
MODERATORS