Donald Trump was elected president in November of 2016 and the Dow Jones industrial average has risen by some 35%, making the last 14 months one of the greatest bull-market runs in history.
Some $6 trillion of wealth has been created for Americans — which is very good news for the 55 million Americans with 401k plans, the 25 million or so who have IRAs, and another 20 million with company pension plans and employee stock ownership plans.
Let’s look at some of the predictions from “leading economists” around the time of the last election.
“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover? A first-pass answer is never… So we are very probably looking at a global recession, with no end in sight.” Paul Krugman of the New York Times the day after the election.
“If Trump wins we should expect a big markdown in expected future earnings for a wide range of stocks — and a likely crash in the broader market (if Trump becomes president).” Eric Zitzewitz, former chief economist at the IMF, November 2016.
“I have never seen an election in which the markets have so strong of a view as to what was good and bad about the outcome. And what you saw was the markets rallying yesterday because of the FBI thing on Sunday. And the reason I mention this particularly is if the likely event happens and Trump wins you will see a market crash of historic proportions, I think…The markets are terrified of him.” Steve Rattner, MSNBC economics guru and former Obama Car Czar, October, 2016.
And many others, yet even after Trump being in office about 20 months and stocks at all time highs, not one of these “econmists” have the balls to admit they were wrong. And don’t tell me “Oh, the crash is coming!” NO. No. No. YOUR prediction was for a Market Crash when Trump became President.
If people had listened to these jokers and bailed out of the Stock Markets they would have lost out on a 30%-plus surge in their financial wealth