Wall Street is in panic mode this week, as Donald Trump is seemingly making ground in this heated presidential race. After all, Wall Street has been right most of the time—OK, some of the time—wait, hardly ever. But they were right about the crash of the markets in 2008. Well, at least right after the crash happened.
Now we’re hearing a message of doom and gloom from those quarters. If Donald Trump is elected, surely the market will move downward. Actually, this will be part of Wall Street’s desire to see its prophecy fulfilled. But it will likely move downward if Hillary Clinton is elected, too. The question is: Who will have a plan to turn it around?
If you believe that the ideology of Barack Obama after his eight years of a “thriving economy” will turn it around, you’re living in “The Twilight Zone.” The fact of the matter is that, whoever is elected, the markets will have a knee-jerk reaction.
Thriving Economy Needed
Still, it is sad that so much of Wall Street’s ideology has blinded it to the reality of what the markets truly need: a thriving economy—oh, that’s right, Wall Street doesn’t care much about the economy. Instead, it’s all about government intervention and central banks continuing to impact a thriving market.
Wall Street is also taking to the idea that only young people and the Main Street media really know what they’re talking about when it comes to presidential candidates and their economic plans.
Some Wall Streeters are now blaming the seniors who are flocking to Donald Trump as lacking wisdom and destroying America for future generations. Of course, this comes from a generation that believes until we look exactly like Denmark or France, we won’t have a thriving economy.
I find it rather ironic that the senior demographic being blamed for future woes of the next generation is the exact demographic that has been forced by the Federal Reserve’s low-interest-rate environment to invest their money to try to gain a little bit of a return—one of the factors driving up the markets that they love so much (along with other government intervention).
Panic Confirms Obvious
I must admit, I do love the panic happening right now. It’s confirmation of things I’ve known for the last six years. Namely, that no one cares a whit about the economy. They don’t even know or care to do the hard analytical work on the underlying fundamentals.
This is the same demographic that believes 2 percent GDP growth for seven consecutive years represents a thriving economy. And that college tuition and health care should be free. And that a job paying $150,000 a year after graduation is a “right” that the government can enforce.
After all, the Obama economy is historic, right? It is so historic, in fact, that we haven’t seen a labor participation rate this low in 40 years. We’ve never seen seven consecutive years of only 2 percent GDP growth. We’ve never seen a poverty rate increase every year of any presidency. On and on I could go.
Choose the Fundamentals
I do understand that there are a number of people out there who don’t care a lick about American exceptionalism. They don’t care about American corporations being able to survive, thrive and grow. They don’t care about having an opportunity to move up the rungs of the ladder to middle class or higher. Unfortunately, they also don’t understand what it will take to turn America around because so many have been blinded by mediocrity, ideological slants and Nanny State promises.
On Tuesday, let’s vote for what is right for America. Let’s vote for the fundamental principles that made America great and can make it great again. Let’s have an America that stands firm on the idea of American exceptionalism. All the other things that need to happen in the economy will follow.
We must return to the fundamentals that built this great country, and then watch what follows. It will be exceptional, and it will be good for the markets, good for the economy, and great for future generations. On Tuesday, Nov. 8, let’s vote for America.