ALERT: TRUMP SUCCEEDS where OBAMA FAILED….
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As you know by now, yesterday, the U.S. Dow Jones Industrial Average (DJIA) hit 20,000 points for the first time. This comes after record numbers for the NASDAQ and the S&P 500. This is also after the November 8th election when we saw the DJIA hit the 19,000 mark, and folks thought that was going to falter.
As Reported by Allen West:
“The Dow Jones smashed the landmark 20,000 barrier for the first time ever this afternoon as optimism about Trump’s pro-growth policies boosted financial markets. Resuming a rally that began in the wake of Donald Trump’s shock US presidential election win, the index rose by as much as 0.73pc (%) to 20,057.89.
The rally was reignited by Trump’s signing of numerous executive orders since his inauguration on Friday. Last night, he also tweeted about his intention to build a wall on the Mexican border.”
Now, I have and will continue to support a reinstatement of the Glass-Steagall Act which created a separation between commercial and investment banking, along with a repeal of Dodd-Frank as it has made big banks bigger, while damaging our small community banks. But, that’s not the real story here.
As the Telegraph states, “It has taken the index just two short months, or 42 sessions, to climb from the first close above 19,000 to 20,000. It’s worth noting the rise between 18,000 and 19,000 took some 483 trading sessions.”
That’s the real story that needs an analysis. It comes down to two different philosophies, one that’s gone, the other that’s just arrived.
We’ve been operating in an artificial economic environment whee we’ve been dependent on manipulative monetary policy attempting to mask failing fiscal/economic policies. The U.S. Federal Reserve through their policy of “quantitative easing” sought to print money and artificially keep interest rates low in order to provide a false stimulus effect for our economy. This was necessary because, unlike President Trump, Barack Obama came into office embracing an economic philosophy of Keynesian theory. His belief was that more government spending would create economic success. That combined with his progressive socialist perspective of wealth redistribution created an atmosphere of failure. And remember, it was one Nancy Pelosi who even stated that unemployment benefits were a means to stimulate economic growth.So Obama went down the yellow brick road of a $1 trillion stimulus package. He forced on the American people a healthcare law that was estimated to be only $800 billion but doubled, costing some $1.7 trillion. Obama fostered a regulatory environment that cost our businesses and producers some $800 billion. All the while we saw our debt go from $10.67 trillion to $20 trillion. We ended up pushing more Americans into poverty and onto food stamps. We continually heard the excuses of what was inherited and how nothing could be done. The result was the worst economic recovery post World War II and an abysmal economic growth that never reached 3 percent – the first time ever. Simply put, our economy was on life support, anemic, barely surviving.
So what happened on November 8th? America got a CEO, not another politician as president. America was freed from the chains of a failed economic policy that was rooted in demonizing success and class warfare. America was emancipated from the person who once said, “if you own a business, you didn’t build that.” America was able to once again put out a sign that says, “We’re Open for Business.” And what has happened? After an initial rally euphoria, the markets said, whoa, let’s see what happens. And in less than a week after taking office, the markets have responded.
President Donald Trump has come in and done what we NEVER saw Barack Obama do — meet with business leaders and not excoriate them, but challenge them to get Americans back to work. President Trump met with union leaders letting them know we want Americans working, and they found nothing about which to disagree. Donald Trump came into office not talking about increased government spending — as a matter of fact he’s looking at cutting $10 trillion over the next ten years. He didn’t ask how many regulations he could create, rather he said we’re going to cut regulations by 75 percent.
He firmly asserted that he wanted to cut taxes — individual and corporate — in order to spur production, manufacturing, and economic growth. Trump said we’re going to build the pipelines and get our energy production going, and put Americans back to work. We’ve countless announcements in new investments and plans to build facilities in America, hiring Americans. Now, the progressive socialist detractors will say, these plans were already in place…my question is simple, why we announced under Obama?
And what is the progressive left talking about? Hmm, what were the themes of the “global women’s march” over the weekend, the same old tired messages of killing babies and voting rights. President Obama back in June 2016 mocked Donald Trump, and said jobs were not coming back to America. Obama said, “how is that gonna be done, what are you going to do, he doesn’t have an answer.” Well, we have an answer, and this is why Obama is a former president and Hillary is not the successor. Some are saying we’ve created a trade void that will be filled by China. I don’t think so. When exceptional quality American goods and services are produced, cheap Chinese stuff, like the drywall that made many sick in South Florida, will not be popular.
The progressive socialist left is being left in the dust. They cannot keep up and still are held hostage to George Soros and Tom Steyer talking about climate change. The left has gone down the failed path of seeking a $15 minimum wage, but when small business owners have lower taxes, less regulations, and fewer mandated benefits, they can decide best wages and compensation. And now our private sector doesn’t have to be concerned with insidious overtime rules emanating from the Department of Labor. The media is still trying to find reasons and a theme to undermine what has amounted to a nearly $2 trillion stock gain for American portfolio holders…folks are making money on their investments. Next, be on the lookout for reductions in capital gains and dividends taxes, and many will be happy with the elimination of the death tax.
The difference between January 2009 and January 2017 is about vision. Obama said “Yes we can,” but that slogan was all about him. In truth, he felt “no you can’t, unless government, provides it.” Trump has come in focused on economic growth and embraced a belief of “Yes we WILL.” Obama wanted to create victims. Trump wants victors, and the policies thereof tell the story behind why there are great days ahead for America.
H/T: Allen West