August 5, 2021

Gasparino: With the economy, Trump ‘Crazy’ like a fox

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By f mcguire From Newsmax

Economic guru Charles Gasparino is advising savvy investors to ignore the mainstream media’s criticism of President Donald Trump and to focus on the dollar-and-cents verdict as the stock market seemingly sets new record highs on a daily basis.

If there ever was an “insane” president, at least in the economic sense, it was Barack Obama, Gasparino proclaims.

“One thing we don’t have to worry about is the economic sanity of President Trump,” the Fox Business senior correspondent wrote for the New York Post.

Gasparino explained that aside from any bluster and showmanship in Trump’s tweets, “smart investors with lots of skin in the game think his policies are perfectly rational, and that’s why the markets are soaring along with the prospect of economic growth.”

‘It’s safe to say that the current president, for all his temperamental flaws and petty insecurities, makes his tightly wound predecessor, Barack Obama, look like a raving madman when it comes to showing sense on economic growth,” Gasparino said.

“The United States had one of the highest corporate tax rates in the world — so high that companies (and jobs) were fleeing to places like Ireland. That’s why it was perfectly sane to lower the corporate tax rate from 35 percent to 21 percent as Trump just did, and presto: Corporations are announcing plans to hire more workers, and the economy, which was expected to slow after seven years of weak growth, is heating up. The markets are predicting that growth with their surge,” Gasparino said.

“Likewise, regulations have been strangling businesses for years while making it difficult for banks to lend to consumers and small business. Trump went out and hired perfectly sane regulators who basically pulled the federal government’s boot off the neck of the business community,” said Gasparino, who said the move will allow businesses to hire more people in a “major win for the working class.”

Gasparino explained that an insane president would threaten a significant tax increase immediately upon taking office following a financial crisis, and then eventually impose one on individuals and small businesses still in recovery.

Gasparino also said an insane leader would impose job-crushing regulations on these same businesses as unemployment rose. He’d put a cumbersome mandate on businesses that upends the entire health care system just as the economy was finally turning a corner.

“A really insane president would blow nearly $1 trillion on a stimulus plan with little planning and direction, wasting much of the money on boondoggles (see: Solyndra) and then laugh at the lack of ‘shovel ready’ jobs created,” Gasparino said.

“He’d then try to spread his delusion to the masses, telling them to ignore historically low wage growth, anemic economic growth and the massive amount of people who dropped out of the work force because the stock market rallied, thanks in large part to the Fed printing money instead of his own fiscal policies,” Gasparino said.

“Is Barack Obama crazy? No, but his post-2008 economic policies were,” Gasparino said.

On Wall Street, stocks were poised to climb even higher Tuesday, keeping alive Wall Street’s 2018 winning streak that is powered by robust economic data and expectations of earnings boost from corporate tax cuts, Reuters explained.

The stock rally slowed slightly on Monday but gains in technology, utilities and real estate stocks helped the S&P 500 and the Nasdaq end higher.

The three major indexes have kicked off 2018 with their strongest first four trading days in more than a decade, according to Reuters data. The Dow had its strongest start since 2003, and the Nasdaq and S&P 500 had their strongest starts since 2006, Reuters explained.

Historically, the first five trading days of January can be an indicator for the market’s direction for the full year, according to the Stock Traders Almanac.

However, euphoria on Wall Street that stocks can just keep on building on record highs is getting so stratospheric that it’s reaching levels that previously signaled a slump, Bloomberg reported.

Analysts are ratcheting up their forecasts for U.S. corporate profits at the fastest pace in more than 10 years, according to the research firm Bespoke Investment Group. And that’s happening, unusually, right in the run-up to an earnings-season kick-off. While the upgrades could be taken as a positive reflection on the economy’s outlook, in the past such bullish analyst sentiment has served as a precursor to a market decline.

For his part, Trump on Sunday touted the record stock market, strong economy and robust labor situation while attacking a “fake book” an explosive behind-the-scenes account that questions his fitness for office.

The White House has been pushing back hard against the unflattering portrayal of the president in “Fire and Fury,” a supposed tell-all book by Michael Wolff that extensively quotes former top Trump adviser Steve Bannon. Bannon, facing intense fire from the White House, issued a statement Sunday expressing “unwavering” support for the president, AFP reported.

He said his reported criticism of a meeting between son Donald Trump Jr. and a Russian lawyer as “treasonous” was aimed mainly at another campaign aide who should have known the Russians “are not our friends.”

But Bannon’s statement to the Axios news website did not specifically deny any of his reported comments, nor did it contain a forthright apology for his part in touching off the buzzsaw of criticism spawned by the book.

Trump tweeted Sunday: ‘The Stock Market has been creating tremendous benefits for our country in the form of not only Record Setting Stock Prices, but present and future Jobs, Jobs, Jobs. Seven TRILLION dollars of value created since our big election win!”

He also vowed to continue fighting for his “Make America Great Again” agenda despite and criticism by the mainstream media.

To be sure, for all of 2017, the economy created 2.1 million jobs, below the 2.2 million added in 2016,  the Labor Department said on Friday.

(Newsmax wire services contributed to this report).

Read more: Gasparino: With the Economy, Trump ‘Crazy’ Like a Fox
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