This is a fascinating topic and a great question to attack at some point in the future: What effect, if any, does a president have on employment and the stock market?
I assume by your use of the word “insane” (twice), and the implication my point is stupid, you believe a president has little impact on employment and the market?
I recently asked financial columnist Jonathan Clements a variation of this question. Here’s the exchange …
Me: Was the Obama recovery reversion to the mean? And does that mean the ‘Trump Bump’ is his doing?
Clements: W/o 2009 stimulus, the market recovery would likely have been more muted. W/o chance of lower corporate taxes, perhaps a smaller Trump Bump.
So both Obama and Trump get credit in his view. I agree with that.
My current view is based on this quote from Peter Mallouk, founder of wealth-management firm Creative Planning:
“Stock prices are always a reflection of anticipated future earnings.”
This implies something that we both know is true. The market reflects corporate and investor confidence in the future, and I think it’s insane to deny President Trump has had an impact on that. Beneath your intelligence, really. :-)
Seriously, though … if Trump is not responsible for the rising stock market, who is?