Courtesy of Pam Martens
President Donald Trump
President Donald Trump has now tied his campaign, and himself, up in ticker tape. On June 15 the sitting President of the United States Tweeted the following message:
“The Trump Economy is setting records, and has a long way up to go….However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT”
First, since the stock market lost 90 percent of its value from 1929 to 1932 and the President is calling for “a Market Crash the likes of which has not been seen before,” he is effectively predicting that the stock market will lose 91 percent or more of its value. (Even for raging bears, that’s quite a stretch.)
But since it’s the billionaires and multi-millionaires who own the bulk of the stock market, the President is actually predicting a re-balancing of America’s unprecedented wealth inequality. Millions of Americans see that as a good thing and something that is desperately needed to keep the billionaires from perpetually buying elections.
According to a white paper released in November 2017 by the National Bureau of Economic Research and authored by economist Edward N. Wolff, this is how the ownership of the stock market stacked up at the end of 2016:
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