Barack Obama pulled this country out of its worst economic funk since the Great Depression, and the policies of Obama got us through two years under Trump. However, it looks like Trump’s policies are finally catching up, and it isn’t good. Last week was the worst week for the stock market since 2008. If the markets continue their trajectory this week, it will be the worst December since 1931. Treasury Secretary Steven Mnuchin spent yesterday on the phone talking to bank executives in the hopes of calming their fears and preventing a bloodbath in the stock market today, but word is, it is only making things worse.
Next year is shaping up to be the worst for the economy since 2008, and that’s doubly bad because we don’t have anyone in charge who can fix it. Trump wrecked it with his trade war with China and his shitty, ineffective $1.5 trillion tax cut for the rich. We’re in a government shutdown, which could last for weeks. Trump is threatening to fire the Fed Chairman because he refuses to take the blame, and while it is unclear if he even can fire the Chairman, that threat is making the stock market even more volatile. From the Times:
“If Powell gets terminated, what we’ve seen happen in the markets in the past few weeks will look like a walk in the park,” David Rosenberg, chief economist at Gluskin Sheff, said in an email on Sunday. “The dollar will go into a tailspin, and even confidence in the Treasury market will erode, especially among foreign creditors.”
We’re driving straight into an iceberg, and Donald fucking Trump is the captain of the ship. That means, he will deny the existence of the iceberg — FAKE NEWS — and then, when the economy crashes straight into it, he will blame someone else, probably Hillary Clinton. This is what we have wrought. This is what happens when you elect a man who is dangerously unfit and unqualified to be President.
The petulance, of course, isn’t helping. Angry over the resignation letter of Jim Mattis, Trump decided to force him out on January 1st instead of allowing for an easier transition. Trump probably would have made the move earlier but he didn’t understand how bad the Mattis resignation letter was until the media told him how bad it was. The incoming acting Secretary of Defense, Patrick Shanahan is a former Boeing executive who “has no military experience, no previous government experience and little experience with foreign policy.”
Meanwhile, Brett McGurk, the special presidential envoy to the coalition fighting the Islamic State, also resigned in protest of Trump’s decision to pull troops out of Syria. In a tweet, Trump said he did not know who McGurk — the man running the Syria operation — was. That’s part of the problem. Trump has no idea what he’s doing. He takes no advice. He governs with his gut, and to quote Nick Hornby, “his gut has shit for brains.”
We’d be so much better off if Kate Beckinsale actually were the President. Happy Holidays, folks!