President Donald Trump had quite a day Wednesday on Twitter, firing off tweet after tweet — including one with an all-caps curse word — railing against the “Do Nothing Democrats” and their impeachment “nonsense” while blaming them for the steep stock market sell-offs this week.
Wednesday’s close marked the worst back-to-back days for the markets since the end of last year, with the Dow Jones Industrial Average falling 1.9%, the S&P 500 falling 1.8% and the Nasdaq dipping 1.6%.
All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down. But that is exactly what the Democrats want to do. They are willing to hurt the Country, with only the 2020 Election in mind!
— Donald J. Trump (@realDonaldTrump) October 2, 2019
Things got so bad #TrumpMeltdown was trending No. 1 nationally for a time while the president took shots at House Speaker Nancy Pelosi, D-Calif., and House Intelligence Committee Chair Adam Schiff, D-Calif.
Congressman Adam Schiff should resign for the Crime of, after reading a transcript of my conversation with the President of Ukraine (it was perfect), fraudulently fabricating a statement of the President of the United States and reading it to Congress, as though mine! He is sick!
— Donald J. Trump (@realDonaldTrump) October 2, 2019
Nancy Pelosi just said that she is interested in lowering prescription drug prices & working on the desperately needed USMCA. She is incapable of working on either. It is just camouflage for trying to win an election through impeachment. The Do Nothing Democrats are stuck in mud!
— Donald J. Trump (@realDonaldTrump) October 2, 2019
Things weren’t much better on Tuesday, with the Dow, S&P 500 and Nasdaq falling 1.2%, 1.3% and 1.1%, respectively. Monday actually saw decent gains for all three indexes, ranging from 0.4% to 0.8%.
What Trump didn’t mention was the weak economic data we received both days. Tuesday saw a surprise contraction in manufacturing, spurring renewed worries about the ongoing trade war with China. The market was climbing until the Institute for Supply Management reported the manufacturing sector dipped to its lowest level in more than a decade.
On Wednesday, news broke ahead of Friday’s jobs report, showing only 135,000 jobs were created for the month of September. Auto stocks also fell after reports from Ford and General Motors added to worries over industry profit margins.
Economist and precious metals expert Peter Schiff also weighed in with some of his own theories on Twitter, responding directly to Trump in one tweet, claiming Trump had only continued the Obama economy and further inflated the bubble.
Impeachment talk is not why the air is coming out of the big, fat, ugly stock market bubble you inherited from Obama. By helping to make that bubble larger you have contributed to the economic damage it has caused. That damage will be laid bare after the bubble deflates!
— Peter Schiff (@PeterSchiff) October 2, 2019
Trump claims the U.S. has the hottest economy in the world, but complains about our large trade deficit with the EU. If our economy really was hot, it would be generating surpluses, not deficits. Our bubble economy is too cold to actually produce stuff so we run deficits instead!
— Peter Schiff (@PeterSchiff) October 2, 2019
Imagine what the deep state would do to Trump if he was actually draining the swamp. What if he was cutting government spending, shuttering agencies and departments, laying off government employees, ending corporate welfare, and restoring the freedoms prior presidents took away.
— Peter Schiff (@PeterSchiff) October 2, 2019
Editor’s note: Is Trump right about the impeachment inquiry driving stock prices down, or is it more based on poor economic numbers? Regarding what Schiff said, is the Trump economy merely a continuation of the Obama economy — a giant bubble that’s about to burst? Share your thoughts below.