CNBC: Stocks plunged on Friday after President Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China. Apple led the way lower. more …
Opinion: I have to admit that yesterday, August 23, was a rather unusual day for those who follow the financial markets daily, like me.
The markets held their breath all week in anticipation of Fed Chairman Powell’s 10 am Friday speech. At 10:01 the speech sounded like someone was trying to sound important while saying nothing.
But then almost in the blink of an eye, the Dow Jones index dropped 200 points. I called my friend whom you all know as VS, and asked what the heck happened.? He told me the president was tweeting:
“For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight….
….all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!
Ok so far…
Our great American companies are hereby ordered to immediately start looking for an alternative to China…”
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
Wait, what? now Xi/Powell are enemies? Ordered? The US market dropped over 600 points to end a tumultuous week. I am not a constitutional scholar, but I don’t think presidents are not supposed to order businesses how or where to do business, unless it is a matter of national security. And enemy sounds rather ominous.
Is the strain of the job too much? Is the president getting carried away with being the most powerful man in the world? And when he said on Thursday he is the ‘chosen one’ (to take on China), does a god complex go with the job now?
September 19 is election day in Israel, and then it will be time for the deal of the century. Forget the US economy and all the tweets, that will be Donald Trump’s defining moment with the only One who counts.