On Wednesday, the Dow Jones Industrial Average broke 20,000 for the first time in history, exciting cheering traders on the floor of the New York Stock Exchange. This must come as a shock to those leftists who thought President Donald Trump’s election would crater the stock market. New York Times faux-economist Paul Krugman wrote, “[T]his is my specialty…If the question is when markets will recover, a first-pass answer is never.” Kurt Eichenwald of Vanity Fair tweeted in September, “In preparation for a completely unpredictable Trump presidency, I sold all stocks my kids’ education accounts today. I urge u to do same.” Professor Eric Zitzewitz of Dartmouth College said that the global markets would tank by 10 percent. The former chief economist for the Intrnational Monetary Fund said “we should expect a big markdown in expected future earnings for a wide range of stocks – and a likely crash in the broader market.” Bridgewater Associates told all of its clients that if Trump was elected, the stock market could plummet 2,000 points in one day. Citigroup forecast that if Trump won, the S&P 50 would drop between 3 percent and 5 percent. Instead, by the end of the day following the election, the DJIA had risen 1.4 percent and the S&P 500 by 1.1 percent.
So much for all of that.
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