We’ve got bigger problems than Trump. Today’s discussion, aided greatly by this fantastic article by Les Coleman, tries to get at some of the larger problems and solutions, as does today’s Substack on Trump lessons and Tax Policy.
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With today’s video we go all in on discussing the US stock market. There’s this idea that stock markets are somehow rational, or serious. People who talk about it are always wearing suits, and we put a lot of effort into making all the details of interest rates, portfolio management, and valuations seem boring. The stock market is none of these things. In fact it’s nuts. By going through the history of the “Trump Bump”, I attempt to draw the curtain back a bit.
Unfortunately, watching the video, I think I screwed something up. It’s not that the story I put forward is wrong, it’s just that I left too much out. The video falls into the “Presidents impact everything” school of commentary. I hate that school. The differing views market makers took of Trump and Obama are tremendously important to this particular economic story, but that doesn’t mean that presidents are actually all that powerful. I really don’t want to create that impression, and I apologize if I did so with this video.
If you’d like to earn my undying gratitude, please click here to support this project through Patreon. Please do reach out to us through Twitter, Facebook, Youtube, or our e-mail newsletter.
Video Transcript after the jump…