Calling the stock market crash “a plot by the FBI to destroy the 401K plans of hardworking Americans while making me look bad,” Donald Trump demanded that everyone “start buying up stocks again and buy them big.”
He also called “un-American” all those Wall St. investors who pulled out of the market when it started going down, thus sending stock prices plunging by almost 10% in the past week.
“I understand the stock market like nobody does and, I’m telling you, when the FBI started spooking people into selling shares, the market went down. That’s how it works. Not a lot of people know that. So the key to keeping this bull market going is getting the FBI to declare a state of economic emergency and insist that the big Wall Street players get back on a buying spree. If they don’t, I’ll call it treason.”
Art Cashin, a veteran Wall St. trader who is the UBS director of floor operations at the New York Stock Exchange, called the president’s contention that the market goes down when people sell, “kind of obvious.” But Mr. Cashin added that he could see no connection between the FBI and the market sell-off.
“I could probably name 100 things that caused this correction,” said Cashin, “and the FBI pulling its support for stocks would not be one of them. I think the president is a little screwy on that point.”
Told of the respected trader’s doubts about the FBI interfering in the equity markets, President Trump said, “Don’t listen to that old fart, his name is CASHIN, right? He’s obviously trying to ‘cash in’ on this FBI scandal to pocket millions for himself and turn me into a laughing stock in the trading pits. Screw that greedy geezer.”
Neither Mr. Cashin nor his firm, UBS, had any comment on the president’s latest remarks.
Thanks to all the many readers, fans, followers, and even my frenemies, for reading and commenting on my posts throughout the year as I continue my commitment to post every day, 7-days-a-week until the Orange Accident is no more.
Remember, I read every comment. And I try to answer.