While DJT is gloating about all of the successes that have occurred during his scant 40 days in office, most, if not all of them, have had nothing to do with anything he has done. As he continues to take credit almost daily for the rise in the Dow 30 from 18,333 on November 8, 2016, and 19,732 on January 20, 2017, to 21,116 today, increases of 15.2% and 7.0%, it seems that much of America has forgotten where the Dow was because of the catastrophic mess President Obama inherited from Georgie Boy in 2008, and what a great journey we have had for the past 8 glorious years watching President Obama, almost what appeared to be effortlessly, pull us, and the world; out of utter financial despair into an economic recovery not experienced since the Great Depression!
If, by chance, you didn’t know or don’t remember; on November 11, 2008, when President Obama was inaugurated, the Dow 30 was at 8,694 and it dipped to 6,527 by March 6, 2009, as he struggled mightily to right the ship that the previous GOP administration virtually capsized! When he left office on January 20, 2017, the Dow 30 was at 19,732—an increase of 127% since November 11, 2009, and 202% since March 6, 2009, at the depths of the Great Recession!
Now I ask you, during his entire 8 years in office did President Obama ever credit himself with the amazing Dow 30 increase? Of course not, because he was a man of humility and self assurance who didn’t need his ego massaged daily, and he knew that his successes and those of his administration were results of teamwork. He also knew that no one person could possibly take credit for the all of the good fortune that Americans were the beneficiaries of from 2008 through 2016.
However, we now have a president who delights in lying to Americans everyday about how great he is, and why everything good that is happening is because of him, while everything bad that is happening is because of “the other guys.” Little does his feeble mind know that while the Dow 30 is on an exceptional upward trajectory enriching his, already, rich friends; and those who are heavily invested in the stock market even more, which are most certainly not the vast majority of his constituents, they are getting hammered on their mortgage loan interest rates daily!
The reason for this is quite simple. As the Dow 30 goes, so do mortgage loan interest rates. There’s quite a direct correlation between them. Dow up, interest rates up. Dow down, interest rates down.
A case in point is back on November 7, 2016, a no points, no fees, 30-year fixed rate, $300,000 mortgage loan would have had an interest rate of 3.75%, today that interest rate would be 4.375%, costing homeowners $109 more monthly, or $39,240 extra over the life of the loan! How’s that for helping the little guy?
So, Donald, while you’re taking victory laps celebrating the good fortune for your rich buddies, how do you think average Americans are feeling these days, or do you care? Do they even know how screwed they are getting because of the “success” you have brought them? Most likely they don’t, and a good part of the reason is because the Democrats just don’t know how to message their successes properly. If they did, your days would be more numbered than they already are!