On his podcast, Peter Schiff talked about the big stock market rally. He said it's not really about the presidential election, or the COVID vaccine, or excitement about Joe Biden. The rally is all about the Federal Reserve. And it always has been.
Pres. Donald Trump took the opportunity to call a press conference to tout the Dow record. "The stock market's just broken 30,000 — never been broken, that number. That's a sacred number, 30,000, and nobody thought they'd ever see it," Trump said.
Peter reminds us that Trump said a Biden win would tank the market.
How can Donald Trump claim credit for those gains? Because the markets are forward-looking and the markets are looking forward to President Biden. Yet they're rallying anyway. So, how can the rally be attributable to Trump?"
After Trump beat Hillary Clinton, he took credit for the rise in the stock market right after the election, saying the markets we're optimistic about a Trump presidency. By that reasoning, wouldn't this stock market rise in the wake of a Biden win mean the markets are optimistic about a Biden presidency? As Peter put it, Trump wants to have his cake and eat it too.
He wants to claim credit for the gains after he won and he also wants to claim credit for the gains that happened after he lost."