The Dow closed Wednesday adding another record drop under the president, but Donald Trump is blaming the media for the failures.
"The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election. The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!" Trump tweeted as the markets appeared more like a roller coaster than a booming economy.
Trump spent the better part of his first two years in office bragging that the market's success was all because of him
“The stock market has added more than $8 trillion in new wealth," Trump said during a Senate Republican Member Conference in 2018. "In fact, if the opposing party had won the election, you would have had tremendous new rules and regulations put on everything, and other things would have happened. And instead of going up almost 50 percent, your stock market, in my opinion, would have gone down 50 percent — I really believe that — because they were stifling it. They were getting prepared to stifle even worse than it was.”
"Had the other side gotten in, the market would have gone down 50 percent from where it was — 50 percent from where it was. Remember that. It was stagnant, and it was going down," Trump told the "Women of America" panel in Jan. 2018.
“And you're seeing what's happening with the stock market. People are appreciating what we're doing," Trump told the press while signing a tariff on solar equipment just two weeks after the "Women of America" comments. "So we're bringing business back to the United States for the first time in many, many years — many, many decades, really. And we're very proud of it and that's why the stock market is reacting the way it is. Okay. … There won't be a trade war, by the way. There will only be stock increases for the companies that are in this country. And that's what happened today.”
Now that the market is going down, however, it has nothing to do with him. He's blamed the Federal Reserve, Democrats, and now he's turning to the media.
Economists have reported that an indicator of a recession might be the yield on the ten-year U.S. Treasury bond dropping below the yield of the two-year U.S. Treasury bond for the first time since 2007. According to Bloomberg, market observers say it is a leading indicator of a coming recession. That's one major reason the market took a dramatic tumble on Wednesday.
Moody's economists have also cautioned that Trump's trade war is making things worse.
You can read the Twitter response below: