According to one noted financial analyst, Wall Street's misplaced faith in Donald Trump has come back to haunt CEOs and investors who are once again paying the price for the instability he is bringing back to the markets.
In a column for MSNBC, personal finance expert Helaine Olen wrote that the putative financial experts who oversee investment houses placed their bets on Trump for a second time believing they could profit even more during his second term than under a Democratic administration only to find out they bet wrong.
As Olen explained, it was common knowledge that former president can be erratic and a bringer of chaos and now the country is seeing a repeat of his first sting in the Oval Office.
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"Wall Street reveled in Trump’s promises of even more tax cuts and defanged regulators, not to mention making the world safe for saying all those politically incorrect thoughts about DEI. What could go wrong?" Olen wrote before adding a pithy, "Plenty, it turns out."
Noting the stock market plunge, recession fears rising as consumer confidence collapses, the author of "Pound Foolish," wrote, "Wall Street’s enthusiasm for Donald Trump was always a triumph of hope over experience and evidence. True, absence makes the heart grow fonder, but there were signs everywhere, long before Trump was elected, that he was serious about tariffs — which Wall Street, rationally or irrationally, abhors — and other policies that have both roiled the markets and sparked warning signs in the economy since his inauguration."
Calling Trump a "chaos monster," she pointed out "he’s embraced chaos as both an economic and governing strategy" which she claimed is a "risky way" to oversee the U.S. economy.
Writing, "We are — or were — considered a stable country as well, where the rule of law is enforced fairly and consistently. Financial markets and businesses crave stability and predictability; they react poorly to chaos and political favoritism," she added, there is a "pervasive myth that Republicans are better for the economy than Democrats. Nothing could be further from the truth."
Elaborating that "Nine out of the last 10 recessions — including each of the last five — have begun with a Republican sitting in the Oval Office," Olen pointed out, "Even as inequality soared to near-record levels, many of the wealthiest Americans — from Wall Street to Silicon Valley and everywhere in between — have insisted they were the true victims, lashing out at the Biden administration and complaining about any regulation or possible tax increase. These supposed financial experts let their greed and pique blind them to the reality that always was and always will be Donald Trump."
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