I wasn’t around during the Buchanan administration which is generally considered to be the worst in American history. The administrations of Calvin Coolidge and Herbert Hoover brought about the Great Depression, but that predated me too. I was around for the George W. Bush administration which among other things gave rise to the Great Recession. Donald Trump may or may not be the worst American president ever, but he is certainly in the discussion. Let’s explore.
It is the late afternoon of Super Tuesday as I pen this. I waited for the markets to close because I didn’t want to be premature with my leadoff example. The Dow Jones closed down nearly 800 points. That would be bad all by itself but when coupled with a one half percentage point rate reduction by the Fed earlier Tuesday and you really have a mess that is almost impossible to achieve. Perhaps, of all the American presidents only Donald Trump could be so incompetent as to have it occur on his watch.
A 300 point increase on the Dow would have been a very modest goal (really too modest). With being kind to Trump we are looking at a 1,100 (or over 4%) swing in the wrong direction. Oh by the way, the Dow dropped over 12% last week. It may be news to Trump and his money washer Commerce Secretary Wilbur Ross but there is such a thing as the global supply chain and the coronavirus in not a hoax.
At his Saturday press announcement that was billed as being exclusively about the coronavirus Trump spent several minutes bragging about his peace agreement in Afghanistan. It had broken down by Monday. Even at a cursory glance the agreement was fundamentally flawed. The only parties to the agreement were the United States and the terrorist group the Taliban. You read that correctly the Afghanistan Peace Agreement didn’t include the government of Afghanistan.
To add insult to injury on Tuesday Trump spoke with the leader of the Taliban. Perhaps this idiot, (I’m sorry, I know he is the president but idiot is the kindest PG rated yet accurate word I could come up with to describe Trump), doesn’t realize that he elevates people’s legitimacy when he talks and/or meets with them in his capacity as President of the United States. I guess we have to be glad he hasn’t said he fell in love with him.
This week inspectors for the International Atomic Energy Agency reported a sharp increase in the Iranian stockpile of uranium. We know this is bad but we don’t know exactly just how bad because the Iranians have denied access to sites capable of doing weapons grade nuclear enhancement. Both a lower Uranium stockpile level and inspectors’ access to those sites were guaranteed under the Iran Nuclear Deal that Trump unilaterally broke and that until that point (and in fact for a year afterwards) Iran was adhering to.
Mr. Trump can you explain how America is safer without the agreement than it was with it? Please remember that as president your number one job is to keep Americans safe.
Americans elected what they were told was a business genius and great deal maker. What kind of business genius goes bankrupt four times in the casino business? Mobsters (the real ones not wannabes) get into the casino business so that they can skim millions and they still declare a profit.
Great businessmen make a lot of money especially when they start out rich. Trump has fancied himself a businessman for over 50 years while basically breaking even on his daddy’s money. In fact many of the times he nearly crashed he depended on his father Fred to bail him out. If you say them both quickly “Fred” and “Fed” sound a lot alike. Perhaps Trump is just confusing the two.
This time it doesn’t appear that even the Fed can bail him out; he got suckered on the Afghanistan deal and walked away from an imperfect but good Iran deal. Trump is an incredibly bad manager and deal maker. His “contract” is up for renewal in November. I often ask Americans to envision themselves as hiring managers when they vote. I know I won’t vote to renew Trump’s contract. Among the many reasons is because he is incredibly bad at his job.
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