record highs on 3 US stock indexes

[Texas Contrarian]

Originally Posted by VitaMan

Breaking news:

Biden administration getting too much credit for success.

Why is Biden's approval rating around 40%? (Or lower.)

Well, doesn't it seem obvious to you that all too many Americans don't see a whole lot of success? Sure, most of us in this forum own assets and have done very well over the last three years. I can think of very few other 3-year periods in my professional life during which I have enjoyed similar returns. No doubt that many, if not most others here, can say the same. But this site, which is populated by guys who can afford the SD-SB world and other pay-for-play arrangements with attractive young women, is not exactly a representative sample space of the US population, is it?

Originally Posted by Jackie S

I’m sure the housewife who is paying 30% more for just about everything since Biden took office is thrilled about the high stock prices.

Indeed. The problem Joey has is that the whole ballgame boils down to about six states: AZ, GA, MI, NV, PA, WI. And there are far too many people like the housewife Jackie mentioned for the Joey-Kamala regime to feel very comfortable right now.

About three months ago, the following commentary in Politico was widely discussed:

https://www.politico.com/news/magazi...olumn-00141816

During the LBJ years, advisor Art Okun advocated for what he called the "high-pressure" economy -- spend a shit-ton of money, tolerate some inflation by conducting accommodative monetary policy for as long as you can get away with it, and goose employment and growth to a fare-thee-well. Then working class voters will love you!

Or maybe not, as you can see from the above-linked article. Turns out that working-class Americans really, really hate inflation.

Of course, Biden's fanboys are still claiming that the primary driver of inflation was covid-era supply chain disruption. But aside from those sitting around a conference table with Jared Bernstein, virtually no one buys that. That dog won't hunt! (And would be immediately shot by Kristi Noem.)

[adav8s28]

Originally Posted by Tiny

Adav8s28, Institutional traders have time horizons measured in minutes, days or weeks. Institutional investors may, say, buy oil and gas shares if they believe Trump will be president. Or green energy shares if they think Biden will win.

Not sure who Michael Burry the guy who predicted the 2008 finacial crisis is for president, right now he has his hedge fund heavy into gold and renenwable energy stocks. Maybe he is for Biden. Saw this article in todays Yahoo finance section.

https://finance.yahoo.com/news/big-s...181433996.html

[VitaMan]

News flash:


Trump supporters don't want to give credit to the Biden administration.


Only the blame.

[Texas Contrarian]

Originally Posted by VitaMan

News flash:


Trump supporters don't want to give credit to the Biden administration.


Only the blame.

Non sequitur.

For starters, I'm not a Trump fan, so you might try taking some other deflection or talking point for a test drive.

Would you like to try to explain to us, in some semi-coherent fashion, what course(s) of action Biden took in order to boost the markets to new highs? You certainly have started more than your share of threads in this same vein.

While you're at it, would you please explain why you think his policies are good for the American economy, and whether you think there's likely to be any sustainable follow-through as a consequence?

[VitaMan]

And here, from the mouth of Mr. Trump himself:


Just ahead of the 2020 election, Trump claimed that a Biden victory would lead to “a stock market collapse the likes of which you’ve never had.”


Instead, on Thursday the Dow Jones Industrial Average topped 40,000 for the first time.





Talk about a dog that won't hunt.....

[Texas Contrarian]

Originally Posted by VitaMan

And here, from the mouth of Mr. Trump himself:


Just ahead of the 2020 election, Trump claimed that a Biden victory would lead to “a stock market collapse the likes of which you’ve never had.”


Instead, on Thursday the Dow Jones Industrial Average topped 40,000 for the first time.





Talk about a dog that won't hunt.....

So what? Trump has a long history of making all sorts of ridiculous statements. But that's not the subject of this thread, is it?

How about taking a stab at giving a cogent answer to my rather simple, straightforward question? If you understand this issue, that shouldn't be very difficult for you, should it?

[VitaMan]

The fact is politically, the Biden administration will receive credit for the record high US indexes.


You sound like you are from academia, and as Warren Buffet says, "from the priesthood." It is the real world of politics I am discussing.

You can provide all the academic research you want, and ask as many question as you want. That won't change the fact of the political benefit the Biden administration will receive.

At the beginning of the thread, I made no mention of who was responsible for the stock market rise. I just stated a fact, and what impact that may have on the debates. With Trump and his ridiculous statement, it should make it interesting.

It is the usual posters who jump on this, and start talking about who is responsible, mostly Trump supporters, who seem to have to discuss it and deny that anyone is responsible for the success. That is one of the more interesting things from the posts.

And no insults, please, as you are beginning to post.


Plus, you begin to ask questions that are not the topic of this thread.

[Dirkicky]

With all the focus on Trump and all this law fare I am not aware of Biden’s plans. For instance when the Trump tax cuts expire in 2025 will Biden renew them? I don’t see how he can since he criticized them. But since he doesn’t do Q and A’s no one knows unless it is a scripted pre-approved question. Will Biden raise the corporate tax rate? His plan to take away the 401K tax deduction and replace it with a progressive tax credit seems like it will screw the upper middle class and the rich. I am a Trump fan and really miss the 16%, 27%, 20% and 17% returns on my 401K combined low inflation. Biden took over 17%, negative 17%, and now this year plus 10% with 40 year high inflation last year and 23 year high this year. Not sure what metric Biden voters are quoting when the say he is doing a great job.

[Tiny]

Originally Posted by VitaMan

The fact is politically, the Biden administration will receive credit for the record high US indexes.

You sound like you are from academia, and as Warren Buffet says, "from the priesthood." It is the real world of politics I am discussing.

You can provide all the academic research you want, and ask as many question as you want. That won't change the fact of the political benefit the Biden administration will receive.

?????

How many times does TC have to say it? There's nothing "academic" about what he wrote.
Read what he wrote. Read his politico link. I'll repeat it here:

Originally Posted by Texas Contrarian

Why is Biden's approval rating around 40%? (Or lower.)

Well, doesn't it seem obvious to you that all too many Americans don't see a whole lot of success?

....Indeed. The problem Joey has is that the whole ballgame boils down to about six states: AZ, GA, MI, NV, PA, WI. And there are far too many people like the housewife Jackie mentioned for the Joey-Kamala regime to feel very comfortable right now.

About three months ago, the following commentary in Politico was widely discussed:

https://www.politico.com/news/magazi...olumn-00141816

During the LBJ years, advisor Art Okun advocated for what he called the "high-pressure" economy -- spend a shit-ton of money, tolerate some inflation by conducting accommodative monetary policy for as long as you can get away with it, and goose employment and growth to a fare-thee-well. Then working class voters will love you!

Or maybe not, as you can see from the above-linked article. Turns out that working-class Americans really, really hate inflation.

Of course, Biden's fanboys are still claiming that the primary driver of inflation was covid-era supply chain disruption. But aside from those sitting around a conference table with Jared Bernstein, virtually no one buys that. That dog won't hunt! (And would be immediately shot by Kristi Noem.)

Biden ISN'T receiving the credit. Yeah, the market may be up 40% since he took office. But if you're paying 20% - 30% more for food and rent and the like, and your wages haven't kept up, are you going to vote for Biden because the stock market hit new highs? The great irony is that despite increasing the national debt by trillions with the $1.9 trillion American Rescue Plan and other overdone stimulus spending, the workingman is worse off. Since January, 2021, prices are up more than wages.

Originally Posted by VitaMan

At the beginning of the thread, I made no mention of who was responsible for the stock market rise. I just stated a fact, and what impact that may have on the debates.

Well, in your subsequent posts, you were trying to give Biden, and Biden alone, credit for the stock market's performance:

Originally Posted by VitaMan

News flash:
Trump supporters don't want to give credit to the Biden administration.Only the blame.

Originally Posted by VitaMan

You are saying the Biden administration should take the blame for that.....but not be given success for record highs on all 3 US indexes ?

Originally Posted by VitaMan

Breaking news:Biden administration getting too much credit for success.

Originally Posted by VitaMan

And no insults, please, as you are beginning to post.

Plus, you begin to ask questions that are not the topic of this thread.

If memory serves me correctly, you're a successful options trader. You know a good bit about finance. Texas Contrarian did not insult you, he's just prodding you to come up with a decent argument, which you haven't done yet.

And as to his posts being off topic, I don't understand that, at all. Is this thread supposed to solely address the political implications of new stock market highs, without addressing whether Biden has anything to do with the new highs? Or explain why ordinary Americans currently focus on other aspects of the economy than the level of the DJIA? Or maybe we're only supposed to say positive things about Biden, and take the negativity to another thread?

[VitaMan]

The answer to your above is you are also way off.


Read the posts. They are insulting. They are also off topic. His questions are off topic. He does the same thing every time. I know you are a big supporter of TC, so enjoy yourselves.


Read the original post and topic, Respond to that.



I am done here.

[Tiny]

Originally Posted by VitaMan

The answer to your above is you are also way off.


Read the posts. They are insulting. They are also off topic. His questions are off topic. He does the same thing every time. I know you are a big supporter of TC, so enjoy yourselves.


Read the original post and topic, Respond to that.



I am done here.

Don't get frustrated. You started a thread that generated a lot of debate. You can make a counter argument to ours -- see comments of Bharat Ramamurti and Dean Baker in TC's Politico article for example -- but you need to expand your case beyond "new market highs."

[golferguy55]

Originally Posted by Tiny

Don't get frustrated. You started a thread that generated a lot of debate. You can make a counter argument to ours -- see comments of Bharat Ramamurti and Dean Baker in TC's Politico article for example -- but you need to expand your case beyond "new market highs."

Tiny bless you and TC's soul for having the fortitude to keep running into a brick wall with someone who obviously does not understand how the markets work. As far as his knowledge or expertise is on this subject is pretty obvious in the fact that he can't answer that softball question that TC tossed his way.

[VitaMan]

Above posters need to read the original post, and try to respond to the topic. None have. They are creating their own topics.

Insults are pretty useless. Fyi I have worked at investment firms and banks for many years.


I am only making this additional post since yet another poster chooses to post insults, and with no basis.

[golferguy55]

TC and Tiny both addressed your question just as I did. Just because you choose to ignore the facts is not their issue as both of them presented answers without insulting you. You say that you have worked in banks and investment firms for years. Would that by chance be with Well Fargo bank and their Advisors department?

[VitaMan]

I will repeat the question of the original post.....which none of you answered, or even come close to addressing:


"If this topic comes up during the Biden Trump debates, wonder what Trump will have
to say."



I have not worked at Wells Fargo. I have worked at Merrill Lynch and Chase Bank.


And yes, the posts were insulting and attempts at demeaning.....just as your recent post and the one before that....without knowing anything about me or my background.


And all the various questions asked have nothing to do with this topic.