Doesn't Donald Trump think Californians are also American?
Shortly before 3 pm Eastern time in the US, president Trump announced, of course on Twitter, that he has called off the remaining negotiations with House Democrats, including Nancy Pelosi, regarding the much-needed stimulus package. He reasoned that the bill, pledging a total of $2.4 trillion, put forth by the Democrats is far too costly and disproportionately beneficial to the 'Democrat' states (I assume he meant the states in which he trails Joe Biden in the 'fake' polls for presidential election).
Instead, he touted his own proposed package, which carries a face value of $1.6 trillion, to be a more judicious use of the Federal Reserves' freshly printed money, as he claims it would go directly to hard working Americans (presumably his voter base).
All three major US stock indices plunged sharply lower on the heel of the announcement, led by the shares of companies directly hit by the lack of government's new round of loans including United Airlines Holdings, American Airlines and Boeing.
Whilst it is impossible to look through the Trump's lens and try to make sense of why he did what he did, it is crystal-clear that his number one agenda is to win the re-election, no matter how. He seems comfortable to hold the livelihood of the majority of the American people (and not just the Californians he so loathes) hostage. By suggesting he will enact the stimulus bill after he wins the election on Nov 3rd, Mr Trump effectively validates the furlough schemes disclosed by major US airlines earlier this week. He also very likely loses all their votes (certainly there must be some in the airline industry who intended to vote for Mr Trump?).
If there is any redeeming value in the current development, it is the fact that such bad news as this (which risks further exacerbating the already wobbly recovery of the American economy) can only scratch a tiny fraction out of the post-bear market gains in these indices. Of course, things might turn further south from here, but at least, investors seem confident that no matter what happens after Nov 3rd, the bull run continues.
Major US stock indices turned sharply south in the wake of Trump's rejection of the Democrat's stimulus bill.
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