The Dow Jones lost 245 points today, piling onto the severe losses it suffered last week. The index has not only given up all its 2018 gains, it’s also now flirting with a drop below its level from this time last year.
It has also dropped more than 300 points below its close on December 22, the day Donald Trump signed the Tax Cut and Hand Jobs for the Wealthy Act of 2017. That law was practically designed to overinflate the stock market with stock buybacks and lotsa plutocrat booty. So what happened?
Donald Trump happened.
Ninety-six percent of the dude’s brain activity is dedicated to smelling, chewing, and digesting Arby’s, and so there’s not a whole lot left for crafting viable economic policy.
So on October 29, 1929 — the day of the stock market crash that ushered in the Great Depression — we had:
- A grossly overinflated stock market
- Grotesque wealth inequality
- A Republican president who eventually bought into the idea that protectionism could save our economy
- Complete Republican control of both the executive and legislative branches of government
What didn’t we have?
- A complete moron in the Oval Office who thinks we should build a see-through Southern border wall so people don’t get giant sacks of drugs tossed onto their heads and who appears to believe the Air Force has invisible jets.
People who fail to learn from history are doomed to repeat it. But what if you don’t learn any history … or science … or economic policy … or anything beyond what Breitbart and Brian Kilmeade tell you?
Then you’re doomed to doom us.
Democratic control of Congress could not be more vital.
All hands on deck.