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Trump to Forbes: 'If Hillary Would Have Won, Markets Would Have Gone Down'

Trump to Forbes: 'If Hillary Would Have Won, Markets Would Have Gone Down'
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By    |   Tuesday, 10 October 2017 10:41 AM

President Donald Trump is taking a well-deserved victory lap as the stock market has soared since his election victory over Hillary Clinton.

“Your stock market is at an all-time high,” Trump told Forbes.com.

"Your jobs, your unemployment is at the lowest point in almost 17 years. We have fantastic numbers coming out," Trump said.

And while Forbes told Trump U.S. Stock markets are up 20 percent during his term, he stretches the time period to yield an even glossier figure. "No, 25 since the election. You have to go since the election," Trump said.

“That depends on the index, of course (he's conveniently using the most Trump-friendly one, Nasdaq),” Forbes explained.

"Since Election Day it's 25 percent. It has gone up since Election Day $5.2 trillion -- $5.2 trillion. If Hillary Clinton would have won, the markets would have gone down substantially," Trump said.

Tuesday on Wall Street, the three major stock indexes set new record highs, helped by gains in energy stocks and in Wal-Mart on the back of the company’s $20 billion share buyback plan, Reuters reported.

Aside from stocks, Trump also is proud of tAmerica's gross domestic product (GDP), Forbes explained.

"So GDP last quarter was 3.1%. Most of the folks that are in your business, and elsewhere, were saying that would not be hit for a long time. You know, Obama never hit the number," Trump said.

Again, Forbes tried to explain that President Barack Obama did hit that level.

"He never hit it on a yearly basis. Never hit it on a yearly basis. That's eight years. I think we'll go substantially higher than that. And I think this quarter would have been phenomenal, except for the hurricanes," Trump said.

For his part, Trump has struck a constant tone of optimism over the economy, touting the high stock market and low unemployment.

And it comes as congressional Republicans in conjunction with the White House are crafting tax reform legislation that would be highlighted by cuts across the board.

For September, the Dow gained 2.1 percent, the S&P rose 1.9 percent and the Nasdaq advanced 1.05 percent. The strong gains extend the Dow's streak of winning quarters to eight. It's the longest since an 11-quarter boom that ended in September 1997, according to FactSet stats. Back then, the U.S. economy was going gangbusters under President Bill Clinton at the start of the dotcom boom.

The current streak began during the final three months of 2015 and accelerated after last fall's election. For those scoring at home, that's five winning quarters on Obama's watch and three under Trump, who took office in January.

Trump, who claimed as a candidate that the market was in a "big, fat, ugly bubble," brags about it now that he's in charge. He did that again late last month, cheering the "RECORD HIGH" for the S&P 500.

Meanwhile, Nobel winner Robert Shiller warns savvy investors that only one aspect is keeping today’s high-flying stock market from crashing like it did in 1929.

The Yale University economics professor explained to CNBC that there's one vital characteristic protecting investors from losing their nest eggs: Market psychology.

"It's not just a matter of low interest rates, it's something about the American atmosphere. It's partly the Trump atmosphere,” said Shiller, who was awarded the Nobel Prize in Economic Sciences with Eugene Fama and Lars Peter Hansen in 2013.

"The market is about as highly priced as it was in 1929," said Shiller, who's been arguing valuations are extremely expensive.

“Investors love this. I can't exactly explain – maybe it has something to do with prospective tax cuts. But I don't think it's just that. It's something deeper, and it's pushing the American market up," he added.

(Newsmax wires services contributed to this report).

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President Donald Trump is taking a well-deserved victory lap as the stock market has soared since his election victory over Hillary Clinton.
trump, stock, markets, hillary clinton, down
Tuesday, 10 October 2017 10:41 AM
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