A Deified Market Has Begotten A Son In Donald Trump
Religiosity of Wall Street
The exuberance on Wall Street and other financial centers around the world can absolutely be a credit to Donald Trump. As president he continues to proselytize his ascension unto the political stage, those pesky nonbelievers will have their comeuppance in the wake of America’s return to greatness.
The newfound confidence gained in the economy since the 2016 election results signals a justification of a remarkable sentimentality towards the all knowing and omnipresence of The Market. Apparitions of Dow 25,000 since then has now come to light and Trump’s evangelical congregation rejoice in his name.
It took 35 days for the Dow to go from a close above 24,000 to 25,000. It took the same number of days for the index, which is based on 30 blue chip stocks, to rise 1,000 points earlier in Trump’s presidency. In Mar. 2017, the index jumped above 21,000 on the the promise of tax cuts from a now Republican-led Congress and White House.
Donald Trump Tweets That Stock Market Rises Fastest 1,000 in History. Here's What History Says.
Donald Trump tweets that market rises fastest 1,000 in history. Here's what history says as the Dow Industrial Average…
We are going to ignore the significance of this historical context posed by Trump here. This feeble attempt at drawing comparison in terms of points gained in this instance is not intuitively applicable to gains made in the past within the Dow — an index of 30 interchangeable companies that meet certain membership requirements. For instance the rise in the Dow during the dot com bubble of a 1000 points is much more significant than the 1000 point rise we see today.
April 1997 Dow is at 7,000 and increases 3 months later to 8,000 is a 14% increase, but 24,075 increased to the aforementioned time of Trump’s tweet of 25,075 is just 4%.
When the Dow slides back like it did a few days ago Trump is silent and I assume he will remain quiet until it rises again and, or it is convenient for him to blame Obama for an impending continued slide, which is bound to happen, even though it would be over a year out of his presidency.
“…I do want the credit without any of the blame”__Michael Scott (The Office, 2009, S5:E19)
Theological capitalism offers salvation by The Market’s saving grace even in the midst of all the redemptive suffering — inequality in pay, layoffs, inadequate health benefits, taxes, wage stagnation…etc., as long as we continue to keep the faith what reap we shall inherit. This is mentioned in the daily scriptures received from CNBC Squawk Box or the Wall Street Journal.
While the votaries of the market along with Trump’s disciples heap praise and spread Trump’s ideology to nonbelievers in the popular vote, Pontius, oops, I mean Special Prosecutor Robert Mueller is seen as deciding Trump’s fate of impeachment. But whether this impeachment actually occurs remains to be seen. But if it did history would seem to repeat itself if Trump is seen as the sacrificial lamb being offered up as a form of redemption…, sorry, as a form of correction to lofty stock prices. However, in the end what we will never seem to understand is what is behind The Market’s will for us all.
…current thinking already assigns to The Market a comprehensive wisdom that in the past only the gods have known. The Market, we are taught, is able to determine what human needs are, what copper and capital should cost, how much barbers and CEOs should be paid, and how much jet planes, running shoes, and hysterectomies should sell for. But how do we know The Market’s will?__Harvey Cox, 1999, The Atlantic
Many have tried to find new religion in The Market, most recently with the theophanic rise of these crypto currency crusades (BitCoin valued at nearly $20,000 at one point). Once again as told in biblical scripture and had been foretold by its high priests and clergymen, The Market is reclaiming that temple sending its merchants and money exchangers fleeing for the exits.
Lakes, meadows, church buildings — everything carries a sticker price. But this practice itself exacts a cost. As everything in what used to be called creation becomes a commodity, human beings begin to look at one another, and at themselves, in a funny way, and they see colored price tags. There was a time when people spoke, at least occasionally, of “inherent worth” — if not of things, then at least of persons.
I do believe there is something to this Market as God notion written by Professor Harvey Cox. We are guided by its invisible hand and for better or for worse we have come to accept its direction without question and with our faith or optimism. My agnostic perspective and views allows me to accept things as they are and not as I want them to be. For the latter, The Market would have to have blessed me in such a profound way.
At the time of this piece being published it has been reported that…