Imbolc Imbolc Moon
Stocks have begun to sink. Good. I hope they go down a full 10% at least, a decent correction and a return to market volatility. This puffed up market, glowing and expanding as if by orange-haired demagogic magic, was never his. It was the tail end of the Obama economy; the one, lest we forget, that he rescued from the worst economic crisis of recent times.
Irrational exuberance. Greenspan may have presided over the last inflation, pumped up by his own Randian version of combover ideology, but he nailed the bubble feeling. How else to explain the glee which has followed the rise and rise and rise of the various indices? And, now, its opposite, irrational anxiety.
Irrational because the underlying fundamentals are still sound. We’re adding jobs, inflation and interest rates remain low, and international economies began growing together, for the first time in a while. Fluctuations in stock prices are, and I can’t believe I’m agreeing with Mike Pence here, normal. They represent the ebb and tide of sentiment not necessarily anchored, at least in the moment, to any real world economics.
Trump is a blowhard, a hardcore racist, a not disguised at all white supremacist, a misogynist, a cruel man. And somehow, damn it, our President. His approval ratings, already abysmal, may plummet further along with the Dow Jones. May it be so.