Today the DOW Industrial Average reached a milestone: it closed at over 20,000 points for the very first time in history.
But please, allow me to provide you with a reminder of what Paul Krugman predicted the night that Donald Trump won.
Paul Krugman was given a Nobel Prize in economics – not for having any damn clue whatsoever about economics or markets or business or anything close to any of these, but for being a devout leftist who espoused progressive liberalism regardless of how insane progressive liberalism is or how many times it has failed.
Here is what the smartest, wisest leftist economist on planet earth actually knows about the economy:
Paul Krugman: The Economic Fallout
By Paul Krugman
November 9, 2016 12:42 AM ETIt really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.It’s true that we’ve been adding jobs at a pretty good pace and are quite close to full employment. But we’ve been doing O.K. only thanks to extremely low interest rates. There’s nothing wrong with that per se. But what if something bad happens and the economy needs a boost? The Fed and its counterparts abroad basically have very little room for further rate cuts, and therefore very little ability to respond to adverse events.Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.
For a few hours following the election as unhinged progressive liberals sold off everything as they dizzily raced circles around their houses hysterically screaming, “The sky is falling! The sky is falling!”, Krugman was probably a very happy camper in his predictive prowess:
Futures markets imploded Tuesday night as soon as it became apparent Trump was likely to win. At their nadir, futures for the Dow Jones Industrial Average had dropped 750 points.
But that didn’t last very long, as progressive liberals do not “reality” make:
Krugman’s forecast that the markets would “never” recover took just nine hours to be proven totally wrong. Come Wednesday morning, the fever had almost entirely broken in the U.S. Instead of dropping by 10 percent or more, as some predicted, the Dow, Nasdaq, and S&P 500 all rose by more than a percent. Later in the day, the Dow briefly surged above its all-time closing high, before ending the day just a few points below it. The Dow finished the day up about 257 points overall.
And yes, we just reached a brand new milestone as investors and businesses waited to see whether Donald Trump would actually do what he promised he would do. And today, as he unleashed a sweeping series of executive orders undoing years of demonic stupidity, the clouds opened and the floodgates of confidence in the bedrock for a sound economy were unleashed.
Note that what carried the day was MANUFACTURING stocks. Because to be a “Democrat” means to be at total war with blue-collar jobs and basically jobs in general.
Donald Trump declares that he is going to bring back American manufacturing from the dead that Barack Obama and the Democratic Party tried to destroy in their economic holocaust. And investors who understand how business works believe that what Trump is saying will work.
What they DON’T believe is that a fool who was given a Nobel Prize because he’s like one of Hitler’s generals who believed the psychotic delusions of his Führer no matter how insane his demonic strategies clearly were.
Businesses and investors are reacting after Donald Trump began to put into motion the very things that the left is the very most BUTTHURT about, such as an executive order to begin building the wall; such as his executive order to direct his Cabinet to find ways to deny federal funds to states that allow sanctuary cities; such as an executive order to enact his “extreme vetting” of immigrants streaming in from terrorist-ridden countries. They wanted to see if he would follow through on what he said he was going to do. And they have decided – to the demonic butthurt of Democrats – that yeah, he WILL follow through with what he said he would do.
These things, recall, were predicted to bring about our very certain doom.
Paul Krugman is like the leftist climatologist who idiotically believes he or she can tell you that “anthropomorphic climate change” is a fact – even though the dumbass idiot can’t get two consecutive weather forecasts correct. I live in the Palm Springs area where there is a mountain in the path of most of the incoming weather systems: I can’t TELL you how many times I’ve looked at the weather forecast which called for rain and there WAS no rain or which called for no rain and there WAS rain. I have clicked on the forecast and seen it say 0% chance of precipitation – AS IT WAS RAINING!!! Such people literally cannot tell you if it’s raining right now, but they can assure you with ontological certitude that they comprehend the cosmic totality of everything “climate.”
Point: you have to be the most arrogant fool in the world to be a progressive liberal.
Paul Krugman is mainstream journalism at its very finest and its very most intellectual and its very most objective.
For the record, I wrote my own piece on election night and published it about the exact same time Krugman posted his drivel. Here’s how I began what I said as I began to write shortly after midnight after the election:
President Trump. And Laughing Maniacally While Watching Totally Wrong Pseudo-Intellectual Butthurt Fools At MSNBC WHINE About It
November 9, 2016
Well, I finally deliberately turned the channel to MSNBC. Which truly is a first.
Why would I waste my time, you ask? Well, because I knew that they would be doing EXACTLY what they did and for once it struck me that their fool idiot blathering would be entertaining knowing that they just suffered the end of their world as their bubble-world popped.
Of course, had I watched this pathetic network over the last few months, I would have heard non-stop confident predictions from these wrongheaded frauds, and the only argument from the monolithic Stalinist channel would have been how big a majority Hillary Clinton would win by.
I mean, I was watching the talking heads on MSNBC for like five minutes, and they were reading selected quotes from their handpicked foreign leaders whose opinion means so much to them and predicted foreign policy disaster; they looked at the foreign markets and the futures market and predicted economic doom; they predicted war and defeat; they even mentioned Trump would squeeze the trigger of the nuclear arsenal and end all life on earth. It was amazing. Chicken Little says the sky is falling; he was melodramatic by comparison to the hysterical “professionals” at MSNBC.
I never thought in my entire life I would watch a conversation where CHRIS MATTHEWS would actually be “the voice of reason.”
Just realize that these people have been wrong every single time they have ever opened their mouths and some kind of noise came out.
Barack Obama’s entire presidential legacy will soon be flushed down the toilet like the disgusting lump of poop that it always was. And his worshipers are putting on their sackcloth and casting ashes upon their heads. This is the kind of thing that has all the hallmarks of comedic GOLD.
Where the hell is MY Nobel Prize?
Hell, I ought to receive a Novel Prize for mocking insane fools like Paul Krugman. I didn’t know that the moron was writing his own piece while I was writing mine, or I would have cited it the same way I cited what I had just watched coming from MSNBC.
But of course I’m not a progressive liberal, so I’m not utterly disconnected from reality. I KNOW the fool powers that be possessed by Beelzebub as they are would NEVER give me or any conservative anything but scorn and derision and contempt and hate no matter how right we are and no matter how pathologically damnfool wrong they are.