You’d think that an effort to impeach the duly-elected President of the United States would roil the markets, send the Dow Jones tumbling, and put economists into a panic about the immediate future of the U.S. economic situation. But even though your friendly neighborhood liberal pundit wants us to think this is beginning of the end for Trump’s presidency, investors on Wall Street see these hearings for the meaningless scam that they are. As such, stocks are hitting record highs.
On Friday, for the first time in history, the Dow Jones Industrial Average moved just beyond 28,000, up 223 points from the day before. This makes the fourth week straight that the Dow has climbed to new heights, proving beyond a reasonable doubt that the Democrats are fooling no one with their circus show in Washington.
“I do not think that there is any material impact on the markets or the economy from impeachment,” said RSM US economist Joseph Brusuelas. “Given where the public is and the small probability of conviction in the Senate there is at this time little risk to the outlook.
“One potential transmission channel would be via a broad decline in financial conditions linked to instability in the political sector,” he continued. “If there should be a major shift in public opinion and the opinion of potential jurors in the U.S. Senate that is where economists, financial professionals and market actors would first look for stress.”
Cumberland economist David Kotok said that investors were clear-headed about where this impeachment was heading.
“The markets see the impeachment process as a pure political ploy,” he said. “So the metaphor is Clinton, not Nixon. Hence no market reaction to impeachment proceedings. So far, this is not a Nixon type story. If evidence surfaces to a smoking gun level like the Nixon 18 ½ minute gap in a tape, then things change.”
That, of course, is extremely unlikely at this point. We already have the transcript of Trump’s call with the Ukrainian president. Beyond that, we have a bunch of witnesses talking about what they heard at the water cooler in between discussions of Marvel’s latest movie and what they’re going to do next weekend. One guy got his theory of Trump’s wrongdoing from The New York Times. It’s a joke. The major media may want to pretend it’s something more than that, but the guys whose livelihood depends on seeing things for what they are? They know the deal.
Keep playing, Democrats. See what happens next November.