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Political discussions about everything
#98903
New York Times economist Paul Krugman wrote, “[T]his is my specialty…If the question is when markets will recover, a first-pass answer is never.” Kurt Eichenwald of Vanity Fair tweeted in September, “In preparation for a completely unpredictable Trump presidency, I sold all stocks my kids’ education accounts today. I urge you to do same.” Professor Eric Zitzewitz of Dartmouth College said that the global markets would tank by 10 percent in the first week. The former chief economist for the International Monetary Fund said “we should expect a big markdown in expected future earnings for a wide range of stocks – and a likely crash in the broader market.” Bridgewater Associates told all of its clients that if Trump was elected, the stock market could plummet 2,000 points in one day. Citigroup forecast that if Trump won, the S&P 50 would drop between 3 percent and 5 percent in the first month.
#98908
What has not been reported is how much wealth was lost by panicking snowflakes who sold everything and missed the surge.
And how many enraged phone calls, emails and personal visits those so called "financial experts" got from clients who were true believers and are now much poorer.
#98911
I was watching TV just after midnight on Nov 9, 2016 when Krugman said that.

Several investment forums I look at had a bunch of liberals claiming that a corrupt socialist (Hillary) would be better for 401s and IRAs than a brash billionaire (Trump).

That just seemed crazy, so I ramped up my stock exposure throughout 2016 in the belief that Trump would win and get some tax cuts.

Krugman is educated and bright, but he was blinded by politics and looked like a complete fool on this.

2017 was one of the better years for stocks an investor will ever have.
#98942
On paper Paul Krugman appears to be more qualified to predict the market's reaction to Trump's election, but I told everyone the day Trump won BUY, BUY, BUY. Krugman on the other hand predicted the market would fall apart immediately and NEVER recover.
#98956
Isn't it interesting that practical people, not economists, had a far better sense of what could happen in investment terms?

It just seemed to me that a businessman president would cut taxes, repatriate money, make better trade deals, try to bring back manufacturing, etc.

Look at Apple investing 350 billion in America.

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