Donald Trump’s Delusion du Jour: Blaming House Democrats for Sinking Stocks

Wrong again.

Aurelien Meunier/Getty Images

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

Days after threatening House Democrats who plan to investigate his administration, Donald Trump leveled a new, baseless claim against his rivals in Congress.

While the Dow Jones Industrial Average did drop more than 400 points as of 11:40 a.m. on Monday, analysts pointed not to politics, but the technology supply firm Lumentum Holdings Inc., whose stock plunged by more than 25 percent after revising its second-quarter revenue estimates downward. Apple, which is Lumentum’s largest client, also saw the value of its stock tumble on Monday

Experts have blamed recent market volatility more on Trump’s own economic policies than the prospect of Democratic oversight. His trade wars with China and with traditional allies such as Canada and Mexico have rattled investors while the result of the midterm elections, which handed the House to Democrats and firmed up Republican control of the Senate, aligned with nearly all major predictions from pollsters. 

The president’s Monday-morning tweet baffled some market observers and journalists, including Business Insider co-founder Henry Blodget and Washington Post reporter Dave Weigel.

Fact-free attacks on the newly empowered House Democrats have been part of Trump’s standard operating procedure for the past week. A day after the midterms, he threatened to retaliate against Democrats by investigating them in the Senate. “Two can play that game!” he tweeted. During a press conference later that day, he spoke of adopting a “warlike posture” if Democrats target his family and personal business dealings.

In using the phrase “presidential harassment,” he appears to be drawing from the playbook of Senate Majority Leader Mitch McConnell, who used that phrase to warn Democrats that a strategy of intensively investigating the White House could backfire. Rep. Adam Schiff (D-Calif.), the presumptive chair of the House Intelligence Committee, has said his panel will focus their attention next year on Trump’s alleged ties to Russian money laundering and his attacks on media outlets such as the Washington Post and CNN. Acquiring Trump’s tax returns is another top Democratic priority

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate