Just before leaving for the first of his final eleven campaign rallies in the last dash to Election Day, President Donald Trump said if Republicans lose in the mid-term elections next week, then that will definitely have a very negative impact on the stock markets and for average American investors on Wall Street.
“If the mid-terms for some reason don’t do so well for Republicans, I think you all are going to lose a lot of money,” the President said at an event on jobs at the White House.
“I hate to say that – I think you’re going to lose a lot of money,” Mr. Trump added.
Investors have already lost a lot of money in October, as stocks shed more than $2.5 trillion in value, though traders finished up on Halloween with the first two-day rally of the month.
“We have an economy right now that is hottest economy in the world,” the President said, arguing that his efforts to roll back regulations and cut taxes had spurred a large amount of new economic growth in the U.S. – as he said all that could be in jeopardy if Democrats win control of Congress.
At his campaign rallies, the President often tells stories of how people come up to him to thank him for their growing 401(k) retirement accounts, warning them against voting for Democrats, which he says will equate to an economic mistake.
“Remember, you’re going to pay a big price if you vote for somebody else,” the President said in October at a rally in Nevada. “You’re going to say, what the hell is happening to our 401(k) as it does a big nosedive?”
The Dow Jones Industrial average was at 17,888 on the day that Mr. Trump was elected in November of 2016 – almost two years later, the Dow now stands just under 25,200, though that is down about 1,600 points from early October.
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