President Donald Trump recently said that the stock market would descend severely if he were to be impeached and removed from office. In a Fox News interview that aired Thursday President Trump said, “If I ever got impeached, I think the market would crash. I think everybody would be very poor.” Trump went on to explain himself further in the interview. “Because without this thinking, you would see numbers that you wouldn’t believe in reverse,” Trump said, “I got rid of regulations. The tax cut was a tremendous thing.”
These comments come on the heels of President Trumps campaign manager, Paul Manafort being found guilty on 8 out of 18 counts. So far, the stock market has had a minuscule response to Trump’s new wave of legal troubles. Just in this week alone, two former advisors have been found guilty of criminal acts with one implicating President Trump directly. The Dow fell slightly on Wednesday and stock futures were little changed Thursday morning. According to traders, the market right now expects Trump to avoid impeachment unless the special counsel investigation can connect the president directly to any collusion attempts with Russia to sway the 2016 election.
Under President Trump, the market and, more importantly, the economy have demonstrated positive trends of growth. The economy experienced growth at a 4.1 percent pace last quarter and the Atlanta Fed has forecasted a 4.3 percent growth for this quarter. Additionally, under President Trump, unemployment has fallen to 3.9 percent, which would be the lowest mark since 1969. The S&P 500 is up 7 percent for the year and on Wednesday its run since March 2009 became the longest bull market on record.
When asked about any type of impending impeachment on “Fox & Friends.”, President Trump said, “I don’t know how you can impeach somebody who’s done a great job”. In the interview, Trump suggested it should be illegal for people facing prosecution to co-operate with the government for a reduced sentence, which is an action he deemed “flipping”. Also, President Trump didn’t rule out pardoning his former campaign chief and newly convicted felon Paul Manafort.
President Trump has also admitted that he provided the hush money used by attorney Michael Cohen to suppress the allegations of two women that they had affairs with Trump. However, President Trump has insisted that he only knew about payments “later on,” contradicting his former lawyer’s sworn statement under oath that Trump had directed him to make the payments. Also, President Trump has denied both of the accused affairs.