'Booming Wall Street may be less a symptom of Trump's promised 'transition to greatness' than it is what another stock market sage, former Federal Reserve Chairman Alan Greenspan, might call a sign of 'irrational exuberance,'' writes StCollinson
This analysis was excerpted from the June 10 edition of CNN's Meanwhile in America, the daily email about US politics for global readers. Click here to read past editions and subscribe.
Pandemic economics is proving the wisdom of the savvy investor who once called the New York Stock Exchange"the biggest casino in the world." Nearly 40 million Americans have lost jobs, but Wall Street is on a tear. On Tuesday, the S&P 500 index was about back to where it was before the coronavirus crash. The Nasdaq hit a record high. Airline and cruise ship stocks are soaring, though no one knows when world travel will be safe. And the savvy investor — one Donald J. Trump — is at it again."Big day for Stock Market. Smart money, and the World, know that we are heading in the right direction. Jobs coming back FAST.
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