WASHINGTON, May 2, 2017 – On a day when politics should have clobbered stocks – at least according to the self-appointed cognoscenti – after President Donald Trump signaled in no uncertain terms that the U.S. is quitting the Obama administration’s self-inflicted wound, the Paris Accords, Wall Street failed to lay the predicted egg. In fact, most stocks are up quite nicely in modestly active Friday trading.
Stocks in general are behaving a bit like they did on Thursday, with major averages currently up roughly a third of a percent as we head into the final hour of trading this week. Even a rather anemic jobs report this morning failed to dent Wall Street’s moderately buoyant spirits as stocks, particularly on the NASDAQ, worked on achieving new upside records for the widely followed averages.
True, crude oil has continued to weaken, clobbering most stocks involved in the oil patch once again today. Financials remain wobbly, too, as they have been all week, as at least some analysts and prognosticators are now predicting – rightly or wrongly – that the Fed may hold back on the June interest rate hike that everyone thought was a done deal.
But the headline grabber today only indirectly affected stocks. We’re talking about President Trump’s bold move in bailing out of the left’s much beloved global warming climate change manifesto, aka the Paris Accords.
In a direct and genuinely powerful White House address Thursday, the President outlined his reasons for exiting the Accord, echoing longtime conservative critics of that measure. Like those critics, the President pointed out the massive disadvantages for the U.S. that are baked into this treaty, which Obama illegally “ratified” without even bothering to bring it to Congress for a vote as the Constitution requires.
In the process, he duly noted the obvious, namely that the world’s two premier polluters, India and China, essentially get off scot-free in the Accords. (And India hasn’t even signed them.) Why, then, he asked in the speech, should the U.S., which already leads the world in emissions reductions, keep raising energy costs for its citizens while killing countless numbers of American jobs.
Predictably, a massive hissy fit arose from the dedicated cadre of leftists, globalists and assorted warmist and environmentalist wackos who know full well what this issue is all about: redistributing America’s income from those who earn it to those greedy statists and dictators who want to have that money themselves.
To emphasize the point, both Tesla’s Elon Musk and Disney’s Bob Iger were the first to indulge in bold virtue signaling by announcing their resignation from Trump’s presidential business council. Musk’s exit was particularly hilarious, given the obvious fact that Tesla already gets a lot of American worker income redistribution via the massive subsidies the government has sent to this money-losing venture, which sells costly but subsidized electric cars primarily to the Hollywood nobility.
A number of bi-coastal fellow travelers also joined in the righteous fun by signaling their disapproval of Trump’s pro-American move, although they haven’t left the presidential council. Yet.
Among the other hand wringers were the usual suspects, like Apple’s Tim Cook. Sadly, even the generally sage CEO of JP Morgan Chas, Jamie Dimon, also pooh-poohed Trump’s obvious gaffe in defying the globalists’ most cherished goal of taking all of America’s money away so that the world’s worst countries could use it to make their countries even worse.
Of course, the propagandists never bothered to listen to Trump’s extraordinarily precise and quite informative speech on the topic, including his expression of openness toward renegotiating the agreement with an eye toward keeping America’s own economic interests in the forefront.
The reason most in the media and on the left side of the aisle pointedly ignored this openness is that they wanted Trump to accept the Accords as currently written – income redistribution and all. That’s because the real reason behind the global warming climate change agenda has always been income redistribution as a way of establishing phony equality in some utopian post-nationalist, post-colonial world.
It does not now and never has had a thing to do with the climate, which, as any rational human being knows, is always changing whether we do anything about it or not.
Traders seem to have more or less recognized this today, so, on the back of a weak job report and lower oil prices, Friday’s action has at least for now retreated back to the familiar QE-driven mode it was stuck in throughout the clueless Obama administration. Life will go on, the climate will continue to do what it does, and we’ll have another opportunity to read the investment tea leaves next week.
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