The impeachment-related stock market crash that the president repeatedly warned about has not materialized now that he has actually been impeached
Photo: Mark Wilson/Getty Images I understand the president’s dilemma. On one hand, he wants the stock market to hit record highs, so he can brag about it. On the other hand, he wants to feel essential to the stock market’s strength. This latter imperative is why he has repeatedly warned that impeaching him would lead to a stock-market crash, which has not materialized now that he has actually been impeached.
Stocks did drop a few hundred points on September 24 when Nancy Pelosi announced the opening of an impeachment inquiry into the president. But the losses were quickly regained, and stock market has continued to hit periodic record highs. As I wrote back in September, the markets worry about impeachment to the extent impeachment can hurt the future after-tax profits of corporations.
But the tax cuts are water under the bridge. In the very unlikely event that the Senate removed Trump, the new president, Mike Pence, would remain a supporter of low corporate taxes. And even if a Democrat wins the next election, he or she is likely to face a Republican-controlled senate or one with a narrow Democratic majority.
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