On “Glenn” today, an audience member asked why the market is so good under President Trump, but performed so poorly under former president Obama. Glenn Beck’s guest, the author of “Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America” Danielle DiMartino Booth answered with her “technical term,” “Hope-ium.”
Glenn explained that Hope-ium is the feeling that a new guyw ho may cut taxes and expenditures will always stimulate the economy. Booth said most of the market rallying has come from companies that would benefit the most from “declining tax rates.”
Glenn remarked that Americans are resilient, but he asked Booth how long this Hope-ium may last. She responded that the auto industry is an accurate barometer. Millennials are buying less cars in part, Glenn said, due to ride share services, and cars will change dramatically as they take over more of the driver’s responsibility in the future.
Booth said “One of the chief underlying sources of growth for the current cruddy recovery that we’ve been in is the car industry.” Glenn expressed dismay that this might not be enough.