Trump warned that a Democrat win would crash the market
President Trump has been proven right after warning America's rich that voting for Democrats in the 2018 midterms would crash U.S. stock markets.
The president took to Twitter on October 31 to warn: "The Stock Market is up massively since the Election, but is now taking a little pause – people want to see what happens with the Midterms. If you want your Stocks to go down, I strongly suggest voting Democrat. They like the Venezuela financial model, High Taxes & Open Borders! Maybe it's time to rebrand the Democrats as the party of the rich."
Many progressive Democrats have been cheering for an American economic disaster, if it would politically undermine Donald Trump's populist support. The host of Politically Incorrect, Bill Maher, who has am over $100 million net worth, passionately stated in June:
I think one way to get rid of Trump is a crashing economy. So please bring on a recession. Sorry if it hurts people, but its either root for a recession or lose your democracy.
Maher seems to be getting his wish since the November 6 elections. The Standard & Poor's 500 stock index led by Silicon Valley tech giant shares is down 10.6 percent in the month for the worst December plunge since 1931 during the Great Depression.
Although Democrats claim to be the party of social justice for the poor, Williams College political science professor Darrel Paul's 2018 analysis of wealthy Congressional districts found that the real story surrounding the Democrat's 40-seat gain to take control of the U.S. House of Representatives was due to "the swing of the rich toward the Democrats."
The nonpartisan OpenSecrets website that tracks Federal Election Commission (FEC) campaign filings for political spending found that midterm spending hit a record $5.2 billion in 2018, up over a third from the $3.8 billion in 2014 and triple the $1.6 billion in 1998.
Republicans in the five prior congressional midterms spent slightly more than Democrats each cycle. But 2018 Democrat candidates spent $2.53 billion versus about $2.20 billion for Republican candidates, a $330-million "blue wave" cash advantage.
OpenSecrets found that Democrats concentrated their funding advantage on the 435 U.S. House seats, where Democratic candidates raised $951 million versus just $637 million for Republican contenders. That gave Democrats a massive 49-percent funding advantage.
The Center for Responsive Politics found that with the rise of Democrat Barack Obama since 2008, Silicon Valley's annual lobbying expenditures skyrocketed by 800 percent, from $17.8 million to $139.5 million. CRP wrote, "Just as water flows downhill, money in politics flows to where the power is."
The TechCrunch named Silicon Valley the "Valley of the Democrats" after PayPal cofounder and top venture capitalist Peter Thiel commented in a 2015 interview that 83 percent of political contributions by the area's tech executives went solely to Democrats.
When Thiel announced he was leaving America's tech capital in February, he commented that although Silicon Valley claims to have been incredibly successful for America over the last decade, "I think the truth has been more one of specific success, but more general failure."