UBS Financial Director Blames President Trump for Weak Dow Jones Performance

In Typical Fashion, UBS Managing Director Art Cashin Blames POTUS Trump for Dow Jones Troubles

In what has seemingly become everyone’s go-to move these days, Art Cashin, MD for investment firm UBS Financial Services, has recently gone on record to blame President Trump for the stock market volatility that has been behind the latest Dow Jones sell-off.

Cashin went on CNBC to blame the recent government shutdown as well as Trump’s verbal attacks on the Federal Reserve as being the primary driving factors for the above stated sell-off. Not only that, he also added:

“I think we lost maybe a couple of thousand points that we didn’t need to because of the disruptions that we saw.”

More On The Matter

In addition to all this, Cashin also told the folks over CNBC that if President trump had been more subdued with his criticism of the Federal Reserve, stock trading averages could have recovered slightly. In his opinion, Trump’s open condemnation of the Fed’s rising interest rates could have had a major impact on the stock market.

It is also worth pointing out that relatively low interest rates that have existed over the past decade or so have been a due to fears of a “major economic depression” in the aftermath of the 2008 financial crisis.

What Can We Expect Moving Forward?

As things stand, many market experts are claiming that due to the rising interest rates coupled with the market’s ongoing woes, we could all be in for another recession period in the coming 6-12 months. Not only that, it also appears as though more hikes from the Federal Reserve in the near future will cut into any hopes of the US economy booming in 2019.

While President Trump firmly believes that the Fed is hiking interest rates all too quickly, Cashin believes otherwise. In a recent interview, he was quoted as saying:

“The president doesn’t seem to realize that the more he talks about what the Fed should do, the more that inhibits the Fed from doing it because they don’t want to look subservient to what’s going on. So that’s a bit of a problem.”

Final Take

Cashin is not the only to be blaming Trump for this latest market spiral since a few days back, Jack Bouroudjian, chief economist and co-founder of the Universal Compute Exchange, too stated that the US stock market was heading towards a V-shaped bottom — which basically means that stocks are currently mispriced at the top of selling.

On the matter, Bouroudjian also added:

“Taking a little froth out of the market…is probably the best and healthiest thing we could possibly ask for.”

In closing, it is worth pointing out that despite incurring losses all through the past fortnight, the Dow ended this week slightly up.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Alibaba Founder Jack Ma: Digital Currencies are the Future of Financial System

Alibaba Group founder Jack Ma talked about digital currencies, potentially playing an important role in building the financial system of the future. Ma at...

Kanye West and Kevin Hart Gives Bitcoin (BTC) a Shout Out

Over the weekend, Bitcoin got a shout out from two celebrities. The first one came from Kanye West, who appeared on Joe Rogan’s popular podcast...

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when...

DeFi Harvest Finance Total Value Locked Halves & FARM Tanks Following ‘Economic Attack'

Another day, another DeFi exploit. It was last week that the less than two-month-old Harvest Finance saw its total value locked (TVL) surge to $1.175...

Crypto Market Sentiments Do A 180; From Fear to ‘Borderline Euphoric' Following Bitcoin Rally

Since surging last week to hit $13,000, Bitcoin has been keeping around this level. More importantly, over the weekend, Bitcoin made its first close above...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today