While covering the stock market milestone of the Dow surging past 23,000 on Tuesday, the cast of Wednesday’s NBC Today seemed surprised that the economy could be doing so well despite all the “chaos in Washington” being created by President Trump.
“What’s driving it?” Co-host Matt Lauer wondered at the top of the segment, MSNBC anchor Stephanie Ruhle (formerly of CNBC) appeared on the morning show and explained: “Listen, it’s a big positive, the economy is humming along. It’s about corporate earnings. Corporate America is doing well. Interest rates are low, President Trump has a pro-business agenda.”
However, after that brief note of credit to the President, co-host Savannah Guthrie skeptically followed up: “So often we see what happens in Washington, what happens with politics directly affects the market. So, if the market is strong, does that mean the economy likes President Trump?”
Ruhle discounted that possibility, suggesting the market rally was happening in spite of him:
Well, here’s what’s interesting. People are going, “How come the chaos in Washington is not playing out in the market?” Part of it is because it’s noise. President Trump does say a lot of things that scare us, but he doesn’t necessarily do them. He says things about immigration, about trade, geopolitics, but then his team kind of walks it back. So the market brushes it off unless it actually gets put into play. And it hasn’t so far.
At least NBC is being honest that the President’s policy proposals “scare” them.
The biased discussion was brought to viewers by Jif, Google, and Cheerios.
Here is a full transcript of the October 18 segment:
7:09 AM ET
MATT LAUER: We want to turn now to a new milestone on Wall Street. The Dow topped 23,000 on Tuesday for the first time ever. So what does that say about the economy and what does it really mean for you? NBC’s Stephanie Ruhle is here with some answers. Stephanie, good morning, good to see you.
STEPHANIE RUHLE: Good morning.
LAUER: Let’s go through the stats here. It’s gained about 16% since the start of the year. 3,000 points, as I just mentioned, topped 23,000 briefly on Tuesday. What’s driving it?
RUHLE: Listen, it’s a big positive, the economy is humming along. It’s about corporate earnings. Corporate America is doing well, interest rates are low, President Trump has a pro-business agenda. But remember, this is not a new rally. This has been a steady climb since the financial crisis.
Now, one thing that’s a positive for stocks, but a negative for us, is wages. Normally when unemployment is so low, companies have to pay up to hire workers. But they don’t anymore. With globalization and automation and technology, they don’t have to pay any higher wages. And that’s actually good for corporate America, it’s just bad for us who want raises.
GUTHRIE: So often we see what happens in Washington, what happens with politics directly affects the market. So, if the market is strong, does that mean the economy likes President Trump?
RUHLE: Well, here’s what’s interesting. People are going, “How come the chaos in Washington is not playing out in the market?” Part of it is because it’s noise. President Trump does say a lot of things that scare us, but he doesn’t necessarily do them. He says things about immigration, about trade, geopolitics, but then his team kind of walks it back. So the market brushes it off unless it actually gets put into play. And it hasn’t so far.
LAUER: Alright, Stephanie. Thank you very much. Always good to have you here.
