Politics

‘Wizard of Wharton:’ Market Surge a ‘Trump Rally’

Finance professor says 'only things to like about the direction' president-elect moving

An expert in financial markets said Wednesday “there’s no question” that the uptick in the stock market immediately following President-Elect Donald Trump’s Nov. 8 victory is a “Trump rally” and anticipated much more good news for the country during an interview on “The Laura Ingraham Show.”

Dr. Jeremy Siegel, the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania, praised the president-elect for the “pretty good” choices he’s made thus far in filling his Cabinet and administration. Siegel, known as the “Wizard of Wharton,” said he was among those concerned during Trump’s campaign about his strict stances on trade and globalism, but said “there’s only things to like about the direction that [Trump’s] moving here.”

“We love that he’s telling these firms, ‘Don’t leave,’ but that he’s also telling these firms that we’re going to make it attractive for you to stay.'”

“I think this is a Trump rally. There’s no question,” Siegel told LifeZette Editor-in-Chief Laura Ingraham. “There’s no question that the Republican agenda is much more investment-friendly, much more business-friendly, than the gridlock that we’ve had for the last eight years.”

Since Trump defeated Democratic nominee Hillary Clinton on Nov. 8, the stock market began to increase steadily as many credited the climb to “optimism” regarding the upcoming Trump administration. Noting that those increases will only be in effect “if we have optimism,” Siegel predicted that Trump’s promises for better deals for the U.S., its workers, and its businesses should continue to fuel that optimism once he enters the White House.

Siegel did advise Trump, however, to avoid going too “extreme” in his trade restrictions, quotas, and any “currency wars” because of the complex nature of the global economy.

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Ingraham clarified, noting, “[Trump’s] saying that some of these trade deals — and specifically the [World Trade Organization] — it’s been very, very difficult for the U.S. to litigate its interest at the International Trade Tribunal. And I think there are lots of things we could do to make these trade deals better. I don’t think he’s saying not to trade. He’s certainly not saying that.”

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Siegel agreed, saying that though he had been concerned about Trump’s initial campaign rhetoric that was “anti-globalist” and “anti-trade,” the president-elect’s actions and appointments have helped to assuage his concerns and have given him cause to hope.

“One of things, of course, that [Trump’s] trying to do is saying, ‘Let’s make business attractive enough for [businesses] to stay here,'” Siegel said, adding that many of his colleagues love Trump’s ideas for corporate tax reforms and are saying, “We love that he’s telling these firms, ‘Don’t leave,’ but that he’s also telling these firms that we’re going to make it attractive for you to stay.'”

“And that is something that I’ve not seen for a long time,” Siegel said.

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