Biden’s stock market is falling daily

President Joe Biden likes to ridicule the He never talks about bonds or interest rates. He criticizes Donald Trump for keeping a close eye on the stock market as a leading indicator of the economy. Biden may want to have another think about this stock market business, because it's falling almost daily on a daily basis.

The S&P 500 is off 24% year to date, signalling a bear market and a recession. The U.S. Treasury bond market has collapsed. Interest rates have gone up and prices have plunged. Treasury market rates went up 3 -- 4% this year, although U.S. government credit is still good. The 10 year is close to 4%. The mortgages for 30 years are 6.5%.

The Fed will run its target rate to at least 5%, if not higher. The inflation rate is around 8%. The core is roughly 7%. The GDP tracker from the Atlanta Fed held its number for Q 3 steady at 0.3% today, after two down quarters in the first half. Joe Biden should be reading the business pages. 58% of Americans own stocks, according to the Gallup poll. That's a lot of people to ignore, Mr. President.

In the second quarter, household wealth fell $6 trillion. The average working family has lost $4,200 in real income over the past year because of inflation. The government's pension funds are down 8%. The stock market is not happy about it, and it is sending a message.

Every time Mr. Biden talks about zero inflation and a strong economy, he's begging the credulity of every American. It's not a good combination.

Biden inherited a booming economy with virtually no inflation from Donald Trump and turned it into a busting recession with record inflation in just over a year. That is not an easy thing to do, and it is still not easy to do, despite what financial markets are telling him, what typical families are telling him, what the border crisis is telling him, and what the crime wave is telling him. The radical progressive economic model has failed, dismally. Mr. Biden has committed the cardinal sin of politics. He promised success and delivered failure. If the socialist model of government was going to succeed, it would have already succeeded. Americans are a very practical-minded, common-sense group, and it hasn't. If something isn't working, either fix it or throw it out.

Republicans have a 21% lead in swing districts across the country. That's right, 21%, and Kevin McCarthy's commitment to America is emphasizing all of the issues on voters' minds: inflation, crime, and so forth.

I'm sure that there will be lots of polls in the coming month that don't agree with each other, but it looks like the GOP cavalry is closing fast and if they sweep Congress, it's possible there is a stock market bottom. The stock market is very annoyed at Joe Biden's progressive policies and because it doesn't seem to him that he is reading the business pages, he is in danger of missing some big-time shock and awe coming right at him.

The cavalry is coming. That's my riff.