President Trump attributes the DOW above 25k to his policy program.
Yes, we have a new number, and it has an attributive value.
The President is using the new number to support the value of the tax-cut program he signed into law. Not only are equity indices at a new record, but his interpretation of its value is also new.
Last year, when he was running for President, Mr. Trump attributed record-high equity value to central-bank pump priming. That’s technically correct. Taking credit for the new record, at current value, however, is not.
Prominent analysts, who have been right about the trend so far, now say there is little left to support record, equity valuations. Technically, there are significant resistance factors, but none of them trump record income inequality.
Continued, growing, income inequality is the attributive value of the “new normal.” Curiously, well-paid analysts are not apt to mention it. Nevertheless, it is the primary attribute of the value deriving from the risk (which naturally accumulates with rising income inequality).
(See other articles by griffithlighton on attributive value, risk dimension, fundamental attribution error and the organized psychopathy, published on the World Wide Web.)
This new logic of what actually exists is fundamental attribution error. It is being presented as technical, expert analysis. However, it is presented more for its attributive value (to transact an interpretation) than its truth value.
Claiming that the real economy is fueling the bull rally is not actually new. The President is using the new number as empirical proof of what the truth is; but that will change when the real effect of growing income inequality (the real attributive value) results in a credit-default crisis, like it always does. This actual-risk dimension exists in all the futures now (aggressing the passive resistance). It measurably exists without error of attribution (always existing on demand at present value) by default.