Last week I wrote about a number of positive developments from the year, hoping that highlighting some good news would be a refreshing break from the flood of negativity surrounding the election.
How naive of me.
One reader, Charles, wrote me a note calling me “pathetic” and MAGA for waiting until after the election to publish something positive about the economy. Although Charles apparently missed the multiple times I’ve written about these same positive economic indicators in the past year, I was flattered he thought that my modest local column could sway voters.
Another reader, Larry, was equally unimpressed by my good news column, but for entirely different reasons. He accused me of being blind to the “horrible problems facing our country,” just like the other member of the “liberal mainstream media.”
I bet Larry and Charles are a blast at parties.
Several readers wanted to know what effect I thought Trump’s election would have on the stock market. Assuming that they were asking about the effect over four years and not simply a day or week, I told them the election itself would likely have no effect on the market’s long-term trajectory. This would have been my answer regardless of who won the election. Meghan didn’t like my answer, noting that the Dow Jones Industrial Average jumped 1,500 points the day after Trump’s victory. Yes, the market did have a big increase the day following the election, but my guess is that it had more to do with the immediate certainty of having results, rather than the actual outcome. Investors were relieved not to have to wait a couple of weeks for Arizona or Pennsylvania to finish counting their ballots.
My answer was similar – but not quite the same – when asked about Trump’s effect on inflation. The outcome of the Presidential election alone is unlikely to significantly impact inflation. However, inflation might be higher if either party has control of the White House and both chambers of Congress, thanks to the uncontrolled spending unified control often brings.
As I wrote prior to the election, there will almost certainly be both a recession and a significant stock market decline sometime in the next four years. There will also be economic growth and rising stock prices. Feel free to blame or credit whoever is in the White House, but I would still expect that those same things – both the good and bad – would have played out similarly if Harris had won the election.
Based on my experience, smart, good and honest people were on each side of this presidential election. And also based on my experience, neither side had a monopoly on nutjobs.
David Moon is president of Moon Capital Management. A version of this piece originally appeared in the USA TODAY NETWORK.

