President Donald Trump told reporters Wednesday that the formal impeachment inquiry put forward by Democrats is a "hoax" and said he demands transparency from all sides.
The inquiry led by House Speaker Nancy Pelosi follows the Trump administration's refusal to release a whistleblower complaint about a phone call between the president and the leader of Ukraine earlier this year. During the call, Trump is alleged to repeatedly have asked for an investigation of potential Democratic Party presidential candidate Joe Biden. Trump withheld aid to Ukraine prior to the call.
"The actions taken to date by the president have seriously violated the constitution," Pelosi said in a prepared statement.
But, during Bill Clinton's impeachment back in the late 1990s, markets actually went up. So, following that, what should investors expect from the impeachment inquiry?
"...As you pointed out between the time [Bill Clinton] was officially impeached in December of that year and acquitted three months later in February, the S&P 500 actually went up rather than down. And the reason was he was popular. There was about zero chance he was going to be removed from office and even if he was, his vice president was going to continue his policies. Same deal today. The Democrats basically have zero chance right now of removing Donald Trump from office. You need 67 votes in the Senate. They have 47. They have to flip 20 Republicans to vote to remove a president who is in 90% plus approval rating among Republicans. Not going to happen. I think for right now it's a non-event," said Jerry Kronenberg, managing editor at TheStreet.
Jeff Marks, senior portfolio analyst with Jim Cramer's Action Alerts PLUS portfolio, also joined the conversation.
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