DJIA: Pam Bondi Called the Top

By
Richard C. Young
-
President Donald Trump holds a press conference with Attorney General Pam Bondi and Deputy Attorney General Todd Blanche in the James S. Brady Press Briefing Room on Friday, June 27, 2025. (Official White House Photo by Abe McNatt)

In early February, the Dow Jones Industrial Average (DJIA) hit new highs above 50,000, and during testimony before the House Oversight Committee regarding the “missions and programs” of the Department of Justice, all Attorney General Pam Bondi wanted to talk about was how great the economy was and the new records the Industrial Index was setting.

A cut of Bondi’s reference to the index can be seen below:

At the Ron Paul Institute, Adam Dick notes that Bondi refused to answer the questions she was asked, instead deflecting to how great the stock market was doing and the economic miracle that the index’s performance indicated. Since the day Bondi testified, the index has fallen by about 7.5%.

Now that prices have fallen again, Dick wonders if Bondi will be more amenable to answering questions asked by the Oversight Committee. He writes:

Bondi made her comments about the Dow being above 50,000 during a period of less than a week when the index closed above that number. Since then, the trend has been down. On March 20, a little over a month after Bondi’s evasive boast on behalf of her boss at the House committee hearing, the Dow closed at 45,577.47, an over nine percent drop from the closing high of 50,188.14 reached on February 10. The Dow has moved up a little in the days since March 20.

It will not take much more of a drop in the Dow and other stock indexes for their values during Trump’s second term to not even have kept up with inflation as it is underreported in official US government statistics. Thereafter, all the nominal — unadjusted for inflation — gains during the second Trump term could be given up. The Dow is already over halfway to that destination. And, as pointed out by economist and investor Peter Schiff in a February 13 video commentary, when the Dow was over 50,000, the stock index had actually plummeted by 40 percent since Trump’s inauguration priced in gold.

Given the stock market drop since her February 11 testimony, maybe Bondi can return to Congress to actually answer questions. She may, though, just offer a fresh reason for evasion instead.

Read more here.