Says Andrew Ross Sorkin, on "How Trump Wiped Out $10 Trillion in Wealth in 3 Days," today's episode of the NYT podcast "The Daily."
Later Jonathan Swan says: "One problem that some of his advisers have, I would say most of his advisers have, if they're being honest, is... your messaging is so all over the place.... It's like, you know, he is in deal making mode and then he's in: No, this is an economic revolution and you need to hang tough. You're getting these competing messages.... It's not just pundits that have been surprised or his donors, but some of his advisers, I think, were still of the mindset that this would be Term One Trump. And Term One Trump talked a really big game on tariffs, but actually, when the market started to wobble, he backed off.... [I]n his first term, he had to run for reelection.... He's not running for reelection anymore. So there is a theory that, well, he feels somewhat liberated by that, and he can do what he thinks is the right thing to do and move forward and deal with the consequences...."
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136 comments:
Andrew Ross Sorkin is an Obama plant. Someone in the cabal that ran Barack back in the say was monitoring CNBC and Joe Kernen’s commentary going unchecked. The day Sorkin showed up I said oh my god they framed Nixon…
They are trying to foment a panic.
I've watched Andrew for years and especially closely the last few days. He has TDS. If Trump achieved peace in Gaza and Ukraine, Andrew would bitch. Andrew gets his cues and info from the NYT.
I think we can all now agree that Trump is a stable genius.
Our great Secretary of Treasury was on CNBC this AM talking about a new deal between the US, Japan, Korea and Taiwan. The Asian countries agree to take the oil and help finance he infrastructure. American jobs and exports up. American oil companies make money. Russia screwed.
Trump has isolated Russia and China. We are so lucky to have him and his Cabinet. I've watched Bessent closely and he's doing a great job.
Cherry picking some jargon will work for their side but the simplest analysis is best- Tit for Tat is a scientifically proven winning strategy. Bet against it at your political peril
"Mr. Churchill, what kind of woman do you think I am?!"
"Madam, we've already established that. Now we are haggling about the price.”
Churchill did "anchoring" way better.
As of 09:32 the DOW is up 1300 so there's that.
NYT might want to try harder to keep up.
The $10 trillion in wealth was not "wiped out." Mr. Market just lowered the price of the stocks for a few days. You don't have a loss unless you sell and realize the loss. I added last week and will buy more this week.
Everyone knows the last 4 years of "prosperity" was lies held together with duct tape. It's the same principle as my old brick house in Phoenix being worth 300k in 2008. It's a lie and everyone knows it. We'll all live.
The usual reminder that 10 percent corrections happen about twice a year on average. 20 percent only slightly less common but still not a rare occurrence and definitely not a cause for panic…
…when trying to cause a panic it helps to use the most dramatic metric possible- 20 percent is so much smaller than 2 trillion…
Trump's unpredictability is entirely predictable. Plan accordingly.
DISASTER! rich, mark hardest hit!
WSJ: Dow Industrials Rally 1,300 Points as Stocks Rebound
It's tough to be a writer. You wake up and you have to write something, even when you got nothing.
The constant Liberal/left anti-Trump propaganda from the MSM gets so Goddamn tiresome. So now that Trump is POTUS they're back to reporting back economic news. When Biden was POTUS, we had massive inflation, but that was always reported as "Republicans pouncing" not as objective fact, and certainly not as Biden's fault.
But now, every stock market correction is due to Trump. Later when the stock market bounces back, will the MSM give Trump the credit? LOL. LOL LOL.
The off ramp for Trump is that America is great again and China becomes weaker and, possibly, the people rise up and overthrow the tyrants.
All this fuss over raising the tarriff on foreign goods by a few percentage points. You get the impression that almost all the Democrats and 90 percent of the media make their living importing and selling foreign goods.
China isn't going to collapse because we put tarriffs on their goods just like they do with our goods. Just more emotion and hysteria. Neither is the EU.
BTW, Israel and the EU put a VAT tax on US Imports. Usually 18 percent and higher. Nobody in those countries, cries about "Higher prices for the consumer".
"Later when the stock market bounces back, will the MSM give Trump the credit?"
Public Service Announcement: Don't hold your breath waiting for the NYT article "How Trump Created Trillions in Wealth in 3 Days" when prices rise.
In 2022 the Nasdaq dropped 30% and the S&P 500 was down 20% and the media narrative was we weren’t in a recession because the definition of a recession we had always used wasn’t actually correct.
I don't know what's going to happen, or whether it will be bad, horrible, good, wonderful or so-so.
I'm the only person on Earth to admit that.
Welp, I do love what he's doing overall, but the tariff issue is all over the place. What is the objective? Erase all trade deficits? Remove unfair trade advantages? Bring back all manufacturing, and if so when and how? Bring back defense related and stategic commodity manufacturing?
Dang, they didn’t drive TSLA low enough. Dems still can’t do protests right.
I think the door was just closed on the Biden-era closet. Walter Kirn said last night - relaying what he has learned from his sources - that the tariff discussion is the opening moves of a new era of economic growth, one that will re-shore manufacturing to the US, but that it will be driven by A.I. technology and robotics, and therefore not like manufacturing of old. It's no longer a question of where 'labor is the cheapest', since automation is surging forward, it's a question of 'where is innovation the strongest'? With labor being a secondary consideration, it makes sense to bring manufacturing back to where the market is. But foreign countries still very much want participation in the American juggernaut economy.
When the stock market comes back in a day, or a week, or a month, will they announce that Trump created $10 trillion in wealth?
I think we know the answer.
And that's why the NYT has no credibility. The market goes up and down. Nothing was wiped out.
Sorkin is attempting to persuade people to sell in a panic. Institutions won't, but inexperienced people might.
I'm in the wait and see, we don't know, nobody knows camp. The people who benefit from an unsustainable status quo are screeching. That's not unexpected or necessarily a bad thing.
The people who have been wrong about everything say it's a bad idea. They say that about everything Trump does, without exception or even a moments thought. They always say Trump is crazy, then it always turns out there's a method to his madness.
Speaking of being wrong about everything, here's Clinton talking about admitting China to the WTO.
"your messaging is so all over the place" Because the policy serves different goals: fairness/reciprocity and onshoring/protection and opposing/restraining China. Example: 0-0 tariffs with Vietnam doesn't onshore anything and allows Chinese companies indirect access to US. Not bad from econ standpoint, but not good for geopolitical goals.
"It's like, you know, he is in deal making mode and then he's in: No, this is an economic revolution and you need to hang tough. You're getting these competing messages..."
You can be in "dealing making mode" and still drive a hard bargain. I don't pretend to know about tariffs, but I can understand what's going on.
I've noticed this narrative amongst the media, that Trump is adrift, nothing makes sense, there's no plan, his advisors are sending mixed messages. It's like journalists live on a different planet. Or, more likely, they're not that smart.
The tariff numbers are the starting point for any better deal. For example - if Finland said: no tariffs but would you like Greenland?
Deal!
Wealth is measured. Currency is enumerated.
"Are you suffering the symptoms of Castration Anxiety? Ask your economic doctor if TARIFF® is right for you."
(@iowahawkblog)
And will you look at that? Trump created $2 Trillion in wealth in less than an hour Today.
Morons. Dishonest morons.
Bleachbit?
Among several retaliatory measures from China leaked last night was "cessation on fentanyl collaboration". It's nice to know one of ZhongGuo's main weapons is to turn the fentanyl precursor spigot from 97% to full blast again.
Now China is talking about banning US films in China.
If they do, perhaps movies will be made for American audiences again and Trump will have done more to improve cinematic art than anyone in 30 years.
Planned Personhood? World War Spring? Wealth is measured in diversity (i.e. individual, minority of one). Just don't abort.
@Boyd, no more Disney? Wheesh...maybe China does actually love their children more than we love ours.
one of ZhongGuo's main weapons is to turn the fentanyl precursor spigot from 97% to full blast again
Hands off my respiratory suppressant. Black Lives Mutter.
Chinese Communists and American Fauci-Dems are the same sick evil greedy anti-human scum.
At this point, the Donks have essentially lost the ability to persuade, so the rhetorical approach they've chosen is to attempt to cause a stampede. We'll see how that works for them.
"Hands off my respiratory suppressant"
"I love the sound of gasping in the morning. That sound, that death rattle sound. Nothing else sounds like that. It sounds like...victory." - Xi JinPing
Bob Boyd:
Recall during our Cold War with the USSR. We had movies like "The Hunt for Red October" and similar movies where Ivan is the bad guy.
We have had no movies where China is the bad guy. I read a book about China's influence on Hollywood and after Brad Pitt's Tibet movie, China really gave Hollywood grief. Result? Scores of comic book super hero movies because they sell well in China.
Trump shocks and puts the adversary on the back foot. When they respond, any deal they propose is based on his premise. He now wins bigly wherever the negation lands.
"Now China is talking about banning US films in China."
I bought Operation Fortune: Ruse de Guerre (2023) because it had Aubrey Plaza, who had nice comic clips on Youtube from Parks and Receation. Boy was this new part mis-cast. Plaza is a dumpy but amusing girl, perfect for Parks, but not a bombshell hot lady that she's cast as in Fortune. Still dumpy. Bad guy instantly attracted is a WTF moment.
Unfair trade policies were sucking wealth from America. Trump is renegotiating those policies. Each country actually knows exactly how they were screwing us and so each country can imagine quite easily making a fairer deal with us. And each country is now deciding whether to renegotiate or not and how to do so. US companies which made investments in specific overseas countries with specific unfair trade practices against the US are waiting to see how their situation changes and this creates stock market volatility. A single citizen like myself can never take in the meaning of changes in any one country's policies in relation to a given company, but each company knows its own situation and what policy changes in its host country mean. When that is known for thousands of companies, the stock market can sum up these real situations rather than real uncertainty. Then the stock market will present a large, meaningful, overall picture that a single citizen such as myself can grasp. My bet is that I will see the stock market rise because, essentially, Trump wants prosperous companies - he just wants consideration for American citizens as part of the deal. And these countries and companies which have been weasling about on behalf of their own citizens and their own profits know what he means and each one knows what to do in terms of seeking a deal for each real company. CNN put Scott Jennings on its board - that's media change. And there's similar but more concrete manufacturing company changes being now made. The kids have a chance.
The market is not the economy. Dem ignorance is in play.
Yup.
Remember when China made them remove the flags of Taiwan and Japan from Tom Cruise's flight jacket before they could show Top Gun in China?
To his credit, Tom Cruise put the flags back for the sequel.
I don't really like comic book super hero movies. That and kid's movies are about all there is anymore, it seems. I very rarely go to the movies anymore, mostly because the offerings suck.
The only complaint I had at Trump in his first administration was the messaging was all over the place. I have been surprized and impressed at (at least up to the tariffs) the communications from the White House seem coordinated and on point. As a supporter I do kind of feel that this tariff announcement and subsequent days have been a little less focused than I would want.
BUT!
Trump's tariff plan is bold, and with what is at stake it is courageous (he really believes this is the right thing to do for the right reason and his is risking enormous political capital to do so). With seemingly the world aligned against him Trump has two things (well three) going for him that other countries do not. First is that he is doing this publicly. We are getting to see international sausage made in ways we have never seen before. Second, no other world leader has the slightest idea how to publicly talk about issues in as transparent a way as Trump does. Back in 2004 Europeans called Bush a "cowboy" because they thought that was an insult - they seem ignorant to the fact that in America cowboys are awesome! Third Trump has Trump. He is the least washington entrenched politician of my lifetime and whether I (a supporter) like it or not Trump knows himself and how much heat he can take (it's a lot) before he will change his position.
Just this week in the Oval Office with Netanyahu (a close political ally) sitting next to him Trump says that we (the US) are talking directly to Iran. This after Netanyahu openly supported the Trump hard line position last week.
This is a modicum of progress if we have journalists/opinionators actually doing their homework and reading the "Art of the Deal." OTOH their contempt still holds them back. Or my contempt for them holds me back from full praise for them. Either way.
The "capeshit" is so incredibly tiresome now. The Central Committee would be doing their citizens a favor keeping it out. I would wish the US would put a 10 year moratorium on hollyweird's production of that drivel, but it appears unnecessary because more US consumers tune out every year.
I asked Grok about how much tax revenue might be generated by the market sell off and here's the answer: "From a $10 trillion market sell-off, approximately $470 billion in capital gains taxes could be generated, accounting for no tax revenue from the $6 trillion held in tax-deferred accounts."
RideSpaceMountain said...
@Boyd, no more Disney? Wheesh...maybe China does actually love their children more than we love ours.
China's got nothing to do with Disney going under. That's all the fault of Rachael Zegler and the woke Disney managers who empowered her.
in sorkins last door stop on the financial crisis, he missed the fundamental government drivers, which morgenstern did identify, of course swan, is the exception that proves aussies can be wise,
Like many others, it turns out I wasn’t sufficiently pessimistic for Trump 2.0.
“He's not running for reelection anymore. So there is a theory that, well, he feels somewhat liberated by that, and he can do what he thinks is the right thing to do and move forward and deal with the consequences...."
He’s not the one who will have to deal with the consequences. Another disadvantage to having an octogenarian president.
OCEAN, the EU tariffs won't be resolved until they back off of their tech censorship and "backdoor" access to apps demands. That's what we need the EU to do. Trump might also have a notion that US auto manufacturers sell more on the continent, but certainly the tech angle is of high importance and urgency.
And don't overlook the way our allies ("Five Eyes") cooperated enthusiastically with the Deep State to set up Trump in 2016. I guarantee he has not forgotten and addressing that will be a component of any future EU deal or UK and/or Australia deal.
Unpredictability is a tariff in itself.
Given Trump’s arbitrary tariff regime, it would now be exceedingly expensive to buy components from the world's largest manufacturing countries (China, Japan, Korea, Germany) and transform them in to finished goods in the USA. However there is 'only' a 10% tariff to do the same in Turkey. So for 'only' a 10% tariff on final assembly costs, an importer can arbitrage away all the higher tariffs on materials.
So basically American manufacturers are not even going to be competitive for selling in America, never mind the rest of the world.
Since when does America have to live in fear of the Europeans or of China? If we do, then we're way way off track and we need to get back on track and if that means some pain, we better suck it up or were headed for much much worse pain.
How many times have the regular folks been told they have to suck it up? The manufacturing job exodus, 2008 crash, Covid, numerous recessions... Well, we did suck it up. And did things get better afterward or worse? Maybe it's time the hedge funders suck it up for a change.
I have a feeling, when it all shakes out, those smart guys are going to be just fine.
turns out I wasn’t sufficiently pessimistic
Hey smoothbrain you forecasted a total meltdown of the economy by now so maybe you should work on curbing your misplaced pessimism not boosting it.
Ah I see the imposition of reality is futile.
The second that they start announcing that they are taking a pause [from the tariffs] or that they're willing to do a deal at a lesser number or whatever it is, they've undermined their own case....
What absolute nonsense. Obviously he's either gaslighting, or he's never negotiated anything. I suspect the former. He's a propagandist.
I don’t think it matters what Trump does. His critics have convinced themselves and quite a bit of the world that he’s either crazy or Hitler. The one thing it seems people don’t want to do is anger a crazy man or Hitler.
As much as I think the Hitler/crazy labeling is despicable (and in my view, unforgivable) it’s helping with the self deportations. It’s helping with trade negotiations. If he decides to go back on anything he draws a line in the sand on, it won’t hurt him one bit. Because his adversaries won’t see it as backpedaling but a move to strike in a different direction - which, in fact, it probably will be.
Trump is a free man. His critics have made him so.
(It’s sad how much fear his critics have instilled in the illegally here community. Sad but helpful as well.)
Throw anuthah swan on teh barbee, mate!
probably tastes like vegemite
Abacus Boy LLR-democratical Rich has clearly decided its best to ignore his previous 48 hours predictions of market destruction/depression with the hope no one else remembers them as well, as he seamlessly moves to his next line of BS.
LOL
I’ve been reading/watching the Fox News website now and again to see what their reporting is like. Nothing is better at explaining the mindset of Trump supporters than what I see there: a combination of willful ignorance and misdirection that results in a misinformed and naive readership.
Most news channel suffer from some form of bias, but Fox sets an incredibly high standard in this regard. It’s a perfect case study in how to cajole, massage and distort the truth to fit a preconceived narrative.
This is what Trump is watching. It becomes a feedback loop. So, no chance of common sense creeping in on tariffs.
"Anchoring" would be a tactic or technique done for a specific purpose. You "anchor" to set preliminary expectations for the other party. You pitch your "anchor" offer where you want the negotiation to start, but you aren't firmly "anchored" to that offer. It's a preliminary negotiation position. If you're stuck there, you aren't doing it right.
That's my understanding anyway, and I knew nothing about this 10 minutes ago, but maybe at this point I understand the concept better than Sorkin does.
MSNBC isn't a "feedback loop"? Review the past 5 years of gaslighting about Joe Biden please.
LLR-democratical Rich desperately chumming the waters in a destined to fail effort to try and obscure the fact that he is still, STILL(!), operating at Althouse blog with an astonishingly perfect (in a way) ZERO% accuracy rate in his predictions, be those predictions political, business, cultural, etc.
ZERO!
How can it be, you might ask, that Richie, the Harry Sisson of Althouse blog, hasnt even inadvertantly, by chance, stumbled onto at least one correct prediction in all this time?
Its the marriage of infinite adolescent-like maliciousness with invincible ignorance....at the very least.
"Unpredictability is a tariff in itself."
LMFAO!!! Thank you libtards for giving us normies such satisfying daily laughs. Libtard Party members have LITERALLY not slept since the sweeping, unanimous landslide mandate that the American people gave to their savior Donald Trump. It is fortifying to us to know that our president drives you anti-American lowlife degenerates so crazy that your sleep is disturbed and your days are spent in angst and trepidation because of what monstrous things your mental illness imagines DJT doing.
Keep crazy and carry on.
Every nation can make trade policy based on what is best for themselves except one. Only one is expected to make policy based on what is best for the whole world.
Okay, let's go with that for a moment. I would argue that at a certain point, what is best for America is what is best for the whole world. When we talk about the economy today we are talking about the global economy. The global economy as we know it is entirely dependent on the US doing well. America makes and enforces the rules that allow the global economy to function. That happens because of American power, American economic power and, downstream from that, American military power. If the US is sufficiently weakened, somebody else will be making the rules. Who do you want that to be? China? A consortium of tyrannical governments?
If you care about the environment, human rights, helping the poorer nations, racial equality, women's rights, all that stuff, then you'd better be America first. Now there's a tough pill to swallow for some people.
Lazarus: "MSNBC isn't a "feedback loop"? Review the past 5 years of gaslighting about Joe Biden please."
Don't get distracted. Stick with how it is EVERYTHING Richie boy has predicted re: the tariffs has completely collapsed in record time.
I saw that Thomas Sowell thinks the tariffs are a bad idea. Guess he's a RINO here.
they are a blunt instrument, when everything else fails,
That Swan article was "all over the place". A little piece of the Democrat swindle seems be breaking off every day Trump is in office.
When Democrats decided to run the table with every dream policy on their far left progressive playlist, they apparently didn't factor in that they might ... gulp ... lose to a Republican, certainly not Trump whom they had targeted for prison.
Now they are the "reactionary" party. Still staging their favorite op, the protest, but to little applause by their pals in the media. That's why they cheered on the Stock Market declines. Pathetic people.
That the stock market of a nation whose national debt in peacetime with an aging population exceeds its GDP by 25% was high in the first place says that Wall Street is a pep rally for oligarchs
Economists tend to believe that, absent some compelling national security concern, goods and services should be provided to the market by the most efficient producer, i.e., the lowest cost producer. Trump seems to think that there is a compelling national security concern. It's as though he foresees Chinese diplomatic and military actions requiring a rebirth of US domestic production.
I have no idea whether Trump is being serious about his trade policies, or is posturing, or a little of both.
In China they try human head transplants on people who haven't asked for one and don't want one. Just sayin'
Trump has rapidly constructed a complete paradigm in perfect opposition to the governing paradigm of the past 80 years, which has been exceptionally successful. The governing paradigm was constructed to harness and channel the powerful market forces and capitalist enterprise power of people acting collectively through democratic freedom. It is an evolutionary product--successfully so. Accordingly, the Trump paradigm is colliding with powerful worldwide market and capital forces that are going to overthrow it. The crack up is going to destroy a lot of value.
My previous comment on Fox News gives a vivid portrait of the shallowness and simple-mindedness of the Fox world and the people who populate it.
Neither Fox News nor Trump understands that "success" was always a global gift, not a red, white, and blue American brand out of a 1950s Doris Day movie. That America was always make believe. It was America in the world that created the success.
10 trillion in "wealth"? Look, they jiggered the thing so you have to "invest" in your 401K if you want to avoid some of the taxes. And you have to leave it there. So of course the market climbs. Then the FJB administration dumps a couple trillion in grift into the economy, which also has to go somewhere. Too many dollars chasing too few productive assets is not "wealth".
Poor, poor ChatGPT boy Rich! Pretending 1971 and the following decades never happened! LOL
80 straight years of success, eh?
Abacus Boy Rich cant even get it right in reverse!
Richie writes many words that all boil down to the same thing: please please please let the ChiComs win!
And somebody cut Richie off from ChatGPT. Its really getting embarassing.
sound and fury signifying nothing told by an idiot
Trump has convinced the Republican Party to be the Main Street party. Note senator Hawley telling the reporter he doesn’t care about the stock market falling because Wall Street bankers can suck it.
They have finally decided to stop selling out the working class to make asset holders and globalist billionaires rich. Trump realizes the truth and he is leading the squishes in the GOP to victory on this.
I look forward to more crying from the idiots like Rich who are super sad their billionaire masters are losing money while the rest of the country rebuilds our manufacturing industry and working class job base.
Drago said...
Richie writes many words that all boil down to the same thing: please please please let the ChiComs win!
Rich’s billionaire masters made deals with China to make cheap stuff with slave/exploited labor.
Rich just repeats what his globalist masters tell him.
He is wrong about everything because he doesn’t think for himself.
What is it about Economics and tarriffs that brings on the "Wall of text" writers?
Now, we have the italics. LOL!
oh noes
Auto correct turns the lower case "i" into an upper in the htmi tag to turn off italics.
“Unpredictability is a tariff in itself.”
That made me laugh out loud. The “climate change” school of economic theory.
LLR-democratical Rich: “Unpredictability is a tariff in itself.”
The Cracker Emcee Refulgent: :That made me laugh out loud. The “climate change” school of economic theory."
Our Abacus Boy Richie was drowning in a sea of his moronic lies and so he sought rhetorical shelter in a port of bizarre stupidity.
Gadfly and Dumb Lefty Mark probably run the local tavern there.
Elon Musk rips ‘moron’ Trump trade adviser Peter Navarro: ‘Dumber than a sack of bricks’ ~ NY Post
I rarely agree with Musk, but his description of Navarro as "dumber than a sack of bricks" is fair.
What to make of the contrast between Musk's open warfare against tariffs and Speaker of the House Mike Johnson's "You have to trust the president's instincts on the economy, okay?”
Stock Market Gains Dwindle As Looming Tariffs Fuel More Volatility ~ WSJ
How’s that Dead Cat Bounce going ?? 🐱📉
Dumb as a box of rocks LLR-democratical Rich: "What to make of the contrast between Musk's open warfare against tariffs and Speaker of the House Mike Johnson's "You have to trust the president's instincts on the economy, okay?”'
LOL
Musk was speaking specifically about Navarro's lack of understanding of Tesla's vertical, integrated and localized supply chain making Tesla the most "American made" of all vehicles.
Johnson was referring to supporting Trump at a policy level.
It's hard to tell when Abacus Boy Rich is as dumb as gadfly or if he is just faking it. However, when one once again recalls Rich has never, ever, been correct in the assessment of any ongoing political or business scenario nor when making predictions, we'll just have to go with dumb.....but with access ChatGPT which only gets him into more trouble!
Too funny!
the answer is yes, when it comes to him
LLR-democratical Rich: "How’s that Dead Cat Bounce going ??"
LOL!!!
Li'l Rich is very very upset there are profit takers in the market today!
But wait, you might ask, wasn't Rich supposedly very very upseet there was no opportunity for profit taking on previous days? Yes, yes he was (although we know he was crying alligator tears only)
But wait, you might ask, doesn't that just mean that no matter what happens in the market, the market goes up, the market is static, the market is down, that Rich will somehow claim that is a terrible terrible thing?
Yes, yes it does.
But wait, you might ask, isn't this obvious to everyone?
Yes, yes it is, for Althouse readers. For LLR-democratical Rich's pals at Democratic Underground and Media Matters and Facebook, Rich looks like some sort of genius!
10 trillion in "wealth"? Look, they jiggered the thing so you have to "invest" in your 401K if you want to avoid some of the taxes. And you have to leave it there. So of course the market climbs. Then the FJB administration dumps a couple trillion in grift into the economy, which also has to go somewhere. Too many dollars chasing too few productive assets is not "wealth".
Jupiter nails it. I say that as someone who is almost entirely dependent on my 401K to fund my retirement. I have done well--but I know full well that that "wealth" has been pumped up by the government handing out dollars it doesn't have.
Oh! Deary me! Donald Trump is not doing the things he pledged to do in the way that his ideological adversaries want him to attempt to do them. However will any of us survive?
The people squawking loudest are on the same side that tried twice to assassinate him. I don’t think he cares much about their opinions, and neither should we.
Tariffs are not "good" or "bad." They are a tool. If used properly they can accomplish specific goals for your economy. I'm wearying of the stupid headlines parroting, "Are tariffs good for the economy?"
Well it depends, Skippy, what you want them to do. Trump has been rather circumspect or misdirectiony about what he hopes to accomplish, which tells me it likely differs by country. The one semi-clear message has been that the most onerous are reciprocal and not intended to be permanent. The 10% baseline probably is.
“Musk also shared a video on his social media platform X in which the free-market advocate Milton Friedman extolled the virtues of a globalized economy by pondering the different parts and labor that are necessary to make a single pencil.
On Monday, Musk’s brother Kimbal, who is on the boards of Tesla and SpaceX, called Trump’s tariffs a “structural, permanent tax on the American consumer”, in a post on X. “A tax on consumption also means less consumption. Which means less jobs,”
https://x.com/elonmusk/status/1909169096391811304
China only allows 34 foreign films per year in 2023. In 2024 they increased this. You also have to pass their approval. They also prefer films to use Chinese money and Chinese actors.
This is against WTO rules.
Keep this in mind when we tell them they have to open a shipyard in America to make ships,. as we prefer to not use Chinese shipyards.
its the same thing.
Don't you love that Trump is getting the Democrats and RINOs to reveal that China is their Most Favored Nation is every sense of the term.
This would be funny if Trump hadn't decided to drive the US economy into a ditch.
Elon Musk calls Trump's top trade adviser, Peter Navarro, a 'moron' and 'dumber than a sack of bricks' ~NBC
‘Asked about the spat, White House press secretary Karoline Leavitt said, "Boys will be boys, and we will let their public sparring continue."
“Once the dust settles, I think you're going to see companies looking at basically tariff arbitrage possibilities," Bill Reinsch, a senior adviser at the Center for Strategic and International Studies, told reporters at a briefing yesterday.
Which is: 'Can we shift our supply chains to countries that have lower tariffs? So instead of paying 46% from Vietnam, if we can pay 26% in India, that's worth looking at," said Reinsch, who previously led the National Foreign Trade Council.”
https://www.axios.com/newsletters/axios-macro-c1f862b0-1477-11f0-8dad-b7b2b64e235c.html?utm_source=newsletter
This is not the sound of manufacturing coming home. 🤡
Do you know how Vietnam started making furniture for the US market? Super 301 tariffs on Chinese bedroom furniture.
So, yeah, tariffs may only move a few items back to the USA, but moving production out of china and into Mexico or Vietnam is still very much in our national interest.
If there is a war, factories in Mexico could still supply us.
Vietnam possibly as well. India for sure.
Remember, tariffs suck, but they are a tax, and they can move production, and cause some re-shoring.
Its like any tax, it harms economic performance. Gas taxes do that. Hotel taxes do that. Income taxes do that.
I hope many of these get eliminated in deals but if not, they at least generate tax revenue and move production to friendlier places.
https://gcaptain.com/hii-and-hd-hyundai-sign-mou-on-shipbuilding/
Hilarious to watch Trump followers trying to retcon increasingly absurd theories of what Trump's doing.
Wow. The entire US economy will be driven into a ditch unless we continue to get access to Chinese slave labor-made iPhones, to Indian unregulated manufactured drugs, to Bangladeshi-made Nike shoes? Really, you imagine that imports are the sum total of the US economy? To the anti-Trump Chicken Littles, screaming that Trump literally means the end of the world/democracy/women/the economy is their only argument.
Studies indicate non-consensual human head transplant can benefit some people suffering from severe TDS.
Ask your doctor if you need to be concerned that a non-consensual human head transplant might suddenly occur.
If you suspect a non-consensual human head transplant may have occurred, contact your doctor. Your doctor may want to conduct some tests including asking you to comment on certain types of Althouse posts to see if it worked.
“It's no longer a question of where 'labor is the cheapest', since automation is surging forward”
This is where the world is heading. Labor arbitrage is going away and cheap labor is no longer enough to keep a poor nation going. Factories that have no lights on producing everything locally with no traditional blue collar labor except for construction. A world with very different problems than what we have now.
Sorkin has the definition of anchoring wrong. Lazarus correctly defines it above. Mexico will pay for the wall is anchoring. I don't think Trump really thought Mexico would pay for it, but by making that the opening bid, he was more likely to get what he wanted. He does it all time, and it's pretty remarkable that the Dems and commentators haven't figured it out by now.
In the future national wealth will be determined by domination of raw material resources, not the availability of young people for labor. That is what wars will be fought for.
Ha, some things never change.
"He’s not the one who will have to deal with the consequences. Another disadvantage to having an octogenarian president."
No, he won't. But he has a family and I suspect he cares very much about what kind of world they're going to inherit.
What do you think?
LLR-democratical Rich: "Hilarious to watch Trump followers trying to retcon increasingly absurd theories of what Trump's doing."
Hilarious to watch the Harry Sisson's twist and twirl (Tim Walz-Jazzy Spirit Fingers-like!) and pretzel themselves into astonishingly stupid, incoherent and contradictory positions (sometimes within minutes!) just to try and win "teh interwebs" against the evil orange man!
L'état, c'est moi
jim: "L'état, c'est moi"
This is no time to bring up obama. We're speaking about Trump.
Manufacturing is never coming back to America. Soon as the knuckleheads wake up and realize this the better it will be for their sanity. That dog dont hunt anymore Global economy is it!
"He’s not the one who will have to deal with the consequences. Another disadvantage to having an octogenarian president."
Right. He ran for President, in the face of unprecedented efforts to impeach him, shoot him, bankrupt him, imprison him and punish his family, at the age of 78, because he doesn't really care what happens to this country after he dies.
How old are you, son?
0bama is said to have penned a letter in 1982 to a girlfriend where he mentioned his dreams of having sex with men.
NTTAWWT… cough, cough…
“le plus fruité des fruits, c'est moi” may perhaps be what best describes 0bama.
NTTAWWT…
It seems we have a kakasstrophe on our hands.
I saw that Thomas Sowell thinks the tariffs are a bad idea. Guess he's a RINO here.
Really? Maybe you could point out where someone actually wrote and/or said that.
DINKY DAU 45 said...
"Manufacturing is never coming back to America. Soon as the knuckleheads wake up and realize this the better it will be for their sanity. That dog don't hunt anymore Global economy is it!"
Shhhh. It never left.
Trump has rapidly constructed a complete paradigm in perfect opposition to the governing paradigm of the past 80 years, which has been exceptionally successful.
I typically scroll past your shit because you never shut up.
But in this case? We are approaching $37 trillion dollars in debt. Just how in the hell can that be considered 'exceptionally successful?'
Thomas Sowell identifies as an independent, not a Republican. Maybe he's an IINO
If only we were all multi-billionaires like Trump and Musk. If we were, then we would never be worried about what is going on in the stock market. No big deal. Nothing to see here. Move along.
“le plus fruité des fruits, c'est moi” may perhaps be what best describes 0bama
LLR-democratical lonejustice: "If only we were all multi-billionaires like Trump and Musk. If we were, then we would never be worried about what is going on in the stock market. No big deal. Nothing to see here. Move along."
LOL
That's it, is it? That's all you've got?
Once again, lonejustice demonstrating conclusively why he is the runt of the Althouse LLR-democratical brigade!
"If only we were all multi-billionaires like Trump and Musk. If we were, then we would never be worried about what is going on in the stock market. No big deal."
I love the stock market, it's like gambling. If a person is planning on the stock market to fund their retirement they're doing it wrong, they didn't learn a thing from the ups and downs of the market from the last 50 years. Don't gamble what you can't afford to lose.
"If only we were all multi-billionaires like Trump and Musk. If we were, then we would never be worried about what is going on in the stock market. No big deal. Nothing to see here. Move along."
So you don't like it when government policies reduce your income? You mean like the guys you have so much sneering contempt for who didn't like it when their jobs were shipped overseas?
lonejustice said..."If only we were all multi-billionaires like Trump and Musk. If we were, then we would never be worried about what is going on in the stock market. No big deal. Nothing to see here. Move along."
Seeing as you're retired, you've got at least three year's of projected expenses sitting in low risk assets, like you were advised to do by everybody and their cousin. Right? Sit tight, you'll be fine.
Nothing real was lost.
The Left might do better with their complaints against Trump if they reused the old Vietnam era saying about "burning the village down to save it." At least the 80 year olds in their political class would understand it.
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