Trumpenomics
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So here’s the question you have to ask. Is Bessent (a Yale grad that went on to run Soros’ London office and ultimately became a partner before starting his own highly successful firm focused on global trading and macroeconomics) an absolute idiot and lucked his way into the wealth and positions he was in? Or is there something more at play?
@LuFins-Dad said in Trumpenomics:
So here’s the question you have to ask. Is Bessent (a Yale grad that went on to run Soros’ London office and ultimately became a partner before starting his own highly successful firm focused on global trading and macroeconomics) an absolute idiot and lucked his way into the wealth and positions he was in? Or is there something more at play?
I thought those guys were the guys we were specifically not listening to with this policy.
I don't know if Bessent is true believer, but you don't get a job in this admin without being a lickspittle. And there's a lot of spittle to lick here.
Conspicuously missing here is any leadership by the President, aside from a tweet or two.
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Nearly every hour I think of something where prices are going to increase – a lot – tulip bulbs, cut flowers, etc.
America doesn’t run a trade deficit because other countries “exploit us’, but because we exploit them, using the dollar as the world’s reserve currency. Corporate debt, oil transactions, and so much else is done in dollars for the most part. Countries have a strong incentive to keep the value of the dollar stable. Tariffs disrupt the incentives and create new ones. Without a coherent state led plan for industrialization and import substitution, the result of tariffs is a sharp rise in price, a fall in the buying power of American wages, the destabilization of the American economy and the dollar which will result in a recession as American assets and wages fall in real value. The wealthiest will have even more control of the economy than at present – ala Russia. -
Reading some stock forums over the weekend, a lot of people saying how they're moving their investments to cash. When someone does so in a 401k, they typically have to wait 30 days to move the money back into the market. I hope they don't get burned by this insanity. Even if the indices recover, people will lose money if they reacted disadvantageously to the panic. But it's difficult to call anybody stupid for reacting to this, and trying to keep their money safe. That's what Trump has wrought.
Education is extremely important.
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Reading some stock forums over the weekend, a lot of people saying how they're moving their investments to cash. When someone does so in a 401k, they typically have to wait 30 days to move the money back into the market. I hope they don't get burned by this insanity. Even if the indices recover, people will lose money if they reacted disadvantageously to the panic. But it's difficult to call anybody stupid for reacting to this, and trying to keep their money safe. That's what Trump has wrought.
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I think I've lost about as much money in the last week as my previous house cost.
Not to worry, though, because some guy who's worth 500 million and went to Yale says everything's going to be OK.
Of course, he can lose half his wealth and still afford to retire whenever the fuck he likes.
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@Horace said in Trumpenomics:
Wow, whoever faked that just made a lot of money. I wonder if that's illegal.
@jon-nyc said in Trumpenomics:
@Horace said in Trumpenomics:
Wow, whoever faked that just made a lot of money. I wonder if that's illegal.
I know the indices gave it back up, I just figure they were in a position to profit off a temporary move. Unless it was just a pure prank that went way more viral than anybody thought it would.
Anyway, that price action tells the tale of a bunch of "active traders" being very happy or very angry, all at the same time.
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Skip to 1:13 in for the "good stuff"
Link to video
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Glenn Greenwald on the idea-swapping going on, as the pro- and anti-Trump sides spout their rhetoric.
If nothing else good comes of this, at least we can emerge with the free trade issue settled, to a greater degree than it had been. Trade barriers have been a bad idea on both sides of the aisle over history.
Link to videoEducation is extremely important.
