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Trump’s Economic Plan Is a Betrayal of the People Who Voted for Him
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Trump’s economic plan has sent stocks ripping higher for six weeks straight. But what’s going to happen to stock prices when Congress gives Trump’s plan a big thumbs down? Has anyone thought about that yet?

And what about the Fed? Does anyone seriously think that Fed chairman Janet Yellen is going to sit on her hands while Trump launches a $1 trillion fiscal stimulus package that triggers a sudden burst of growth followed by a sharp uptick in inflation?

No, Yellen’s not going to sit on her hands. She’s going to raise rates to prevent the economy from overheating which is going to throw cold water on Trump’s pro-growth government-spending plan.

So why has the Dow Jones Industrial Average (DJIA) climbed more than 1,600 points and gained nearly 10% (“the biggest post-election rally on record”) when Trump’s plan is either going to be derailed by the Fed’s higher interest rates or blocked by the obstructionist Congress? It doesn’t make any sense, does it? And if the plan doesn’t survive in its current form, then stocks are going to retrace all the gains they’ve made in the last month and a half. That’s roughly 1,700 points erased in the blink of an eye.

Bottom line: Trump’s Santa Rally could turn into a stock market bloodbath unless he’s able to deliver on his promises, which doesn’t look very likely. Check this out from Bloomberg:

“President-elect Donald Trump’s race to enact the biggest tax cuts since the 1980s went under a caution flag Monday as Senate Majority Leader Mitch McConnell warned he considers current levels of U.S. debt “dangerous” and said he wants any tax overhaul to avoid adding to the deficit.

“I think this level of national debt is dangerous and unacceptable,” McConnell said, adding he hopes Congress doesn’t lose sight of that when it acts next year. “My preference on tax reform is that it be revenue neutral,” he said…

The Committee for a Responsible Federal Budget, a nonpartisan think tank, has projected that Trump’s plans would increase the debt by $5.3 trillion over a decade, with deficits already over $600 billion a year and rising on autopilot…

What I hope we will clearly avoid, and I’m confident we will, is a trillion-dollar stimulus,” he said. “Take you back to 2009. We borrowed $1 trillion and nobody could find that it did much of anything. So we need to do this carefully and correctly and the issue of how to pay for it needs to be dealt with responsibly.”… (McConnell, Warning of ‘Dangerous’ Debt, Wants Tax Cut Offsets, Bloomberg)

It doesn’t sound like McConnell is a big fan of Trump’s economic plan, does it? So why has the Dow risen to within 26 points of the 20,000-mark if that’s the case?? Do investors think that Trump can simply issue an executive order and force Congress to do what he wants?

Good luck with that. The deficit-crazed Republicans are just as committed to austerity as ever, mainly because slashing government spending coupled with low interest rates is a tried-and-true method of transferring obscene amounts of money to the 1 percenters. Why would they tinker with a mechanism that works perfectly already?

They won’t, at least not to the extent that it’ll have any meaningful impact on the living standards of millions of working people across America. Congress is going to prevent that at all cost. And so will the Fed. Just listen to what Yellen had to say to a journalist from the Washington Post last week following the FOMC meeting. She was asked point-blank whether she thought the economy needed more fiscal stimulus or not. Her answer:

“Well … I called for fiscal stimulus when the unemployment rate was substantially higher than it is now. So with a 4.6 percent unemployment, and a solid labor market, there may be some additional slack in labor markets, but I would judge that the degree of slack has diminished, So I would say at this point that fiscal policy is not obviously needed to help us get back to full employment … But nevertheless, let me be careful that I am not trying to provide advice to the new administration or to Congress as to what is the appropriate stance of policy.”

Nice, eh? Yellen threatens Trump with three more rate hikes in 2017, torpedoes his $1 trillion infrastructure plan with a wave of the hand, and then has the audacity to deny that she’s dictating policy.

Of course she’s dictating policy. What else would you call it?

Yellen is saying as clearly as possible, that if Trump launches his fiscal spending plan, the Fed’s going to slap him down by raising rates. If that’s not a threat, then what is??

(BTW, the NY Times Neil Irwin commented on this very issue just days ago when he said, “any stimulative fiscal policy from the Trump administration could well face an equal and opposite tightening of monetary policy by a Fed that raises interest rates.” In other words, the Fed holds all the cards.)

But in Yellen’s defense, we should add that Trump’s infrastructure scheme wasn’t going to work anyway. The whole thing is another shabby giveaway to private-equity investors. It’s NOT a serious effort to rebuild America’s crumbling infrastructure or provide good-paying jobs to qualified construction workers.

According to economist Alan S. Blinder, “Trump’s plan would provide “an 82% tax credit to attract private-equity investors into the infrastructure business.” … (So) ” A $3 billion public-private “partnership”… could be financed like this: $2.5 billion in municipal bonds, $410 million in tax credits from the federal government, and $90 million in private equity. This means $90 million in private money winds up controlling a $3 billion asset. Mr. Trump likes leverage, but isn’t 33-to-1 a little ridiculous?”

Great. In other words, the public takes all the risk, while privately-owned businesses nab all the profits. When have we heard that before?

And there’s more too:

“Infrastructure projects selected in the traditional way, by governments, are chosen based on public benefits, the community’s ability to pay—and sometimes crass political favoritism…

Under the Trump plan, project selection would be left to profit-seeking investors, using the same criteria they use to decide which hotels to build, for example.”… (Trump’s Infrastructure Mistake, Alan S Blinder, Wall Street Journal)

ORDER IT NOW

See? This isn’t about rebuilding America or putting people back to work or even getting more money circulating in the economy. This is just another ripoff by a flim-flam man who wants to use his power as president to enrich his crony buddies. Trump might be a hero to millions of working people who think he’s got their interests at heart, but the facts just don’t match the rhetoric. His infrastructure plan is just another elitist swindle aimed at enriching the few at the expense of the many.

According to Blinder there are much better alternatives to this private equity hocus pocus, like “Build American Bonds (BABs), a special breed of municipal bonds … which can use them for routine maintenance and other projects that lack a revenue stream … for the great bulk of infrastructure needs, BABs would be a far superior solution. If the Trump administration is serious about making our public infrastructure great again, it should worry less about finding ways to make the rich richer.” (WSJ)

Then again, if Trump’s real objective is to boost employment and increase growth, there are much easier ways to go about it, like suspending the payroll tax on everyone making under $75,000 per year or adding a few hundred dollars per month to Social Security payouts or expanding the food stamps program to include more applicants. None of these ideas will help to rebuild America’s dilapidated bridges or pothole-strewn roads, but they do put more money into circulation pronto which increases demand, activity, hiring, capital investment and growth. More growth means upward pressure on stagnant wages, rising standards of living, strengthening of the middle class, and the beginnings of a virtuous circle. Trump’s infrastructure plan will achieve none of these. It won’t even push stock prices higher. It’s a dead-loss for everyone except the PE mandarins.

But there parts of Trump’s economic plan that could push stocks much higher, in fact, they could take today’s moderately-inflated stock market bubble and turn it into the most gargantuan asset-price balloon of all time. We’re talking about Trump’s tax cuts. The president elect wants to reduce the corporate tax rate from 35 percent to 15 percent and, at the same time, initiate a “repatriation holiday”, which will allow tax-dodging US corporations to bring “more than a trillion dollars in corporate cash parked overseas” back to the US paying a measly 10 percent tax on the total. Trump thinks the surge of capital reentering the US will boost employment, productivity and growth, but the experts disagree. They know it’s another giveaway to Wall Street. Get a load of this from Bloomberg:

“Deutsche Bank: “If a repatriation holiday is introduced at a ~5 percent rate, as opposed to the generally proposed 5-14 percent rates, 10 percent even by Trump, then we think ~$500 billion will be repatriated in 2017. These funds will go to a combination of dividends, buybacks, onshore debt reduction, Mergers and Acquisitions and capex…”

JPMorgan Chase and Co.: “Cash repatriation alone could boost shareholder payouts by ~$350 billion … we estimate that buybacks from repatriation alone could add ~$1.30 to S and P 500 earnings per share, assuming that 60 percent of potential payouts come in the form of buybacks.”…

JPMorgan Chase and Co.: “We estimate that Trump’s corporate tax plan, which incorporates a 15 percent statutory federal tax rate, would add roughly $15 to S and P 500 earnings.”
(Wall Street’s 2017 Forecasts Are Doomed If Trump Doesn’t Follow Through On Campaign Promises, Bloomberg)

Get the picture? None of this money is going to dribble down to the working stiffs who cast their ballots for Trump in the presidential election. Heck, no. Every dime is going into stock buybacks and bigger dividends for fatcat CEOs and their voracious shareholders so they can rake in bigger profits while the country continues its downward spiral into insolvency and depression. That’s what this tax fiasco is all about, rewarding the millionaires and billionaires in Trump’s coterie of dodgy friends.

So, yeah, stocks could rise even higher on back of more than a trillion dollars of new capital flowing into the markets, but that money is not going to do jack for anyone who punches a clock for a living. And that should matter to the people who voted for Trump thinking that he had their interests at heart, because he doesn’t have their interests at heart. It’s a joke. Trump’s economic plan focuses entirely on the welfare of the mega rich plutocrats like himself. Everyone else gets mere table scraps.

And that’s why Trump’s supporters should be so disappointed, because they stood by him through the most vicious campaign in history and helped to shoehorn his sorry posterior into office. And now he has sold them down the river.

Thanks a lot, Don.

(Reprinted from Counterpunch by permission of author or representative)
 
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  1. I am afraid that Mike is right whatever hopes the working classes put into an economic revival of their fortunes they are going to be disappointed.
    If there was going to anything in it for the workers the stock market would have gone down. A capitalist economy is a zero sum game between the employers and the employed. The “smart money” is predicting higher profits ahead.
    If Mike is right and Trumps plans faces stiff opposition by Republicans and the Fed the Market will sell off early in the new year.
    The recent market is driven more by sentiment than by fundamentals so there is a risk of sentiment changing for the worst.
    The American markets have been in a speculative bubble since 2009 fed by FED money printing stimulus. The markets and the American economy are bound to collapse when confidence in the economic system gives way to doubt about the reality of the true economic conditions.
    This will happen when Trumps economic stimulus flops, interest rates raise and debts default.
    The high flying, phony, American economy based on financial mismanagement should eventually result in a depression and massive social unrest.

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    • Agree: Realist
    • Replies: @Trumpetrayal
    If Mike is right then why are the Fed (Janet Yellen) and Congress (especially McConnell) against the plan? After all, aren't these people who are super rich and political elites going to benefit from Donald's plan. So why should they scuttle Donald's plan --- biting the hand that feeds them? It's not that I would like to see the super rich getting richer, it's just that it doesn't make sense. Why don't these writers think things through before they submit these contradictory statements (or concepts)? It just makes one more confused than being informed.
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  2. “suspending the payroll tax on everyone making under $75,000 per year”

    Tax cuts for the lower middle class/working class are, indeed, the best way to stimulate the economy. Democrats and Republicans admit as much, by their actions. When things get really desperate, they approve lower middle class/working class tax cuts – for instance, the stimulus-check tax cut of 2008 or the payroll tax cut of Obama’s first term. They didn’t pass tax cuts for billionaires during that crisis, because they knew that such tax cuts would not help stimulate the economy.

    Trump was elected primarily because of his opposition to mass immigration, senseless wars, trade deficits, media bias, big donor influence and political correctness. He most certainly does NOT have a mandate to give tax cuts and other special favors to the globalist billionaires who fought tooth and nail to oppose his core platform.

    Read More
    • Replies: @RadicalCenter
    Do you mean suspending payroll tax on the first $75,000 of income for everyone, or only for people whose household income is under that amount?

    Because the latter approach would further screw people like my wife and me, who already pay a ton of tax -- combined fed income tax, state income tax, FICA (social security payroll and Medicare taxes around FORTY PERCENT -- and are very, very far from rich.

    Also, many people with household incomes well, well over $75,000 would likewise spend much of such a tax cut, producing the immediate stimulus effect you are looking for.

    Inclined to agree with MarkinLA, in any event, that we should probably not cut a source of revenue that's supposedly going to defray soc sec benefits already promised. We should instead prohibit FICA revenue from being Spent on anything other than soc sec benefits. Maybe a further slight increase in full soc sec retirement age is in order, coupled with extension of the FICA tax to higher incomes.

    , @yep
    he was also elected to kill TPP on day one as president, kill nafta, ....remember TPP, if this thing passed what do you think would happen to north america....think about this...........and this is very important....CLINTON IS GOING TO JAIL..........watch....
  3. The stock market already reflects the expected value of the “repatriation holiday”. It is no secret that this is very likely to be enacted by the Republican Congress in some form.

    Read More
  4. I sure hope Mike Whitney is wrong here, but he’s usually not. It would indeed be a sad development if Trump betrayed his base. This would be a good moment for him to have a heart-to-heart with Steve Bannon.

    Read More
    • Replies: @Authenticjazzman
    " I sure hope Mike Witney is wrong here, but he's usually not".

    Nonsense, as leftists are, at the end of the day : Always wrong, and everything they get involved with ends up as a catastrophe.

    Authenticjazzman, "Mensa" Society member since 1973, and pro jazz artist.

    , @Joe Wong
    Donald Trump will start trade wars and hot wars against China to divert attention, and the Americans will fall for it.
  5. Trump’s tax cut package is too ambitious and won’t pass. Maybe some small cut coupled with tax hikes on carried interest does, but I think voters understood this.

    Trump’s infrastructure package is solely needed, provided that the money is spent on stated projects, e.g. Roads, bridges, and airports. Remember that only 20 billion of Obamas 862 billion stimulus actually went to infrastructure. Trump’s famous wall counts as infrastructure.

    Yellen is a political hack, and an economy slowing interest rate hike (decided upon for political not economic reasons). was in the cards as soon as A Republican got elected. A rate hike is overdue and probably good for the long term health of the country anyways.

    Read More
    • Replies: @Wally
    Why have so many Fed bosses been Jews?

    Here's more questions:

    Who demands mass immigration into white gentile countries, but stops non-Jew immigration into “that shitty little country”?
    Who runs the Federal Reserve?
    Who runs Wall Street?
    Who owns the US Congress?
    Who owns the White House?
    Who dominates the US Supreme Court?
    Who forces acceptance of the fictitious & impossible ’6M & gas chambers’?
    Who runs the media / entertainment?
    Who runs the music business?
    Who dominates ‘academia’?
    Why is AIPAC the most powerful, dominant lobby, which regularly writes the text of Congressional bills and resolutions?
    Who is it that wants to censor free speech via the “hate speech” canard?
    Who is it that demands we shed the blood of US troops for their interests?
    Who are the real & biggest racists on the planet?
  6. Mira, Señor Mike:

    (1) The stock market has nothing to do with the real economy. The U. S. is in the Finance Capitalist stage. Please get up to speed on that.

    (2) Señor Trump has no plan. He is P. T. Barnum Redivivus–to wit, a showman and impresario whose marks enjoy the fleecing, even when they end up on the other side of the egress.

    (3) If there is any aspect of Señor Trump and his cabinet, who are like him nouveaux riches, worth mentioning it is that the new billionaires have decided to be the government rather than owning it. Ponder that closely.

    (4) Disaster on the horizon? Get used to it. It is the structural context, like an egg sitting on a wall, and is not soluble by wicked witches or all the king’s men.

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  7. Oh, and Señor Mike, do not neglect who Señor Trump’s appointment to Treasury is–none other than the palindromic Señor Goldman Sachs-Sachs Goldman.

    To wit, one more Goldman Sachs intensifier than Clinton or Bush or Obama had.

    Time to move on to something other than the same old, same old of the battle between the Lapiths and the Centaurs, no?

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    • Replies: @Anonymous
    Not only is he from Goldman, but he also worked with Soros in the past too.

    Also, Trump is consulting with Kissinger.

    Trump already lost his antiestablishment cred.
  8. like suspending the payroll tax on everyone making under $75,000 per year or adding a few hundred dollars per month to Social Security payouts

    Both have the effect of depleting the SS fund faster than it is being depleted now. That is always the “solution” – stimulation now that will magically result in higher revenue later to make up for the loss. Of course, it never does. Somehow people will have to be put to work when there isn’t anybody with the money to pay them. In addition, the people making less than 75,000 consist largely of the people who are a few missed paychecks away from homelessness. Expecting them to drive the economy is probably unrealistic.

    Like Fred wrote – we are nearing the end of the era when money can be used as the primary means to allocate economic resources.

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  9. Trump’s tax plan runs the spectrum from insane to psychopathic. Trump is going to give Bill Gates…Mark Zuckerberg….and Jeff Bezos a massive tax break.

    The jobs for The Native Born White Working Class were already here….but they were given to Asian Legal Immigrants and their US born Children. Trump wants to expand the economy to a massive scale to prevent violent racial conflict. It will never happen…ecologically unsustainable.

    Trump won’t touch nonwhite Legal Immigration.

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    • Replies: @Rod1963
    Spot on.

    Notice how he went silent on stopping H1-b"s, L-25's and the like?

    Same with expulsion of Visa overstays.

    His silence on hiring more ICE and border patrol agents.

    A lot of his supporters will within three months of Trump taking office will realize they were scammed. By the end of 2017, he won't have much in the way of support.
  10. @John Gruskos
    "suspending the payroll tax on everyone making under $75,000 per year"

    Tax cuts for the lower middle class/working class are, indeed, the best way to stimulate the economy. Democrats and Republicans admit as much, by their actions. When things get really desperate, they approve lower middle class/working class tax cuts - for instance, the stimulus-check tax cut of 2008 or the payroll tax cut of Obama's first term. They didn't pass tax cuts for billionaires during that crisis, because they knew that such tax cuts would not help stimulate the economy.

    Trump was elected primarily because of his opposition to mass immigration, senseless wars, trade deficits, media bias, big donor influence and political correctness. He most certainly does NOT have a mandate to give tax cuts and other special favors to the globalist billionaires who fought tooth and nail to oppose his core platform.

    Do you mean suspending payroll tax on the first $75,000 of income for everyone, or only for people whose household income is under that amount?

    Because the latter approach would further screw people like my wife and me, who already pay a ton of tax — combined fed income tax, state income tax, FICA (social security payroll and Medicare taxes around FORTY PERCENT — and are very, very far from rich.

    Also, many people with household incomes well, well over $75,000 would likewise spend much of such a tax cut, producing the immediate stimulus effect you are looking for.

    Inclined to agree with MarkinLA, in any event, that we should probably not cut a source of revenue that’s supposedly going to defray soc sec benefits already promised. We should instead prohibit FICA revenue from being Spent on anything other than soc sec benefits. Maybe a further slight increase in full soc sec retirement age is in order, coupled with extension of the FICA tax to higher incomes.

    Read More
    • Replies: @Alden
    I'd like to mention that we are the pension system of China. Americans contribute to social security for 40 years. Chinese arrive either a week after their 65th birthday or a decade before they reach 65 with documents proving that they are 65.

    The numerous federally funded Chinese social service agencies take them to the social security office where the sign up for SSI, not. SSA benefits including both Medicare and medi caid. Then come the free handicapped van services, jumping the line to get senior housing, both food stamps and the food bank etc . With their affirmative action for all their services they get more than Anericans who contributed to social security for 45 or 50 years.

    And with 25 Chinese crowded into a 1,300 sq ft houses they raise property taxes so high that even an American senior whose house is totally paid off can't afford the ever rising property taxes.
    The old Chinese in San Francisco go to the Glide Memorial church food bank every week. They get their stuff put it in the van and get in line again. When the van is filled up they deliver it to the family convenience store where the food is resold.
    We are the child welfare education and health agency if Latin America and the pension system for a billion Chinese avaricious greedy thieves.

    And the Chinese government is totally complicit.
  11. Mike, your comments would be entirely relevant in a sane world. You are trying to make sense of a surreal situation. The world as presently run by humans is totally insane. We got presented with a choice between a mad lady whose aim was to was to inch closer and closer to Russia’s borders promising a nice nuclear exchange or a rich dude who was never going to be able to do what he said because it would be impossible, but at least we might be safe for a while. And there would be some fun along the way. Same old Macjobs but at least you get to have a snigger. So we chose whatever over death and nuclear destruction. End of.

    People like Carl Icahn, who are essentially mafia blackmailers (“greenmail”, for example) are now being promoted into the public spotlight. Tucker on Fox is slicing off parts of Eichenwald, a senior editor of Newsweek. What’s not to like? We have got rid of the actors like Obama whose expertise is charm and lies, and are now being shown more of the people who really run things, warts and all. The so-called deep state is being flushed out of its corner (the F35 fiasco is just the start). That’s why they didn’t want Trump. Not for what he was going to do but what he was going to reveal. As Mr Cohen so beautifully put it: “Forget your perfect offering, there is a crack in everything, that’s how the light gets through.” And the light is getting through.

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  12. I don’t see the point in denouncing specific ways the “repatriation holiday” is going to benefit the stockholders. That’s the whole point of a “repatriation holiday”: to incentivize them to bring their foreign money into the US. Of course it’ll be buyouts and payouts, but I don’t think anyone expected or promised anything different. There will also be, however, 10% of it going to the treasury, plus the repatriated funds will (hopefully) provide some (not as much as a FICA holiday, but still…) monetary stimulus (well, subject to Ms Yellen’s sabotage, obviously). In any case: not a whole lot, but better than nothing, it seems to me…

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    • Replies: @MarkinLA
    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.

    In essence what is happening is that the only way it seems we can get corporations to bring their overseas money back is to tax them far less than what we are taxing the small businesses we already have. How is that fair to our businesses already paying a higher tax rate?
  13. @Seamus Padraig
    I sure hope Mike Whitney is wrong here, but he's usually not. It would indeed be a sad development if Trump betrayed his base. This would be a good moment for him to have a heart-to-heart with Steve Bannon.

    ” I sure hope Mike Witney is wrong here, but he’s usually not”.

    Nonsense, as leftists are, at the end of the day : Always wrong, and everything they get involved with ends up as a catastrophe.

    Authenticjazzman, “Mensa” Society member since 1973, and pro jazz artist.

    Read More
    • Replies: @War for Blair Mountain
    Dennis Kearney and Samuel Gompers....Irish-Jewish cooperation....... were two Socialist Labor Leaders who were responsible for The Chinese Legal Immigrant Exclusion Act...which kept America 90 percent White Folks....until 1965

    If you are highly intelligent why do need the stamp of approval from MENSA?


    Someone who is really intelligent can make crucial conceptual distinctions....and crucial meta-level conceptual distinctions.
  14. @Authenticjazzman
    " I sure hope Mike Witney is wrong here, but he's usually not".

    Nonsense, as leftists are, at the end of the day : Always wrong, and everything they get involved with ends up as a catastrophe.

    Authenticjazzman, "Mensa" Society member since 1973, and pro jazz artist.

    Dennis Kearney and Samuel Gompers….Irish-Jewish cooperation……. were two Socialist Labor Leaders who were responsible for The Chinese Legal Immigrant Exclusion Act…which kept America 90 percent White Folks….until 1965

    If you are highly intelligent why do need the stamp of approval from MENSA?

    Someone who is really intelligent can make crucial conceptual distinctions….and crucial meta-level conceptual distinctions.

    Read More
    • Agree: Seamus Padraig
    • Replies: @Anonymous

    Someone who is really intelligent can make crucial conceptual distinctions….and crucial meta-level conceptual distinctions.
     
    The Mensa Jazz guy has yet to write anything demonstrating even the slightest intelligence. Mensans tend to be people incapable of critical or analytical thought, who for some odd reason score high on multiple-choice questions and sex-obsessed clubbiness.

    Sorry about that -- sometimes the revealed stupidity of Mensans is so astounding that I just can't let it pass.

    My real intention in this Reply is to agree, vehemently, with everything Whitney had to say.
  15. Anonymous says:     Show CommentNext New Comment
    @War for Blair Mountain
    Dennis Kearney and Samuel Gompers....Irish-Jewish cooperation....... were two Socialist Labor Leaders who were responsible for The Chinese Legal Immigrant Exclusion Act...which kept America 90 percent White Folks....until 1965

    If you are highly intelligent why do need the stamp of approval from MENSA?


    Someone who is really intelligent can make crucial conceptual distinctions....and crucial meta-level conceptual distinctions.

    Someone who is really intelligent can make crucial conceptual distinctions….and crucial meta-level conceptual distinctions.

    The Mensa Jazz guy has yet to write anything demonstrating even the slightest intelligence. Mensans tend to be people incapable of critical or analytical thought, who for some odd reason score high on multiple-choice questions and sex-obsessed clubbiness.

    Sorry about that — sometimes the revealed stupidity of Mensans is so astounding that I just can’t let it pass.

    My real intention in this Reply is to agree, vehemently, with everything Whitney had to say.

    Read More
    • Replies: @Authenticjazzman
    " The Mensa jazz guy has yet to write anything demonstrating even the slightest intelligence".

    Okay so this is the criteria for intelligent or non-intelligent ideas :

    Your own inability to comprehend them.

    HA HA HA HA HA HA HA HA HA

    Authenticjazzman, "Mensa" society member since 1973 and pro jazz artist.
  16. Anon

    I completely agree with Whitney.

    Trump’s pick for Labor Secretary is low-wage-labor-policy-on low-wage-labor-policy steroids.

    Kellyanne Conway….married to an Asian Corporate Lawyer(after she slummed around the DC Beltway for 2o years in the service of the Bill’s Quarterback Jack Kemp)
    is a path-to-citizenship enthusiast=amnesty enthusiast.

    I attack and criticize Noam Chomsky a lot on Unz Review…but he is right about the insanity of Trump yapping about the US having substandard nukes…and not enough nukes.

    POTUS Trump is an enthusiast for hard-core-Israeli-Ethnic Identity Politics…evidenced by moving the US Embassy to Jerusalem. The Historic Native Born White American Majority….he gives them the raw-untreated sewage of Americanism-Citizenship=post-1965 Race-Replacement Immigration Policy.

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  17. @Anonymous

    Someone who is really intelligent can make crucial conceptual distinctions….and crucial meta-level conceptual distinctions.
     
    The Mensa Jazz guy has yet to write anything demonstrating even the slightest intelligence. Mensans tend to be people incapable of critical or analytical thought, who for some odd reason score high on multiple-choice questions and sex-obsessed clubbiness.

    Sorry about that -- sometimes the revealed stupidity of Mensans is so astounding that I just can't let it pass.

    My real intention in this Reply is to agree, vehemently, with everything Whitney had to say.

    ” The Mensa jazz guy has yet to write anything demonstrating even the slightest intelligence”.

    Okay so this is the criteria for intelligent or non-intelligent ideas :

    Your own inability to comprehend them.

    HA HA HA HA HA HA HA HA HA

    Authenticjazzman, “Mensa” society member since 1973 and pro jazz artist.

    Read More
    • Replies: @mp
    Generally, if someone is intelligent to the point that it is a positive attribute, they don't need to hang a sign on their back telling the world just how intelligent they are. If it's ever an issue, most people are able to figure it out. Too, we must never conflate intelligence with moral goodness, adequate socialization (ability to adapt accordingly in social settings), likability, and all the rest.

    Being able to play an instrument is, however, almost always a plus. Just ask Amy Chua. But similar to advertising one's IQ, real jazz artists probably don't have to walk around with a saxophone everywhere they go in order to let the world know what they can do.
  18. The optimism shown by the stock market for Trump as president and the end of odumbass’s reign of error will continue for the next four years as the US regains jobs and business grows. I expect economic growth of 3.5% to over 4% every year of his presidency as he undoes the socialist restrictions that restrain our economy and benefit only the fascist left and those who produce nothing but misery.

    Merry Christmas President Trump! And a merry four years to working people of the USA! (And a bag of coal to all you leftists.)

    Read More
    • Replies: @nsa
    The planned tax reductions appear to apply to C corps only, the owners of which are subject to double taxation (once at the corp level and again at the personal level). Most smaller "small businesses" (say under 10 employees) are organized as S corps, LLCs, LLPs (partnerships), proprietorships....these are pass through entities not subject to taxes at the corp level....only at the personal level. Conclusion: there is nothing in the proposed Trumpster tax reductions to increase the profitability of most small businesses (S corps, LLCs, LLPs, sole proprietors)...most the benefits will accrue to the larger C corps. The tax reductions should be broadened to include all businesses, large and small.
  19. @woodNfish
    The optimism shown by the stock market for Trump as president and the end of odumbass's reign of error will continue for the next four years as the US regains jobs and business grows. I expect economic growth of 3.5% to over 4% every year of his presidency as he undoes the socialist restrictions that restrain our economy and benefit only the fascist left and those who produce nothing but misery.

    Merry Christmas President Trump! And a merry four years to working people of the USA! (And a bag of coal to all you leftists.)

    The planned tax reductions appear to apply to C corps only, the owners of which are subject to double taxation (once at the corp level and again at the personal level). Most smaller “small businesses” (say under 10 employees) are organized as S corps, LLCs, LLPs (partnerships), proprietorships….these are pass through entities not subject to taxes at the corp level….only at the personal level. Conclusion: there is nothing in the proposed Trumpster tax reductions to increase the profitability of most small businesses (S corps, LLCs, LLPs, sole proprietors)…most the benefits will accrue to the larger C corps. The tax reductions should be broadened to include all businesses, large and small.

    Read More
    • Replies: @woodNfish
    That ignores the deregulation and repeal of the shithead odumbass care that Trump will initiate. It is morning in America! Go Trump and fuck all the Leftist belly crawling dirtbags!
  20. @nsa
    The planned tax reductions appear to apply to C corps only, the owners of which are subject to double taxation (once at the corp level and again at the personal level). Most smaller "small businesses" (say under 10 employees) are organized as S corps, LLCs, LLPs (partnerships), proprietorships....these are pass through entities not subject to taxes at the corp level....only at the personal level. Conclusion: there is nothing in the proposed Trumpster tax reductions to increase the profitability of most small businesses (S corps, LLCs, LLPs, sole proprietors)...most the benefits will accrue to the larger C corps. The tax reductions should be broadened to include all businesses, large and small.

    That ignores the deregulation and repeal of the shithead odumbass care that Trump will initiate. It is morning in America! Go Trump and fuck all the Leftist belly crawling dirtbags!

    Read More
  21. @Mao Cheng Ji
    I don't see the point in denouncing specific ways the "repatriation holiday" is going to benefit the stockholders. That's the whole point of a "repatriation holiday": to incentivize them to bring their foreign money into the US. Of course it'll be buyouts and payouts, but I don't think anyone expected or promised anything different. There will also be, however, 10% of it going to the treasury, plus the repatriated funds will (hopefully) provide some (not as much as a FICA holiday, but still...) monetary stimulus (well, subject to Ms Yellen's sabotage, obviously). In any case: not a whole lot, but better than nothing, it seems to me...

    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.

    In essence what is happening is that the only way it seems we can get corporations to bring their overseas money back is to tax them far less than what we are taxing the small businesses we already have. How is that fair to our businesses already paying a higher tax rate?

    Read More
    • Replies: @Mao Cheng Ji

    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.
     
    Like I said, it amounts to a monetary stimulus. It will increase the money supply. Money goes to the shareholders (wealthy or not; mostly wealthy I guess) -> they invest or spend it -> more jobs and other good things you mentioned (hopefully). Again: not the most efficient stimulus, but stimulus it is. Plus 10% of it is going to the treasury.

    It's fine to criticize it, but then you need to provide a more or less objective analysis. And perhaps suggest an alternative?

    How is that fair to our businesses already paying a higher tax rate?
     
    It's not; who said this one is about fairness? It's about repatriating the money. The next step would be to do something to prevent capital flight in the first place...
  22. @MarkinLA
    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.

    In essence what is happening is that the only way it seems we can get corporations to bring their overseas money back is to tax them far less than what we are taxing the small businesses we already have. How is that fair to our businesses already paying a higher tax rate?

    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.

    Like I said, it amounts to a monetary stimulus. It will increase the money supply. Money goes to the shareholders (wealthy or not; mostly wealthy I guess) -> they invest or spend it -> more jobs and other good things you mentioned (hopefully). Again: not the most efficient stimulus, but stimulus it is. Plus 10% of it is going to the treasury.

    It’s fine to criticize it, but then you need to provide a more or less objective analysis. And perhaps suggest an alternative?

    How is that fair to our businesses already paying a higher tax rate?

    It’s not; who said this one is about fairness? It’s about repatriating the money. The next step would be to do something to prevent capital flight in the first place…

    Read More
    • Replies: @MarkinLA
    Well this isn't about capital flight it is about corporations setting up tax schemes so that when they sell something in a foreign country (even if it was made in the US) the profits are booked in another country and held offshore and are not brought back to the US to be taxed here. The amount is not a secret and can be taxed if we want to. It just means cross country tax agreements like we already have with Canada and we have within states in the US.

    The record is clear on the idea of jobs - this has already been tried once before. It did not work. The money was used for bonuses for executives, some dividends, but mostly for mergers and acquisitions which are mostly about cutting jobs and not increasing them.
  23. @Captain Renault
    I'm shocked, shocked!

    Shocking indeed! Who’d a thunk it?

    Read More
    • Replies: @L
    Hey Bernie did you ever come up with an answer to the question by the New York Daily News on your call to break up the Wall Street banks, you know the question you could not answer, even though breaking up the "To Big To Fail Banks" was the core of your rants on the hustings?

    Bernie you could have answered the question quite easily, with confidence, competence and historical proof by simply saying Glass-Steagall, but you could not do what is simple and obvious...anyways thanks for demonstrating your total incompetence as a leader. Why you total capitulation to Hillary was really quite a revealing show as well, but of course you will blame Putin like the rest of them as you protect the war mongers you are part of.

  24. guys, have working capital ready when the crash bottoms out.

    you will make a killing.

    good luck to us all.

    Read More
    • Replies: @grapesoda
    Yep, I will sell off some precious metals and get into real estate when this happens, ie when people are desperate for cash.

    The market, as long has I have been following it has fluctuated between stock market high/ gold low and gold high/ stock market low. Guess where it's at now and where it's going? How long will it take? Between 2-10 years. I can wait.

  25. Anonymous says:     Show CommentNext New Comment
    @E. A. Costa
    Oh, and Señor Mike, do not neglect who Señor Trump's appointment to Treasury is--none other than the palindromic Señor Goldman Sachs-Sachs Goldman.

    To wit, one more Goldman Sachs intensifier than Clinton or Bush or Obama had.

    Time to move on to something other than the same old, same old of the battle between the Lapiths and the Centaurs, no?

    Not only is he from Goldman, but he also worked with Soros in the past too.

    Also, Trump is consulting with Kissinger.

    Trump already lost his antiestablishment cred.

    Read More
  26. Amazing how a president can be written off before he’s even taken office.

    But Whitney seems to have things all ways. Trump’s stimulus plan will create a stock market bubble, while it will cause the FED to raise rates. But isn’t the current stock market bubble the result of negative real interest rates? If so, by forcing the FED to raise rates, Trump would collapse the stock market, not drive it higher. Perhaps that is what Whitney really fears. A return of inflation, a fall in stocks, bonds and the dollar, the last (along with a tariff) boosting US international competitiveness, and driving up labor demand and wages.

    Read More
    • Replies: @Anonymous
    Really? We can't judge a soon to be president based on his Goldman appointments and his already flip flopping on core campaign issues like prosecuting Hilary and draining the swamp?

    Why should we trust this guy when every president has screwed us?

    Also, your economic projection is rediculous. With Trumpkins, anything Trump does will be spun as great for America. And "This is just Trump playing 4d chess."

    I agree we need higher interest rates, but what we really need are market rates. The only way we can have that is by getting rid of the fed and Trump is not going to do that.

    Also, the stock market, the bond market, and the dollar all crashing, along with a trade war with China and inflation, will wreck America. And Trump's stimulus won't stimulate the economy either.
    , @Anon
    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that'll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there's going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.

    Companies will be making higher profits, and those companies which have issued stock will see their share prices rise accordingly. Stocks still have a better return that a bond paying 1.50% per year. The Dow has gone up 8.73% just since the election. If you bought a Dow Index fund with a low fee on November 9th, your wealth would have increased by that much in about a month and three weeks. Hell yes, the market will still be going up overall. Even with three interest rate rises like the Fed has been signalling it wants to do, bonds still can't compete very well offering a 1.50% return vs. stocks.

    I predict a return to the type of rah-rah stock market we had in the 1980s during the pro-business Reagan administration.
  27. This article: What, did RonUnz get a discount on HighMileage-but-runs Bernie speechwriters?

    Read More
    • Replies: @Anonymous
    Did this article trigger you?

    Maybe you should go to your safe space at the_Donald. Trumpkins are like part of a cult. Any criticism and they must be a paid shill.

    How bout trying to counter what was said in this article? If you can that is.
  28. If the Fed actually loosens its criminal price control on interest, Trump will be worth all the betrayal.

    When savers have a reason to save, and borrowers (including governments) have a reason to AVOID borrowing, the economy will settle back into the form that Trump’s voters want.

    A competent president would eliminate the Fed entirely, reinstate all of FDR’s laws on banks, disconnect all multi-nation trade treaties, and impose a Duterte death penalty for outsourcing of all kinds. Bring in one minute of foreign labor directly or indirectly, import one molecule of manufactured crap directly or indirectly, and you get shot.

    I know we aren’t going to get competent rulers, but if we can ACCIDENTALLY move a few inches in the correct direction, that’s better than continuing to roar down the suicide road.

    Read More
    • Replies: @War for Blair Mountain
    If Alt Right Celebrity Richard Spencer is writing his long awaited book...your comment should be the overarching framework for his Alt Right Manfesto.


    Larger point:Trump won't implement any of your proposals.


    Even larger point:The high paying good jobs were already here....however, The Historic Native Born White American Majority was forced to compete with Asian Legal Immigrants and Muslim Legal Immigrants.....and the US born Asian and Muslim geneline of these Asian and Muslim Legal Immigrants for these jobs.


    Trump will pave over and frack the US into oblivion in his attempt to make everyone happy. But of course Trump can't make everyone happy. Even with 0 legal immigrants...the US population will exceed one billion....GROWTH DOES NOT PAY FOR ITSELF!!!
  29. @Astuteobservor II
    guys, have working capital ready when the crash bottoms out.

    you will make a killing.

    good luck to us all.

    Yep, I will sell off some precious metals and get into real estate when this happens, ie when people are desperate for cash.

    The market, as long has I have been following it has fluctuated between stock market high/ gold low and gold high/ stock market low. Guess where it’s at now and where it’s going? How long will it take? Between 2-10 years. I can wait.

    Read More
  30. Whitney fails to mention the plan that would substantially reduce the debt and at the same time, provide around $500 BILLION a year for projects. That plan would nullify the illegal Federal Reserve, whose private bankers make around 500 billion a year in interest on the debt-based currency we’re forced to use.

    There’s no sane reason why a sovereign nation has to be held hostage to a cabal of private bankers who hijacked the US economy in 1913 when they set up the FED. Congress could issue its own debt-free currency and then the economy would take off, but good luck with that.

    President Jackson killed the predecessor of the FED and for that, was almost killed in an assassination attempt.
    Lincoln told the Wall Street bankers who wanted 24-36% interest to finance the Civil War to take a hike and issued the debt-free ‘Greenbacks,’ and you see what happened to him. Ditto for JFK.

    Read More
    • Replies: @Anonymous
    What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficiet.

    Trump is going to add at least 10 trillion dollars to the debt. The only way to get us out of the debt would be to massively cut spending, and we already know Trump walked back on Obamacare. So no, we will be in a lot more debt whenever Trump leaves office.

    And about the Fed, the politician who was serious about ending the fed was Ron Paul. Trump is not going to end the fed. Did you not see that his Sec of Treasury is a Goldman guy? I'm gonna laugh at all you Trump cultists when Walstreet gets even more control over America while Trump is in office.
  31. @Seamus Padraig
    I sure hope Mike Whitney is wrong here, but he's usually not. It would indeed be a sad development if Trump betrayed his base. This would be a good moment for him to have a heart-to-heart with Steve Bannon.

    Donald Trump will start trade wars and hot wars against China to divert attention, and the Americans will fall for it.

    Read More
  32. @polistra
    If the Fed actually loosens its criminal price control on interest, Trump will be worth all the betrayal.

    When savers have a reason to save, and borrowers (including governments) have a reason to AVOID borrowing, the economy will settle back into the form that Trump's voters want.

    A competent president would eliminate the Fed entirely, reinstate all of FDR's laws on banks, disconnect all multi-nation trade treaties, and impose a Duterte death penalty for outsourcing of all kinds. Bring in one minute of foreign labor directly or indirectly, import one molecule of manufactured crap directly or indirectly, and you get shot.

    I know we aren't going to get competent rulers, but if we can ACCIDENTALLY move a few inches in the correct direction, that's better than continuing to roar down the suicide road.

    If Alt Right Celebrity Richard Spencer is writing his long awaited book…your comment should be the overarching framework for his Alt Right Manfesto.

    Larger point:Trump won’t implement any of your proposals.

    Even larger point:The high paying good jobs were already here….however, The Historic Native Born White American Majority was forced to compete with Asian Legal Immigrants and Muslim Legal Immigrants…..and the US born Asian and Muslim geneline of these Asian and Muslim Legal Immigrants for these jobs.

    Trump will pave over and frack the US into oblivion in his attempt to make everyone happy. But of course Trump can’t make everyone happy. Even with 0 legal immigrants…the US population will exceed one billion….GROWTH DOES NOT PAY FOR ITSELF!!!

    Read More
  33. @Authenticjazzman
    " The Mensa jazz guy has yet to write anything demonstrating even the slightest intelligence".

    Okay so this is the criteria for intelligent or non-intelligent ideas :

    Your own inability to comprehend them.

    HA HA HA HA HA HA HA HA HA

    Authenticjazzman, "Mensa" society member since 1973 and pro jazz artist.

    Generally, if someone is intelligent to the point that it is a positive attribute, they don’t need to hang a sign on their back telling the world just how intelligent they are. If it’s ever an issue, most people are able to figure it out. Too, we must never conflate intelligence with moral goodness, adequate socialization (ability to adapt accordingly in social settings), likability, and all the rest.

    Being able to play an instrument is, however, almost always a plus. Just ask Amy Chua. But similar to advertising one’s IQ, real jazz artists probably don’t have to walk around with a saxophone everywhere they go in order to let the world know what they can do.

    Read More
    • Replies: @Authenticjazzman
    " Real jazz artists probably don't have to walk around with a saxophone everywhere they go"

    So just who appointed you to determine what "Real" jazz artists should be able or not able to do?

    Are you the earthly honcho of "Real" jazz artists?

    I have been blowing my horns , Sax and flute for over sixty years and you are not going to tell me what I should or should not do, get it?

    Authenticjazzman, "Mensa" Society member of forty-plus years and pro jazz artist.

  34. @ John Gruskos

    Trump was elected primarily because of his opposition to mass immigration, senseless wars, trade deficits, media bias, big donor influence and political correctness. He most certainly does NOT have a mandate to give tax cuts and other special favors to the globalist billionaires who fought tooth and nail to oppose his core platform.

    Couldn’t agree more.

    Read More
  35. Interesting how the banks get bailed out to the tune of $16 trillion and some say $29 trillion yet tax cuts for the less well connected and building roads are a severe inflation risk.

    Read More
  36. @John Gruskos
    "suspending the payroll tax on everyone making under $75,000 per year"

    Tax cuts for the lower middle class/working class are, indeed, the best way to stimulate the economy. Democrats and Republicans admit as much, by their actions. When things get really desperate, they approve lower middle class/working class tax cuts - for instance, the stimulus-check tax cut of 2008 or the payroll tax cut of Obama's first term. They didn't pass tax cuts for billionaires during that crisis, because they knew that such tax cuts would not help stimulate the economy.

    Trump was elected primarily because of his opposition to mass immigration, senseless wars, trade deficits, media bias, big donor influence and political correctness. He most certainly does NOT have a mandate to give tax cuts and other special favors to the globalist billionaires who fought tooth and nail to oppose his core platform.

    he was also elected to kill TPP on day one as president, kill nafta, ….remember TPP, if this thing passed what do you think would happen to north america….think about this………..and this is very important….CLINTON IS GOING TO JAIL……….watch….

    Read More
  37. Jul 23, 2016 Trump Exposes Trump

    In his own words, Donald Trump reveals his hypocrisy about Iraq, immigration, health care, abortion, Libya, Hillary Clinton, Bill Clinton and more.

    Read More
    • Replies: @Truth
    Dude, that's the funniest video Ive seen in weeks; I hope the dude above you with comment #39 watched it!
    , @yep
    nice try......but this will not work.....a lot of these is old trump before he got the real news....he is different today, and oh yea , if he fu*ks up, then the people will go after him who voted for him
  38. Anonymous says:     Show CommentNext New Comment
    @CanSpeccy
    Amazing how a president can be written off before he's even taken office.

    But Whitney seems to have things all ways. Trump's stimulus plan will create a stock market bubble, while it will cause the FED to raise rates. But isn't the current stock market bubble the result of negative real interest rates? If so, by forcing the FED to raise rates, Trump would collapse the stock market, not drive it higher. Perhaps that is what Whitney really fears. A return of inflation, a fall in stocks, bonds and the dollar, the last (along with a tariff) boosting US international competitiveness, and driving up labor demand and wages.

    Really? We can’t judge a soon to be president based on his Goldman appointments and his already flip flopping on core campaign issues like prosecuting Hilary and draining the swamp?

    Why should we trust this guy when every president has screwed us?

    Also, your economic projection is rediculous. With Trumpkins, anything Trump does will be spun as great for America. And “This is just Trump playing 4d chess.”

    I agree we need higher interest rates, but what we really need are market rates. The only way we can have that is by getting rid of the fed and Trump is not going to do that.

    Also, the stock market, the bond market, and the dollar all crashing, along with a trade war with China and inflation, will wreck America. And Trump’s stimulus won’t stimulate the economy either.

    Read More
  39. The real opportunity was missed in 2008 / 2009. Debts should have been allowed to clear, the financial industry to collapse back to 7% of GDP, and large inefficient companies like GM to go bankrupt i.e. deflation should have been allowed to proceed and the society shocked into lasting prudence. The model would be the depression of 1873 – 1879……100 railroads and 20,000 major businesses (including lots of financials) went bankrupt. Caveats: in the 1870s, the USA was a capitalist country on a gold standard, whereas the USA of 2016 is a welfare state utilizing fiat funny money, and depending on inflation to liquidate the massive debt burden instead of the bankruptcy courts.

    Read More
    • Replies: @E. A. Costa
    "whereas the USA of 2016 is a welfare state utilizing fiat funny money"

    The US is not, and has never been, a welfare state. It is a hypercapitalist warfare state and has been since World War II.

    Also the United States' funny money is NOT a fiat currency--it is much worse than that. Every penny appropriated is secured by debt credit to the privately-owned banks of the Federal Reserve--which means it is OWED. Got it?

    The bailouts were also much worse than publicly retailed--essentially the private banks loaned the US government the money that was given back to them as bailout funds with no strings attached.

    Even if they had used the bailout money to remedy their own mortgage and bundling fuck-up--which they did not--it would have been a revolving door in which they got twice paid. Instead they used the bailout maoney for speculation, among other things, amassed huge profits, and threw the burden of paying for it all on--guess who?

    Ponder that, just for starters.

    Finance Capitalism marches on, jeje.

    , @MarkinLA
    The FDIC wanted to take Citibank over but that idea was nixed, probably because Paulson and Bernanke wanted to bail their buddies on Wall Street out and taking over the largest commercial bank and bailing out Wall Street would not be politically possible.

    It should have been done and "too big to fail" would have died with it.
  40. Anonymous says:     Show CommentNext New Comment
    @Karl
    This article: What, did RonUnz get a discount on HighMileage-but-runs Bernie speechwriters?

    Did this article trigger you?

    Maybe you should go to your safe space at the_Donald. Trumpkins are like part of a cult. Any criticism and they must be a paid shill.

    How bout trying to counter what was said in this article? If you can that is.

    Read More
  41. Anonymous says:     Show CommentNext New Comment
    @Greg Bacon
    Whitney fails to mention the plan that would substantially reduce the debt and at the same time, provide around $500 BILLION a year for projects. That plan would nullify the illegal Federal Reserve, whose private bankers make around 500 billion a year in interest on the debt-based currency we're forced to use.

    There's no sane reason why a sovereign nation has to be held hostage to a cabal of private bankers who hijacked the US economy in 1913 when they set up the FED. Congress could issue its own debt-free currency and then the economy would take off, but good luck with that.

    President Jackson killed the predecessor of the FED and for that, was almost killed in an assassination attempt.
    Lincoln told the Wall Street bankers who wanted 24-36% interest to finance the Civil War to take a hike and issued the debt-free 'Greenbacks,' and you see what happened to him. Ditto for JFK.

    What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficiet.

    Trump is going to add at least 10 trillion dollars to the debt. The only way to get us out of the debt would be to massively cut spending, and we already know Trump walked back on Obamacare. So no, we will be in a lot more debt whenever Trump leaves office.

    And about the Fed, the politician who was serious about ending the fed was Ron Paul. Trump is not going to end the fed. Did you not see that his Sec of Treasury is a Goldman guy? I’m gonna laugh at all you Trump cultists when Walstreet gets even more control over America while Trump is in office.

    Read More
    • Replies: @WorkingClass
    "What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficit."

    Trump is a real estate developer who, at 70, ran for president. He was successful precisely because he is not a politician. You may have cause to disbelieve him but it cannot be because he is a politician.
  42. I voted for Trump. I expect reform in the areas of trade, immigration and foreign policy. I do not expect Trump to save an economy that took Bubba, Dubya and Yomama 24 years to destroy. It’s unlikely I will consider myself betrayed before Trump becomes president. If I find that I have been betrayed I will still be grateful that the crooked war pig Hillary has been retired and that the lying corporate media have been exposed. And whatever happens I will always be happy that straight white men have landed a blow against the SJW’s, BLM’s and assorted Snow Flakes that had marked them for extinction.

    Read More
    • Replies: @MarkinLA
    that took Bubba, Dubya and Yomama 24 years to destroy.

    It is amazing the delusions people still have about Reagan. The foundation for this destruction was laid during Reagan's term. HE was the father of the free trade agreements, the guest worker programs, looking the other way on illegal immigration do destroy wages and working conditions, and looking the other way while Wall Street looted the country.
  43. ” I’m gonna laugh at all you Trump cultists when Wal(l) street gets even more control over America”.
    Yeah and I’m gonna laugh at all you HRC cultists when America relaxes the tension between the US and Russia, and avoids the nuke war which was the goal of HRC and her lunatic buddies.

    Authenticjazzman, “Mensa” Society member of forty-plus years, and pro jazz artist

    Read More
    • Replies: @NoseytheDuke
    Nothing in the comment that you're responding to suggests that the commenter is an "HRC cultist", you've just made that up.

    One would expect a supposedly high IQ person to be able to see shades of grey instead of seeing everything in black and white but then the only thing about your comments that suggest high intelligence is the tedious tagline.
  44. @mp
    Generally, if someone is intelligent to the point that it is a positive attribute, they don't need to hang a sign on their back telling the world just how intelligent they are. If it's ever an issue, most people are able to figure it out. Too, we must never conflate intelligence with moral goodness, adequate socialization (ability to adapt accordingly in social settings), likability, and all the rest.

    Being able to play an instrument is, however, almost always a plus. Just ask Amy Chua. But similar to advertising one's IQ, real jazz artists probably don't have to walk around with a saxophone everywhere they go in order to let the world know what they can do.

    ” Real jazz artists probably don’t have to walk around with a saxophone everywhere they go”

    So just who appointed you to determine what “Real” jazz artists should be able or not able to do?

    Are you the earthly honcho of “Real” jazz artists?

    I have been blowing my horns , Sax and flute for over sixty years and you are not going to tell me what I should or should not do, get it?

    Authenticjazzman, “Mensa” Society member of forty-plus years and pro jazz artist.

    Read More
  45. @Agent76
    Jul 23, 2016 Trump Exposes Trump

    In his own words, Donald Trump reveals his hypocrisy about Iraq, immigration, health care, abortion, Libya, Hillary Clinton, Bill Clinton and more.

    https://youtu.be/kSE-XoVKaXg

    Dude, that’s the funniest video Ive seen in weeks; I hope the dude above you with comment #39 watched it!

    Read More
    • Replies: @Agent76
    I do as well and we will have to wait and find out soon enough, "Real knowledge is to know the extent of one's ignorance." Confucius
  46. Anon says:     Show CommentNext New Comment
    @CanSpeccy
    Amazing how a president can be written off before he's even taken office.

    But Whitney seems to have things all ways. Trump's stimulus plan will create a stock market bubble, while it will cause the FED to raise rates. But isn't the current stock market bubble the result of negative real interest rates? If so, by forcing the FED to raise rates, Trump would collapse the stock market, not drive it higher. Perhaps that is what Whitney really fears. A return of inflation, a fall in stocks, bonds and the dollar, the last (along with a tariff) boosting US international competitiveness, and driving up labor demand and wages.

    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that’ll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there’s going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.

    Companies will be making higher profits, and those companies which have issued stock will see their share prices rise accordingly. Stocks still have a better return that a bond paying 1.50% per year. The Dow has gone up 8.73% just since the election. If you bought a Dow Index fund with a low fee on November 9th, your wealth would have increased by that much in about a month and three weeks. Hell yes, the market will still be going up overall. Even with three interest rate rises like the Fed has been signalling it wants to do, bonds still can’t compete very well offering a 1.50% return vs. stocks.

    I predict a return to the type of rah-rah stock market we had in the 1980s during the pro-business Reagan administration.

    Read More
    • Replies: @CanSpeccy

    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that’ll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there’s going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.
     
    The problem of arguing with you, Anon (and Mike Whitney), is that you see the future with perfect 20:20 vision, whereas the rest of us can only feebly dispute your vision based on logic, facts and other unreliable indications of what may happen when Trumpkins, as you for some reason call the President Elect, is in a position to take executive action.
    , @MarkinLA
    The conditions that existed in the 80s are no longer with us. We were coming out of a bear market that started in 1966 that caused stocks to be so undervalued it led to the LBO craze. Stocks are not undervalued. We also were coming off the high interest rates used to kill off the inflation. That also sent bond prices up.

    It is always dangerous to make too many predictions based on past market performance. I remember when everybody was talking about how stupid it was to do anything but buy and hold - right up until 2008.
  47. @rotten
    Trump's tax cut package is too ambitious and won't pass. Maybe some small cut coupled with tax hikes on carried interest does, but I think voters understood this.

    Trump's infrastructure package is solely needed, provided that the money is spent on stated projects, e.g. Roads, bridges, and airports. Remember that only 20 billion of Obamas 862 billion stimulus actually went to infrastructure. Trump's famous wall counts as infrastructure.

    Yellen is a political hack, and an economy slowing interest rate hike (decided upon for political not economic reasons). was in the cards as soon as A Republican got elected. A rate hike is overdue and probably good for the long term health of the country anyways.

    Why have so many Fed bosses been Jews?

    Here’s more questions:

    Who demands mass immigration into white gentile countries, but stops non-Jew immigration into “that shitty little country”?
    Who runs the Federal Reserve?
    Who runs Wall Street?
    Who owns the US Congress?
    Who owns the White House?
    Who dominates the US Supreme Court?
    Who forces acceptance of the fictitious & impossible ’6M & gas chambers’?
    Who runs the media / entertainment?
    Who runs the music business?
    Who dominates ‘academia’?
    Why is AIPAC the most powerful, dominant lobby, which regularly writes the text of Congressional bills and resolutions?
    Who is it that wants to censor free speech via the “hate speech” canard?
    Who is it that demands we shed the blood of US troops for their interests?
    Who are the real & biggest racists on the planet?

    Read More
  48. Trump’s core campaign promises were a reduction in illegal immigration and a retreat from working-class-destructive trade agreements. These, trade and immigration, are the most important threats to the working class, and Trump should be judged on whether he delivers on these. Trump’s Paul Ryan copypasta tax plan is pretty annoying (though the reduction in the corporate tax rate is a good idea), but this policy is not one of the critical ones. The guy hasn’t even been sworn in yet, and let’s not forget that the American plutocracy was very unhappy about his ascension. Were they fooled, too?

    Read More
  49. @Anon
    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that'll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there's going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.

    Companies will be making higher profits, and those companies which have issued stock will see their share prices rise accordingly. Stocks still have a better return that a bond paying 1.50% per year. The Dow has gone up 8.73% just since the election. If you bought a Dow Index fund with a low fee on November 9th, your wealth would have increased by that much in about a month and three weeks. Hell yes, the market will still be going up overall. Even with three interest rate rises like the Fed has been signalling it wants to do, bonds still can't compete very well offering a 1.50% return vs. stocks.

    I predict a return to the type of rah-rah stock market we had in the 1980s during the pro-business Reagan administration.

    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that’ll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there’s going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.

    The problem of arguing with you, Anon (and Mike Whitney), is that you see the future with perfect 20:20 vision, whereas the rest of us can only feebly dispute your vision based on logic, facts and other unreliable indications of what may happen when Trumpkins, as you for some reason call the President Elect, is in a position to take executive action.

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  50. @War for Blair Mountain
    Trump's tax plan runs the spectrum from insane to psychopathic. Trump is going to give Bill Gates...Mark Zuckerberg....and Jeff Bezos a massive tax break.


    The jobs for The Native Born White Working Class were already here....but they were given to Asian Legal Immigrants and their US born Children. Trump wants to expand the economy to a massive scale to prevent violent racial conflict. It will never happen...ecologically unsustainable.

    Trump won't touch nonwhite Legal Immigration.

    Spot on.

    Notice how he went silent on stopping H1-b”s, L-25′s and the like?

    Same with expulsion of Visa overstays.

    His silence on hiring more ICE and border patrol agents.

    A lot of his supporters will within three months of Trump taking office will realize they were scammed. By the end of 2017, he won’t have much in the way of support.

    Read More
    • Replies: @War for Blair Mountain
    I hope we are both wrong. But a lot of those jobs POTUS Trump will very likely go to the US born children of Post-1965 nonwhite Legal Immigrants...Trump will claim that he has to get rid of environmental regulations to expand the ec0nomy and so he can create jobs for everyone.


    And you know what kind of jobs Trump is going to create for Young White Males:valet parking attendants at mega-hotels from sea to shining sea....for the Asians in America are the job gate keepers in the Tech Labor Markets.


    Labor Markets in the US have been massively globalize by nonwhite Legal Immigrants and their US born nonwhite geneline....much worse than labor market globalization via job export-free trade.
  51. anon says:     Show CommentNext New Comment

    Why have so many Fed bosses been Jews?

    Because they are good in economics. Most econ Nobels are won by Jews.

    Similarly,

    Why have so many Fortune 500 bosses been whites?

    Because they are good at running companies to make lots of profits. (Above all else, I might add)

    Why have so many Football & Basketball players been blacks?

    Because they are good at it; also in running. (But not in swimming)

    Read More
    • Replies: @MarkinLA
    Because they are good in economics.

    And not very good and running it like that fraud Alan Greenspan or Ben Bernanke.
  52. @Bernard Sanders
    Shocking indeed! Who'd a thunk it?

    Hey Bernie did you ever come up with an answer to the question by the New York Daily News on your call to break up the Wall Street banks, you know the question you could not answer, even though breaking up the “To Big To Fail Banks” was the core of your rants on the hustings?

    Bernie you could have answered the question quite easily, with confidence, competence and historical proof by simply saying Glass-Steagall, but you could not do what is simple and obvious…anyways thanks for demonstrating your total incompetence as a leader. Why you total capitulation to Hillary was really quite a revealing show as well, but of course you will blame Putin like the rest of them as you protect the war mongers you are part of.

    Read More
  53. @nsa
    The real opportunity was missed in 2008 / 2009. Debts should have been allowed to clear, the financial industry to collapse back to 7% of GDP, and large inefficient companies like GM to go bankrupt i.e. deflation should have been allowed to proceed and the society shocked into lasting prudence. The model would be the depression of 1873 - 1879......100 railroads and 20,000 major businesses (including lots of financials) went bankrupt. Caveats: in the 1870s, the USA was a capitalist country on a gold standard, whereas the USA of 2016 is a welfare state utilizing fiat funny money, and depending on inflation to liquidate the massive debt burden instead of the bankruptcy courts.

    “whereas the USA of 2016 is a welfare state utilizing fiat funny money”

    The US is not, and has never been, a welfare state. It is a hypercapitalist warfare state and has been since World War II.

    Also the United States’ funny money is NOT a fiat currency–it is much worse than that. Every penny appropriated is secured by debt credit to the privately-owned banks of the Federal Reserve–which means it is OWED. Got it?

    The bailouts were also much worse than publicly retailed–essentially the private banks loaned the US government the money that was given back to them as bailout funds with no strings attached.

    Even if they had used the bailout money to remedy their own mortgage and bundling fuck-up–which they did not–it would have been a revolving door in which they got twice paid. Instead they used the bailout maoney for speculation, among other things, amassed huge profits, and threw the burden of paying for it all on–guess who?

    Ponder that, just for starters.

    Finance Capitalism marches on, jeje.

    Read More
    • Agree: utu
    • Replies: @nsa
    When you take money away from the half of the population that works for it.....and give it to the half that doesn't work for it (including the deadbeat financials and corps you are not enamored of).....that does not constitute a welfare state? Likewise, the FRNs in your wallet are backed by.......the full faith and credit of blah blah i.e. nothing. That's not fiat funny money? You come off as dogmatic as well as delusional.
    The gargantuan debts engendered by the welfare state will be liquidated one way of the other.....if the borrower doesn't repay, the lender eats it unless he can: 1) offload the debt onto the suffering taxpayer, or 2) the currency is depreciated through inflation to a lesser value where the debt becomes manageable i.e. savers and working stiffs eat it.
  54. @Anonymous
    What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficiet.

    Trump is going to add at least 10 trillion dollars to the debt. The only way to get us out of the debt would be to massively cut spending, and we already know Trump walked back on Obamacare. So no, we will be in a lot more debt whenever Trump leaves office.

    And about the Fed, the politician who was serious about ending the fed was Ron Paul. Trump is not going to end the fed. Did you not see that his Sec of Treasury is a Goldman guy? I'm gonna laugh at all you Trump cultists when Walstreet gets even more control over America while Trump is in office.

    “What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficit.”

    Trump is a real estate developer who, at 70, ran for president. He was successful precisely because he is not a politician. You may have cause to disbelieve him but it cannot be because he is a politician.

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    • Replies: @Astuteobservor II
    lets all wait and see :) after 2 years, I knew obama was a lame duck who couldn't and wouldn't change shit. I am 100% sure I will know exactly what the donald is gonna be like after 2 years.

    judging by his appointments so far, he isn't giving me much hope.
  55. @Rod1963
    Spot on.

    Notice how he went silent on stopping H1-b"s, L-25's and the like?

    Same with expulsion of Visa overstays.

    His silence on hiring more ICE and border patrol agents.

    A lot of his supporters will within three months of Trump taking office will realize they were scammed. By the end of 2017, he won't have much in the way of support.

    I hope we are both wrong. But a lot of those jobs POTUS Trump will very likely go to the US born children of Post-1965 nonwhite Legal Immigrants…Trump will claim that he has to get rid of environmental regulations to expand the ec0nomy and so he can create jobs for everyone.

    And you know what kind of jobs Trump is going to create for Young White Males:valet parking attendants at mega-hotels from sea to shining sea….for the Asians in America are the job gate keepers in the Tech Labor Markets.

    Labor Markets in the US have been massively globalize by nonwhite Legal Immigrants and their US born nonwhite geneline….much worse than labor market globalization via job export-free trade.

    Read More
  56. @WorkingClass
    "What magical plan is this? Did you actually believe what a politician told you lol. Every president has a plan to cut the deficit."

    Trump is a real estate developer who, at 70, ran for president. He was successful precisely because he is not a politician. You may have cause to disbelieve him but it cannot be because he is a politician.

    lets all wait and see :) after 2 years, I knew obama was a lame duck who couldn’t and wouldn’t change shit. I am 100% sure I will know exactly what the donald is gonna be like after 2 years.

    judging by his appointments so far, he isn’t giving me much hope.

    Read More
  57. @Diogenes
    I am afraid that Mike is right whatever hopes the working classes put into an economic revival of their fortunes they are going to be disappointed.
    If there was going to anything in it for the workers the stock market would have gone down. A capitalist economy is a zero sum game between the employers and the employed. The "smart money" is predicting higher profits ahead.
    If Mike is right and Trumps plans faces stiff opposition by Republicans and the Fed the Market will sell off early in the new year.
    The recent market is driven more by sentiment than by fundamentals so there is a risk of sentiment changing for the worst.
    The American markets have been in a speculative bubble since 2009 fed by FED money printing stimulus. The markets and the American economy are bound to collapse when confidence in the economic system gives way to doubt about the reality of the true economic conditions.
    This will happen when Trumps economic stimulus flops, interest rates raise and debts default.
    The high flying, phony, American economy based on financial mismanagement should eventually result in a depression and massive social unrest.

    If Mike is right then why are the Fed (Janet Yellen) and Congress (especially McConnell) against the plan? After all, aren’t these people who are super rich and political elites going to benefit from Donald’s plan. So why should they scuttle Donald’s plan — biting the hand that feeds them? It’s not that I would like to see the super rich getting richer, it’s just that it doesn’t make sense. Why don’t these writers think things through before they submit these contradictory statements (or concepts)? It just makes one more confused than being informed.

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  58. @Mao Cheng Ji

    Except the reparation holiday is sold to the public as a vehicle for increased resources for research and development or increased production (jobs) not as a way to bring money back to distribute it to the already wealthy.
     
    Like I said, it amounts to a monetary stimulus. It will increase the money supply. Money goes to the shareholders (wealthy or not; mostly wealthy I guess) -> they invest or spend it -> more jobs and other good things you mentioned (hopefully). Again: not the most efficient stimulus, but stimulus it is. Plus 10% of it is going to the treasury.

    It's fine to criticize it, but then you need to provide a more or less objective analysis. And perhaps suggest an alternative?

    How is that fair to our businesses already paying a higher tax rate?
     
    It's not; who said this one is about fairness? It's about repatriating the money. The next step would be to do something to prevent capital flight in the first place...

    Well this isn’t about capital flight it is about corporations setting up tax schemes so that when they sell something in a foreign country (even if it was made in the US) the profits are booked in another country and held offshore and are not brought back to the US to be taxed here. The amount is not a secret and can be taxed if we want to. It just means cross country tax agreements like we already have with Canada and we have within states in the US.

    The record is clear on the idea of jobs – this has already been tried once before. It did not work. The money was used for bonuses for executives, some dividends, but mostly for mergers and acquisitions which are mostly about cutting jobs and not increasing them.

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  59. @E. A. Costa
    "whereas the USA of 2016 is a welfare state utilizing fiat funny money"

    The US is not, and has never been, a welfare state. It is a hypercapitalist warfare state and has been since World War II.

    Also the United States' funny money is NOT a fiat currency--it is much worse than that. Every penny appropriated is secured by debt credit to the privately-owned banks of the Federal Reserve--which means it is OWED. Got it?

    The bailouts were also much worse than publicly retailed--essentially the private banks loaned the US government the money that was given back to them as bailout funds with no strings attached.

    Even if they had used the bailout money to remedy their own mortgage and bundling fuck-up--which they did not--it would have been a revolving door in which they got twice paid. Instead they used the bailout maoney for speculation, among other things, amassed huge profits, and threw the burden of paying for it all on--guess who?

    Ponder that, just for starters.

    Finance Capitalism marches on, jeje.

    When you take money away from the half of the population that works for it…..and give it to the half that doesn’t work for it (including the deadbeat financials and corps you are not enamored of)…..that does not constitute a welfare state? Likewise, the FRNs in your wallet are backed by…….the full faith and credit of blah blah i.e. nothing. That’s not fiat funny money? You come off as dogmatic as well as delusional.
    The gargantuan debts engendered by the welfare state will be liquidated one way of the other…..if the borrower doesn’t repay, the lender eats it unless he can: 1) offload the debt onto the suffering taxpayer, or 2) the currency is depreciated through inflation to a lesser value where the debt becomes manageable i.e. savers and working stiffs eat it.

    Read More
  60. @Anon
    If we go up 3 interest rate rises in the next year, up to a total of 1.50%, that'll appease the retirees who think a 1.50% return for their money is great vs. taking any sort of risk in the stock market, but trust me, there's going to be a lot of cash flowing into stocks in a market in which businesses have had regulations loosened and their taxes cut.

    Companies will be making higher profits, and those companies which have issued stock will see their share prices rise accordingly. Stocks still have a better return that a bond paying 1.50% per year. The Dow has gone up 8.73% just since the election. If you bought a Dow Index fund with a low fee on November 9th, your wealth would have increased by that much in about a month and three weeks. Hell yes, the market will still be going up overall. Even with three interest rate rises like the Fed has been signalling it wants to do, bonds still can't compete very well offering a 1.50% return vs. stocks.

    I predict a return to the type of rah-rah stock market we had in the 1980s during the pro-business Reagan administration.

    The conditions that existed in the 80s are no longer with us. We were coming out of a bear market that started in 1966 that caused stocks to be so undervalued it led to the LBO craze. Stocks are not undervalued. We also were coming off the high interest rates used to kill off the inflation. That also sent bond prices up.

    It is always dangerous to make too many predictions based on past market performance. I remember when everybody was talking about how stupid it was to do anything but buy and hold – right up until 2008.

    Read More
    • Replies: @Anon
    You're correct that many segments of the stock market are overvalued, but plenty of investors are not rational actors. They have the same mentality and psychological addiction to gambling as someone who plays the slots at Vegas, except that Vegas offers a poor return compared to stock market and is too penny-ante to suit the deeper pockets of today's serious investors.

    We have five pressures that are causing stock prices to rise, and these are all newer market forces, very scare to non-existent a generation ago: One is companies buying back their own shares. A second is the rise of the individual day trader. A third is a large demographic bulge of baby boomers earning more than any previous generation in history, and the boomers are stuffing their cash into stocks for retirement because bonds offer such a poor return. A fourth is the the repeal of Glass-Steagall, a law that forbade commercial banks from investing in the stock market exactly the way individual investors do. Banks have a megaton of cash they can invest, though this means that banks can end up in serious financial shape every time the market has a big crash, which is a fundamentally destabilizing force in what is supposed to be a healthy capitalist system.

    A fifth potential force is laundered cash sneaking into the US stock market from countries that used to be rather poor a generation ago, but who have created a new class of monied individuals frantic to keep their new wealth out of their own governments' hands because these governments have a history of being outright thieves. One example is Russia, and another is China. Yet another category consists of countries so inept (e.g. Venezuela) that they cause their own capital to flee to safer places, albeit illegally, such as the US market. India, for example, just outlawed two of its most common banknotes, and they have insisted that you must change your old money into other notes at your bank, despite the fact that one-quarter of its population is unbanked and can't do this. India has also just passed laws allowing the government to confiscate gold and jewelry owned by its private citizens unless you can prove you inherited them, which you must support with correct paper documentation.

    This stock market is not the stock market of previous generations, and the forces that are pushing it upwards may look irrational, but they are powerful.

    , @Anonymous
    Yes This.

    So many people are only going back 30 years and thinking if it worked then, it must work now even though they are two completely different time periods.

    Honestly it feels like desperation. People who are pro Trump think they can will the good things to happen because they are so desperate for Trump to be the savior.

    Trump is just the other side of the same controlled coin and will sell us all out to the same Wallstreet elite.
  61. @Truth
    Dude, that's the funniest video Ive seen in weeks; I hope the dude above you with comment #39 watched it!

    I do as well and we will have to wait and find out soon enough, “Real knowledge is to know the extent of one’s ignorance.” Confucius

    Read More
  62. @nsa
    The real opportunity was missed in 2008 / 2009. Debts should have been allowed to clear, the financial industry to collapse back to 7% of GDP, and large inefficient companies like GM to go bankrupt i.e. deflation should have been allowed to proceed and the society shocked into lasting prudence. The model would be the depression of 1873 - 1879......100 railroads and 20,000 major businesses (including lots of financials) went bankrupt. Caveats: in the 1870s, the USA was a capitalist country on a gold standard, whereas the USA of 2016 is a welfare state utilizing fiat funny money, and depending on inflation to liquidate the massive debt burden instead of the bankruptcy courts.

    The FDIC wanted to take Citibank over but that idea was nixed, probably because Paulson and Bernanke wanted to bail their buddies on Wall Street out and taking over the largest commercial bank and bailing out Wall Street would not be politically possible.

    It should have been done and “too big to fail” would have died with it.

    Read More
  63. @WorkingClass
    I voted for Trump. I expect reform in the areas of trade, immigration and foreign policy. I do not expect Trump to save an economy that took Bubba, Dubya and Yomama 24 years to destroy. It's unlikely I will consider myself betrayed before Trump becomes president. If I find that I have been betrayed I will still be grateful that the crooked war pig Hillary has been retired and that the lying corporate media have been exposed. And whatever happens I will always be happy that straight white men have landed a blow against the SJW's, BLM's and assorted Snow Flakes that had marked them for extinction.

    that took Bubba, Dubya and Yomama 24 years to destroy.

    It is amazing the delusions people still have about Reagan. The foundation for this destruction was laid during Reagan’s term. HE was the father of the free trade agreements, the guest worker programs, looking the other way on illegal immigration do destroy wages and working conditions, and looking the other way while Wall Street looted the country.

    Read More
    • Agree: Stephen R. Diamond
    • Replies: @WorkingClass
    No argument from me. Technically it all started with a big bang. Bubba is a mile stone for me because beginning with his second term labor was no longer represented in Washington.
    , @Bill
    It depresses me that this is true.
  64. @anon
    Why have so many Fed bosses been Jews?

    Because they are good in economics. Most econ Nobels are won by Jews.

    Similarly,

    Why have so many Fortune 500 bosses been whites?

    Because they are good at running companies to make lots of profits. (Above all else, I might add)

    Why have so many Football & Basketball players been blacks?

    Because they are good at it; also in running. (But not in swimming)

    Because they are good in economics.

    And not very good and running it like that fraud Alan Greenspan or Ben Bernanke.

    Read More
    • Replies: @E. A. Costa
    Bernanke and Greenspan were errand boys. Indeed, Greenspan was such an ignoramus he probably actually fell for the press stories about him. He had a low-level accounting degree and got a recommendation from Ayn Rand--that is the extant of his knowledge and acumen about "economics" or finance.

    Bernanke was much more experienced and intelligent--including knowing that he was just an errand boy and that despite the show he had no real power to determine anything, at best to run between the executive and the three or four Federal Reserve members who determined everything in private.
  65. @MarkinLA
    Because they are good in economics.

    And not very good and running it like that fraud Alan Greenspan or Ben Bernanke.

    Bernanke and Greenspan were errand boys. Indeed, Greenspan was such an ignoramus he probably actually fell for the press stories about him. He had a low-level accounting degree and got a recommendation from Ayn Rand–that is the extant of his knowledge and acumen about “economics” or finance.

    Bernanke was much more experienced and intelligent–including knowing that he was just an errand boy and that despite the show he had no real power to determine anything, at best to run between the executive and the three or four Federal Reserve members who determined everything in private.

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  66. Many interesting points here. It was always a danger that Trump was going to ‘pull an Obama’ and after giving voice to people furious at the status quo, stab them in the back.

    But there is one thing to give the average worker hope, and that’s if Donald Trump follows through on his promises to stop illegal immigration (which he can do without congressional approval) and also cut legal immigration/H1B visas etc. (on which he has almost unlimited latitude). Supply and demand is very hard to beat: if he tightens up the labor market it’s going to be very hard for the oligarchs to keep pushing wages down no matter what else Trump does or does not do…

    But, we shall see.

    Read More
    • Replies: @anon
    Too much hyperventilating here; Immigration, tariffs, taxation are all controlled by Congressional statute. Trump can only gnaw at the edges unless Ryan and McConnell pass legislation. Some tact is required to get some of these through the Senate 60 vote process. Democrats will definitely ask what is in it for me; the answer is to respond with Tariffs, tax cuts for working class, increase in minimum wage, promise not to touch SS & Medicare etc., For Republicans, the sweetener should be Tax cuts for corporations and the 1%. With both beasts well fed, there may be some hope for a immigration restriction bill to squeeze through.
  67. @Authenticjazzman
    " I'm gonna laugh at all you Trump cultists when Wal(l) street gets even more control over America".
    Yeah and I'm gonna laugh at all you HRC cultists when America relaxes the tension between the US and Russia, and avoids the nuke war which was the goal of HRC and her lunatic buddies.

    Authenticjazzman, "Mensa" Society member of forty-plus years, and pro jazz artist

    Nothing in the comment that you’re responding to suggests that the commenter is an “HRC cultist”, you’ve just made that up.

    One would expect a supposedly high IQ person to be able to see shades of grey instead of seeing everything in black and white but then the only thing about your comments that suggest high intelligence is the tedious tagline.

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  68. Basically Trump sold out.

    Trump is going to do to the Right what Obama did to the Left. Sell out his base in favor of the wealthy interests that have wrecked the country.

    Mike Whitney correctly notes that none of this is going to benefit working class Americans. The US does desperately need more public investment in infrastructure, tax cuts for those not well off, and above all, higher wages, but that isn’t the strategy that Trump is pursuing. Oh, and the US Treasury is now headed by a Goldman Sachs person. In other words, no different than what Hillary Clinton would have done. Disgraceful.

    The real question is how long before the American people wake up and realize that they have been screwed over?

    Read More
    • Replies: @E. A. Costa
    "Oh, and the US Treasury is now headed by a Goldman Sachs person."

    Not just a Goldman Sachs person, a second generation Goldman Sachs-Sachs Goldman person, jeje.
  69. @MarkinLA
    that took Bubba, Dubya and Yomama 24 years to destroy.

    It is amazing the delusions people still have about Reagan. The foundation for this destruction was laid during Reagan's term. HE was the father of the free trade agreements, the guest worker programs, looking the other way on illegal immigration do destroy wages and working conditions, and looking the other way while Wall Street looted the country.

    No argument from me. Technically it all started with a big bang. Bubba is a mile stone for me because beginning with his second term labor was no longer represented in Washington.

    Read More
  70. @NoldorElf
    Basically Trump sold out.

    Trump is going to do to the Right what Obama did to the Left. Sell out his base in favor of the wealthy interests that have wrecked the country.

    Mike Whitney correctly notes that none of this is going to benefit working class Americans. The US does desperately need more public investment in infrastructure, tax cuts for those not well off, and above all, higher wages, but that isn't the strategy that Trump is pursuing. Oh, and the US Treasury is now headed by a Goldman Sachs person. In other words, no different than what Hillary Clinton would have done. Disgraceful.

    The real question is how long before the American people wake up and realize that they have been screwed over?

    “Oh, and the US Treasury is now headed by a Goldman Sachs person.”

    Not just a Goldman Sachs person, a second generation Goldman Sachs-Sachs Goldman person, jeje.

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  71. In other words, the public takes all the risk, while privately-owned [big] businesses nab all the profits. When have we heard that before?

    Gee, whooda thunk??? What else is gubbermint for, if not an agent for the big money crowd?

    Even the ever loathsome Woodrow Wilson admitted it about a century ago, and I don’t think the situation is any better today.

    American industry is not free, as once it was free; American enterprise is not free; the man with only a little capital is finding it harder to get into the field, more and more impossible to compete with the big fellow. Why? Because the laws of this country do not prevent the strong from crushing the weak. That is the reason, and because the strong have crushed the weak the strong dominate the industry and the economic life of this country.

    No man can deny that the lines of endeavor have more and more narrowed and stiffened; no man who knows anything about the development of industry in this country can have failed to observe that the larger kinds of credit are more and more difficult to obtain, unless you obtain them upon the terms of uniting your efforts with those who already control the industries of the country; and nobody can fail to observe that any man who tries to set himself up in competition with any process of manufacture which has been taken under the control of large combinations of capital will presently find himself either squeezed out or obliged to sell and allow himself to be absorbed.

    Woodrow Wilson, “The Old Order Changeth” from The New Freedom

    https://online.hillsdale.edu/document.doc?id=317

    Read More
  72. Anon says:     Show CommentNext New Comment
    @MarkinLA
    The conditions that existed in the 80s are no longer with us. We were coming out of a bear market that started in 1966 that caused stocks to be so undervalued it led to the LBO craze. Stocks are not undervalued. We also were coming off the high interest rates used to kill off the inflation. That also sent bond prices up.

    It is always dangerous to make too many predictions based on past market performance. I remember when everybody was talking about how stupid it was to do anything but buy and hold - right up until 2008.

    You’re correct that many segments of the stock market are overvalued, but plenty of investors are not rational actors. They have the same mentality and psychological addiction to gambling as someone who plays the slots at Vegas, except that Vegas offers a poor return compared to stock market and is too penny-ante to suit the deeper pockets of today’s serious investors.

    We have five pressures that are causing stock prices to rise, and these are all newer market forces, very scare to non-existent a generation ago: One is companies buying back their own shares. A second is the rise of the individual day trader. A third is a large demographic bulge of baby boomers earning more than any previous generation in history, and the boomers are stuffing their cash into stocks for retirement because bonds offer such a poor return. A fourth is the the repeal of Glass-Steagall, a law that forbade commercial banks from investing in the stock market exactly the way individual investors do. Banks have a megaton of cash they can invest, though this means that banks can end up in serious financial shape every time the market has a big crash, which is a fundamentally destabilizing force in what is supposed to be a healthy capitalist system.

    A fifth potential force is laundered cash sneaking into the US stock market from countries that used to be rather poor a generation ago, but who have created a new class of monied individuals frantic to keep their new wealth out of their own governments’ hands because these governments have a history of being outright thieves. One example is Russia, and another is China. Yet another category consists of countries so inept (e.g. Venezuela) that they cause their own capital to flee to safer places, albeit illegally, such as the US market. India, for example, just outlawed two of its most common banknotes, and they have insisted that you must change your old money into other notes at your bank, despite the fact that one-quarter of its population is unbanked and can’t do this. India has also just passed laws allowing the government to confiscate gold and jewelry owned by its private citizens unless you can prove you inherited them, which you must support with correct paper documentation.

    This stock market is not the stock market of previous generations, and the forces that are pushing it upwards may look irrational, but they are powerful.

    Read More
    • Replies: @utu
    "segments of the stock market are overvalued"

    There is no such a thing as overvalued or undervalued stocks. It is what it is. One may ask why it is what it is but one may not say that it is too much or too little.
  73. Anonymous says:     Show CommentNext New Comment
    @MarkinLA
    The conditions that existed in the 80s are no longer with us. We were coming out of a bear market that started in 1966 that caused stocks to be so undervalued it led to the LBO craze. Stocks are not undervalued. We also were coming off the high interest rates used to kill off the inflation. That also sent bond prices up.

    It is always dangerous to make too many predictions based on past market performance. I remember when everybody was talking about how stupid it was to do anything but buy and hold - right up until 2008.

    Yes This.

    So many people are only going back 30 years and thinking if it worked then, it must work now even though they are two completely different time periods.

    Honestly it feels like desperation. People who are pro Trump think they can will the good things to happen because they are so desperate for Trump to be the savior.

    Trump is just the other side of the same controlled coin and will sell us all out to the same Wallstreet elite.

    Read More
  74. @Anon
    You're correct that many segments of the stock market are overvalued, but plenty of investors are not rational actors. They have the same mentality and psychological addiction to gambling as someone who plays the slots at Vegas, except that Vegas offers a poor return compared to stock market and is too penny-ante to suit the deeper pockets of today's serious investors.

    We have five pressures that are causing stock prices to rise, and these are all newer market forces, very scare to non-existent a generation ago: One is companies buying back their own shares. A second is the rise of the individual day trader. A third is a large demographic bulge of baby boomers earning more than any previous generation in history, and the boomers are stuffing their cash into stocks for retirement because bonds offer such a poor return. A fourth is the the repeal of Glass-Steagall, a law that forbade commercial banks from investing in the stock market exactly the way individual investors do. Banks have a megaton of cash they can invest, though this means that banks can end up in serious financial shape every time the market has a big crash, which is a fundamentally destabilizing force in what is supposed to be a healthy capitalist system.

    A fifth potential force is laundered cash sneaking into the US stock market from countries that used to be rather poor a generation ago, but who have created a new class of monied individuals frantic to keep their new wealth out of their own governments' hands because these governments have a history of being outright thieves. One example is Russia, and another is China. Yet another category consists of countries so inept (e.g. Venezuela) that they cause their own capital to flee to safer places, albeit illegally, such as the US market. India, for example, just outlawed two of its most common banknotes, and they have insisted that you must change your old money into other notes at your bank, despite the fact that one-quarter of its population is unbanked and can't do this. India has also just passed laws allowing the government to confiscate gold and jewelry owned by its private citizens unless you can prove you inherited them, which you must support with correct paper documentation.

    This stock market is not the stock market of previous generations, and the forces that are pushing it upwards may look irrational, but they are powerful.

    “segments of the stock market are overvalued”

    There is no such a thing as overvalued or undervalued stocks. It is what it is. One may ask why it is what it is but one may not say that it is too much or too little.

    Read More
  75. 1) The reason why the DJIA is skyrocketing is because this is the first time in a long time that all three branches of government are about to come under Republican control plus a very large fraction of State houses when the mid-terms roll along. This is what usually happens when Republicans gain the government.

    While it is certainly true that Congress or Yellen might derail Trump’s agenda, but, then again, how easy would it be for Trump to turn this into a referendum on the Fed’s existence or on the current tenure of existing Congressmen in the midterm elections? Do you think anybody cares if the Fed gets to keep printing the US government’s money?

    2) If Mitch McConnell wants to bet his entire political future on continuing this unholy mix of Keynsianism, Monetarism and Ricardian trade theory, then that is his business…just like it was Boehner’s and Cantor’s business.

    3) Yellen should know by now that the official unemployment rate is bogus so citing it as a reason to raise rates to prevent an overheated economy is just a bunch of Keynsian nonsense.

    4) Blinder is an idiot. There is no practical distinction between “private equity” investors and “BAB’s.” They both involve the government subsidizing some corporate entity, ultimately. What do you think a city does with the proceeds from it’s municipal bond sales? It hires private contractors to build something and then sells the built asset to some other private entity. Don’t believe me? Cities have sold bridges, toll roads and parking to private investors. Look it up.

    The only difference is that Trump wants to take credit for what was built so he can point to something and say “my program built that.” That’s not going to happen if he simply allocates money to flim-flam men like DiBlasio and Emmanuelle. All of that money will simply disappear.

    5) The whole point of the infrastructure plan is not to create make-work. It’s to set the stage for repatriating much of American manufacturing that has gone overseas. The one thing you want is energy infrastructure to be built and maintained, not more construction projects so that New York City can warehouse more illegals. I think a lot of cities are going to learn the hard way that infrastructure does not mean them.

    6) Social Security and food stamp programs are not some engine of demand. That is just ridiculous.

    7) The primary purpose of Trump’s plan is to remove the incentives of wage and environmental arbitrage that are currently driving corporations overseas and contributing to the immigration mess. He is slowly closing off those avenues and trying to offset the cost of doing that with tax cuts, repatriation holidays, regulatory reform, etc. The market is reacting positively to that because of the massive amount of economic activity that will result if this is successfully done.

    Really, I don’t understand the criticism here. It’s not Trump’s fault if the establishment opposes him. That means it’s time for a new establishment. Quoting useless economists with stupid ideas driven by their knowledge that most are ignorant of their body of work, is also pointless. Accusing Trump of simply lying to benefit his cronies is also silly. His cronies were all against him, preferring Hillary or Jeb as standard bearers of the status quo.

    The idea is to create a robust and complex economy that produces a wide variety of jobs that people can do. That means much of Ricardian, Monetarist and Keynsian theory needs to be abandoned, because we are in this hole because of these theories. Trump seems to on board with doing this. What’s the problem?

    Read More
    • Replies: @Bill

    Accusing Trump of simply lying to benefit his cronies is also silly. His cronies were all against him, preferring Hillary or Jeb as standard bearers of the status quo.
     
    This is an underappreciated point. If Trump is just same-old, same-old then why did he get no donations from Wall St? That's really, really weird. If Trump is same-old, same-old then what explains the bi-partisan hysteria against him? What explains the fact that all these guys who would enthusiastically back Idi Amin if he had an (R) after his name didn't back Trump?

    And you can't answer anything about competence, demeanor, character, or temperament. Remember, Joe Biden is VPOTUS. Remember, Hillary Clinton was the alternative to Trump.

    I have a nit to pick here, though:

    The reason why the DJIA is skyrocketing is because this is the first time in a long time that all three branches of government are about to come under Republican control plus a very large fraction of State houses when the mid-terms roll along.
     
    Unless 2003 counts as a long time ago, this isn't true.
  76. @RadicalCenter
    Do you mean suspending payroll tax on the first $75,000 of income for everyone, or only for people whose household income is under that amount?

    Because the latter approach would further screw people like my wife and me, who already pay a ton of tax -- combined fed income tax, state income tax, FICA (social security payroll and Medicare taxes around FORTY PERCENT -- and are very, very far from rich.

    Also, many people with household incomes well, well over $75,000 would likewise spend much of such a tax cut, producing the immediate stimulus effect you are looking for.

    Inclined to agree with MarkinLA, in any event, that we should probably not cut a source of revenue that's supposedly going to defray soc sec benefits already promised. We should instead prohibit FICA revenue from being Spent on anything other than soc sec benefits. Maybe a further slight increase in full soc sec retirement age is in order, coupled with extension of the FICA tax to higher incomes.

    I’d like to mention that we are the pension system of China. Americans contribute to social security for 40 years. Chinese arrive either a week after their 65th birthday or a decade before they reach 65 with documents proving that they are 65.

    The numerous federally funded Chinese social service agencies take them to the social security office where the sign up for SSI, not. SSA benefits including both Medicare and medi caid. Then come the free handicapped van services, jumping the line to get senior housing, both food stamps and the food bank etc . With their affirmative action for all their services they get more than Anericans who contributed to social security for 45 or 50 years.

    And with 25 Chinese crowded into a 1,300 sq ft houses they raise property taxes so high that even an American senior whose house is totally paid off can’t afford the ever rising property taxes.
    The old Chinese in San Francisco go to the Glide Memorial church food bank every week. They get their stuff put it in the van and get in line again. When the van is filled up they deliver it to the family convenience store where the food is resold.
    We are the child welfare education and health agency if Latin America and the pension system for a billion Chinese avaricious greedy thieves.

    And the Chinese government is totally complicit.

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    • Replies: @Authenticjazzman
    A truely mad scenario, and completely the result of American "gutmenschen" liberal insanity.

    Just to think of the hard working average tax slave who has to pay for this lunacy turns my stomach.

    Authenticjazzman, "Mensa" society member of forty-plus years and pro jazz artist.
  77. “Do you think anybody cares if the Fed gets to keep printing the US government’s money?”

    Th Federal Reserve does not print the currency. The US Treasury prints the currency for the Federal Reserve.

    Got it?

    As to who cares? Very naive inquiry, very naive. You think it just paper, right?

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  78. “Social Security…not some engine of demand Social Security”

    Don’t know much about either economics or Social Security, do you?

    By the way Social Security is not an entitlement, it is an EARNED benefit.

    Read More
    • Replies: @anonymous
    If you sincerely wish to question or debate something, then why do you apparently sometimes forego the REPLY button at the bottom left of others' comments? There may be hiccups in the system, but some of your replies don't show their blue names preceded by the "at" sign.
  79. anon says:     Show CommentNext New Comment
    @TG
    Many interesting points here. It was always a danger that Trump was going to 'pull an Obama' and after giving voice to people furious at the status quo, stab them in the back.

    But there is one thing to give the average worker hope, and that's if Donald Trump follows through on his promises to stop illegal immigration (which he can do without congressional approval) and also cut legal immigration/H1B visas etc. (on which he has almost unlimited latitude). Supply and demand is very hard to beat: if he tightens up the labor market it's going to be very hard for the oligarchs to keep pushing wages down no matter what else Trump does or does not do...

    But, we shall see.

    Too much hyperventilating here; Immigration, tariffs, taxation are all controlled by Congressional statute. Trump can only gnaw at the edges unless Ryan and McConnell pass legislation. Some tact is required to get some of these through the Senate 60 vote process. Democrats will definitely ask what is in it for me; the answer is to respond with Tariffs, tax cuts for working class, increase in minimum wage, promise not to touch SS & Medicare etc., For Republicans, the sweetener should be Tax cuts for corporations and the 1%. With both beasts well fed, there may be some hope for a immigration restriction bill to squeeze through.

    Read More
  80. @Alden
    I'd like to mention that we are the pension system of China. Americans contribute to social security for 40 years. Chinese arrive either a week after their 65th birthday or a decade before they reach 65 with documents proving that they are 65.

    The numerous federally funded Chinese social service agencies take them to the social security office where the sign up for SSI, not. SSA benefits including both Medicare and medi caid. Then come the free handicapped van services, jumping the line to get senior housing, both food stamps and the food bank etc . With their affirmative action for all their services they get more than Anericans who contributed to social security for 45 or 50 years.

    And with 25 Chinese crowded into a 1,300 sq ft houses they raise property taxes so high that even an American senior whose house is totally paid off can't afford the ever rising property taxes.
    The old Chinese in San Francisco go to the Glide Memorial church food bank every week. They get their stuff put it in the van and get in line again. When the van is filled up they deliver it to the family convenience store where the food is resold.
    We are the child welfare education and health agency if Latin America and the pension system for a billion Chinese avaricious greedy thieves.

    And the Chinese government is totally complicit.

    A truely mad scenario, and completely the result of American “gutmenschen” liberal insanity.

    Just to think of the hard working average tax slave who has to pay for this lunacy turns my stomach.

    Authenticjazzman, “Mensa” society member of forty-plus years and pro jazz artist.

    Read More
  81. @MarkinLA
    that took Bubba, Dubya and Yomama 24 years to destroy.

    It is amazing the delusions people still have about Reagan. The foundation for this destruction was laid during Reagan's term. HE was the father of the free trade agreements, the guest worker programs, looking the other way on illegal immigration do destroy wages and working conditions, and looking the other way while Wall Street looted the country.

    It depresses me that this is true.

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  82. @map
    1) The reason why the DJIA is skyrocketing is because this is the first time in a long time that all three branches of government are about to come under Republican control plus a very large fraction of State houses when the mid-terms roll along. This is what usually happens when Republicans gain the government.

    While it is certainly true that Congress or Yellen might derail Trump's agenda, but, then again, how easy would it be for Trump to turn this into a referendum on the Fed's existence or on the current tenure of existing Congressmen in the midterm elections? Do you think anybody cares if the Fed gets to keep printing the US government's money?

    2) If Mitch McConnell wants to bet his entire political future on continuing this unholy mix of Keynsianism, Monetarism and Ricardian trade theory, then that is his business...just like it was Boehner's and Cantor's business.

    3) Yellen should know by now that the official unemployment rate is bogus so citing it as a reason to raise rates to prevent an overheated economy is just a bunch of Keynsian nonsense.

    4) Blinder is an idiot. There is no practical distinction between "private equity" investors and "BAB's." They both involve the government subsidizing some corporate entity, ultimately. What do you think a city does with the proceeds from it's municipal bond sales? It hires private contractors to build something and then sells the built asset to some other private entity. Don't believe me? Cities have sold bridges, toll roads and parking to private investors. Look it up.

    The only difference is that Trump wants to take credit for what was built so he can point to something and say "my program built that." That's not going to happen if he simply allocates money to flim-flam men like DiBlasio and Emmanuelle. All of that money will simply disappear.

    5) The whole point of the infrastructure plan is not to create make-work. It's to set the stage for repatriating much of American manufacturing that has gone overseas. The one thing you want is energy infrastructure to be built and maintained, not more construction projects so that New York City can warehouse more illegals. I think a lot of cities are going to learn the hard way that infrastructure does not mean them.

    6) Social Security and food stamp programs are not some engine of demand. That is just ridiculous.

    7) The primary purpose of Trump's plan is to remove the incentives of wage and environmental arbitrage that are currently driving corporations overseas and contributing to the immigration mess. He is slowly closing off those avenues and trying to offset the cost of doing that with tax cuts, repatriation holidays, regulatory reform, etc. The market is reacting positively to that because of the massive amount of economic activity that will result if this is successfully done.

    Really, I don't understand the criticism here. It's not Trump's fault if the establishment opposes him. That means it's time for a new establishment. Quoting useless economists with stupid ideas driven by their knowledge that most are ignorant of their body of work, is also pointless. Accusing Trump of simply lying to benefit his cronies is also silly. His cronies were all against him, preferring Hillary or Jeb as standard bearers of the status quo.

    The idea is to create a robust and complex economy that produces a wide variety of jobs that people can do. That means much of Ricardian, Monetarist and Keynsian theory needs to be abandoned, because we are in this hole because of these theories. Trump seems to on board with doing this. What's the problem?

    Accusing Trump of simply lying to benefit his cronies is also silly. His cronies were all against him, preferring Hillary or Jeb as standard bearers of the status quo.

    This is an underappreciated point. If Trump is just same-old, same-old then why did he get no donations from Wall St? That’s really, really weird. If Trump is same-old, same-old then what explains the bi-partisan hysteria against him? What explains the fact that all these guys who would enthusiastically back Idi Amin if he had an (R) after his name didn’t back Trump?

    And you can’t answer anything about competence, demeanor, character, or temperament. Remember, Joe Biden is VPOTUS. Remember, Hillary Clinton was the alternative to Trump.

    I have a nit to pick here, though:

    The reason why the DJIA is skyrocketing is because this is the first time in a long time that all three branches of government are about to come under Republican control plus a very large fraction of State houses when the mid-terms roll along.

    Unless 2003 counts as a long time ago, this isn’t true.

    Read More
    • Replies: @map
    The market tends to perform better when under a Democrat president compared to a Republican president. Markets tend to perform the best when all three branches are controlled by the Republicans.

    Small sample size so be warned.
  83. Dec 20, 2016 Trump meets with Carlos Slim as Mexican leaders seek better relations

    Adversaries during campaign, the two billionaires had a ‘lovely dinner’ at Mar-a-Lago.

    http://www.republicbuzz.com/trump-meets-with-carlos-slim-as-mexican-leaders-seek-better-relations-2

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  84. @Agent76
    Jul 23, 2016 Trump Exposes Trump

    In his own words, Donald Trump reveals his hypocrisy about Iraq, immigration, health care, abortion, Libya, Hillary Clinton, Bill Clinton and more.

    https://youtu.be/kSE-XoVKaXg

    nice try……but this will not work…..a lot of these is old trump before he got the real news….he is different today, and oh yea , if he fu*ks up, then the people will go after him who voted for him

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  85. It is NOT the economy . . .
    The thing that matters, and the ONLY thing that matters: STOP IMMIGRATION & DEPORT ILLEGALS.
    Unless we get that done, all the greatest fiscal, tax, spending & budgetary policy in the universe won’t matter anyway.
    It takes Anglo-Saxons to make an Anglo-Saxon nation great.
    Plus some Italians, Irish, French, Scandinavians, Poles, etc. to add certain ethnic-trait skills. Notice a pattern?

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    • Replies: @E. A. Costa
    "It takes Anglo-Saxons to make an Anglo-Saxon nation great."

    Which nation is that? Not the United States, certainly, where "Anglo-Saxon" as an ethnicity was a buzzword propagated by the British in the 19th Century and which in the US meant next to nothing about the ethnic make-up of those calling themselves such.

    This is not to be confused with the language.

    Any number of US presidents, including Jefferson for example, were of Welsh descent. Others of some Scot ancestry.

    That just scratches the service.

    As a matter of fact trying to find Anglo-Saxons even in Britain is no easy task with all the Scot and Norman and other admixtures.

    You realize that the British Isles were already occupied when the Angle and Saxon pirates arrived, don't you?
  86. @Bill

    Accusing Trump of simply lying to benefit his cronies is also silly. His cronies were all against him, preferring Hillary or Jeb as standard bearers of the status quo.
     
    This is an underappreciated point. If Trump is just same-old, same-old then why did he get no donations from Wall St? That's really, really weird. If Trump is same-old, same-old then what explains the bi-partisan hysteria against him? What explains the fact that all these guys who would enthusiastically back Idi Amin if he had an (R) after his name didn't back Trump?

    And you can't answer anything about competence, demeanor, character, or temperament. Remember, Joe Biden is VPOTUS. Remember, Hillary Clinton was the alternative to Trump.

    I have a nit to pick here, though:

    The reason why the DJIA is skyrocketing is because this is the first time in a long time that all three branches of government are about to come under Republican control plus a very large fraction of State houses when the mid-terms roll along.
     
    Unless 2003 counts as a long time ago, this isn't true.

    The market tends to perform better when under a Democrat president compared to a Republican president. Markets tend to perform the best when all three branches are controlled by the Republicans.

    Small sample size so be warned.

    Read More
  87. Anon says:     Show CommentNext New Comment

    “She’s going to raise rates to prevent the economy from overheating which is going to throw cold water on Trump’s pro-growth government-spending plan.”

    This criticism of Trump’s economic plan isn’t too convincing since it’s based on a simple economic fallacy. Government spending isn’t directly inflationary; the only thing that is inflationary is inflation i.e. the Federal Reserve expanding the money supply. If Yellen is suggesting she will respond by raising rates if Trump pursues a big-spending infrastructure policy then she is only using the chimera of inflation to derail the Trump presidency. When Obama was elected in 2009 he also enacted a big spending policy, the American Recovery and Reinvestment Act, which spent around 800 billion dollars. Where did the money go? Did our infrastructure improve? Did Bernake raise rates? No, he kept rates close to zero, and even pursued more expansive monetary policies like quantitative easing.

    If Trump wants to win the hearts of blue collar workers, then he needs to get serious about immigration reform, which should not only involve deporting illegals, but ending “birthright” citizenship, and re-writing legal immigration laws. In short, no net immigration. This will raise the “animal spirits” of American workers — they will have a country again — and the economy will begin to take care of itself.

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  88. The new Trump administration would do well to carefully look around at the world before deciding on its economic policy. His voters may feel nostalgia for the US era of 1950′s world industrial leadership, trade surpluses and semi-skilled workers with middle class lifestyles, but that world is long gone, giving Trump the difficult job of adapting the US to a global economy focused on manufacturing ability, education, use of capital and government efficiency.

    Tinkering around with taxation, stimulus packages or interest rates is just rearranging the deck chairs on a sinking ship.

    As an example, the US could have developed its lead electronics and retained the industry in the country with the associated employment and manufacturing skills. As it happens it didn’t, and Steve Jobs & Friends chose the outsized profits and reduced hassle of outsourcing. Andy Grove (ex. CEO of Intel) gave an example of the scale of the loss in a Bloomberg article (“How the US can Create Jobs” 2010): http://www.openvms.org/http%3A//www.bloomberg.com/news/articles/2010-07-01/andy-grove-how-america-can-create-jobs:

    Like he said, “Today, manufacturing employment in the U.S. computer industry is about 166,000, lower than it was before the first PC, the MITS Altair 2800, was assembled in 1975). Meanwhile, a very effective computer manufacturing industry has emerged in Asia, employing about 1.5 million workers—factory employees, engineers, and managers. The largest of these companies is Hon Hai Precision Industry, also known as Foxconn. The company has grown at an astounding rate, first in Taiwan and later in China. Its revenues last year were $62 billion, larger than Apple (AAPL), Microsoft (MSFT), Dell (DELL), or Intel. Foxconn employs over 800,000 people, more than the combined worldwide head count of Apple, Dell, Microsoft, Hewlett-Packard (HPQ), Intel, and Sony (SNE).”

    The big problem is that US manufacturing skills and supplier networks have also mostly gone, so how do US companies like Apple or Dell bring back offshore production even if they wanted to?

    There’s been a good deal of research into economic development, and it shows a strong linkage between PISA test scores (international high school comparative results in science, math and reading) and a country’s future economic prospects. Predictably NE Asia (China, Japan, Singapore, Taiwan and Korea) have held the top positions in the 21st Century with the US at the low end of the European average along with Portugal and Greece, and being particularly bad a math (25% of US students can’t do simple practical problems). US education is also amongst the worst in value terms. Slovakia gets a better average result at under half the cost per student. This a complex problem of score inflation, dumbing down, teachers unions, PC curriculums etc. but somehow all this has to be converted into a Korean style national effort to produce a world class technical workforce, involving high status/high skilled teachers, total parental dedication and national testing. A big challenge for the US.

    The US also appears to waste capital on a grand scale. This is its seed corn, which the current FED induced (almost) zero interest rate environment has “invested” in no- return wars, welfare spending and futile speculation. The debt mountain just grows and is never realistically going to be paid back (at least in real dollars).

    There’s also the question of government efficiency (getting good results for the public at the lowest cost), which is a Special Interest disaster area. One example would be US Healthcare with Americans having about the same level of health as the Canadians but at twice the cost. The US could copy just about any system in the developed world and get a better value result. Same for education, same for military procurement etc.

    So maybe it’s possible to get perspective by looking at countries that are economically successful. Japan and Germany rebuilt from the ruins of WW2 using technical abilities and skilled workforces that already existed, combined with exceptional national unity. Korea was freed from Japanese colonialism and followed the same trajectory as China, showing high national unity and welcoming Western outsourcing.

    National unity is something the US also lacks. It’s not included in University Economics 101, but without it, the economy isn’t going anywhere.

    If Trump manages to resolve all these issues (almost impossible), then the US may have a chance to catch a lead in some new technology. It has world class research groups that could combine with a difficult but possible commitment to manufacture onshore.

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    • Replies: @CanSpeccy
    A good statement of key factors affecting the US economy.

    With reference to the "strong linkage between PISA test scores (international high school comparative results in science, math and reading) and a country’s future economic prospects" it should be noted that there must also be a strong linkage between a country's expected economic future, i.e., expected job opportunities, and PISA test scores. When there are few rewards for those with a mastery of the hard subjects, the incentives to perform well academically in these areas is minimal.

    US economic recovery, if it occurs, is unlikely therefore, without a national economic policy such as that followed by America's chief industrial rivals, Germany, Japan, Korea and China.

    But it is hard to see the emergence of such a policy in the US where, as Gore Vidal remarked, it appears that the aim of the elite is to make as much money as possible while doing as much harm as possible to as many people as possible.

  89. @Miro23
    The new Trump administration would do well to carefully look around at the world before deciding on its economic policy. His voters may feel nostalgia for the US era of 1950's world industrial leadership, trade surpluses and semi-skilled workers with middle class lifestyles, but that world is long gone, giving Trump the difficult job of adapting the US to a global economy focused on manufacturing ability, education, use of capital and government efficiency.

    Tinkering around with taxation, stimulus packages or interest rates is just rearranging the deck chairs on a sinking ship.

    As an example, the US could have developed its lead electronics and retained the industry in the country with the associated employment and manufacturing skills. As it happens it didn't, and Steve Jobs & Friends chose the outsized profits and reduced hassle of outsourcing. Andy Grove (ex. CEO of Intel) gave an example of the scale of the loss in a Bloomberg article ("How the US can Create Jobs" 2010): http://www.openvms.org/http%3A//www.bloomberg.com/news/articles/2010-07-01/andy-grove-how-america-can-create-jobs:

    Like he said, "Today, manufacturing employment in the U.S. computer industry is about 166,000, lower than it was before the first PC, the MITS Altair 2800, was assembled in 1975). Meanwhile, a very effective computer manufacturing industry has emerged in Asia, employing about 1.5 million workers—factory employees, engineers, and managers. The largest of these companies is Hon Hai Precision Industry, also known as Foxconn. The company has grown at an astounding rate, first in Taiwan and later in China. Its revenues last year were $62 billion, larger than Apple (AAPL), Microsoft (MSFT), Dell (DELL), or Intel. Foxconn employs over 800,000 people, more than the combined worldwide head count of Apple, Dell, Microsoft, Hewlett-Packard (HPQ), Intel, and Sony (SNE)."

    The big problem is that US manufacturing skills and supplier networks have also mostly gone, so how do US companies like Apple or Dell bring back offshore production even if they wanted to?

    There's been a good deal of research into economic development, and it shows a strong linkage between PISA test scores (international high school comparative results in science, math and reading) and a country's future economic prospects. Predictably NE Asia (China, Japan, Singapore, Taiwan and Korea) have held the top positions in the 21st Century with the US at the low end of the European average along with Portugal and Greece, and being particularly bad a math (25% of US students can't do simple practical problems). US education is also amongst the worst in value terms. Slovakia gets a better average result at under half the cost per student. This a complex problem of score inflation, dumbing down, teachers unions, PC curriculums etc. but somehow all this has to be converted into a Korean style national effort to produce a world class technical workforce, involving high status/high skilled teachers, total parental dedication and national testing. A big challenge for the US.

    The US also appears to waste capital on a grand scale. This is its seed corn, which the current FED induced (almost) zero interest rate environment has "invested" in no- return wars, welfare spending and futile speculation. The debt mountain just grows and is never realistically going to be paid back (at least in real dollars).

    There's also the question of government efficiency (getting good results for the public at the lowest cost), which is a Special Interest disaster area. One example would be US Healthcare with Americans having about the same level of health as the Canadians but at twice the cost. The US could copy just about any system in the developed world and get a better value result. Same for education, same for military procurement etc.

    So maybe it's possible to get perspective by looking at countries that are economically successful. Japan and Germany rebuilt from the ruins of WW2 using technical abilities and skilled workforces that already existed, combined with exceptional national unity. Korea was freed from Japanese colonialism and followed the same trajectory as China, showing high national unity and welcoming Western outsourcing.

    National unity is something the US also lacks. It's not included in University Economics 101, but without it, the economy isn't going anywhere.

    If Trump manages to resolve all these issues (almost impossible), then the US may have a chance to catch a lead in some new technology. It has world class research groups that could combine with a difficult but possible commitment to manufacture onshore.

    A good statement of key factors affecting the US economy.

    With reference to the “strong linkage between PISA test scores (international high school comparative results in science, math and reading) and a country’s future economic prospects” it should be noted that there must also be a strong linkage between a country’s expected economic future, i.e., expected job opportunities, and PISA test scores. When there are few rewards for those with a mastery of the hard subjects, the incentives to perform well academically in these areas is minimal.

    US economic recovery, if it occurs, is unlikely therefore, without a national economic policy such as that followed by America’s chief industrial rivals, Germany, Japan, Korea and China.

    But it is hard to see the emergence of such a policy in the US where, as Gore Vidal remarked, it appears that the aim of the elite is to make as much money as possible while doing as much harm as possible to as many people as possible.

    Read More
    • Replies: @Miro23

    But it is hard to see the emergence of such a policy in the US where, as Gore Vidal remarked, it appears that the aim of the elite is to make as much money as possible while doing as much harm as possible to as many people as possible.
     
    I don't think that they particularly want to harm anybody, it's just a byproduct of the whole "World is Flat", "Greed is Best" Neoliberal ethics free culture.

    The US will probably never again have the unity of Korea, China or Japan needed for big national projects - that part of US history ended with the Apollo Space Program, but there might be an alternative.

    For example, Switzerland speaks four different languages, is a mixture of ethnicities, and it also has a special kind of Democracy that has held it together since the 15th Century. The main idea is similar to the 10th Amendment power relation, envisaged by America's founders, " The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

    They localize political power with the majority of taxes raised and spent locally. Every citizen is required to consider and debate issues so that there is maximum clarity before a local vote. This includes national issues like immigration (stopped) or gay marriage (OK but without the adoption of children). The beauty of this system is that Washington type Special interests are excluded. Who knows the name of the Swiss President?

    I got the information from an interesting little book that nobody seems to have read: "Swiss Democracy" by a British politician, Kenrick Jones https://www.amazon.co.uk/Swiss-Democracy-Kenrick-Jones-ebook/dp/B00654COIG/ref=sr_1_1?ie=UTF8&qid=1483021426&sr=8-1&keywords=swiss+democracy%2C+jones
  90. @Sarah Toga
    It is NOT the economy . . .
    The thing that matters, and the ONLY thing that matters: STOP IMMIGRATION & DEPORT ILLEGALS.
    Unless we get that done, all the greatest fiscal, tax, spending & budgetary policy in the universe won't matter anyway.
    It takes Anglo-Saxons to make an Anglo-Saxon nation great.
    Plus some Italians, Irish, French, Scandinavians, Poles, etc. to add certain ethnic-trait skills. Notice a pattern?

    “It takes Anglo-Saxons to make an Anglo-Saxon nation great.”

    Which nation is that? Not the United States, certainly, where “Anglo-Saxon” as an ethnicity was a buzzword propagated by the British in the 19th Century and which in the US meant next to nothing about the ethnic make-up of those calling themselves such.

    This is not to be confused with the language.

    Any number of US presidents, including Jefferson for example, were of Welsh descent. Others of some Scot ancestry.

    That just scratches the service.

    As a matter of fact trying to find Anglo-Saxons even in Britain is no easy task with all the Scot and Norman and other admixtures.

    You realize that the British Isles were already occupied when the Angle and Saxon pirates arrived, don’t you?

    Read More
    • Replies: @Sarah Toga
    "You realize that the British Isles were already occupied when the Angle and Saxon pirates arrived, don’t you?"

    yes.

    "“It takes Anglo-Saxons to make an Anglo-Saxon nation great.”
    Which nation is that?"

    I see your point. My sweeping generalization failed as sweeping generalizations often fail.
    My basic idea is we need people who adhere to the continuum of Magna Charta - Declaration of Independence - thoughts of the Founding Fathers - U.S. Constitution. Theoretically any person could adopt our ideology.

    As you point out, the Scots and the Welsh have done well on that task.

    We see some notable non-Anglo-Saxons on our side. Rudy Giuliani, etc. The French were allies in the War of Independence. Prior to General Santa Anna, even Mexico tried to adopt a constitution with features like ours.

    But it is highly unlikely that other than for a few exceptions would we see muzzies adopting our views. Same for several other people groups.

    Even White people from today's Europe and the U.K. are so programmed by collectivism they likely can't help us.

    We need to grown our own citizens.

    So additional thoughts why I think immigration is an obsolete relic of the past, IMHO.
  91. anonymous says:     Show CommentNext New Comment
    @E. A. Costa
    "Social Security...not some engine of demand Social Security"

    Don't know much about either economics or Social Security, do you?

    By the way Social Security is not an entitlement, it is an EARNED benefit.

    If you sincerely wish to question or debate something, then why do you apparently sometimes forego the REPLY button at the bottom left of others’ comments? There may be hiccups in the system, but some of your replies don’t show their blue names preceded by the “at” sign.

    Read More
    • Replies: @NoseytheDuke
    I'm guilty of doing that too. It's an unfortunate mistake and usually happens when I'm responding to the very last post. Sorry but I'm only human, even though some here would even disagree with that.
  92. @CanSpeccy
    A good statement of key factors affecting the US economy.

    With reference to the "strong linkage between PISA test scores (international high school comparative results in science, math and reading) and a country’s future economic prospects" it should be noted that there must also be a strong linkage between a country's expected economic future, i.e., expected job opportunities, and PISA test scores. When there are few rewards for those with a mastery of the hard subjects, the incentives to perform well academically in these areas is minimal.

    US economic recovery, if it occurs, is unlikely therefore, without a national economic policy such as that followed by America's chief industrial rivals, Germany, Japan, Korea and China.

    But it is hard to see the emergence of such a policy in the US where, as Gore Vidal remarked, it appears that the aim of the elite is to make as much money as possible while doing as much harm as possible to as many people as possible.

    But it is hard to see the emergence of such a policy in the US where, as Gore Vidal remarked, it appears that the aim of the elite is to make as much money as possible while doing as much harm as possible to as many people as possible.

    I don’t think that they particularly want to harm anybody, it’s just a byproduct of the whole “World is Flat”, “Greed is Best” Neoliberal ethics free culture.

    The US will probably never again have the unity of Korea, China or Japan needed for big national projects – that part of US history ended with the Apollo Space Program, but there might be an alternative.

    For example, Switzerland speaks four different languages, is a mixture of ethnicities, and it also has a special kind of Democracy that has held it together since the 15th Century. The main idea is similar to the 10th Amendment power relation, envisaged by America’s founders, ” The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

    They localize political power with the majority of taxes raised and spent locally. Every citizen is required to consider and debate issues so that there is maximum clarity before a local vote. This includes national issues like immigration (stopped) or gay marriage (OK but without the adoption of children). The beauty of this system is that Washington type Special interests are excluded. Who knows the name of the Swiss President?

    I got the information from an interesting little book that nobody seems to have read: “Swiss Democracy” by a British politician, Kenrick Jones https://www.amazon.co.uk/Swiss-Democracy-Kenrick-Jones-ebook/dp/B00654COIG/ref=sr_1_1?ie=UTF8&qid=1483021426&sr=8-1&keywords=swiss+democracy%2C+jones

    Read More
  93. Good article. The assertion that cutting govt. spending and low interest rates is the tried and true method of funneling obscene amounts of money to the 1% seems incorrect. Obama did $8T of deficit spending. That is the opposite of slashing govt. spending.

    Read More
  94. Okay here is the formula for understanding the thought patterns of leftist nut-cases such as the author of this BS article : DT, or any conservative for that matter can do the exact opposite of that which he has done and he will reap the very same criticism as for the first action.
    This meaning that all debate with leftist crazies is nothing but an exercize in futility and therefore the only solution is to cease any discussion with them and then considering them to be the enemies which they are.
    We have reached the point at which to call a spade a spade, meaning there will never be a meeting of the minds between leftists/communists and non-leftists period.

    Authenticjazzman “Mensa” society member since 1973, and pro jazza rtist.

    Read More
  95. @anonymous
    If you sincerely wish to question or debate something, then why do you apparently sometimes forego the REPLY button at the bottom left of others' comments? There may be hiccups in the system, but some of your replies don't show their blue names preceded by the "at" sign.

    I’m guilty of doing that too. It’s an unfortunate mistake and usually happens when I’m responding to the very last post. Sorry but I’m only human, even though some here would even disagree with that.

    Read More
  96. @E. A. Costa
    "It takes Anglo-Saxons to make an Anglo-Saxon nation great."

    Which nation is that? Not the United States, certainly, where "Anglo-Saxon" as an ethnicity was a buzzword propagated by the British in the 19th Century and which in the US meant next to nothing about the ethnic make-up of those calling themselves such.

    This is not to be confused with the language.

    Any number of US presidents, including Jefferson for example, were of Welsh descent. Others of some Scot ancestry.

    That just scratches the service.

    As a matter of fact trying to find Anglo-Saxons even in Britain is no easy task with all the Scot and Norman and other admixtures.

    You realize that the British Isles were already occupied when the Angle and Saxon pirates arrived, don't you?

    “You realize that the British Isles were already occupied when the Angle and Saxon pirates arrived, don’t you?”

    yes.

    ““It takes Anglo-Saxons to make an Anglo-Saxon nation great.”
    Which nation is that?”

    I see your point. My sweeping generalization failed as sweeping generalizations often fail.
    My basic idea is we need people who adhere to the continuum of Magna Charta – Declaration of Independence – thoughts of the Founding Fathers – U.S. Constitution. Theoretically any person could adopt our ideology.

    As you point out, the Scots and the Welsh have done well on that task.

    We see some notable non-Anglo-Saxons on our side. Rudy Giuliani, etc. The French were allies in the War of Independence. Prior to General Santa Anna, even Mexico tried to adopt a constitution with features like ours.

    But it is highly unlikely that other than for a few exceptions would we see muzzies adopting our views. Same for several other people groups.

    Even White people from today’s Europe and the U.K. are so programmed by collectivism they likely can’t help us.

    We need to grown our own citizens.

    So additional thoughts why I think immigration is an obsolete relic of the past, IMHO.

    Read More
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