All tagged Trump
My questioner, another prominent libertarian attorney, replied with words to the effect,”Trump showed no respect for the government strictures and laws we all hate. He was good because he showed no respect for the government.” While I put up no argument at the time, Trump’s disrespect reflected no libertarian principles, but only 300 pounds (okay 239 according to the White House physician) of walking, talking personal character defects.
That magic DJIA number is 28,052. So, as of today Trump has nearly 400 Dow points of cushion. But, keep an eye on the Dow, 400 points can be lost overnight, in a morning, or an afternoon. Now you know why Mr. Trump pays so much attention to the stock market. That’s the only poll he trusts or cares about.
Bob Woodward takes his second bite from the Trump apple, with “Rage.” Woodward has completed the interview circuit with his biggest prop being Trump on tape. Trump cooperated and the esteemed author had the president saying what he knew and when he knew it: about the coronavirus, of course.
Right or wrong, the president, in this case, knows of what he tweets. Go to any city council meeting when a developer attempts to rezone property for high-density zoning and angry neighbors appear in mass, organized and vocal, not an apron in sight.
Kurt Andersen writes in his book “Fantasyland How America went haywire: A 500-year history,” the current president is “stupendous Exhibit A” in the landscape of “Fantasyland,” a fitting leader for a nation that has, over the centuries, nurtured a “promiscuous devotion to the untrue.”
“Trump had a Clintonesque aura around him,” Smith wrote, “the effervescent divinity of a studied deal-maker, and a categorical ability to communicate and inspire the belief of others in his personal vision. He could no doubt have been an evangelist.”
Today was a dramatic day in some parts of Trump’s bubbleland, with Bitcoin closing at $10,124, down 25% for the day and a steep fall from $19,343 on December 19th. The DJIA broke 26,000 for the first time but closed lower, and the 2-year treasury note yield burst through 2 percent for the first time since the dark days of late 2007.
So we have bitcoin, something everyone is talking about, but no one can see or understand, trading near $15,000 apiece. At the same time the President is like the simple-minded Chance in the movie “Being There” who has been educated only by television, has childlike naïveté, but rises, by accident, into the game of politics and the talk of the town.
Investors may have forgotten that the U.S. market swoons when Greeks get handouts. July will be here soon and the Greeks owe a $7.42 billion bond payment they have no hope of paying.
t’s as the Austrian economists predict: when the monetary accommodation ends, it’s time for the cleansing of malinvestments to begin.
