This election is already more focused on inequality than any election in memory.
I spoke to economist Gabriel Zucman, who advised Elizabeth Warren on her wealth tax.
He had fascinating things to say about the larger context and where this is all going:https://t.co/QU5q92gnvQ
— Greg Sargent (@ThePlumLineGS) February 25, 2019
And this doesn’t reassure me:
WASHINGTON (Reuters) – The Trump administration moved on Wednesday to shrink a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off, according to a person familiar with the changes.
The employees at the Office of Financial Research (OFR) were formally told on Wednesday they will lose their jobs as part of a broader reorganization of the agency that was created in the wake of the 2007-2009 global financial crisis, the source said.
The overhaul forms part of a broader push by the Trump administration to reduce government bureaucracy by slashing government jobs and cutting regulations.
Staff at the OFR, an independent bureau within the U.S. Treasury that analyzes market trends to spot financial risks, were told in January that jobs would be eliminated as the administration sought to cut the OFR’s budget by 25 percent to around $76 million, the person said.
He has no real incentive to avoid this. It will stick it to incoming Democrats (just as Bush did) and he’s on record, saying a crash would give him the opportunity to buy properties cheap.
This is why another crash will be so much worse than 2008. Back then, people still had regular jobs and were eligible for unemployment benefits:
— TulaConnell (@TulaConnell) June 13, 2018
Even Former PM of Belgium Captions G7 Photo: “Just tell us what Vladimir has on you. Maybe we can help.” https://t.co/waBeJxWSp0
— Muckmaker™ (@RealMuckmaker) June 11, 2018
If you loved the 2008 crash, you’ll love Trump’s tariffs:
The World Bank is warning that trade tensions between the United States and other countries could hurt global trade as badly as the financial crisis did in 2008.
In its Global Economic Prospects report, the World Bank warns that tariff increases would have “severe consequences” for global trade and could cause a decline similar to that seen in 2008, or worse if tariffs are increased beyond the maximum level allowed by the World Trade Organization.
“A broad-based increase in tariffs worldwide would have major adverse consequences for global trade and activity,” the report reads. “An escalation of tariffs up to legally-allowed bound rates could translate into a decline in global trade flows amounting to 9 percent, similar to the drop seen during the global financial crisis in 2008-09.”
The World Bank’s assessment comes as President Trump has levied steep tariffs on U.S. allies, prompting other countries to impose their own retaliatory tariffs.
Whatever it was you wish you’d done before the last crash, I’d do it now. If you have a 401K, call the broker and put your money in an index fund.
I don’t know the legalities but I hope more states do it:
Vermont Republican Gov. Phil Scott Wednesday signed legislation making his state the first to legalize importing prescription drugs from Canada, an idea President Donald Trump’s top health officials oppose that’s also drawn fierce opposition from the pharmaceutical industry.
A spokeswoman for Scott said he signed the bill Wednesday morning. The measure had overwhelming support in the Democratic-controlled legislature and is one of the most aggressive attempts by a state to tackle rising drug prices that critics say are crippling state finances.
Its enactment also puts the Trump administration in a bind after the rollout of a highly anticipated plan for tackling rising drug costs. HHS still has to certify Vermont’s program.
“Trump is trumpeting his desire to do something about high-cost drugs,” said Democratic state Sen. Claire Ayer, one of the bill sponsors. “I’m hoping that they’ll see it as an opportunity for him to say that he’s done something about high drug prices.”
Executives on Wall Street are starting to have buyer’s remorse with the Republican Party, specifically President Trump, due to the fact that the President’s policies and his spineless followers in Congress are sending the stock market into a tail spin. Continue reading “Wall Streeters freak out as Republican policies tank economy”
Carl Icahn, who served for a short while as an economic adviser to Donald Trump before the U.S Attorney’s office in New York dumped a subpoena on him for information he has on the administration’s energy policy, called into CNBC Tuesday afternoon with some bad news for the White House: The stock market is getting ready to crash. Continue reading “Is the stock market about to crash?”
Donald Trump had a propaganda event in Ohio today where he sold his tax scam cuts while the stock market was correcting itself for his crummy stewardship. Watch the ticker in the right corner plummet while he’s talking. Continue reading “As stocks plummet, Trump calls Democrats ‘treasonous’ and ‘unAmerican’”