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It's The Economy Stupid?

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  • #46
    An admission by Trump on the economy?

    'President Trump has spent days arguing that recession fears are a media construct meant to take him down. His aides have told us that the “fundamentals of our economy are very strong” and that there is no recession on the way. They even falsely denied that he’s looking at quick fixes (such as a payroll tax cut) to ward off economic pain.'

    'But Tuesday, Trump sang a much different tune. Rather than play off the idea of a downturn, Trump leaned into it — and even suggested that a short-term recession might simply be the cost of waging his much-needed trade war with China.'

    'After getting a question about the trade war, Trump launched into an impassioned defense. At one point, he entertained the idea that there might be a two-month recession, or something similar, but argued that the trade war had to happen, regardless.'


    • #47

      The stock market takes another large drop:

      'Stocks fell to their lows of the day Friday after President Donald Trump ordered in a series tweets that U.S. companies find alternatives to their operations in China. Apple led the way lower'.


      • #48
        Originally posted by T. A. Gardner View Post
        Okay, fine. Here's an answer. But, I'm really wasting my time doing this...

        You made two irrelevant appeals here (logical fallacies). Both are appeals to authority. In the first you cite the official date which really is meaningless. The recession started when markets began to drop dramatically and not recover. The second one is you attack the source not the information presented. Is the graph wrong? You say nothing about it, but instead attack where it came from.

        So, now the graph is accurate? Obama's run up to the election had a lot to do with the recession hitting and his actual election definitely tanked markets further.

        This is a lie by omission.

        Oil and gas production soared because industry started using new extraction methods that significantly improved production, but as you can see it was all on private land for the most part. Obama's administration tried hard to cut oil and gas production on federal land, stop pipeline construction (like the Keystone XL), and pushed hard for wind and solar (that was a major fail).
        So, while oil and gas production boomed during Obama's time in office it had little or nothing to do with him or his administration's policies that were opposed to it.

        I'll take that as an apology for the closing ad hominem.
        I hate to disagree with a well written view of a program that basically worked, but cutting FEDERAL lands production is actually a Good Thing, when the continued government production can create a price drop , market glut, and lower the incentive to produce on private lands.

        A good, though dated, example is the Teapot dome scandal
        when a temporary spike in oil demand lead to Albert Fall's fall form Grace- straight into Leavenworth..

        I had a long , rather twisting debate with the Doc about this approx. five years ago. the doc got rather wrapped when I asked him if he had gone temporarily socialist..
        Government reserves are just that- a cushion against the day when market balance, or national emergency, calls for them.

        The trout who swims against the current gets the most oxygen..


        • #49
          There's a better way. The feds sell the land to these companies for oil, gas, whatever. That makes the company responsible for any environmental damage etc. As it is, as leasers these companies get the benefit of the mineral wealth extracted paying the government the rent and at the end, the government is stuck with the worthless land. In private hands, it continues to be taxed as property while any negatives accrue to the owners.


          • #50

            President Trump has again tossed out the economic and political playbook that guided other occupants of the Oval Office for generations as the United States dominated the flow of goods and services across the world.

            'In the space of a few hours, he declared that his own central bank chief was an “enemy,” claimed sweeping powers not explicitly envisioned by the Constitution to “order” American businesses to leave China and, when stock markets predictably tumbled, made a joke of it .'

            'Mr. Trump’s wild and unscripted pronouncements on Friday renewed questions about his stewardship of the world’s largest economy even as he escalated a trade war with China before heading to France for a high-profile summit with the leaders of many of the world’s other major industrial powers.'


            • #51
              IIRC there was a thread on this Cummings guy, but not energized to find it. However, this woman hits an important economic nail on the head;
              So where did all the money go?
              TANSTAAFL = There Ain't No Such Thing As A Free Lunch


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