Mnuchin can walk it back all he wants. Trump will continue to yell, “Hell, yes, I meant what I said.”
When the traditional way to actually bring down debt is declared off the table by the entire republican party, there really aren’t a whole lot of viable alternatives left. By which I mean none.
That is how Donald handles his finances. Gets too much in debt he files bankruptcy and rips off govt and his creditors. And all you hear from Trumpies is he is a Busienssman…they have no clue…
No less clueless than all the other GOPers and RW think-tankers who’ve been dining out for years on the misguided argument that the federal government’s finances can or ought to be “balanced” like a personal bank account. Except in this case fortunately unconstitutional on top of clueless.
An excellent comment. I’m so glad you wrote it. You’re quite right. Thank you!
Regarding mine, I was alluding to the 1990’s. Correct me if I’m wrong, but I believe a part of the Clinton administration’s impressive economic performance was attributed to his handling of the budget, which did balance while also paying off a chunk of the debt.
So if conservatives now like Bill’s economic plan, as they say they do, they’re sure to love Hillary’s : - )
Thanks again.
Whatta crook, he wants to steal from all of us, mot just his casino pals in NJ.
Trump is an ignorant, irresponsible maniac who threatens international economic disaster.
Why has the GOP inflicted this monster on America?
Okay, All investors willing to lose money, be sure to buy Treasury bonds. . . .
Then we get to watch as the cost of borrowing for the united states government SKYROCKETS. Resulting in a depression that will make the one in 1930’s look like a minor slow down!
I honestly expect many people to react to tRump’s comments. Just the chance this clown with the rat on his head could possibly be President will make many investors plan ahead and be ready for the eventual collapse if he is elected. Just his comments alone will cause a slowdown over the summer as the election approaches, watch and see.
And the thing about Bill’s budget cutting was that it was smart and targeted, not like the mindless across-the-board cuts we got with the sequester that was a result of the Republican refusal to raise the debt ceiling and cooperate during the Supercommittee process.
In fact, while he still had a Democratic Congress, Bill cut $200 billion from Medicare. Most people don’t realize this, because Bill did not cut benefits but payments to providers and so it did not provoke outrage among retirees.
And the USA will hold a fire sale, Mr trump?
Of course The Rump would never grasp this contradiction, but this is the problem with treating corporations like people and giving them the rights of a human being. A human who doesn’t pay their bills will quickly get the reputation of a fckng deadbeat. Their friends and family might forgive them if they lose their job or get cancer, or something. But that forgiveness will vaporize in a heartbeat if they’re spotted driving a shiny new pickup truck home from the bar.
Corporate persons won’t even forgive a human for getting cancer, but an organization that doesn’t pay its bills just files bankruptcy. The humans who made the decisions, safely shielded from accountability behind the corporation. think nothing of it. The Rump goes so far as to openly brag about his serial bankruptcies, as evidence how smart he is to obey the law in his own favor. The idea that the scandal should be what’s legal, is completely lost on The Rump. Whatever lip service he might tweet out on the subject will be quickly walked back on Monday morning.
“He’s not selling; he’s buying!”
Seriously, Trump may as well go full idjit and profit all that he can whilst he’s leading the Republican Party because his short lived stint at the top will end with one of the greatest/yuuugest crashes of all time.
The name Trump was something that most people had heard and many had a feint idea about who and what he was. Now that he’s in the glaring bright light of a Presidential election, his utter cluelessness and almost silly approach to business and life are a shock to these people that can’t square the idea that he is supposedly a self made billionaire with the fact that he’s nothing more than the world’s biggest swindler. It’s like, REALLY? he’s a fraud a phony and a petulant jerk, REALLY?
Donald Trump has maneuvered his way to the top of another dysfunctional organization that he has preyed on and caught in a vulnerable position, leaderless and weak the GOP has succumb to a hostile takeover.
Problem is, there isn’t anything to sell off and no ROI to be had. This is a loser for the Republicans-they have already crashed, and this will be a major hit to the entity of Trump. Personally, Donald could give two figs about any of it. Unburdened by conscience, Trump will continue to Peacock and claim victory even as his most valued possession, his name, is pummeled.
Trump took over the Republican Party because he could, now look at what he’s got himself into. People are paying close attention to what he actually says and thinks.
It was all good until Donald J Trump was connected to The Trump.
It’s impressively revealing that Trump does not understand “full faith and credit” of the United States. He thinks of America in a business model. He probably hasn’t known that the debt is discussed in the Constitution and what that language means.
And there’s so.much.more he’s not aware of about government. On the job training is not a good idea in this case. One thing all can agree on: the world as it is…is a dangerous place. Our lot shouldn’t be made worse by having to train a President “on the fly”. I am really gonna be missing Obama.
It’s in his DNA to go full idjit. He doesn’t have a choice. Twitter proves it.
And here I thought there were at least four Chapter 11s in it.
jw1
It makes me wonder what half-sensible person would want to serve in his Cabinet, God forbid. The whole job would involve reassuring the world and walking back the boss’ last crazy tweet.
Yes, this is true but now he’s going beyond social media and it’s somewhat limited audience as far as the population is concerned and also as meaningful is concerned and he’s taking the routine out into the real world.
When I said “go full idjit” I was also meaning that he may as well try to turn a dime on this opportunity because that is all that he’ll gain from it. Personally, he 's a clown’s clown, no doubt, but the entity Trump has 6 months to profit or lose, then the human Trump will go down hard and the inevitable will smack them both down.
He should start setting up the next BK now 'cuz it’s coming, personally and probably financially.
He thinks he can declare bankruptcy for the nation, then cheat the investors out of their money. How very Trumpish of him.
Trump would obviously be an economic disaster, but he would still need GOP enabling to inflict maximum damage. As a warning, The Independent looks at the failure of Cameron’s government to deliver on its promises. Basically, the economy has underperformed under the Tories because their wealthiest constituents have used the system for self-enrichment without contributing proportionally to the upkeep of the society. Specifically, they have fought even the mention of certain discussion such as the land-value tax and the Tobin tax on the floor of parliament. Instead six years of barking about Lithuanian migrant labor, Muslims, entitled junior doctors and loutish school teachers. Which is strange, because if you do not own large amounts of capital, and specifically a large manufacturing facility, a bank, or massive real estate holdings, it is probably against your direct interest to vote for the Tory platform. The same could be said in the US for why a voter might want to support Trump and his aspirations. When Karl Marx pointed out that financial system was run by lazy people who prefer to accrue unearned benefits, it was pretty controversial. While about 60% of humanity suffered under bastardized versions of Marx’s proposed economic solutions, this out-in-the-open fact has dwindled in importance in most advanced economies. Even so, lazy allocation of society’s resources still hurts growth and wastes resources. Be it the US, China or Europe, every society needs to be able to transform and protect itself in the face of large, even civilization-ending, threats. Our political system if anything welcomes “outsiders.” Trump, a nominal “outsider” who has pretty much benefited from his real estate dad’s fortune and unearned income. Trump, who if anything, assumed the GOP mantle with minor effort and full support of the infotainment-industrial complex. Trump, who while great at branding himself and a gold-plated kitsch luxury format has yet has to face the deep ramifications of the inside outsider / outside insider conundrum posed by Gertrude Stein:
As long as the outside does not put a value on you it remains outside but when it does put a value on you then it gets inside or rather if the outside puts a value on you then all your inside gets to be outside.
Somewhat off-topic but not completely, this article in yesterday’s Market Watch, entitled, “China’s debt problem is bigger than you think,” details the fragile state of China’s financial markets.
Some key passages:
"China’s bad loans are many times worse than what the official data are claiming, and the Chinese authorities do not have a strategy to tackle the problem, according to the latest research from CLSA.
“Nonperforming loans will worsen with the slowing economy, but the government does not have a comprehensive plan,” Francis Cheung, head of CLSA’s China and Hong Kong strategy, said during a presentation Friday.
Cheung estimated that the country’s bad loans are actually around 15% to 19%, significantly more than the 1.6% announced by the government recently. At that rate, it will require at least $1 trillion, equivalent to 10% of the economy, to clean up the banking sector, he said.
That is in line with a study from the International Monetary Fund last month that indicated that loans at risk account for about 15.5% of total bank loans, or $1.3 trillion.
“The share of commercial banks’ loans to corporates that could potentially be at risk has been rising fast and, although currently at a manageable level, needs to be addressed with urgency in order to avoid serious problems down the road,” the IMF said in the study.
But Beijing’s hands are tied in part because of its focus on supporting the economy via stimulus measures, with restructuring taking a back seat for now."