Trump isn't going to change his mind on trade even if the stock market keeps falling: Wilbur Ross

[DonViejo]

Source: CNBC


"There's no bright line level of the stock market that's going to change policy," the Commerce secretary says.

Concerns about import tariffs imposed and threatened by Trump were again bringing out the sellers on Wall Street.

"There is obviously going to be some pulling and tugging as we try to deal with very serious problems" on trade, says Ross.

Matthew J. Belvedere | @Matt_Belvedere
Published 3 Hours Ago Updated 1 Hour Ago

Commerce Secretary Wilbur Ross told CNBC on Monday that there's no level on the downside in the stock market that would alter the way President Donald Trump approaches trade.

"There's no bright line level of the stock market that's going to change policy," Ross said on "Squawk Box." "The president is trying to fix long-term problems that should have been fixed a long time ago."

U.S. stock futures were starting off the third quarter Monday morning under pressure. Concerns about import tariffs imposed and threatened by Trump were again bringing out the sellers.

The Dow Jones Industrial Average last week, for the month of June and for the year was lower as of Friday's close. However, the index was nearly three-quarters of a percent higher in the second quarter.

Read more: https://www.cnbc.com/2018/07/02/wilbur-ross-no-downside-level-in-stocks-to-change-trump-trade-policy.html?__source=twitter%7Cinternational

[SamKnause]

1. Good.

I hope the fucker tanks.

[Hekate]

13. Sadly, that would be all of us who tank. Not everybody was in the Stock Mkt in 1929...

...but everybody got to experience the Great Depression even so.

[elleng]

2. Oh good.

MARKET SNAPSHOT 11:04 AM
S.& P. 500–0.06%

DOW–0.11%

NASDAQ+0.08%

[onenote]

33. Market ended up closing up .15 percent

[Thomas Hurt]

3. The Pig thinks because our economy is solid he can play these trade war games to feed...

his bloated and damaged ego....maybe try and convince one of our allies to partner with us one on one instead of in multinational agreements.

[gordianot]

6. Who wants to be Trump's puppet?

A puppet for Putin’s lap dog.

[sofa king]

39. Ooh, there's a slur....

Squeeze toys: People who think they are supporting Republicans when in fact they are supporting the Russians.

[Wellstone ruled]

7. You are going in the right direction.

Trump has a Ego problem and that is this,he wants his place in high Society and once the New York Crowd Dissed him,well you are seeing how he operates.

The Guy is all about himself and his place in Society. He never cared about anyone else and he never will.

[pangaia]

8. Has nothing to do with what he thinks. He has been ordered to destroy

American Democracy and with it the economy and everything else.

[gordianot]

4. It will be a slow death then the bottom falls out.

There will be no winners.

[still_one]

5. For months the so-called financial analysts have been saying this was all just a "netgotiating"

tactic, and nothing to be concerned about

Everytime that was said, they moved forword on the trade wars

They then proceeded to regurgitate the same bullshit


Friday the newest tarriffs go into effect, and I have no doubt they will continue to make more excuses for these imbeciles

[Cosmocat]

12. I don't get how ANYONE can be OK with this

outside of the deranged 45 bubble.

He isn't even "negotiating."

He is just walking into a bar and throwing beer in everyone's faces.

You need COALITIONS to make trade agreements, this asshole is alienating all of traditional allies/coalitions, and sucking the asses of people like Putin and Kim who have already aligned against us.

[still_one]

21. I suspect they believe in their own way they are supporting the market, but most of them are a joke

anyway

[no_hypocrisy]

9. And The Lord hardened Pharoah's heart . . . . .

But Pharaoh’s refusal to allow the Jews to leave is complicated by God’s intervention: He “hardened Pharaoh’s heart.” (Exodus 7:3) It would seem, therefore, that Pharaoh did not have free will.

Rashi notes that the process of increasing punishments was necessary to demonstrate God’s power – not only to the Egyptians, but to the Jews. He notes that during the first five plagues, Pharaoh himself was responsible for his hardening heart. In addition, Pharaoh’s heart was “strengthened.” (Exodus 7:13) and then became “heavy.”

https://www.jpost.com/Opinion/Op-Ed-Contributors/Why-Pharaohs-heart-hardened-336962

[Hekate]

15. Trump is a Plague unto America all by himself... "Those whom the gods would destroy...

...they first make mad."

[greatauntoftriplets]

10. He needs to borrow Melanis's Zara jacket.

[Bengus81]

11. Five months since it tanked and has never recovered.......

Keeps floating around, down about 2,000 points since it crashed in Jan.....down about 103 right now. With his trade war pissing match it will never recover and just keep sinking slowly month by month.

Funny how after pimping the Markets for a year he doesn't care.

[KY_EnviroGuy]

14. During times like this, I always try to remind myself....

that the wealthy folks that made and support tRump and those Repugs in Congress always make money in the market no matter what happens. Any concerns they express for our public over stock market swings are bullshit.

If markets go up, they make out like bandits because they have the best brokers, analysts and advisers money can buy. And if the market goes down, they are hedged against losses or their advisers just trade them out of the market until it reverses.

But the everyday Janes and Joes do not enjoy those financial privileges. Most of us are just trying to make ends meet and don't have the resources or knowledge to play stock markets. The system is rigged to make it not worth building savings - other than some for hard times or for just in case the house needs a new roof.

The combination of inflation, wage losses, higher taxes, and a rental economy will eventually strip us of every red cent we earn until we're dead......

[SWBTATTReg]

22. But that's one of the things that happened in 2008-09 crash that brought so much down...

real estate, stock markets, etc. The losses were too much for any one bank (or group) to handle, thus the government via tail end of Bush's admin./and Obama had to step in and help stabilize the markets.

I think next time around (which some are predicting any day now) there won't be any desire to 'stabilize' the markets mainly because of (1) idiot rump doesn't know what's he doing (2) rabid congressional repugs and their infighting will be far too little, too late to do any good, before the damage is done.

Your assertion of inflation, wage attrition, higher taxes and a reduction in home/car ownership (vs. rental) is a very good one, for it does describe the plight of lots of folks who can barely keep afloat. A heart-wrenching situation indeed.

Good write up.

[Clarity2]

26. Rich Individuals make money no matter what

But big corporations: its never a good thing to see your corporate stocks tank.

[Orsino]

16. You mean Putin isn't going to let him stop. n/t

[The Mouth]

17. I don't think the average American understands why

other countries can apply higher tariffs to what we send *them* than we apply to what they send us.

I mean I have yet to hear a convincing explanation from any Democrat as to why a 25 percent tariff on stuff (cars, in this case) going INTO the EU should the case. None.

Maybe if we are trading with Sengal or Kenya, sure, not overwhelm their tiny economy, but Germany? Let's have an even-steven playing field; it's a powerful argument that our party doesn't really have a rebuttal to except 'it will cause a trade war' which isn't too convincing when it almost seems like the 'other side' has already been acting like we ARE at war.

Just saying that this is an issue, 'letting other countries run all over us' as one of my relatives put it - and he's a Democrat and union member - that is hard to sell; essentially supporting the status quo when the numbers aren't even; even if a recession results, it's hard to make the case that tariffs should either be the same or non-existent, at least between big, industrialized countries like German and us.

[cbdo2007]

18. That's good. They should never let the stock market influence policy...

no matter who is President.

[progree]

19. Duplicate :-)

Kim Jong-un 'blasts workers at factories for not working hard enough', The Telegraph, 7/2/18
https://www.yahoo.com/news/kim-jong-un-apos-blasts-051304422.html

Ha ha! Well the OP reminded me of this story.

Kim Jong-un, the North Korean dictator ((and Trump's BFF)), has lambasted workers at two textile factories for not working hard enough, failing to take care of their buildings and moaning about shortages of money and materials, according to state-run media.

...

Instead of complaining about a lack of funds and equipment, the workers should put more effort into modernising their facilities by themselves. He added that the employees needed to increase their productivity.

I bet the N.K. workers have a lot of extra money and time, thanks to their recent tax cut and "peace dividend", to fix their factories.

In May 2015, the North Korean leader flew into a rage during a visit to the Taedonggang Terrapin Farm, which had been built on the orders of his father, after discovering a number of dead baby terrapins in the tanks.

Despite the manager’s explanation that the terrapins had died due to electricity shortages, Mr Kim insisted the failings were down to bad management and had the man summarily shot.

I'm surprised he didn't blame that on the workers too (rather than management).

Anyway, the greedbanger Trump administration will be needing to blame others for the nearly stagnant economy and stock market so far this year.

[JohnnyRingo]

20. I'll bet he's making a killing on the market.

He knows ahead of time what stocks his policies will tank and which will benefit. All he has to do is have intermediaries or family members take short positions on those affected companies and reap the rewards. Even his words, like when he was bad mouthing Harley last week can move a company's stock.

It's insider trading in it's purest form, but we aren't allowed to know anything about his finances. Nothing. Plus, he has a hand in the enforcement side.

[Yavin4]

23. Look for the markets to be down for years and years to come

There will be a major recession during the final years of his presidency due to interest rates going higher and higher tariffs on imported goods. This will suppress consumption and lead to a recession. How big? How long? No one really knows at this point, but rest assured, a major downturn is coming.

[lagomorph777]

24. Trump promises to drive the economy into the ground.

Sounds like a winning bumper sticker for Dems!

[Recursion]

25. Of course not. Remember this guy wants an economic crisis.

He had to spend a lot of energy convincing people they were poor and miserable in 2016. If they're actually poor and miserable his job is that much easier.

[KY_EnviroGuy]

28. K&R. Agreed.

Because he's their only savior, it makes it easy for him to convince them he's the only one that can fix it. And, the deeper the crisis, the more of a hero he will seem to be (to them).

The game a malignant narcissist plays :
1) create crisis
2) tell everyone you are the only solution
3) points for blaming individual /group you character assassinate and dehumanize
4) hide your utter incompetence
5) promote yourself as hero
6) destroy anyone who sees the game

(credit to Lynn @lynnyoga on Twitter for that list - spot on!)...........

[Freethinker65]

27. Has anyone considered tanking the market as a way to further consolidate wealth?

Those with lots of disposable money and leverage can afford to buy artificially low and ride out the market.

Employees and average consumers will suffer, along with some company owners, but some investors will come out quite well.

[Javaman]

29. disaster performance artist.

that's the orange asshole.

[TeamPooka]

30. Republicans destroy the economy. It is inevitable. We can't stop it, just fix it after, like always

[workinclasszero]

32. Always

Why the American voters can’t see that is a mystery.

Well the 24/7 lies from Fox “news” and hate radio may be the answer I guess.

[TeamPooka]

34. the GOP have spent a half a century scapegoating blacks, Latinos and immigrants

for all of the whites peoples problems in order to divert the blame from themselves

[workinclasszero]

36. True

No doubt lots of GOP voters vote race first, everything else a distant second.

[Cold War Spook]

31. Wow,

do you people know who have their retirement fund in a 401K or IRA? The ones I know, make around $50,000 a year.

[Yo_Mama_Been_Loggin]

35. They've got theirs

Fuck the rest of us

[Xolodno]

37. A trade war increases the cost of real estate.

Which means, Dumps properties increase in price. He's profiting off this.

[Mc Mike]

38. The market kept dropping while Nixon was fending off investigation/impeachment efforts, too.

That added some pressure against him.