Trump says stock market gains since election give him opportunity to wage a trade war: 'We're playin

[riversedge]

Source: cnbc.com




Trump says stock market gains since election give him opportunity to wage a trade war: 'We’re playing with the bank's money'


Published 1 Hour Ago Updated 1 Hour Ago




President Donald Trump said the stock market rally since his election victory gives him the opportunity to be more aggressive in his trade war with China and other countries.

“This is the time. You know the expression we’re playing with the bank’s money,” he told CNBC's Joe Kernen in a “Squawk Box” interview aired Friday.

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The president added the market would likely be much higher if he didn’t escalate the trade issues with China and the rest of the world.

“We are being taking advantage of and I don’t like it,” he said. “I would have a higher stock market right now … It could be 80 percent [since the election] if I didn’t want to do this.”
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Read more: https://www.cnbc.com/2018/07/20/trump-were-playing-with-the-banks-money-on-markets-gain-since-el.html?__source=twitter%7Cmain

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I have read many times that US banks would not lend to Trump not so long ago. Perhaps Trump is playing his vindictive game again that he loves so much. Trump is callous and cruel and vindictive.

Link to tweet

[Bernardo de La Paz]

1. He's playing with his supporters' jobs, houses, healthcare, and retirement; not "bank's money". nt

[MBS]

2. +1000 n/t

[pazzyanne]

10. He could care less about his supporters or anyone else.

MONEY is the name of the game. He believes the more MONEY he has the more winning he gets. He doesn't understand that the jealousy he holds toward Obama has nothing to do with MONEY, and he will continue on his merry-go-round without gaining anything, let alone what he wants most - respect and love for his ego.

[Trust Buster]

25. Really ? He is playing with our money. His supporters voted for him.

Why do you preoccupy yourself with how they are effected more than how we are effected ?

[Bernardo de La Paz]

40. I'm not. Perhaps you aren't paying attention to the news (perhaps you are).

People who pay attention to the news would know that the retaliatory tariffs are targeted at Trump's supporters. So, that is obviously why I referred to them.

Also, Democrats who want to persuade the wobbly middle (who are not the tRump base but may have voted for him) need to focus wobbly voters' attentions on how tRump's actions are affecting them. Which is another reason why I quite reasonably referred to them.

I do not "preoccupy myself" with them. So your assumption is baseless and not welcome.

Third, the spelling is "affected" when you are talking about how people are affected.

People are affected by change.
People effect change (cause change).
People have affects (personality presentation).
People have effects on things or conditions.

[spooky3]

3. What an idiot. He's not playing with bank money;

He’s playing with citizens’ savings and their lives.

[Afromania]

4. That's not how that works man......

The other day I was watching some youtube videos on the scams that contractors/customers run in construction/real estate business. It got me to thinking that this is how trump does business. He's not a business man he's a freaking scammer and saying garbage like this only highlights it.

[Bernardo de La Paz]

9. Trumps core competency not dealmaking w powerful counter-parties. Its duping gullible victims - Frum

[NewJeffCT]

20. 100% correct

and bullying them into submission if they challenge him

[Mc Mike]

5. He's always playing with someone e'se's money. His whole life.

And he always fails.

He wants to wreck the economy.

[MBS]

6. "callous and cruel and vindictive:" you're right.

And he's also incredibly stupid.

As you and others have pointed out, he's actually a terrible businessman, and he knows nothing about economics, or sound economic strategy. All he has is his con-man shtick and his twitter rhetoric.

He is squandering our natural resources and our financial resources, he is destroying our democracy, and he is sacrificing the welfare of our people, all for his petty revenge campaign against banks, the media, Obama, Democrats, and anyone else he's ever considered his enemy (a list which now seems to include everyone except Putin and Ivanka).

[Roy Rolling]

7. The Reason

This childish thinking is exactly how he steered four companies into bankruptcy. He is willing to bet everything on his stupid ideas, as long as it is with someone else's money. Why? Because he has none, he's a deadbeat.

[jcgoldie]

8. I wonder how soybean farmers feel...

...about him playing with "the bank's" money.

[mahatmakanejeeves]

11. Wasn't that Baby Face Nelson's line of reasoning?

Don't worry. It's only the bank's money.

Baby Face Nelson

[Botany]

12. 'We're playing with the bank's money'

How about playing with my 401K?

[Lonestarblue]

13. Trump is the Bernie Madoff of real estate.

Trump was brought up as a fraudster, and that’s what he will always be.

[Renew Deal]

14. Trump admits his policies are damaging the economy

[elmac]

15. when it all comes crashing down, the trumpsters won't blame the idiot

[modrepub]

16. Bank Money

is another term for "other" peoples money. Banks loosing money is not a good thing by any stretch of the imagination because if they go under guess who's on the hook to bail them out?!? (The tax payers)

[BeyondGeography]

17. Even for him

That’s insane.

[GusBob]

18. Stock market is not the economy

we are beyond help with this idiot

[beachbum bob]

19. lol...he is going to make Nov 2018 so damn good for democrats to take back our country

what a fricken moron

[bucolic_frolic]

21. Trump is gambling, speculating with our currency in a high risk strategy

inflation with diminished availability of foreign-made goods and higher prices are where this leads, and if it doesn't work we get all of the above with a trade-induced recession - STAGFLATION.

We are so screwed by Trump's stupidity.

[NRaleighLiberal]

22. there was one irrationally upward month...then it dropped, now it is flat as a pancake.

This man is simply an ignorant fucking idiot. But you all know that is how I feel about him!

[tavernier]

45. Agree. Got my quarterly today.

Basically stagnant.

[Zambero]

23. And he summarily drove his gambling casinos off a cliff

Difficult to accomplish when one considers that the odds are set in favor of the house. However, it all ends well when someone else gets stuck with the bag in the face of gross mismanagement. So much for "cushions". The stock market is also a speculative crap shoot. Citing the market as a basis for engaging in high risk trade policies is beyond the pale for someone who has never gone public with his own shady business interests.

[dalton99a]

24. "Trump Was the Dumbest Goddamn Student I Ever Had"

- Professor William T. Kelley, University of Pennsylvania

[Trust Buster]

26. The con man is playing to his ego first and foremost.

[beachbum bob]

27. the Neo-economists around trump.....

trumps now thinks the stock market gains is money he can "play with" in fighting a trade war...really you are going tell people that the losses that are coming io their 401ks and stock portfolios are "his to play with"???

not even talking bankrupticies of farmers , businesses and recessions and jobs.

remember I coined "NEO-ECONS....this is what we got and the play is going to work out just like the Iraq war and bringing democracy to the middleeast.

say it again NEO-ECONS

[The Velveteen Ocelot]

28. He doesn't know how the stock market works, does he?

It's not the bank's money; it's the shareholders' money. If you're managing a hedge fund you can make money even if the market falls, but if you're some ordinary working joe with a 401K or a retiree with an IRA, the market matters a lot. And trade wars screw a lot of the same people - the farmers, the employees of manufacturers, and the shareholders of those manufacturers. Trump knows nothing about economics in the macro sense, since his "fortune," if there is one, has always been based on the purchase and sale of real estate, which does involve the use of banks' money (and probably Russian oligarchs' money). But that's all he knows, and the rest of the market doesn't work that way.

[CrispyQ]

38. Don't worry. He has Kudlow to help him out.

I have college educated friends & family who support this stupid asshole.

[dhill926]

29. he is a profoundly stupid man....

and an asshole of course....

[kimbutgar]

30. Doesn't he realize the average working people and poor people lives are not affected by the

Stock market? No one in my family owned stocks growing up. I was the only person in my immediate family who ever owned or traded stocks.

[The Velveteen Ocelot]

34. A lot of "average working people" are affected by the stock market,

indirectly if not directly. Many employers offer 401Ks as a benefit, and those are heavily invested in the stock market. If a company's stock loses value it can't borrow money as easily, if at all, or attract new investors; the result might be layoffs of employees, the lack of new job creation, or other measures that affect wages and jobs. A bad market affects people who don't own stock. See "The Great Depression."

[progree]

39. Most pension funds have a large percentage invested in stocks

and there is already a crisis of under-funded pension plans. OK, most workers aren't covered by traditional pensions, but more than a tiny minority are. In particular government workers at all levels (federal, state, local). Many cities, counties, and states have very seriously underfunded pension plans. Either the workers ultimately get screwed in retirement, or the taxpayers end up having to make up the difference (mostly likely a combination of both). State and local taxes are mostly regressive, so we're not talking about a problem disproportionately hitting the top 10%.

Then there's the overall "wealth effect" in reverse if there is a prolonged bear market. A slowdown or recession in the economy affects everyone, but low-wage workers are hurt the most by an economic downturn.

[kimbutgar]

41. Nowadays pensions and 401ks are a luxury to have in jobs.

That said I should have been more specific that the fluctuations of the daily markets do not affect poor and working people. A high Dow Jones percentage doesn’t equate to average peopel. It seems nowadays the up stock market helps those rich ceos and investors than the common working person.

[progree]

42. 32% of workers are saving in 401ks, 79% work for employers that offer them

Last edited Fri Jul 20, 2018, 08:00 PM - Edit history (1)

https://www.fool.com/retirement/2017/06/19/does-the-average-american-have-a-401k.aspx

According to data from the U.S. Census Bureau, only 32% of Americans are saving for retirement in a 401(k). Granted, that owes partly to the fact that 401(k)s are employer-dependent, and not every company offers one.

Data from the Census Bureau suggests that as little as 14% of all employers offer a 401(k), yet Census researchers recently estimated that 79% of Americans work for an employer that sponsors a 401(k)-style retirement plan. How is that possible? Large companies that employ high numbers of workers are the most likely to sponsor retirement plans.

All that said, not everyone who's offered an employer-sponsored plan actually takes advantage of it. Of those 79% of Americans who get the choice to fund a 401(k), only 41% opt to participate. As such, just 32% of the total workforce is saving in a 401(k).

Add to that pension plans that most government and public sector workers are covered by. And still some private sector workers.

All that adds up to maybe 40% or so or workers with one or the other or both. When we include the families they support, that is roughly 130 million people.

I should have been more specific that the fluctuations of the daily markets do not affect poor and working people.

If were talking about a big trade war, we're not talking about daily fluctuations. We're talking about a big risk of a multi-year bear market. I can guarantee that's going to affect low- and average-income people in many ways which I covered in my previous post (#39). Add to that lower tax revenues, resulting in less spending on benefits and services...

Or as The Velveteen Ocelot put it in #34:

If a company's stock loses value it can't borrow money as easily, if at all, or attract new investors; the result might be layoffs of employees, the lack of new job creation, or other measures that affect wages and jobs. A bad market affects people who don't own stock. See "The Great Depression."

Anyway, it looks like we've come to an impasse.

[Harker]

31. I don't think Trumpsky

ought to be "playing" with anything but himself.

[MrModerate]

32. Just when I thought Trump couldn't possibly be stupider . . .

He tops himself again. The man is a wonder.

[C_U_L8R]

33. Whaaaaa.... this ain't Monopoly, pal

Besides, aren't you the guy who keeps bankrupting things?????

[duforsure]

35. Is putin behind trumps trade wars?

If trump is putins puppet , which I think he is,absolutly is, it makes more sense putin is behind all this and well planned for him to use it , and to enrich russia by doing it which stands to make billions from it now. Its also designed by putin to hurt our economy here in this country with fo rrevenge, and will. trumps his puppet also being used to divide this country up with, creating chaos and confusion with putins campaign against the truth by using propaganda and psychological warfare by using well tested words and phrases , and using social media , and other avenues to infiltrate and divide us with. The problem is he is winning at it . Is putin behind trying to criminalize Hillary and soon Obama like he's used in Russia? How long before some in Congress start suggesting we lift sanctions for this terrorist soon? Why are the republicans even allowing terrorist putin to be invited into OUR White House now? Why aren't they threatening trump now to denounce this invite of this corrupt criminal putin? Are they planning to prevent any more elections soon? trumps claim no collusion is BS and he knows it when he conspired for a long time on this I believe, and we will eventually find out. Trumps trade wars is from putin , not trump , trump is just putins water boy.

[George II]

36. Here's an interesting fact:

When Obama took office the DJIA was 8077, on July 20 the following year it was 10198, +26%

When trump took office the DJIA was 19756, on July 20 (today)it is 25019, +26%!!!

Obama didn't think he could get away with a trade war.

[Crutchez_CuiBono]

37. Banks get bailed out...401Ks do not. Gamble w your own money dt.

[Dave Starsky]

43. He does not have the first clue what the fuck he's talking about.

He doesn't know what a trade war is, or how you "win" it.

He certainly doesn't understand what the stock market is, or how it interacts with trade.

He doesn't understand what banks are, or where they get their money.

He doesn't know how any of this stuff works.

He has an absolute 'zero-sum' understanding of economics. That is, if you are benefiting in any way from our agreement, then I must be losing in some way. That is the mindset of a toddler. It is the mindset of Donald Trump.

[applegrove]

44. A trade war also keeps workers' wages from rising. So there is that.

[GulfCoast66]

46. Thanks to Presidents Obama, Clinton and a good job

I have the rare opportunity to actually retire on time and live a pretty comfortable life.

Got out of Stocks except for a few 3 months ago. Earlier than I should have at 52 but this sob is going to crash the economy.

Maybe if we get a democrat president and Congress in 20 I will get back in for a few years.

Did the same thing with Bush. Got out in 07.

I call it my republican investment plan. Plan on investments going to shit when republicans govern.

Bonds and cash are sucky for earnings but at least halfway safe.