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ThinkProgress: Trump confidant dumped millions in steel-related stock last week (Also the Trade War thread)


No Excuses
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5 minutes ago, ExoDus84 said:

No surprise. This entire administration is corrupt as hell. There better be an investigation into this. As a country, we can't allow **** like this to happen.

 

 

Yeah, I'm sure the Justice Department is going to get right on this.

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https://www.vox.com/world/2018/3/2/17072300/trump-tariffs-steel-aluminum-disaster

 

When Donald Trump was running for president, many critics worried about the way he would make decisions while in office. Trump is a man prone to emotional outbursts with little knowledge about public policy issues; it was easy to spin worst-case scenarios in which he might put the country in danger on a whim.

It now looks like those fears are coming to life — that Trump has decided to put the global economy at risk because he was in a pissy mood.

The evidence for this scary-sounding theory comes from a Friday afternoon report published by NBC News, tracing Trump’s recent decision to slap large tariffs on imports of steel and aluminum. These tariffs have already prompted threats of retaliation from America’s leading trade partners; European Union President Jean-Claude Juncker has discussed putting tariffs on blue jeans, bourbon, and Harley-Davidson motorcycles — three iconic American exports. Australian Trade Minister Steven Ciobo is openly warning that Trump’s actions may cause another recession.

So how did Trump come to such a monumental decision? According to NBC’s sources in the White House, it was because he got some bad press:

 

According to two officials, Trump’s decision to launch a potential trade war was born out of anger at other simmering issues and the result of a broken internal process that has failed to deliver him consensus views that represent the best advice of his team.

On Wednesday evening, the president became “unglued,” in the words of one official familiar with the president’s state of mind.

A trifecta of events had set him off in a way that two officials said they had not seen before: Hope Hicks’ testimony to lawmakers investigating Russia’s interference in the 2016 election, conduct by his embattled attorney general and the treatment of his son-in-law by his chief of staff.

Trump, the two officials said, was angry and gunning for a fight, and he chose a trade war.

 

Think about that for a second. People inside the White House are telling the press that bad political news caused the president to become “unglued,” and that he decided the best way to respond to that was to launch a trade war. It’s policymaking out of sheer emotional pique.

 

 

 

 

 

SOMEONE GET THIS MAN A ****ING BLANKET OR SOMETHING.

Edited by PleaseBlitz
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2 hours ago, bearrock said:

Is anyone in support of this?  Even GOP lawmakers seem against it.  Maybe Russia benefits?

 

Assume steel makers are ecstatic.  

 

Assume that the direct effect of the proposed tariff will be that US steel makers will raise their prices by 20%.  (After all, the competition's price just went up 25%).  And will likely not add more jobs or pay.  Their costs remain the same, and their profits will skyrocket.  

 

Maybe some of them will make splashy announcements of hiring a few more people, that Trump can use for photo ops.  

 

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I think this is one issue where Trump is likely more in touch with his base than congressional and think tank conservatives. From my recollection, free trade policies do not poll well with the hardcore GOP base and they want more protectionist policies in place.

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6 minutes ago, No Excuses said:

I think this is one issue where Trump is likely more in touch with his base than congressional and think tank conservatives. From my recollection, free trade policies do not poll well with the hardcore GOP base and they want more protectionist policies in place.

 

I'm not sure that maybe a little bit of protectionism might not be a bad idea.  And I'm certainly not Trump's base.  

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33 minutes ago, No Excuses said:

I think this is one issue where Trump is likely more in touch with his base than congressional and think tank conservatives. From my recollection, free trade policies do not poll well with the hardcore GOP base and they want more protectionist policies in place.

Alot of Dems also love protectionism.   Big labor loves protectism.  This is one reason why Trump won.

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3 hours ago, PleaseBlitz said:

I just want to make sure I'm on record saying that I don't believe this is actually going to be implemented.  Trump gets mad and does dumb ****, because he is an angry dumbass.  There are smarter people around him that will change his mind (which is easy when your actions are not moored to any underlying reasoning or deeply held belief and, rather, are purely an expression of your id). 

 

This is the only consistent policy position he has ever had in his life. He's been screaming about protectionism since he first became famous in the 80s.

 

I think he actually believes that tariffs are good, and he finally just said "**** it!" and implemented them before anyone could tell him no.

 

I have to imagine that being Donald Trump over the past 40 years means that being told "No" is an extremely rare occurrence. And I think being president - especially being the kind of president he clearly wants to be - means being told "No" all the time.

 

It has to be driving him insane. To finally be the most powerful person on Earth.....and yet being denied in a year more than you ever have been denied in your life.

 

I almost pity the dumb ****.

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1 hour ago, No Excuses said:

I think this is one issue where Trump is likely more in touch with his base than congressional and think tank conservatives. From my recollection, free trade policies do not poll well with the hardcore GOP base and they want more protectionist policies in place.

 

I grew up in a steel town, which pretty much no longer exists. I grew up believing that Japan sent Godzilla over here and he literally "dumped" cheap steel all over the country, and that meant that my cousin no longer had a job.

 

I haven't looked at my hometown papers, but I imagine this news is being treated like an announcement that from now on, it's going to be Christmas every day.

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I actually suspect that Carl Icahn sold this stock without insider information.  He's worth 30 billion dollars, and this was almost nothing to him (and the stock had been trending down before Trump spoke up).  

 

Icahn is a scumbag, but this may turn out to be a nonstory. 

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35 minutes ago, Lombardi's_kid_brother said:

I almost pity the dumb ****.

 

I pity this country. We are at the mercy of a mentally decaying narcissist who needs to be coddled and spoon fed pleasantries just to get out of bed in the morning and act like a ****ing adult. This dumbass can't withstand the fact that rules won't allow his corrupt, frantic, and childish behavior to run completely unchecked, and his response to the situation is to lash out and start an international trade war? It's pathetic and dangerous.

15 minutes ago, Predicto said:

I actually suspect that Carl Icahn sold this stock without insider information.  He's worth 30 billion dollars, and this was almost nothing to him (and the stock had been trending down before Trump spoke up).  

 

Icahn is a scumbag, but this may turn out to be a nonstory. 

 

It's an awfully big coincidence to liquidate your holdings in a steel company just days before your buddy announces a steel tariff that would cause a market crash of said steel companies' stock. WIth an administration that's as ass backwards and corrupt as this one, there's no way I'm giving them the benefit of the doubt.

Edited by ExoDus84
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Note to Trump voters:
that painful sensation in your ass is just the wind. 

Nothing to worry about. Just shut up and bite the pillow.

 

I'd say **** these ****ing people, but they seem to like it too much.

 

~Bang

 

 

Edited by Bang
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12 minutes ago, No Excuses said:

"Trade war will be easy to win"

 

"We'll be home by Christmas."

 

But I will point out, we knew this.  Before he was even elected, it was pointed out, right here on ES, that Trump's economic plan consisted of:  

 

1)  Start a trade war.

2)  Default on the national debt.

3)  And expel our entire agricultural workforce.  

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