central banks David Stockman trade

David Stockman: ‘Trump Is Pointing At The Wrong Bureaucrats’

"But two things are absolutely clear about the "why" of this $15 trillion calamity. To wit, it was not caused by some mysterious loss of capitalist enterprise and energy on America's main street economy since 1975. Nor was it caused---contrary to the Donald's simple-minded blather---by bad trade deals and stupid people at the USTR and Commerce Department."

"But two things are absolutely clear about the "why" of this $15 trillion calamity. To wit, it was not caused by some mysterious loss of capitalist enterprise and energy on America's main street economy since 1975. Nor was it caused---contrary to the Donald's simple-minded blather---by bad trade deals and stupid people at the USTR and Commerce Department."
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3 comments on “David Stockman: ‘Trump Is Pointing At The Wrong Bureaucrats’

  1. Gary Seth

    But what do we do to fix it ? Alas, hindsight is always 20/20 . Philosopher Soren Kierkegaard is quoted : ” Life can only be understood looking backward , but it has to be lived going forward ” ; you can only connect the dots looking backward , Steve Jobs ; I like physicist Niels Bohr ‘ s ” prediction is very difficult , especially about the future ” . Now , I ‘ m always telling people that America today is broken in a Million ways , it will take a Million little solutions . America must get pragmatic – and cease every ‘ shoot yourself in the foot ‘ practice and methodology .
    The Trade imbalance that has decimated the manufacturing infrastructure and workforce has gone on so long – many generations now – America may have lost its seed corn . I am not formally educated in economics but I espouse two principles : Heraclitus ‘ s ” You can never step in the same river twice ” supersedes Mark Twains ” I don’t know if history repeats , but it sure rhymes a lot ” ; My own postulate ( maybe George Gilder touched upon ) That Classical economics may no longer be applicable . That ” Quantum Economics ” rules now apply .
    But pontificating endlessly does not change the facts on the ground : Americans are hurting and hurting bad . I don’t see any serious attempt at staunching the flow of the blood letting in the hallowing out of America . Lennon ( John ) , wrote there are no problems only solutions . In Pres. Trump’s Inaugural Add. He spoke of The Carnage , to me the tax cut Bill is not pragmatic I.e. Another ” Shoot Yourself In The Foot ” policy . Considering QE and ZIRP , The Tax Cut is the last of the Ammo the Fed Has . Or put it another way : Some People On The Titanic Are Getting A LifeBoat . Few of us can easily surrender our belief that society must somehow make sense. The thought that The State has lost its mind and is punishing so many innocent people is intolerable. And so the evidence has to be internally denied.” – Arthur Miller – Playwright

  2. Hats off to DS he is on fire.

  3. Plutocracy is as plutocracy does. They (the ultra-rich) will always create, promote, and enforce legislation that fills their coffers at the expense of anyone and everyone else. Both parties have climbed in bed with big money and big business. Not an equivalency mind you – the GOP has always been the party of business – but together nonetheless. In my mind the average American does not owe the S&P 500 companies a damn thing. A good start is removing private money from and therefore shortening the election cycle, freeing legislators from cold calls for the next “bribe” and allowing legislation that actually addresses the needs of their districts and nation.

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