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Thread: Trump's Economy

  1. #241
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    This goes terribly wrong at some point. You cannot lend what you do not have.

  2. #242
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    Trump slams companies for using U.S. tax credit to buy back stocks

    WASHINGTON (Reuters) - U.S. President Donald Trump on Friday took Boeing Co and some airlines to task for buying back shares with the cash boost from a 2018 tax break, vowing to ensure that companies benefiting from coronavirus stimulus won't follow suit.

    Corporations buy back their own shares as a way to invest in themselves. By reducing the number of outstanding shares, a company can boost its stock price, and it is one way corporations add value for shareholders.

    Earlier this week, Trump said he did not like share buybacks, when asked by reporters if they would be permitted by a stimulus package being hashed out in Congress to help the American economy recover from the coronavirus.

    The Republican president doubled down on his comments on Friday, when asked by a reporter during a news conference if the buybacks like those by Boeing and some airlines were a "deal breaker" for him.

    "I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

    Trump's views on potential buyback restrictions matter because he would need to sign any stimulus package approved by Congress.

    Boeing did not immediately respond to a request for comment.

    The Tax Cuts and Jobs Act passed by Republican lawmakers in December 2017 - the biggest overhaul of the U.S. tax code in more than 30 years - slashed the corporate income tax rate and charged multinationals a onetime tax on profits held overseas.

    The move prompted major U.S. corporations to bring home cash from abroad and ratchet up share buybacks. However, there was little evidence of companies reinvesting much of that money to expand, one of the goals of the overhaul.

    Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."

    "I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.
    ___________

    Retard McChucklefuck showing once again what kind of moron he is. What did he expect was going to happen??

    My god who the hell puts an intellectually stunted child like Donald Trump in the Oval Office??

    Oh, right.
    TwentyFiveFortyFive

  3. #243
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    and then there are the Senators whom took US intel reporting on the coronavirus, warned the rich donors, and cashed out on the stock market....
    There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov

  4. #244
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    Quote Originally Posted by snapper View Post
    This goes terribly wrong at some point. You cannot lend what you do not have.
    snapper,
    Have a look at this graph:
    https://fred.stlouisfed.org/series/EXCSRESNW

    See the flat line at the bottom? The one with all the years below it?
    That’s the minimum required level of reserves.
    Anything above that line is excessive.
    Now, note the scale of the left … those are millions, as in millions of millions = trillions.
    Get it?
    Trust me?
    I'm an economist!

  5. #245
    Senior Contributor DOR's Avatar
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    Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
    One more reason the man is unqualified for office, high or otherwise.
    Trust me?
    I'm an economist!

  6. #246
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    Quote Originally Posted by DOR View Post
    snapper,
    Have a look at this graph:
    https://fred.stlouisfed.org/series/EXCSRESNW

    See the flat line at the bottom? The one with all the years below it?
    That’s the minimum required level of reserves.
    Anything above that line is excessive.
    Now, note the scale of the left … those are millions, as in millions of millions = trillions.
    Get it?
    But if you have zero assets how can you with any prudence lend? One default of a loan and you are bankrupt.

  7. #247
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    Quote Originally Posted by snapper View Post
    But if you have zero assets how can you with any prudence lend? One default of a loan and you are bankrupt.
    Who has zero assets?
    Even Lehman Bros had something, it just wasn't enough.
    Trust me?
    I'm an economist!

  8. #248
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    Quote Originally Posted by astralis View Post
    and then there are the Senators whom took US intel reporting on the coronavirus, warned the rich donors, and cashed out on the stock market....
    I needed to check into Feinstein because I was getting so much grief about it on Mopar forum where many are Trump lovers and California haters. Feinstein's assets have been in a blind trust but her husband's are not since he is an investment banker. The stock he sold, $500,000 - 1,000,000, was a biotech start up making a new cancer drug for possible use. He bought it in 2018 at $18 a share and sold it at $21.38 a share or at it's lowest level in 2020 at the time. Feinstein wasn't present at the intel meeting.

    It has since gone up to $27 a share in mid-March right when everything else was tanking. I moved my 35 year old S&P 500 index fund over to a money market one week before the market tanked. So it sounds to me that Blum was re-arranging his portfolio (stock a small portion) more than anything else since that company would have no exposure to what happened in the market.
    Last edited by tbm3fan; 21 Mar 20, at 19:12.

  9. #249
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    yeah, it's not equivalent to what Burr and Loeffler did, at all.

    but that won't stop the false equivalence brigade.

    I agree with the idea that if you're gonna be in Congress, you must divest of all individual stocks.
    There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov

  10. #250
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    unemployment insurance claims shot up to 3.3 million this week...and it's only been a week since a number of states started doing shelter-in-place, let alone full lockdown. as context, Goldman Sachs last week thought it was going to be 2 million; BOA was more accurate and predicted 3 million.

    so things are worse than even the worse projections. Fed Reserve Bank of St Louis Prez thinks unemployment will hit 30% in the second quarter, and that was -before- this data came out.

    here's where the statistic about 40% of Americans not having $400 for an emergency is about to rear its ugly head.

    Trump is being insanely...optimistic...if he thinks the US will be "open for business" by Easter, but even then...that's 17 days away.

    Mnuchin is saying that the stimulus should arrive in American checking accounts in three weeks. the $1200/American cavalry to the rescue will need to do a lot of rescuing.
    There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov

  11. #251
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    Quote Originally Posted by astralis View Post
    I agree with the idea that if you're gonna be in Congress, you must divest of all individual stocks.

    I could live with all investments being placed in a blind trust while you serve.

    But your suggestion is the preferred method. When I joined civil service after years as a contractor I divested $17,000 of defense mutual funds since I was entering the Acquisition Corps and wanted to be Caesar's Wife.
    “Loyalty to country ALWAYS. Loyalty to government, when it deserves it.”
    Mark Twain

  12. #252
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    Quote Originally Posted by astralis View Post
    I agree with the idea that if you're gonna be in Congress, you must divest of all individual stocks.
    Even if they invest in an S&P_500 index fund, 17.5% (as of Jan 2020) of that index is comprised of only 5 large tech stocks (Apple, Microsoft, Alphabet, Amazon, Facebook). So government policy favoring for those five, for example some legislation increasing government spending on cloud computing, would favor that index, would favor investment in any mutual fund closely tracking that index.
    Last edited by JRT; 27 Mar 20, at 17:22.
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  13. #253
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    The 2021-30 Budget

    The non-partisan Congressional Budget Office released its assessment of the President’s budget this week, and there are a few items that jump right off the spreadsheet.

    Overall, during 2021-30, the White House wants $936 billion more in revenue, and $3,006 billion more spending … as compared to just 12 months ago … for an increased deficit of $2,070 billion and an extra $10,573 billion in federal debt held by the public.

    As a bone to the miniscule portion of the GOP that still pays lip service to the notion of being fiscally responsible, for every dollar reduction in defense spending, four dollars will be cut from other discretionary spending.

    In the 2021-30 period, and in comparison to March 2019 …

    • $581 billion less for healthcare, $111 billion less for student loans, and $72 billion less for income security.
    • $14.62 billion less temporary assistance to needy families, probably because everyone’s doing so well.
    • $7.03 billion less money for low-income households heating bills.
    • $1,167 billion less revenue from individual and estate and gift taxes. That’s only paid by the upper, upper class.


    https://www.cbo.gov/publication/56278
    Trust me?
    I'm an economist!

  14. #254
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    Quote Originally Posted by DOR View Post
    The non-partisan Congressional Budget Office released its assessment of the President’s budget this week, and there are a few items that jump right off the spreadsheet.

    Overall, during 2021-30, the White House wants $936 billion more in revenue, and $3,006 billion more spending … as compared to just 12 months ago … for an increased deficit of $2,070 billion and an extra $10,573 billion in federal debt held by the public.

    As a bone to the miniscule portion of the GOP that still pays lip service to the notion of being fiscally responsible, for every dollar reduction in defense spending, four dollars will be cut from other discretionary spending.

    In the 2021-30 period, and in comparison to March 2019 …

    • $581 billion less for healthcare, $111 billion less for student loans, and $72 billion less for income security.
    • $14.62 billion less temporary assistance to needy families, probably because everyone’s doing so well.
    • $7.03 billion less money for low-income households heating bills.
    • $1,167 billion less revenue from individual and estate and gift taxes. That’s only paid by the upper, upper class.


    https://www.cbo.gov/publication/56278
    Definitely a market economy philosophy where those who can't contribute anything to the exchange of money uphill are not worth shi!.

  15. #255
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    geezus, 6.6 million unemployment claims reported this week; combined with the 3.3 million from last week, 10 million jobs lost in 2 weeks.

    6.6 million was -again- 50% above the HIGH range of predictions. I have a feeling this is just the start, because the lockdowns are only gonna get worse in the upcoming 2 weeks.
    There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov

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