As the stock market continues to slide, Trump has a temper tantrum and orders that Canadian steel and aluminum tariffs be raised to 50 percent. This was in response to Ontario’s government slapping a 25 percent tax on electricity exports to the U.S. Today’s editorial pages are all robustly using the “R” word — recession. We aren’t in one yet, but it’s hard to see how we aren’t heading in that direction. Update: Apparently Ontario has backed off.
Trump is supposed to be meeting with a bunch of CEOs today. Maybe they’ll tell him to calm down about the tariffs. CNN is reporting that investors have had it with the tariff chaos. Trump obviously has no idea what he’s doing but still thinks tariffs are the magic pill that will make everything better.
Also, the House is expected to vote on the continuing resolution to keep the government funded later today. No one knows if Speaker Johnson has the votes.
This morning I learned that blogger Kevin Drum died of cancer recently. You’ll remember his Friday Cat Blogging as well as his commentary. He was one of the good ones.
Apparently Eloon is losing his ass on several fronts one of course being those crappy cars he sells. Stump today had him in front of the White House with a lineup of his cars to sell. Yes that actually happened!
Tesla shares climb as Trump shows off a line of the vehicles in front of the White House | CNN Business
Off-topic but very significant: The former president of the Philipines has been arrested and deported to the Hague to stand trial for "Crimes against Humanity." Trump praised Duarte for exactly the crimes he will stand trial for.
https://www.msn.com/en-us/news/world/former-philippine-president-rodrigo-duterte-detained-on-icc-warrant-for-crimes-against-humanity-government-says/ar-AA1AENdu
The word of today from Steve Liesman (respected economist) is insane. From Thomas Friedman of the NYT crazy gets the nod. I am going with two words Rubber Room as I like solutions to problems.
I will let Friedman write about our problem.
The stunt that didn't get the press it deserves is Trump announcing outside the WH with Muck in attendance that Trump bought a Tesla, complete with photo ops of Trump sitting behind the wheel ooohing and ahhing. It's easy to get lost in the absurdity and miss the tragic significance.
Trump is doing NOTHING about higher food prices, or the housing shortage. You'd think he's not concerned about the economy – he's rich. But Trump rearranged his day to boost Tesla because sales have slumped badly worldwide and Elan needs a transfusion of sales. And you see the deep compassion Trump has for anyone more wealthy than he is, a list of less than a thousand people in the US.
And of course, it will never become public, but my guess is that Drumph and his adult children plus son-in-law all bought lots and lots of Tesla stock while it was way down recently. Guess who is going to sell a lot of Tesla stock tomorrow? 1st lasy is cooking Pumpadumpa goulash for dinner in the white house tonight.
I would really like to reread two paperback books of my youth, The Ugly American and the Fleecing of the Lambs. Who would have guessed hard cover a better choice for both of them. Our present is a rerun.
Chaos and uncertainty. The exact opposite of what I wanted in my old age.
https://s3.crackedcdn.com/phpimages/imageset/4/2/8/1256428.jpg
Giant pools of money to steal:
If the stock market crashes and all of the value that you and others thew at the markets over the past 50 years evaporates. The oligarchs can buy up the useful stuff on the cheap and let the rest tank. Privatize Social security and there can be a huge new influx of money into the hands of the oligarchs. Rinse, repeat.
Just note that all the big money boys invested heavily on AI and now need to force-feed the product on to someone… the perfect mark is the US Gov.
As I work in a rural sunbelt state I see all of these retirees play with their very expensive toys and wonder how this luxury can be maintained. If they have no monthly check for monthly debt maintenance, no National Forests to drive their buggies on, and nowhere to park their 3-axle gooseneck campers on Federal lands, what next?
Blame the victim: if you were not talented enough to have been born into money, you are a loser… the logic goes.