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Orange Blooded [4209]
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Orange Blooded [2300]
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And this bothers enough to post about it for what reason?
May 22, 2024, 2:31 PM
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The NY Fed's main inflation measure shows inflation at 2.6%. I know that's just a tick below hyper-inflation territory (eyes roll).
But anyway, feel free to think this somehow means we're about to collapse as a nation.
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Orange Blooded [4209]
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Orange Blooded [2300]
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Orange Blooded [4209]
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Multivariate Core Trend Inflation.
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May 22, 2024, 4:48 PM
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Is this “pick your inflation” day? Try explaining what multivariate means to the average us citizen…
So you are going to pick a measure that was created in 2022, by the Fed bank in NY expressly for the purpose of making Bidenflation look good?
For those of you who don’t know what MCT inflation is, here is a summary:
The Multivariate Core Trend (MCT) model proposed by the Federal Reserve Bank of New York in 2022/4 measures the persistence and breadth of 17 core inflation items in PCE prices, and disassembles the core inflation items into: common trends, sector-specific trends, common transitory shocks, and sector-specific transitory shock, and finally weights the trends/shocks according to expenditures to calculate the sum of the common and the sector-specific trends. Compared with core PCE prices that only remove food and energy items, the MCT model further eliminates the temporary part of core inflation items to better observe the persistence and breadth of core inflation, and dismantling the components of core inflation will also help Looking forward to the future trend of core inflation, for example, at the beginning of 2021, core inflation began to be dominated by a common trend, leading the increase in core PCE prices.
So, in addition to taking away food and energy prices , this measure goes further to exclude the remaining 30% average Americans’ daily spending. Totally bogus.
Nice find! Got any more hilarious measures of inflation?
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All-TigerNet [13608]
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Smitty! You just got owned, brah.***
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May 22, 2024, 9:14 PM
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Orange Blooded [2300]
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In your fact-free universe, sure****
May 23, 2024, 11:57 AM
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110%er [7634]
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Homey dont play that
May 23, 2024, 2:13 PM
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You’re late, but can still are the L and surface again with some new ‘Biden are Great’ tidbits.
(Next time, avoid using fancy sounding terms that you don’t understand. You can get away with that routine on the GT Yellow Streak message board, but not here on TNet.)
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Orange Blooded [2300]
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You probably know I'm right, and won't admit it here in front....
May 23, 2024, 9:57 PM
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of your Red Hat buddies on this board.
Or maybe you're just as ignorant as the rest of them.
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Orange Blooded [2300]
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Yes, because you know more than the NY Fed....
May 23, 2024, 11:56 AM
[ in reply to Multivariate Core Trend Inflation. ] |
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If the Fed was trying to "make inflation look good", they wouldn't have raised rates, which certainly didn't make Biden look good.
Find a brain!
We can look at the Atlanta FED, too, which uses "Core PCE" as a common measure, and it's at 2.8%. OMG, we're all dead!!!!!
I know you guys hate the fact that inflation was tamed without a recession. But that's because you're focused on making Biden look bad instead of actually understanding economics.
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All-TigerNet [11697]
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I'm still going to say no cuts this year...
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May 22, 2024, 2:46 PM
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Rates should have been raised much quicker and much higher than when they started. Had we reacted quicker, rates would be lower and inflation should be in check.
Back in March of 2021 Biden and the Fed called inflation "transitory" and nothing to worry about. We hadn't even started raising rates at the time.
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Orange Blooded [2300]
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Most of it was transitory....
May 22, 2024, 3:43 PM
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We went from somewhere around 9% down to 3% range without any job losses or any hint of a recession.
So, this was inflation that would have gone away even without Fed action, because it was driven by temporary pandemic-induced supply chain disruptions.
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All-In [25496]
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Down the rabbit hole, eh...?***
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May 22, 2024, 11:51 PM
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110%er [7634]
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Re: Down the rabbit hole, eh...?***
May 23, 2024, 2:14 PM
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Deeper and deeper and deeper he goes.
Round the bowl and down the hole.
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Orange Blooded [4209]
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BS. If it were truly temporary, we would have experienced deflation
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May 23, 2024, 7:18 AM
[ in reply to Most of it was transitory.... ] |
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But no…. That 9% bidenflation is forever baked into prices. To be compounded on top of for eternity
Want to understand Biden’s problem, just do a little math.
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Orange Blooded [2300]
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Wages have already caught up to and surpassed inflation....
May 23, 2024, 11:52 AM
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And some prices have actually come down. We don't want broad-based deflation, which would actually be worse, as that would indicate we're in a full-blown recession.
So, in summary, once again you're wrong.
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Orange Blooded [4209]
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Bull Crap - If it were truly transitory, a one time 10% drop in prices
May 23, 2024, 1:19 PM
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Wouldn’t be a problem.
But let’s be straight you know and we all know it’s structural inflation caused by bidenomics
It’s not going away, it’s here to stay, and he’s a lying fool for ever saying it
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Orange Blooded [2300]
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Vast majority is transitory from pandemic-related supply shocks....
May 23, 2024, 7:08 PM
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Bernanke & Blanchard, world-renowned economists agree with me.
https://www.piie.com/sites/default/files/2024-05/wp24-11.pdf
Our conclusions were that the pandemic era inflation in the United States was initially the result of a series of adverse relative price shocks and sectoral shortages, each of which had a strong but largely transient effect on inflation.
This is why inflation went up to 9% and back down to 3% without any job losses. That's the definition of transitory, genius.
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110%er [7634]
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Oculus Spirit [98609]
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Oculus Spirit [98609]
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I agree. In all honesty the Fed can't raise rates much higher if they wanted
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May 23, 2024, 8:37 AM
[ in reply to I'm still going to say no cuts this year... ] |
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When you get around 8-10% you have some serious concerns about the federal government's solvency. So they stopped at a level where the government could survive, but still impact lending. Over time this approach will work, but I think the downside will be more harsh and last longer as a result.
What's more amazing, and few people know, but inflation started spiking FAR earlier than most people knew. It wasn't until people started complaining about groceries in early 2022 that it was even addressed. I know we closed on our house refi in 11/2021 and at that time we had the lowest rate the lawyer had ever had at a closing. 2.125%. I told the lawyer someone was going to get burned with this rate. But in February of 2021 CPI was at 1.7%. By November, when we closed on our refi, and mortgage rates were at rock bottom, CPI was at 7%. So CPI had jumped from 1.7% to 7% in 8 months, and the fed still had rates at 0-.25%, and LENDERS were offering their lowest rates ever, without even considering inflation was on the rise ALREADY, and had been for 8 months.
This is why the fed was WAY too slow to react. And the markets and everyone else are going to be slow to react as well, as they are still thinking all of this is transitory just like the Fed did on the front end. It took the fed 9-10 MONTHS to realize inflation was a problem and START to address it. It will take the markets 9-10 months to realize rates are NOT going to come down, for the economic impact to happen. We're in month 10 since the last rate hike.
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Oculus Spirit [82343]
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Rates should have never gotten that low.
May 23, 2024, 9:03 AM
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It made part of the inflation mess and all of the housing problems we have now.
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All-Conference [416]
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Well according to ClemChem they are working hand in hand
May 22, 2024, 2:46 PM
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with Biden in a grand conspiracy, so whatever actions they take will be at Biden’s orders.
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All-In [43019]
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Hold up
May 22, 2024, 8:47 PM
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Remember how you said you support Trump’s proposed economic policies that will support more inflation? How about his plan to take over the Fed?
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All-In [25496]
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But T-Rump!!! How does he have anything to do with the current fustercluck?
May 23, 2024, 8:42 AM
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Everything you mention is hypothetical speculation regarding the future while totally absolving 3.5 years of dismal policy.
As to the FED, they've been screwing the general public and making chosen financial elites wealthy since 1913... cyclically.
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110%er [7634]
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Re: But T-Rump!!! How does he have anything to do with the current fustercluck?
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May 23, 2024, 2:18 PM
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True to form, Cat’s first post in a thread contains a reference to Trump.
This obsession can only be explained by one thing: unrequited love.
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All-In [25496]
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Or maybe distant memories of those nights on the Golden Escalator...?***
May 23, 2024, 2:23 PM
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Orange Blooded [4209]
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Must be nice to live in your theoretical pretend world
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May 23, 2024, 1:25 PM
[ in reply to Hold up ] |
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Whereas the rest of us live in the real world where we see the actual impact of Biden’s economic policy (bidenomics as he himself used to call it 🤣) on the prices of the food we eat, the gas we fill our cars with, and the materials we build and fix our houses with. You know, the real stuff that real people spend their real #### money on.
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All-In [43019]
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Oh, I'm not defending Biden's economics
May 23, 2024, 1:28 PM
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The Biden administration is absolutely guilty of contributing to this inflation. I've felt those effects just as much as anyone.
But again, YOU are pining for a candidate who has said himself that he will take economic actions that will cause potential hyper inflation and give the president way too much control of the Fed.
So if you hate inflation, why are you so much in support of a man who is vowing to make it worse?
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All-In [25496]
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Theoretical BS. We are currently experiencing hard facts.***
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May 23, 2024, 1:34 PM
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Orange Blooded [4209]
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Unicorns, fairy tales, and big bad dragons
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May 23, 2024, 1:52 PM
[ in reply to Oh, I'm not defending Biden's economics ] |
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Why don’t we use some real examples the last time Trump introduced tariffs….
When the Trump tariffs were imposed, U.S. producers enjoyed some breathing room from China’s predatory trade. In fact, domestic manufacturers of steel and solar products have increased production and added jobs.
Significantly, the U.S. inflation rate remained under 3 percent throughout the Trump presidency. In fact, the rate of inflation in the United States actually declined after 2018, when the Trump tariffs were imposed.
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All-In [25496]
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You won't dissuade his TDS... It's almost like he was brainwashed by Birm.***
May 23, 2024, 2:20 PM
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All-In [43019]
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Here. Read.
May 23, 2024, 4:11 PM
[ in reply to Unicorns, fairy tales, and big bad dragons ] |
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This isn't stuff I'm making up. Trump is proposing it.
And it's all stuff no conservative would support.
Copied and pasted so you don't have to worry about the paywall.
Is Corporate America in Denial About Trump? Despite his populist promises, many bigwigs are keeping the faith that it couldn’t really happen here.
Credit...Illustration by Alex Merto
Share full article
1.1K Jonathan Mahler By Jonathan Mahler Jonathan Mahler is a staff writer for the magazine.
April 7, 2024 There was anxiety in the thin mountain air when the planet’s economic leaders gathered in January at Davos for the 54th meeting of the World Economic Forum. Donald Trump had just trounced Nikki Haley in the Iowa caucuses, all but securing the Republican nomination for president. Haley was reliable, a known quantity. A resurgent Trump, on the other hand, was more worrying.
Listen to this article, read by Edoardo Ballerini The Davos attendees needed reassurance, and Jamie Dimon, the chairman and chief executive of JPMorgan Chase, had some to offer. In an interview with CNBC that made headlines around the world, Dimon praised Trump’s economic policies as president. “Be honest,” Dimon said, sitting against a backdrop of snow-dusted evergreens, dressed casually in a dark blazer and polo shirt. “He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade. Tax reform worked. He was right about some of China.” Asked which of the likely presidential candidates would be better for business, he opted not to pick a side.
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“I will be prepared for both,” he said. “We will deal with both.”
Dimon presides over the largest and most profitable bank in the United States and has done so for nearly 20 years. Maybe more than any single individual, he stands in for the Wall Street establishment and, by extension, corporate America. With his comments at Davos, he seemed to be sending a message of good will to Trump on their behalf. But he also appeared to be trying to put his fellow globalists at ease, reassuring them that America, long a haven for investors fleeing risk in less-stable democracies, would remain a safe destination for their money in a second Trump administration.
ImageJamie Dimon, the chairman and chief executive of JPMorgan Chase, gesturing as he spoke during a congressional oversight hearing on Wall Street firms. Jamie Dimon, the chairman and chief executive of JPMorgan Chase, here testifying before Congress in 2023, has attempted to reassure global business leaders the economy would remain stable during a second Trump administration.Credit...Evelyn Hockstein/Reuters But would it? As Dimon noted, for all Trump’s extreme rhetoric in the 2016 campaign — his threats to rip up America’s international trade agreements and his attacks on “globalization” and the “financial elite” — his presidency, like most presidencies, proved to be business-friendly. Corporate America wound up with plenty of allies in the administration, from Secretary of the Treasury Steven Mnuchin, a former Goldman Sachs executive; to Secretary of Commerce Wilbur Ross, a Harvard Business School-educated bankruptcy guru; to Trump’s son-in-law Jared Kushner, an aspiring Wall Street player. And the Trump administration’s economic agenda of reduced taxes and deregulation largely suited corporate America’s interests; JPMorgan saved billions of dollars a year thanks to Trump’s corporate tax cuts.
But Trump and those around him are signaling that a second Trump administration would be very different. They promise a more populist economic agenda and a more populist governing style to match, with steep tariffs on imported goods and punitive measures against companies that do business with China. And his team has been clear about the fact that Trump is ready to move ahead without the blessing of the business community. “You’ll see loyalists,” says Brian Ballard, a fund-raiser and former lobbyist for Trump. “Wall Street’s supermen who thought they were the smartest guys in the room? That sort of stuff he won’t tolerate.”
Scholars who have spent their careers studying populist movements are not confused about what to expect. They have seen this sequence of events play out before, to disastrous effect not just on democracies but on businesses — and business leaders. If history offers any guide, they say, it’s that the Davos crowd should be a lot more concerned about a second Trump term.
For all the free-floating anxiety at Davos, America’s executive class seems to be maintaining a base-line faith that its interests aren’t really on the ballot in November — that no matter who occupies the White House, the conditions that have kept it at the center of the global economy for a century aren’t in any real danger. But those conditions could easily change, and significantly.
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There may be nothing executives can say or do that would make a difference at this point. But they might want to start considering their options. “There has been this sense among business leaders that we can work with these people even if they sound kind of revolutionary because they will give us some things that are useful,” says Rawi Abdelal, a political economist and professor at Harvard Business School. “They are missing that this is a moment of systemic danger for capitalist systems as we know them, and globalization as we know it.”
Image Donald Trump seated onstage at the World Economic Forum meeting in Davos, Switzerland, in 2018. Trump in Davos in 2018. His campaign team has signaled that it is ready to move ahead on its policies without the blessing of the business community.Credit...Carlos Barria/Reuters The End of (Economic) History For decades, America’s business leaders got more or less what they wanted from the White House, regardless of who occupied it. Communism had fallen, the Cold War had ended and nations around the world were opening up and integrating. The battle of ideas was over, presumably forever; capitalism had won. “At the end of history, there are no serious ideological competitors left to liberal democracy,” the American political scientist Francis Fukuyama wrote in his 1992 book, “The End of History and the Last Man.”
History had ended before. The Gilded Age of the late 19th century marked the last, climactic chapter of decades of largely unconstrained corporate growth and ostentatious displays of private wealth. Then, as now, populists protested. Depression and war came next, accompanied by a new regulatory regime — the New Deal. Years of rapid growth and reduced income inequality followed, but they came to an abrupt halt with the oil crisis and recession of the mid-1970s. Free-market orthodoxy, now in the name of “neoliberalism,” began another ascent under the Democratic regime of Jimmy Carter and reached its full flower under Ronald Reagan’s presidency in the 1980s.
The Democrats who followed Reagan largely hewed to the same pro-business handbook, limiting government interference in the economy. Corporate America, and Wall Street in particular, rarely shy in their efforts to capture the government and deploy regulatory powers to their own ends, found an increasingly warm welcome in Washington. They sent a steady stream of people into positions of power in each successive administration, while at the same time hiring armies of lobbyists and donating generously to political campaigns and political action committees to preserve the status quo.
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‘The business community here doesn’t understand what is about to hit them.’ After Brexit — the United Kingdom’s withdrawal from the European Union in 2016 — there could be no doubt that history had started again. A new populist wave had already been swelling for years, but the world’s business leaders were nevertheless blindsided by the referendum’s passage, having vastly underestimated the growing backlash against globalization. Stock markets around the world tanked as investors worried about what this wave of nationalism might mean for Europe and the broader economy. For many British businesses, the effects of Brexit have been devastating, reducing investments, increasing costs and creating both labor and supply shortages. Populism has continued its march ever since, with citizens around the world seemingly eager to burn down the neoliberal global economic order.
Trump’s rise seemed to mark the arrival of this wave on America’s shores, but his antiglobalist rhetoric on the stump didn’t amount to much once he was in office. The business community got the tax cuts and deregulation that it wanted, even if Trump’s public image created problems for executives who had to answer to shareholders or employees. After Trump’s comments defending white supremacists at the protest in Charlottesville, Va., in 2017, a number of prominent executives resigned from two presidential business advisory councils, forcing him to disband the groups. Then, when Trump refused to accept the results of the 2020 election, and again in the aftermath of the attack on the Capitol on Jan. 6, 2021, nearly 50 chief executives, including the heads of Johnson & Johnson and Walmart, came together to rally behind America’s democratic institutions. Still, when all was said and done, the Trump presidency was good for business leaders, driving up stock prices and spurring an increase in mergers and acquisitions and initial public offerings.
Their memories of that era have surely been made rosier by their frustrations with President Biden, who has been a much more proactive regulator. His Securities and Exchange Commission has issued a raft of rules constraining the conduct of financial institutions; his Federal Trade Commission and Justice Department have begun an aggressive antitrust crusade; and his National Labor Relations Board has pursued an unambiguously pro-union agenda.
The Biden administration is also notably light on former corporate executives. “Nobody there is wired into the business world, even in seats where you would normally find them, like Treasury or commerce,” says Lloyd Blankfein, the former chairman and chief executive of Goldman Sachs. “And they don’t seem to want any.”
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But scholars of populism warn that a second Trump administration could be far more destabilizing to America’s business leaders and to the larger global economic order. Rachel Kleinfeld, a senior fellow at the Carnegie Endowment for International Peace, detailed the many potential dangers ahead in a report last year, “How Does Business Fare Under Populism?” Examining the recent economic histories of Hungary, Brazil and India, she found that populist governments significantly increase volatility and risk by using their regulatory power to tilt markets or outright take control of businesses. The report makes for ominous reading for those accustomed to the comfort and stability of the neoliberal orthodoxy. “The business community here doesn’t understand what is about to hit them,” Kleinfeld told me.
Image Donald Trump giving a thumbs up while leaving a news conference in Davos in 2020. Scholars warn that a second Trump administration could be destabilizing to America’s business leaders and to the larger global economic order.Credit...Jonathan Ernst/Reuters ‘Massive Economic Shock Waves’ Trump has made no secret of his intentions. Over the course of his campaign, he has outlined a radical program of protectionism, calling for a phaseout of all “essential goods” from China, as well as a ban on investments in China and on federal contracts for any company that outsources labor to China. All of this would be concerning enough for American business. But Trump has also proposed a 10 percent tariff on all imported goods, which would amount to the declaration of a global trade war, with other countries almost certainly retaliating with their own tariffs.
Together, these protectionist policies would drive up the cost of goods, create sweeping supply-chain issues and quite possibly cause hyperinflation. “We’re talking about massive economic shock waves,” says Lisa Graves, executive director of True North Research, a national watchdog group that studies government oversight of business. And tariffs are just the beginning. Trump’s promise to initiate what he calls “the largest deportation operation in American history” could be catastrophic for employers already facing a tight labor market.
Trump’s evolving policy views are in step with the broader populist migration of the conservative movement. Last year, Project 2025, an effort of more than 100 conservative organizations led by the Heritage Foundation, published a 900-page report called “Mandate for Leadership: The Conservative Promise,” which is essentially a blueprint for a second Trump administration. In addition to embracing radical protectionism, it calls for the next president to reduce the power of the Federal Reserve, limiting its ability to serve as a so-called lender of last resort for banks and other financial institutions facing cash crunches. This would increase the risk of financial crises, undermining confidence in the U.S. banking system and its financial markets. “The power of the Federal Reserve to step in and provide economic relief to stop the spread of economic chaos is what saved us in 2009,” Graves says. To limit any internal opposition to his agenda, the report also calls for Trump to reimpose an executive order that Biden revoked, enabling him to fire thousands of civil servants across his administration and replace them with political appointees.
There are other, more existential reasons for concern, too. A hallmark of populist leaders is to tighten the state’s grip on the business sector — a phenomenon that Ian Bassin, a lawyer and pro-democracy activist, calls “autocratic capture.” To get a sense of how this works, consider Hungary under Prime Minister Viktor Orban, a close Trump ally.
Like Trump, Orban governed as a traditional, pro-business conservative during his first term as prime minister between 1998 and 2002, cutting taxes and lowering government spending, in part to prepare Hungary to join the European Union. But he has been a very different leader since returning to office in 2010. In order to consolidate and maintain his power, he has nationalized parts of the private sector, forced banks to reissue mortgages at more favorable rates, ordered utilities to lower prices, levied “crisis taxes” on various industries and imposed price caps on foreign-owned supermarkets. “Anything you were counting on by way of predictability just disappears,” Kim Lane Scheppele, a professor of sociology and international affairs at Princeton University and an expert on Hungarian politics and law, told me. Along the way, Orban has made his friends and family rich, starting investigations, blocking mergers and directing the passage of legislation to devalue some businesses, which has made them vulnerable to takeovers by his allies or the government.
During a recent visit to the United States, Orban was shunned by the Biden administration but welcomed to Mar-a-Lago by Trump. He also spoke at the Heritage Foundation, which has a formal cooperation agreement with a think tank that has close ties to Orban’s government, the Danube Institute. “It’s clear that Project 2025 is a direct copy of what Orban did in 2010,” Scheppele says. “The parallels are very deep between these guys.”
Image Trump and Prime Minister Viktor Orban of Hungary at a dining table with aides. Trump with Prime Minister Viktor Orban of Hungary at his Mar-a-Lago estate in March. Orban, a close Trump ally, directed the passage of legislation to devalue some businesses, which has made them vulnerable to takeovers by his allies and the government.Credit...Zoltan Fischer/EPA-EFE, via Shutterstock Fear of Backlash Privately, some business leaders and corporate executives have begun to express concern about at least some of what they are hearing from Trump. “They are ready to be galvanized into collective action if need be,” says Jeffrey Sonnenfeld, the founder and chief executive of the Chief Executive Leadership Institute at Yale. “But they aren’t going to speak out if it’s not necessary.”
It’s easy to understand their hesitation. A number of businesses have already faced punishing backlashes from conservatives for embracing social causes like L.G.B.T.Q. rights. And Trump would almost certainly not hesitate to use the levers of government against anyone who opposed him. In fact, he already appears to have done so. During his presidency, his otherwise merger-friendly administration sued to block AT&T’s purchase of CNN’s parent company, Time Warner, causing months of costly delays. The Justice Department has denied that Trump’s hostility to the news outfit influenced its decision. Either way, he is widely understood to be a vindictive man. “I am your retribution,” is how he put it to supporters on the campaign trail.
Speaking out could be scary. And yet the entire global economic order might be at risk. Enlightened self-interest typically requires businesses to stay on good terms with those in power, but for Dimon and the Davos set today, that may turn out to be a fatally short-term view. “The only thing we know for sure about globalization,” Harvard’s Abdelal says, “is that it’s desperately fragile and can easily be broken.”
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All-In [25496]
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Let me cry a river for the Davos elites... or maybe an avalanche would do better***
May 23, 2024, 5:00 PM
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Orange Blooded [4209]
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Holy copy and paste batman!
May 24, 2024, 8:51 AM
[ in reply to Here. Read. ] |
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I guess I missed the data….
Do you pay for this journalism?
This looks like an opinion piece
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All-In [43019]
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Did you read it, or was it too tough?***
May 24, 2024, 9:54 AM
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All-In [32108]
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Wait wait...you think the tariffs helped US manufacturers...
1
May 23, 2024, 4:48 PM
[ in reply to Unicorns, fairy tales, and big bad dragons ] |
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and you also don't think that impacted inflation?
The "breathing room" you're speaking about is price, right?
As for steel production...yes the price of steel skyrocketed, but did US production really grow that much? Look at the graph in this link and put it on 10Y and then tell me the Trump steel tariffs in 2018 lead to sustained growth in the US steel industry.
https://tradingeconomics.com/united-states/steel-production
7.33k Ktonnes in Mar 18 7.66k peak in Jan 2020 6.9k in Mar 24
Number of steel employees? Also not good:
https://www.macrotrends.net/stocks/charts/X/united-states-steel/number-of-employees
Inflation declined after Trump tariffs? Trump initial tariffs hit in 2018. Inflation rate rose in 2019 and then cratered in 2020 with covid and then skyrocketed in 2021 post-covid. Tariffs take a while to impact across the economy and inflation did not decrease because of them (assuming you're smart enough to understand the impact of covid).
TLDR...everything you wrote is wrong ">
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Orange Blooded [4209]
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All-In [32108]
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You're confusing annual change and avg annual change...
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May 24, 2024, 7:45 AM
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so with CPI aside...because I don't think you're going to grasp what I'm talking about here...
Do you really think presidential politics have such an immediate/instant economic impact. Heck...Biden didn't take office until 2021 and you're claiming "bidenomics" impacted the 2020 steel product? LOL
Just face it...you really don't know what you're talking about.
You can't say Trump steel tariffs led to more steel manufacturing and jobs when that data just doesn't support it.
And you can't say the tariffs didn't impact inflation in one sentence and then claim it gave US manufacturing "breathing room" (which means opportunity to sell at higher prices).
If you want to debate the topic, don't come with "bidenomics", come with specifics.
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Orange Blooded [4209]
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You know, people like you that use an unsourced website
May 24, 2024, 8:47 AM
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To base your argument make me laugh.
So, may I refer you to the US Federal Reserve of St Louis where they actually track steel worker employment in the United States.
https://fred.stlouisfed.org/series/LEU0254507300A
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All-In [32108]
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Did you even read what I posted...
May 24, 2024, 9:16 AM
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it wasn't unsourced...it was the employee count of United States Steel Company it cited the source as directly from the company. I was showing you a quick example. The fact that you think the Macrotrends Web Site doesn't use sourced data is very telling.
But what's funny is you post data that also shows US steel workers declining and you act like you're proving some different conclusion!
My company purchases steel as one of our major commodities. Trust me when I tell you that the tariffs did not lead to lasting growth in the US steel industry. There is less capacity now for our type of steel than there was in 2018 and our industry is BOOMING!
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Orange Blooded [4209]
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You took the data from one company??
May 24, 2024, 9:47 AM
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And no it doesn’t source the data. Please point to me on the website were it sites the source of the data. Did is come from US Steels annual report? The Steel Workers Union? Moe down the street? I
Anyway what’s the payroll of one company supposed to show?
And you can clearly see in the Fed’s data the largest increase in US steel workers from 2018 to 2019 (the country not the company 🤣) since the Great Recession.
Are you are going to attempt to hang the 2020 decline on tariffs?
But go ahead since the company you work for buys steel, and that qualifies you as a subject matter expert on the macroeconomic affects of tariffs against communist countries…
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All-In [32108]
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Well yeah, it does...
May 24, 2024, 11:59 AM
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I'm not trying to be an a-hole and I don't think I'm a subject matter expert, but I run a $100MM company that buys a lot of steel as one of our main components...so I do know a good bit about the steel market.
I thought I was being clear as posting one company's specific data as an example and they are a top 5 steel company in the US. I'm sorry you didn't get that.
Yes, the number of steel workers increased in 2019...it also increased in 2018...it was trending up as the economy was doing well...the number of workers is now sitting below 2014 levels...by any measure and looking at all economic inputs, etc...the tariffs did not have a lasting positive impact on the steel industry. And keep in mind that the IIJA and IRA have very strict carve-outs for US-produced steel.
And no the 2020 decline is not on tariffs. My major point was that the tariffs have contributed to inflation and steel is a great example. We're paying more for steel because of the tariffs and we're producing less steel in the US right now than we did before. Also, the steel tariffs apply to all imports...not just from China. They apply to Canada, South Korea, Japan, etc...
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All-Conference [416]
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If he were proposing the same policies as he had
May 23, 2024, 8:46 PM
[ in reply to Unicorns, fairy tales, and big bad dragons ] |
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last time he was in office, you would have a point. Looking to his last term as an indicator for what will happen this term, assuming he actually implements what he says he will, is worthless.
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110%er [5444]
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Re: Bunch of maga nut jobs running the fed
May 24, 2024, 9:57 AM
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So do you think if Trump were POTUS the inflation wouldn't have happened?
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