Monday, March 5, 2018

Make 1929 Great Again

Forrest Trump is doing a great job of imploding the status quo. I give him an 11 out of 10 on the dumbfuck scale...

Trump is following the 1929 Herbert Hoover playbook to the letter. To date, he has monkey hammered the global bond market, raised interest rates via his tax cut, shepherded record amounts of money into stocks, and now he is pounding the manufacturing customers who use steel and aluminum...

Thirty years too late, Trump's tariff is 100% political gimmick, because the steel industry has been collapsing for decades and now has a very small workforce:

"if you look at the data, there's very few people - only about 140,000 - who make steel in the United States. There's 6 1/2 million people who work for companies that buy steel"

"A former adviser to President Trump sold off $31.3 million in stocks he owned in a steel-dependent company, just days before the president announced hefty tariffs on foreign-made steel."

First, the losers:


"Both stocks represent about 14 percent of the Dow, pointed out Craig Johnson, chief market technician at Piper Jaffray. Both have the potential to fall further given the recent bearish price action, and that has implications for the broader market"

The "winners"