Trump lied about the result of his dinner with Xi regarding the trade war. Yesterday millions of people put billions of dollars into the market on the positive news and the market was up 1.1%.
“It doesn’t seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump’s tweets (which seem if not completely fabricated then grossly exaggerated) with reality.” – JP Morgan trading note 12-4-18
Last night it became clear that Trump’s tweets and statements were exaggerations at the minimum and more likely outright lies. What he did would warrant an investigation by the SEC if he were the CEO of a publicly traded company. Elon Musk was fined millions for pumping the price of his stock on fake news. Trump pumped the price of almost all stocks around the world with his fake news. His lie is objectively one of the most financially damaging in his presidency so far. As a result, stocks around the world sold off very hard today. We were down over 3% today, and had Trump told the truth, we probably would have been somewhat stable over these last two days.
The market was given it’s most obvious signal so far that Trump lacks appropriate understanding of financial markets and it rebelled.
Parts of the yield curve inverted (not a good thing) overnight after the Trump news broke. It was a big moment as we’ve been avoiding yield curve inversion even thought we’ve been close for about a year. It’s inversion portends a recession within 18 months. There’s a joke in financial markets that yield curve inversion has correctly predicted 11 of the last 9 recessions.
The only hope left to save the market in Trump’s term is for them to do what they did with NAFTA, which is to do virtually nothing, remove tariffs, and pretend they made a deal.
This was a very big 24 hours in Trump’s Presidency.
When companies break reporting laws like Trump did, there are always class action lawsuits that follow as investors report that they’ve lost money. Sometimes investors get paid on the losses that they had based on the move they made due to the fake news.
Millions of people around the world are owed billions of dollars for investing yesterday on Trump’s fake news.
Trump’s Aides Struggle to Detail Deal He Says He Cut With Xi
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Stocks, Trump Tags:
I’m increasingly concerned about the underwhelming steps we’ve taken to mitigate the risk of climate change. We know that the fossil fuel industry owns the votes of many politicians by means of lobbying/bribery. These politicians have sold out life on Earth in exchange for funds that ensure they stay in power.
On November 6th we have a chance to elect candidates that are vocal about the threat of climate change and have plans to reduce the catastrophic impacts we will face if we don’t do abundantly more. This year I donated more to democratic candidates than all other elections combined in my life. With the election of anti-EPA Trump we have taken a sad turn towards human extinction and it’s imperative that we step up now before we spiral even further to our doom. I isolated 80 races around America in which a donation can make a meaningful impact in the outcome of the race and I created an Act Blue fundraiser. Please donate through this page and share the link on your social media sites to help encourage voters to elect leaders that value human life.
https://secure.actblue.com/donate/climatedems
As a father it’s my job to ensure that my son has a livable earth throughout his life. As a human it’s my duty to leave the planet better than I found it. Please join me.
Quick post from phone: Republicans overturned a rule that required coal companies to test water streams for environmental damage and adhere to certain levels when mining. Coal company lobbyists paid Republicans to say “the rule will cost American jobs.”
Ask yourself, how would hiring several environmental impact inspectors actual costs American jobs? If a company needs to adhere to stricter guidelines to keep our water safe, that would only increase the amount of jobs. More products would be needed to maintain those standards in addition to the staff responsible for testing.
There are a few reasons it could cost American jobs:
– It’s impossible for the coal industry to keep our water safe when mining near streams, therefore they can’t work at all. Unfortunately for them, this saves lives and as such takes precedence over a few jobs (not to GOP representatives that get money to put jobs over lives)
– It’s impossible for the coal industry to be profitable if a few thousand dollars of environmental testing are added to their task. The margins are too short as nat gas is very low in price.
In both scenarios clean energy can create jobs and save the environment. Unfortunately for clean energy it doesn’t pay off Congress to act like complete fucking assholes!
Dear Senator Casey,
Thank you for voting NO on Rex Tillerson.
I also want to thank you in advance as I heard you plan to vote no on Jeff Sessions, Betsey DeVos, Tom Price, Scott Pruitt, and Steven Mnuchin.
I really want to see you slow up Trump and the GOP party. They’ve taught us a great lesson in obstruction. They weren’t punished at the ballot boxes for obstructing at every turn, and your obstruction will actually be rewarded by the activists that are working together to limit the damage that the Republican Winter will cause.
Keep up the good work!
– Brian
I sent the above brief letter to Senator Bob Casey. Don’t forget to thank your elected officials when they do the right thing.
Just before the election I wrote a piece about Donald Trump being a sociopath:
Donald Trump is a sociopath
This week a psychotherapist, John Gartner from Johns Hopkins University has diagnosed Donald Trump with malignant narcissism. I’ll add that to our existing diagnosis of sociopath.
…it’s obvious from Trump’s behavior that he meets the diagnostic criteria for the disorder, which include anti-social behavior, sadism, aggressiveness, paranoia and grandiosity. Trump’s personality disorder (which includes hypomania) is also displayed through a lack of impulse control and empathy, and “a feeling that people … don’t recognize their greatness.
Source: USNEWS
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Government, Science, Trump Tags:
Senator Pat Toomey of PA just wrote back to me:
My quick response from cell phone on my lunch break: