Progressive Politics

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Stock Market Plummets as Trump Announces New Tariff War (newrepublic.com)

submitted 1 day ago by [email protected] to c/[email protected]

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Donald Trump announced new tariffs will take effect this weekend—sending the stock market crashing.

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[–] [email protected] 53 points 1 day ago* (last edited 1 day ago)

Great Depression 2.0 here we come!

The numbers Trump is spouting make it fairly clear that he does not understand the difference between a trade imbalance, and a revenue vs cost accounting imbalance in like a single business.

EDIT: Oh dear fucking god, its even worse than I thought:

https://www.americanbanker.com/news/gop-floats-credit-union-taxes-repealing-fdic-orderly-liquidation-authority

(use firefox reader mode if you can't read the whole article)

tl:dr;

The GOP/Trump want to functionally repeal Dodd-Frank and make it so Wall Street investment banks that blow up don't actually have to pay back their creditors.

Even the BERNANK thinks this is insane:

Many financial crisis veterans argued against the bill, including former Federal Reserve Chair Ben Bernanke, who said in a Brookings piece that repealing orderly liquidation theory "would be a major mistake, imprudently putting the economy and financial system at risk."

They also want to either entirely or massively defund...

Office of the Comptroller of the Currency, the National Credit Union Administration, FDIC, CFPB and Office of Financial Research.

bye bye, miss american pie