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Can Donald Trump Hold Off an Economic Crash Until the Election?

Originally published at http://www.commondreams.org/views/2019/06/18/can-donald-trump-hold-economic-crash-until-election

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The picture of Trump with this article looks like he’s had a stroke – and I am not talking ’of genius’!

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This, is what war with Iran is meant to fend off.

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Correct.

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Jimmy Dore interviews Mike Gravel.

Peace
Po

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Are tariffs an answer??? I do hope we will have a real debate on how to create a strong economy for all people. For example we see this roll out of 5G that will transform the way we live----yet there is no real discussion if this is the way we should go??? Its like a given and we have no choice.

There is something very wrong with this economy— when interest rates are this low the economy should be booming------there is a massive debt that cannot go on.

I have no doubt that Republicans are doing all they can to prop up a failing economy but to blame them in total and ignore what the Democrats did not do when given the reins in 2010 is only telling half the story. The most progressive Democratic president sworn in on January 2021 will not be able to bandage the dying capitalist system enough to save it, especially when 2/3 of the Dem members of congress will be actively siding with the Republicans to stop progressive change. Anything less than a total rewrite of the constitution is puffery.

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I sent Mike Gravel some money. Wanted to see him on the debate stage.

Unfortunately, not enough of us did send him money.

He would have been precious to watch.

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Trump’s cult members will blame everybody except Trump and the GOP for any economic downturn that occurs between now and the day they die. As they have for the past 2.5 years, the cult members will tell us that the Democrats and media just keep getting in the way of all the wonderful things Trump wants to do.

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This is the converse of what you discussed in “Rebooting the American Dream”, Mr. Hartmann. With the huge tax cuts for the rich, Trump has shot himself in the foot.

The whole basis of the article is off, because we already know that the results of the 2020 election are already known. What Americans think or believe doesn’t amount to a hill of beans. I wouldn’t be a bit surprised if the reason for writing this wasn’t to ensure the author’s employment opportunities after the crash.

I doubt very much that there will be an economic downturn in 2020, or 2021 for that matter. You see, our bankers have learned the same lessons that the Japanese bankers did after their collapse in the early 1990’s, and that is that keeping interest rates at or near 0% is a stabilizing force in an otherwise lackluster economic landscape. 0% helps keep wages low, and that is the single biggest mitigating factor as to why Americans just don’t rise up and lop off the heads of their oligarchy. You see, low wages, combined with the average Americans belief in their own “exceptionalism” has created the perfect climate for fascism to thrive. Many Americans, like those at Trumps rally last night, genuinely believe that, if they don’t make enough money that it’s THEIR fault. And that it’s perfectly alright to have your benefits cut, just so long as every body else’s are as well. These rubes have turned “race to the bottom” into an ethos.
The wealthy don’t care if interest rates are at 0 and that wages are stagnant. They know that Americans will continue to borrow money in order to maintain the illusion of a middle class lifestyle. And in turn, that debt can be securitized and sold into the market, making huuuge amounts of investment income for the oligarchy, income that more than replaces any losses they have from interest rates being low.
The Japanese learned how to game their own system. And that’s exactly why we have not had another recession since 2008. What we have experienced for the last 11 years is the new normal, low wages, no benefits, temp or “gig” jobs, living paycheck to paycheck, loan to loan, all the while having the expectations of each subsequent generation lowered. In short, most Americans now live in a permanent state of recession. A 21st century feudal state, if you will.

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Trump cannot hold back an economic Recession, but he could well be hastening it. Economic recessions are cyclical and one is due again in a few years, no matter who is in power politically. However, with enough deregulation of the banks and enough distortion of the economy by Trump’s henchmen, it could come sooner.

Exactly. With virtually free money out there for investment, new small business start-ups should be all the craze.
Will the greedy bail when wage inflation is finally demanded?

Yes indeed! Myself, I’m getting really disgusted with all the photos of that piece of you know what!

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The Democrats were fully on board with those Wars “The Republicans got us into”. They voted overhwelmingly to support those wars.

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Eventually, the donkey learns the carrot on the stick, is just a carrot on a stick. Like the millions of homeowners that have no home but still owe the bank money. I’m sure some of them are just looking forward to being poor.

Off-topic SDP but did you see this on the across-the-board multi-party sell-out of Canada, Alberta, native peoples, and the ecology to the Koch brothers and big US oil, all with concerted media silence and complicity? Unfamiliar with John McMurtry but this is solid reporting and analysis.

https://www.counterpunch.org/2019/06/18/koch-oil-big-lies-and-ecocide-writ-large-in-canada/

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Excellent article. As I have stated time and time again “Even if one does not buy into Global warming” the utter destruction these plants cause in the North Eastern Aboreal forest and that water shed is enough to justify ending it.

Just a few added points.

This Oil is considered “dirty oil” and is sold at a discount when compared to what is called “sweet oil”. In other words the Koch Brothers pay as much as 20$ a barrel less for this raw crude. The products they sell after the refining process (which again overuses water etc in that process) sells at the same price as products gleaned from that so called “sweet crude”. They make more profits.

Another thing that just demonstrates the total sell out of the Alberta Government to big oil.

The Heritage Trust Fund was started by the Alberta Government in 1976. This before most of those tar sand plants built. This was supposed to be a fund where monies gleaned from Royalties and the like put into the fund so as to diversify the economy and provide Capital for future generations.

In the 40+ years of its existence its value is 14 billion dollars.

Norway started its own version of the same fund was started in 1990 some 14 years later. The total output of oil per year in Norway is under 2 million barrels per day as opposed to Alberta producing some 3 million per day. The Norwegian fund has over 1 TRILLION dollars. Alberta has easily produced twice+ the amount of total oil and garnered 1/90th the royalties . The extra 2 trillion they could have had in that fund went into the pockets of guys like the Koch Brothers. It an absolute disgrace. That 14 billion will not even begin to remedy the harm done to the environment.

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As if Don cares one way or the other.