07/04/2016

Trump Unbound - by David Stockman


Courtesy of David Stockman's contra corner

Even by The Donald’s standards his 95 minute long interview with the Washington Post was remarkable. He let loose so many stray shots as to leave the establishment press clucking in a chorus of disbelief. It undoubtedly started with the stink bomb he lobbied at the ” all is awesome” meme about the US economy and stock market:
Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts.
The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets.
Now there’s an irony. Presumably the last paragraph was written by Bob Woodward who was once the bête noir of the Washington/Wall Street establishment. But like nearly everyone else in the Imperial City he has been drinking the Cool-Aid for so many decades that he was shocked by Trump’s unfiltered bit of truth-telling about an economy that is failing 90% of the American public.
Worse still, Woodward was apparently dumbfounded that Trump didn’t self-censor his thoughts about the economic troubles ahead for fear of unsettling the Wall Street casino.
That’s right. The cult of the stock market and the notion that the Fed literally controls and powers the US economy through the transmission belt of Wall Street and soaring financial asset prices has gotten so deeply embedded in the establishment narrative that even the pedigreed left-wing of the journalistic establishment has been coopted into reflexively chanting the meme.
So imagine Woodward’s consternation when Trump——-the very embodiment of a billionaire financial tycoon—–let loose with the following counterpunch:
“I know the Wall Street people probably better than anybody knows them,” said Trump, who has misfired on such predictions in the past. “I don’t need them.”

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