In the midst of being skewered across media outlets yesterday for his chaotic rollout of an Executive Order that appeared to target Muslims, including those legally living in the U.S. as businessmen, doctors, university faculty and students — who were initially denied reentry after travel abroad — President Donald Trump tried desperately to change the subject. Following a plunge of …
Progressive Commentary Hour – 01.31.17
Dr. Michael Hudson is one of our nation’s finest and most important economists and Wall Street financial analysts.
Alternative Visions – Trump’s First Week–Government by Executive Order (Is Trump a Fascist?) – 01.27.17
Dr. Rasmus reviews the major events in the first week of the Trump administration, both domestic and global, as Trump ‘governs’ by Executive Order. Rasmus explains government by executive order has no basis in the US constitution, but Trump is using EOs as the Republican Congress takes the next 6 months to formulate and pass big corporation favored legislation on tax cuts, business deregulation, and replacing Obamacare and Dodd-Frank bank regulations. Trump EOs on immigration and the ‘wall’, the collapse of meeting and negotiations with Mexican president, Pena Nieto, are discussed as is whether a ‘trade war’ with Mexico brewing. Teresa May’s visit to Trump as Britain begs the US to help it bail out of the EU and Eurozone; the exodus of career officials at the Dept. of State? Rasmus describes similarities between Trump and Nixon, and discusses the growing discussion whether Trump represents a new fascism? What really are the elements of fascism. The show concludes with a review of some global economic events this past week, including infighting in the Eurozone over QE, Germany’s newest conflict with Greece over debt, electoral events in Germany and French elections, Mexico’s economic crisis, Emerging Markets economies loading up on dollar debt, China’s fight with speculators, and the non-significance of US stock market, the DOW, reaching 20,000.
Yves Smith – More on the Economic Hardship of Young Adults
In the US, the cost of the aftermath of the crisis has fallen heavily on young people, mainly due to bad policy responses to the crisis that we’ve described at length as it was happening: the failure to restructure bad loans (particularly mortgages) and impose costs on banks and investors, not just homeowners; the refusal to engage in enough fiscal …
Michael Krieger – Donald Trump Has an Enormous and Very Dangerous Wall Street Blind Spot
The biggest disappointment regarding Donald Trump since being elected President has been his total embrace of dangerous Wall Street thieves. As it is currently structured and incentivized, the financial services industry represents one of the most destructive and least beneficial forces within the U.S. economy. It is essentially a parasitic industry. Unfortunately, Trump didn’t merely pick one or two competent finance guys to …
Pam Martens and Russ Martens – U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure
Just 17 days from today, Donald Trump will be sworn in as the nation’s 45th President and deliver his inaugural address. Trump is expected to announce priorities in the areas of education, infrastructure, border security, the economy and curtailing the outsourcing of jobs. But Trump’s agenda will be derailed on all fronts if the big Wall Street banks blow up …
Katherine Burton – The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt
Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump. The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate. This year’s theme: “Villains and Heroes.” In Trump, Mercer and his fellow hedge funders had much …
Nika Knight – Trump Brings on Billionaire Bruiser Carl Icahn to Gut Government Regulations
President-elect Donald Trump has selected yet another billionaire for his cabinet: infamous corporate raider Carl Icahn will advise Trump on his sweeping plans to dismantle government regulations, it was announced late Wednesday. “According to Forbes he is worth $16.5 billion, making him the 50th richest man in the world,” notes CNN Money. “That would make him the richest member of the Trump administration, including the …
DAVID ROSEN – What Happens When the Trump Bubble Bursts?
On January 20, 2017, president-elect Donald Trump will be inaugurated the nation’s 45th President. Almost a year to the date, on January 24, 2016, Republican candidate Trump boasted at a Sioux Center, IA, campaign rally, “I could stand in the middle of Fifth Avenue and shoot somebody and I wouldn’t lose voters.” Sadly, he was probably right then — and …
Michael Arria – If Obama Had Prosecuted Goldman Sachs’ Brain Trust, We Wouldn’t Be Plagued by Them Again in Trump’s Cabinet
In September of this year Massachusetts Senator Elizabeth Warren sent a letter to Michael E. Horowitz, the Inspector General of the Department of Justice, requesting an investigation into why the Obama administration failed to prosecute any Wall Street executives after the financial crash. Warren’s letter pointed to findings by Financial Crisis Inquiry Commission (FCIC), which had provided the Justice Department with 25 …