Here’s a good rule of thumb: when Democrats talk about Wall Street, it is to critique the excesses of capitalism. Republicans talk about Wall Street in order to criticize federal regulations. But until three weeks ago, whenever Donald Trump has talked about Wall Street, it was a criticism of his personal credit rating.
Americans have only begun to grapple with the enormity of Trump’s conflicted interests, which exist largely because New York banks would no longer do business with him, pushing him offshore and into the arms of dictators, shady characters, and foreign government-owned financial institutions. Now that he is president, credit ratings no longer apply. In a very real sense, Trump sold his vision on the stump in Ohio and Pennsylvania and Wisconsin in order to conquer Manhattan, and by extension, the global financial system.
It turns out he intends to be a benevolent ruler. Contrary to Trump’s campaign premise of populist revolt against international ‘globalist’ capitalism, the global money seems very bullish on Donald because he’ll unshackle them from the fetters of responsibility — all those pesky regulations on credit default swaps, the Consumer Finance Protection Bureau, and Dodd-Frank, for starters. USA Today:
Trump’s policies are akin to a performance-enhancing drug, explains Charles Gabriel, a veteran Wall Street political forecaster and president of Capital Alpha.
“It’s pretty simple: Growth, with supply-side tax cuts plus a lighter regulatory touch, after years of Obama, can be made to seem like Viagra,” Gabriel says.
Or, we could describe Trump’s economic stimulus plan as another massive upward transfer of wealth at the expense of every American who isn’t a hedge fund officer. The rest of us poor schmucks must content ourselves with boilerplate Wall Street language about “certainty” in the markets while we await the new jobs that America’s economic elites are supposedly certain to create with said profits.
Clarity returned, and stocks shot up as uncertainty diminished, says Mark Luschini, chief investment strategist at Janney Montgomery Scott.
The Trump turnaround and stock rally, Luschini says, is based on several things: “the certainty that comes from the election being over; the fact that the single-party system in place will likely be able to legislate some — if not all — of the market-friendly agenda items Trump advocated; a return to the TINA principle (“There Is No Alternative” to stocks); and a belief that Trump’s policies will lead to better corporate earnings growth and improved economic data.”
Or, we could say that economy will seem to improve because businesses and billionaires will get a surge of revenue to give their shareholders, aka Wall Street. Hey, as long as the market is doing well, the economy is doing great — right?
And Trump will personally be doing so much better than ever before. Because rather than oppose his corruption, ‘the globalists’ plan to indulge it by staying at his Washington hotel, financing his projects, and renting office space in his tower.
The Industrial & Commercial Bank of China Ltd., a state-controlled enterprise and the world’s biggest lender by assets, is due to renegotiate its lease at Trump Tower in Manhattan during Donald Trump’s presidency — a business matter that may raise constitutional questions for the incoming president, ethicists say.
The bank’s lease is slated to end in October 2019, adding its renewal to the list of potential conflicts of interest for president-elect Trump, who has vowed to slap steep tariffs on Chinese imports and declare China a currency manipulator. The lease is no small matter for the Trump Organization. ICBC was Trump Tower’s largest office tenant as of 2012, occupying 11 percent of its office space, according to mortgage documents filed by Wells Fargo & Co. that year.
Millions of Midwestern rubes who lost their manufacturing economy to
Mexico and China robots and cheap labor voted for Trump as a big middle finger to the cosmopolitan global elites that sold them out on Wall Street over the last three decades. Largely because of his boorish manner and total lack of culture, Trump has never been one of those cosmopolitan global elites — until now. With his brazen indifference to ethical concerns, Donald Trump could very well finish his term in office as one of the richest people in the world.
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