General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThis morning on CNBC they played a statement by Steve Mnuchin,Trumps Treasury Secretary that
if the president's tax reform plan was not passed Markets will tank. He claimed that the current markets have built into them that the Tax Reform bill will pass. Everyone who spoke after his 'warning' has said just the opposite including all their analysts. Everyone on the program who was asked about markets tanking if the bill doesn't pass said that no one expects that the bill will pass in its current form, and if it did it would create deficits so large that would cause markets to fall. No one believes that rate of growth projected in the plan. No one believes that business will make the investments at the rate they are claiming, and that nobody believes the claims that supposedly will trickle down to workers will happens.
So it seems that the president has surrounded himself with people who lie just like he does. I'm just glad that CNBC didn't tow the administration's line and lie about it trying to spook the public.
Who knows though. What might make the markets and the economy tank is if people like Mnuchin and other Cabinet members keep flying around in those private jets at taxpayer expense. That might be enough to bankrupt the Treasury. Maybe that should be Mnuchin's concern, not passing a tax bill that is targeted towards the 1% crowd.
mahatmakanejeeves
(57,607 posts)spanone
(135,874 posts)in other words they have screwed the economy....
Wellstone ruled
(34,661 posts)Irish_Dem
(47,399 posts)No moral high ground or intelligence in sight.
Thomas Hurt
(13,903 posts)to prop up the speculation, one or way another, of the free market.
NCjack
(10,279 posts)the rich to get a tax cut. So let's have no tax cut and let the stock market fall -- the wise rich will make some money off the dumb rich. I don't don't give a sh*t.
BigmanPigman
(51,627 posts)I am not very knowledgeable about economics even though I try to keep up. I believe that when companies' stocks gain value they pass the profits onto the shareholders and not to their employees and definitely not to the consumers. American greed has proven that Reagan's so called brilliant "trickle down economics" has never worked and never will. So if the markets do take a dive they will use it as an excuse to hurt the employees and consumers while their accountants figure out how they can keep and hide their profits for their own companies. Is that how it works?
NCjack
(10,279 posts)But, IMO, when the GOP took over, it became their market to encourage or discourage. The GOP encouraged it by promising a huge tax cut, which has lead to greatly increased speculation. Today's market is their's, and if the tax cut does not happen or disappoints the rich, the market is going down -- this is the claim by Mnuchin, and I think he is correct. However, at this point it is just opinion. If I had some spare cash, I would not put it into the market because I think the DEMs are going to stop the tax cut.
BigmanPigman
(51,627 posts)He is my financial advisor and he works for free (I am lucky since he is 83 but still very sharp).
DinahMoeHum
(21,809 posts)world wide wally
(21,754 posts)even share is own tax forms with the people he is effecting with his rules?
Is STUPID a requirement now?
gratuitous
(82,849 posts)When the markets tank and we spiral down back into another Bushesque Recession or Hooveresque Depression, Mnuchin and the rest of this crooked administration will bleat that it's not their fault. And since most financial reporters are true believers in voodoo economics, we can be sure that their will be the only voices we hear.