And now we turn our attention to living Unisom, comically out of touch grifter Commerce Secretary Wilbur Ross (like the plutocratic Mr. Burns on The Simpsons, only without the charm), who is here to explain to us that Comrade Stupid’s Trade Wars are not responsible for any disruptions in OUR economy, but boy-howdy, there’s gonna be riots in China!
“It’s only a big problem in their context of having a very big need to create millions and millions of jobs to hold down social unrest coming out of the little villages. It used to be aggressive young people from the small villages . . . the aggressive young people were leaving, going to the big cities, finding jobs. Now they’re having to go back to the little village. Well that creates a real social problem because they were disappointed in their home village, they went to the big city, it didn’t work, now they’re back in the home village, that’s a very disgruntled group of people and that’s a real social problem for them.“
We must remember that recently Ol’ Wilbur praised the lack of protesters in Bone Saudi Arabia where protesters are usually executed, though not always with a bone saw, but now he’s an enthusiastic supporter of the Little Guy. But I digress.
So… how does he explain Apple’s now infamous earnings warning last week?
“I don’t think Apple’s earnings miss had anything to do with the present trade talks. Think about it, there have been no tariffs put on Apple products. So that’s not it.”
Hmmm, what could it be? Beats me! Wilburrrrrr has a point except for the bit where Apple directly tied its revenue miss to Prznint Tariff’s trade wars effect on the Chinese economy, because China is where Apple does a lot of business selling to their emerging middle class, consumer-driven economy. China is where most of US businesses see their best growth opportunity. Or saw, anyway. See “beans, soy” for more details.
And someone should ask Ross how he squared his assertion with the statement from Kevin ‘Dow 36,000 Hassett, chairman of the White House’s Council of Economic Advisors, which not only put the blame on Prznint McDeals tariffs but gleefully notes that there will be others:
“It’s not going to be just Apple. There are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded”
Well, our failed press didn’t ask Ross about that. So another Win For The Media!