We are learning that Prznint Buy-n-Sell, Defender of the Good and Easy To Win Trade Wars, had a conference call with the bankers as the Market plunged on Wednesday. As you can imagine it went down like a fine Trump wine:
“Trump held the call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America’s Brian Moynihan and Citigroup’s Michael Corbat, according to people with knowledge of the situation. The Dow plunged 800 points, or 3%, in its worst day of the year on Wednesday amid a recession warning from the bond market.
“The president asked the three men to give him a read on the health of the U.S. consumer, according to one of the people. The executives responded that the consumer is doing well, but that they could be doing even better if issues including the China-U.S. trade war were resolved, this person said.
“The CEOs also told Trump that the trade dispute is damaging the outlook for capital spending by corporations, according to another person with knowledge of the discussions. The president was receptive to the notion that uncertainty over trade is hurting corporate confidence, this person said.”
…which of course led to one of his useful tweets:
We are winning, big time, against China. Companies & jobs are fleeing. Prices to us have not gone up, and in some cases, have come down. China is not our problem, though Hong Kong is not helping. Our problem is with the Fed. Raised too much & too fast. Now too slow to cut….
— Donald J. Trump (@realDonaldTrump) August 14, 2019
…showing us that Comrade Stupid really grasped what the bankers were trying to tell him, that his Trade Wars are AWESOME and that “I’m Not The Puppet, Jerome Powell at the Fed is!!1!”
Cannot argue with dat.
QED, Bitchez!!1!, amirite?
Anyway, since then:
“Consumer sentiment declined in early August to its lowest level since the start of the year.” — University of Michigan Survey of Consumers
The demand for safe places to park money is so eff’ing high, you actually have to pay for it:
I haven’t seen people pointing this out, but we crossed another downward milestone this morning: the interest rate on inflation-protected 10-year bonds went negative. No excuse for obsessing over debt, and not building infrastructure https://t.co/7Nh6WPmxkg
— Paul Krugman (@paulkrugman) August 16, 2019
But remain calm! All is well! Comrade Stupid knows, Knows, KNOWS to save the economy!
“See the bottom line is, I know you like me and this room is a love fest, I know that, but you have no choice but to vote for me because your 401(k)s down the tubes, everything is gonna be down the tubes. So whether you love me or hate me, you got to vote for me. “
We are so totally ‘effed in the dark.