Friday, December 2, 2016

Today's Links

Trump:  “From now on it is going to be America First,” Trump added. “We are going to put ourselves first… Our goal is to strengthen the bonds between citizens, to restore our sense of membership in a shared national community.”

As was the case during his campaign for president, Trump made a demagogic appeal to social anger over declining wages and social inequality. “Our government has failed to protect the interests of the American worker,” he said. “A shrinking workforce and flat wages are not going to be the new normal.” WSWS



1--Powerful hallucinogens reduce anxiety and depression in cancer patients


2--Bankers Behind "Great Foreclosure Machine" Join Trump's Cabinet as Treasury and Commerce Secretaries


Steven Mnuchin for treasury secretary and Wilbur Ross for commerce secretary. Mnuchin has deep ties on Wall Street, including working as a partner for Goldman Sachs, and his hedge fund played a role in the housing crisis after it scooped up the failing California bank IndyMac in 2008. Trump's commerce secretary pick, Wilbur Ross, is a billionaire private equity investor who specializes in flipping bankrupt companies for profit, often buying the US companies at low prices and then selling them to overseas investors. He and his companies have sometimes shipped jobs and factories overseas -- practices Donald Trump has railed against. We are joined by David Dayen, whose recent article for The Nation is "Wilbur Ross and Steve Mnuchin -- Profiteers of the Great Foreclosure Machine -- Go to Washington."


3--Trump’s First “Victory Tour” Speech Outlines His Menacing Vision for an Angry, Insular America in a Hostile World


4--Trump Picks Foreclosure King Mnuchin for Treasury Secretary, Daily Beast


5--Trump's Treasury Pick: Another Goldman Sachs Blowhard (Who Worked for Soros)


6--Big banks love Trump--Goldman Says Trump's Presidency Will Benefit Stocks in Almost Every Sector



7--I Watched All of Steve Bannon’s Bad Movies


8--Bannon was inspired by Nazi propagandist Leni Riefenstahl


Bannon does not hide his affinity for propaganda. He has cited as an inspiration Nazi propagandist and filmmaker Leni Riefenstahl. She famously directed “Triumph of the Will,” a film commissioned by Adolf Hitler in 1933 that portrays Germany as a country returning to world power.

9--The Really Rich Got Richer, According to IRS’s Top 400 -- Total income reported on the top 400 individual tax returns rose 20% in 2014


10--Imagining a Dystopia of the Dying Dollar  Will Trump default?


In  a dystopian vision of the future published earlier this year, novelist Lionel Shriver portrayed a U.S. plunged deep into depression after an incompetent U.S. president triggered a trade war and the world stopped using the dollar.
“The Mandibles: A Family, 2029-2047” is set 13 years hence; could the real-life new president bring forward the day the dollar loses its reserve-currency status?

The markets aren’t worried. The dollar has soared since Donald Trump was elected, with the ICE U.S. Dollar Index showing the greenback up 4% against a basket of developed-market currencies, and far bigger gains against emerging markets.

Yet, Mr. Trump’s policies and past comments could, if followed through, make the U.S. a less attractive place to park money. If foreigners start to doubt that they will be repaid in full, they may pare back their reliance on U.S. Treasurys in foreign-exchange reserves, forcing the government to pay more to borrow and weakening the currency. A shift to a more populist style of leadership could also threaten the rule of law, which is craved by international investors....

Mr. Trump hinted at extreme options during the election campaign, saying he could “make a deal” to lower debt costs, and later saying the U.S. had “a lot of power” over China because it owed the country so much. In both cases he denied default was an option, but without the threat of default there is no reason for creditors to accept less than full repayment.

11--Dow Industrials Rise; Bond Selloff Continues-- Crude keeps climbing after OPEC agrees to cut oil production


The surge in financials is responsible for more than half of the S&P 500’s gains since Nov. 8, even before Thursday’s 1.7% rise, according to S&P Dow Jones Indices.

Investors are betting that a Republican-led government will roll back taxes and regulation, which some expect could boost growth and inflation. A bond selloff that accelerated Thursday and sent yields even higher could also help profits at lenders, which make money off the gap between what they pay on deposits and charge on loans....

Investors sold real-estate, utilities and consumer-staples shares, often considered proxies for bonds because of their dividends. The yield on the 10-year Treasury note climbed to 2.444%—its highest closing level since June 2015—from 2.365% Wednesday. Yields rise as prices fall.


12-- Baby Boomers vs. Millennials: The Uneven Jobs Recovery-- Millennials see relatively slower progress on the labor front


Consider the Labor Department’s employment-population ratio, which measures the share of people who are employed. Among millennials between ages 25 and 34, it hit 77.5% in October. While that figure has risen for much of the past five years, it still hasn’t reclaimed its prefinancial crisis high of 80% in March 2007 or its all-time high of 82.3% in April 2000.

The numbers are even worse for younger millennials. Roughly half of those in the 16-to-24 age range are employed, far closer to the all-time low of 44% in January 2010 than the peak of 62.1% in August 1989.


13--Fed policy is now in the red zone


the sharp drop in the unemployment rate to 4.6 percent from 4.9 percent. Until that happened, Federal Open Market Committee members were fighting tooth and nail over whether to hike rates. Now, it may be hard to it to stop raising rates

14--House passes censorship bill


15--Buyers Remorse? Trump Supporter Was Foreclosed On By Treasury Pick Steve Mnuchin


16--Schwarzman, Dimon, Fink Will Advise Trump How To Create Jobs


17--Americans Not In The Labor Force Soar To Record 95.1 Million: Jump By 446,000 In One Month


18--Since 2014 The US Has Added 571,000 Waiters And Bartenders And Lost 34,000 Manufacturing Workers


19--Multiple Jobholders Hit New All Time High As Part-Time Jobs Soar


20--Payrolls Rise 178K As Unemployment Rate Tumbles To 4.6% But Average Hourly Earnings Worst Since 2014


21-- Trump Exults in Victory and Mocks Critics at Cincinnati Rally


22-- Gundlach Turns Bearish Again: "Stocks Have Peaked, It's Too Late To Buy The Trump Trade"


23-- Jack Rasmus on Trumponomics




$1 trillion and $100 billion a year over ten years, Trump’s campaign proposal, might have some effect on US GDP. But GDP growth does not necessarily mean benefits in income to all—as the last eight years has clearly shown as 97% of all GDP-income gains under Obama have gone to the wealthiest 1% households. Nor will infrastructure spending likely translate much into job creation—and could especially result in little positive impact on jobs if infrastructure spending is composed mostly of tax cuts, business subsidies, and high capital-intensive projects that may take years to realize....

Trump has proposed to cut corporate taxes even more than the Ryan-Republican Party faction in Congress. From the current 35% corporate rate, Trump proposed reducing it to 15% while Ryan and friends to 20%. Both are in agreement to reduce the top income tax rate for their wealthy friends, from current 39.6% to 33%. The Capital gains tax, now 23.8%, is scheduled for a cut to 20% by Trump and 16.5% by Congress. Both Trump and Ryan plan to abolish the Estate Tax, reducing taxation on estates worth $7 million (now the threshold) altogether. Both are strong proponents of allowing big US multinational corporations in Tech, Pharma, Banking and others to ‘repatriate’ $2.5 trillion in taxes they have been hoarding in profits offshore to avoid paying the US 35% rate to a low of 10%. The 4.8% surtax on the wealthiest to help fund Obamacare will also certainly disappear. Also notable is that net taxes on the middle class will rise under both plans, and the countless loopholes for investors will continue.

It should be noted that this massive tax cut package amounts to $4.3 trillion, according to Trump. But according to the Tax Policy Center research group, it will reduce federal revenues by $6.2 trillion. The wealthiest 1% would realize a 13.5% cut in their taxes, while the rest of all households would have a 4.1 % rise in their taxes.

This $4.3 or $6.2 trillion follows a $5 trillion tax cut agreed to by Obama, Democrats and Republicans in Congress that took place in early 2013 as part of the then phony ‘fiscal cliff’ crisis. That followed a $800 billion tax cut pushed by Obama at the end of 2010, in which Obama continued the previous Bush tax cuts for another two years and then some. That followed a preceding $300 billion tax cut in Obama’s 2009 initial recovery program. And all that came after George W. Bush’s estimated $3.4 trillion in tax cuts in 2001-04, 80% of which accrued the wealthiest households and businesses. So under Bush-Obama, taxes for the rich and their corporations totaled approximately $9.5 trillion, and now Trump-Ryan propose another $4.3 trillion minimum.

The US elite, in Congress and beyond, will tolerate much of this deregulation, as well as a significant assault on immigration, law and order, policy repression of ethnic communities, deportations, limits on civil liberties, cuts in social programs, and privatization proposals across the board involving education, Medicare, and healthcare. Their priority is passage of policy in the areas of tax cuts, deregulation, and delaying any potential actions that might endanger existing free trade agreements...

What started as a hope of a resurrected left populism quickly and progressively decayed into a comprehensive program that delivered 97% of all income gains to the wealthiest 1% households.
Voters chose a black president in 2008 because they wanted change. They didn’t care about his race. They didn’t get it. In 2016 they now voted again—for change. Those voters did not become racist in the past eight years, even though the candidate they just voted for indicated in many ways he himself was racist and misogynist, to name but a few of his apparent character faults. Those voters who in 2008 chose a ‘left populism’ that turned out to be false, chose in 2016 a ‘right populism’. But what they will get is not populism but another disappointment...

Like the Obama regime, the Trump regime will retreat to a neoliberal US elite regime. It will be a ‘Neoliberalism 2.0’. An evolved new form of Neoliberalism based on the continuation of pro-investor, pro-corporate, pro-wealthy elite economic policies—with an overlay of even more repressive social policies involving immigration, law and order, privatizations, cuts in social programs, more police repressions of ethnic communities, environmental retreat, limits on civil liberties, more insecurity and more fear. This is the new form of Neoliberalism, necessary to continue its economic dimensions by intensifying its forms of social repression and control.
http://www.counterpunch.org/2016/12/02/taming-trump-from-faux-left-to-faux-right-populism/

24--Trump outlines right-wing program of extreme nationalism at Cincinnati rally


For all his talk of national “unity,” a Trump administration will be one of brutal class war. Trump’s “action plan” is centered on freeing corporations from any restraints on profit-making and exploitation. “Right now we punish companies for doing business in America,” he said. To bring back jobs, the new administration would “massively lower taxes, and make America the best place in the world to hire, to invest, to grow, to create and to expand.”
He added that he would “eliminate every single wasteful regulation that undermines the ability of our workers and our companies to compete with companies from foreign lands.”...

In fact, Trump’s “America First” nationalism will be accompanied by a massive escalation of military violence. In his speech, Trump pledged a “national effort to build our badly depleted military” and called for a major campaign to “destroy ISIS.”...

Trump’s remarks were clearly shaped and likely written by Trump’s chief strategist, Stephen Bannon, the former head of Breitbart News who has ties to fascistic organizations. Bannon has called for the formation of a new “movement”—a term Trump repeated throughout his remarks—based on economic nationalism and opposition to “globalists.”
A major theme was the need to “unify” the nation in opposition to Washington politicians who have subordinated “American interests” to foreign powers. “There is a lot of talk about how we are becoming a globalized world,” Trump said, “but the relationships people value in this country are local… There is no global anthem, no global currency, no certificate of global citizenship. We pledge allegiance to one flag, and that is the American flag.”...

In a rally in Cincinnati, Ohio on Thursday night, US President-elect Donald Trump outlined the right-wing program of extreme “America First” nationalism of the incoming administration.
The Cincinnati speech was unlike any delivered by a president or president-elect in US history. It was a combination of blatant contradictions, exaggerations, wild hyperbole, empty demagogy and praise for himself as the man who would fix all the problems facing the country. It combined threats against political enemies with pledges to work with anyone and everyone to overcome gridlock and restore American jobs.

While couched in rhetoric about protecting the “American worker,” Trump’s policy proposals centered on massive tax cuts to corporations and deregulation, combined with increasing the size of the military, expanding police powers and sharply curtailing immigration. During the rally Trump also announced that his choice for secretary of defense is retired general James “Mad Dog” Mattis.

25--Tensions mount over US presidential election recounts


When Stein made an online appeal for money to pay for the legal and processing costs, more than $7 million was raised in a few days, almost entirely from small donors. This is twice the amount Stein raised for her own presidential campaign, which the Greens largely downplayed once it became clear that the contest between the two main capitalist candidates was tightening.

2 comments:

  1. +$3,624 PROFIT last week...

    Receive 5 Star verified winning picks on NFL, NBA, MLB and NHL + Anti-Vegas Smart Money Signals!

    ReplyDelete
  2. There's shocking news in the sports betting industry.

    It has been said that every bettor needs to see this,

    Watch this now or stop betting on sports...

    Sports Cash System - Robotic Sports Betting Software.

    ReplyDelete