Bessent, like Mnuchin before him, is largely irrelevant. He’s there to reassure his contacts on Wall Street that there are adults in the room and try to rationalise the irrational in the occasional TV interview. He clearly has next to no influence on Trump’s decision making.
You can get a good overview of the tax plans below. In essence, it's an enormous giveaway that will in part be supported by eliminating or kneecapping most government funding outwith the military and immigration. The Republicans had to ask for the debt limit to be increased because of how much money is being given away. As a party it has only ever existed to transfer wealth from the average person to the rich, and the proposals as written do that on a tremendous scale.He’s far from rational but if you listen to Bessent there is possibly some method to the tariff madness. I think Trumps gone further than maybe Bessent wanted/ expected though.
Not sure about the tax cut side at the moment as I haven’t seen anything specific formulated although expect him to be a cutter and knowing Trump it’s unlikely to disadvantage him personally !
Will wait to see how it all plays out though as Trump intentionally creates so much ‘noise’, some as part of the negotiation and some as a diversion, so it’s hard to judge.
The Republican party was originally an anti slavery party, the Democrats supported States rights to be slave owning.You can get a good overview of the tax plans below. In essence, it's an enormous giveaway that will in part be supported by eliminating or kneecapping most government funding outwith the military and immigration. The Republicans had to ask for the debt limit to be increased because of how much money is being given away. As a party it has only ever existed to transfer wealth from the average person to the rich, and the proposals as written do that on a tremendous scale.
Senate GOP approves framework for Trump's tax breaks and spending cuts after late-night session
The Republican-controlled Senate has approved a budget framework that includes multitrillion-dollar tax breaks and spending cuts.apnews.com
While people cheer him on. Look what happened to Truss, as soon as the markets lost confidence she was fucked.Mad how one man's stupidity can have such crippling effects worldwide.
One thing that I wish would come from this is how stupid it is to place so much emphasis on things like stock markets.FTSE down 6% in the first 10 mins of trading.
China, Japan, Germany, Australia all massively down.
Mad how one man's stupidity can have such crippling effects worldwide.
Why?One thing that I wish would come from this is how stupid it is to place so much emphasis on things like stock markets.
While people cheer him on. Look what happened to Truss, as soon as the markets lost confidence she was fucked.
If Sunak or Starmer were causing these falls in the stock market they'd be gone.
But Trump is still be cheered on by people who will feel the pain of his actions, its very bizarre. Not sure I'd be trusting someone who has gone bankrupt so many times when he starts talking about the long game.
You don't say that about Starmer and UK economy.Well time will tell, the answer will be the state of the US economy at the end of his time in office.
He’s talking about the political implications which will clearly be significant.Its not that big a deal in terms of stock markets - they will bounce back
During COVID my pension value crashed by around £80,000 - it still has averaged 5% growth from the period prior to the crash to now per annum including the fall.
In fact the bounce back will end up making higher growth
He’s talking about the political implications which will clearly be significant.
Yes he’s talking about the political future of leaders whose policies trigger financial unrest (i.e. Truss)Is he? How will they be significant?
If stocks are falling because they are pricing in a significantly higher chance of a recession then it’s meaningful to people whether they are shareholders or not.Only around 1/5 people in the UK actively invest in the stock market, lots of people gain nothing from its gains and probably assume little from its losses.
Only around 1/5 people in the UK actively invest in the stock market, lots of people gain nothing from its gains and probably assume little from its losses.
You don't say that about Starmer.Well time will tell, the answer will be the state of the US economy at the end of his time in office.
Surely some of our pensions are invested in stock markets?Only around 1/5 people in the UK actively invest in the stock market, lots of people gain nothing from its gains and probably assume little from its losses.
Actively being the operative word, people have relatively little choice over where company pension schemes are investedSurely some of our pensions are invested in stock markets?
Trump is doing what he said he'd do in his manifesto.You don't say that about Starmer.
FTSE down 6% in the first 10 mins of trading.
China, Japan, Germany, Australia all massively down.
Mad how one man's stupidity can have such crippling effects worldwide.
Brilliant rhetoricTrump is doing what he said he'd do in his manifesto.
Starmer is a bullshiter who's doing exactly the opposite of what he said he'd do in Labours manifesto.
Such as
Not raising council tax,
Not ending winter fuel allowance for our pensioners,
Putting an end to immigrant hotels,
Not limiting child allowance etc etc etc
It’s bad medicine.Brilliant rhetoric
Trump said he would mess up everything mmmm not sure he did
Down 1300 pts so far.When does the US open? Will that take the brunt?
YepIt’s bad medicine.
Now another 1300 pts down. Musk et Al will be buying stock up.
Well there's something going on at the minute regarding the second last part of your list, something about begging them to continue providing for the clients while having difficulty getting paid?Trump is doing what he said he'd do in his manifesto.
Starmer is a bullshiter who's doing exactly the opposite of what he said he'd do in Labours manifesto.
Such as
Not raising council tax,
Not ending winter fuel allowance for our pensioners,
Putting an end to immigrant hotels,
Not limiting child allowance etc etc etc
Musk is busy firing out tweets about how good tariff free markets areMusk et Al will be buying stock up.
Not yet far too early toIt’s bad medicine.
Now another 1300 pts down. Musk et Al will be buying stock up.
Usually after Wimbledon but before the Australian openWhen does the US open? Will that take the brunt?
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