Donald J. Trump @realDonaldTrump 7:44 AM – Jun 15, 2019: “The Trump Economy is setting records, and has a long way up to go….However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT”
Just another supply-side creep who hopes the inevitable crash from mediocre economics happens after he lies his way into a second term. [In case you don’t recall Ronald Reagan’s White House career]
❝ The Missouri River used to be out of control. “It cuts corners, runs around at nights, fills itself with snags and traveling sandbars, lunches on levees, and swallows islands and small villages for dessert,” is how the humorist George Fitch (pretty accurately) described it in 1907.
It was also hugely variable in size and shape. Below Yankton, South Dakota, where a narrow valley gave way to a flat expanse five to 18 miles wide, the Missouri and its various secondary channels, sandbars and the like “had a width of 1,000 to 10,000 feet during normal flow periods,” historian Robert Kelley Schneiders wrote in 1999. During a flood, which usually came in April when snow melted in the Great Plains, or in June when it melted in the Rocky Mountains, the river could become a “foaming, misdirected monster” that covered the entire valley, sometimes with ice as well as water.
Afterward, the Missouri would often resettle along an entirely new course…
❝ When Fitch wrote that in 1907, local officials and the U.S. Army Corps of Engineers had already been trying and mostly failing for several decades to persuade the Missouri to behave more like they thought a river should, flowing in a single channel navigable by barges and staying off neighboring cornfields and out of houses…
This year, even though it isn’t expected to set any overall runoff records, is looking even worse. Floodwaters breached levees in more than 40 places along the Missouri in mid-March, and more than a month later much of the river valley from Omaha and Council Bluffs southward to Missouri — most of which, because the river channel hugs the hills on the Nebraska side, is in Iowa — is still soaked. Interstate 29, which connects the Omaha-Council Bluffs metropolitan area to points south, is closed to just past the Missouri state line and not expected to reopen until June.
RTFA. Interesting, confirms most folks’ cynicism about plans and programs succeeding governments have implemented to greater or lesser degrees of success. For a while. When it works – for a while – everyone figures all the problems are solved. For a while.
Thanks, Barry Ritholtz
Consider! If we listen to the Fake President we might do as well over the next 20 years as Japan did over the last 20.
Rockcastle Creek, Kentucky – contaminated by coal sludge
❝ Aleigha Sloan can’t remember ever drinking a glass of water from the tap at her home…
“You just don’t touch that tap water unless absolutely necessary. I mean, like showers and things — you have to do what you have to do. But other than that, no,” she says. “I don’t know anybody that does…”
“You take it for granted until you don’t have it,” BarbiAnn Maynard says about a clean water supply. “I think that’s the attitude of a lot people right now, but I don’t think they understand how close they are to it happening to them.”
❝ Americans across the country, from Maynard’s home in rural Appalachia to urban areas like Flint, Mich., or Compton, Calif., are facing a lack of clean, reliable drinking water. At the heart of the problem is a water system in crisis: aging, crumbling infrastructure and a lack of funds to pay for upgrading it.
Americans think they “rose up” against a corrupt political system by installing someone for whom corruption, profiteering and greed are his religion. Who is dumb and who is dumber?
Two-thirds of business economists in the U.S. expect a recession to begin by the end of 2020, while a plurality of respondents say trade policy is the greatest risk to the expansion, according to a new survey.
About 10 percent see the next contraction starting in 2019, 56 percent say 2020 and 33 percent said 2021 or later, according to the Aug. 28-Sept. 17 poll of 51 forecasters issued by the National Association for Business Economics…
Forty-one percent said the biggest downside risk was trade policy, followed by 18 percent of respondents citing higher interest rates and the same share saying it would be a substantial stock-market decline or volatility.
The reality of supply-side economics is failure. Trump’s added difference is in also increasing the national debt another trillion dollar$
Not exactly a surprise. Supply-side “solutions” used to justify tax breaks for corporations and the wealthy have never resulted in anything other than recession. Roubini explains his analysis more clearly and thoroughly than I might. Watch the video. Bloomberg has blocked linking directly; but, you can click through to YouTube.
Yes, Roubini’s a conservative economist. In this instance, his prediction of doom and gloom is founded on the track record of Republicans who try this every decade or so – and fail each time.