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Thread started 01/25/18 7:22am

RodeoSchro

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Just one way how our genius president is destroying our economy


I had a very interesting conversation last night with an attorney who represents people in the steel business. I know what you're thinking - where the heck do you hang out, RodeoSchro?

Anyway, she told me about the tariffs our genius president has put on foreign steel in order to Make America Great Again. But even though our genius president has allegedly built very tall structures made of steel, it turns out he used foreign steel on all his buildings. Why?

Because foreign steel is three times cheaper than American steel, and it's also a higher quality.

Well, not any more. At least, with respect to price. Because our genius president - who, apparently, is through building stuff in the US of A - has declared the low price of foreign steel to be a "national security threat". By doing this, he/his government get all sorts of powers to screw with foreign steel makers.

They can launch investigations that effectively impede foreign steel manufacturers from importing their product into America. Bottom line is that we're going to burn through all the foreign steel in about 1 1/2 years and then everything that gets built in America is going to have steel costs that are 300% higher than they are today.

300%.

That's not good for business. That's not good for consumers. That's not good for anybody.

Interestingly enough, there are two kinds of steel - above-ground steel and below-ground steel. It's the below-ground steel where we REALLY are going to get screwed. Because below-ground steel isn't just used for foundations and garages and roads.

It's used in the drilling for oil.

The price of getting oil out of the ground is going to go way up in 2019 or 2020. Which means the cost of gasoline is going to go up. In fact, since just about everything has petroleum in it, the cost of everything is going to go up.

And we're doing this to ourselves, on purpose.

Does that sound like we're Making America Great Again?

Second Funkiest White Man in America

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Reply #1 posted 01/25/18 9:57am

RodeoSchro

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This didn't take long:

http://money.cnn.com/2018...-stack-dom


LG Electronics told retailers on Wednesday that its laundry machines will get more expensive due to a tariff announced by the Trump administration earlier this week.

"As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly," LG executive Thomas Yoon said in a memo obtained by CNNMoney. The note was
first reported by the Wall Street Journal.

But consumers should be prepared for prices to go up by 15% to 20%, said Dinesh Kithany, asmart home and appliances analyst with IHS Markit. That could translate to washing machines that are $70 to $100 more expensive, he said.

On Monday, U.S. Trade Representative Robert Lighthizer announced that President Trump approved tariffs on both washing machines and solar panels in order to protect U.S. manufacturing.

LG said a new $250 million washer factory that's being built in Clarksville, Tennessee should help ease some pressure, since those washers won't be subject to the tariff.

Second Funkiest White Man in America

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Reply #2 posted 01/25/18 10:59am

13cjk13

Nothing worse than a vindictive person that is also a ridiculously stupid asshole. Impeach.

"Our liberty depends on the freedom of the press, and that cannot be limited without being lost".
-Thomas Jefferson
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Reply #3 posted 01/25/18 11:46am

SuperFurryAnim
al

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LG said a new $250 million washer factory that's being built in Clarksville, Tennessee should help ease some pressure, since those washers won't be subject to the tariff.

God has a plan. Trust the plan.
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Reply #4 posted 01/25/18 12:08pm

2freaky4church
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Whereever the fuck that is.

"My motherfucker's so cool sheep count him."
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Reply #5 posted 01/25/18 12:53pm

SuperFurryAnim
al

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2freaky4church1 said:

Whereever the fuck that is.

America?

God has a plan. Trust the plan.
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Reply #6 posted 01/25/18 1:01pm

RodeoSchro

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SuperFurryAnimal said:

2freaky4church1 said:

Whereever the fuck that is.

America?



Forgive 2freaky, he lives in Cinnccinnatti, a town with so many double consonants that no one can spell it correctly.

Second Funkiest White Man in America

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Reply #7 posted 01/25/18 1:04pm

RodeoSchro

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SuperFurryAnimal said:

LG said a new $250 million washer factory that's being built in Clarksville, Tennessee should help ease some pressure, since those washers won't be subject to the tariff.



Yes, I included that. It won't help for months or longer. And LG will have to recoup the cost of a plant they didn't need to build, so their washers and dryers will still cost more than they did last week.

So local workers will get the money from the jobs, while consumers will pay for it through higher costs. That's nothing more than a transfer of money from one not-wealthy group to another not-wealth group.

Second Funkiest White Man in America

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Reply #8 posted 01/26/18 11:49am

RodeoSchro

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Economic results are in for 2017, the first full year of reign by our genius president. The economy grew by 2.3%; better than 2016 but not as good as 2015. However, 2017's increase in growth was due to.....wait for it.....you won't believe it.....well, maybe you will:

Federal government spending helped: It rose at the fastest pace in seven years, led by a surge in defense spending.

http://money.cnn.com/2018...index.html

Second Funkiest White Man in America

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Reply #9 posted 01/27/18 10:31am

2freaky4church
1

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How you make us great: Anarchy.

"My motherfucker's so cool sheep count him."
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Reply #10 posted 01/27/18 10:55am

2freaky4church
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Ha-joon Chang explains economics:

"My motherfucker's so cool sheep count him."
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Reply #11 posted 01/30/18 2:57pm

RodeoSchro

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DJIA drops 540 points in two days; genius president who took credit for when it rose is somehow silent on these events.

Second Funkiest White Man in America

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Reply #12 posted 01/30/18 3:39pm

2freaky4church
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Bad timing idiot. lol

"My motherfucker's so cool sheep count him."
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Reply #13 posted 02/05/18 6:34am

RodeoSchro

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The DJIA, or as it's now known "The Trump Stock Market", lost $1,000,000,000,000 in value last week (that's about a 900-point loss in pre-The Trump Stock Market lingo). It's been open for five minutes today and is down 257 points. I guess The Trump Stock Market has lost around $250,000,000,000 so far today.

Winning!

Second Funkiest White Man in America

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Reply #14 posted 02/05/18 6:37am

RodeoSchro

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It was released last week that our government is going to have to borrow nearly $1,000,000,000,000 this year. That's a 100% increase in what we had to borrow for the last year of President Obama's budget.

Just wait until our genius president gets REALLY going. We may borrow TWO trillion in one of his years.

Winning!

Second Funkiest White Man in America

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Reply #15 posted 02/05/18 7:41am

DiminutiveRock
er

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What happened to the DOW? Down 666! evillol


Not doing much better today!

Trump is taking credit for that too, right?

"'Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.'' - Thomas Jefferson
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Reply #16 posted 02/05/18 12:08pm

RodeoSchro

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The Trump Stock Market is down 800 points with about one hour left to trade.

The Trump Stock Market lost about $1,000,000,000,000 in value last week.

The Trump Stock Market might lose about $1,000,000,000,000 in value today.

Winning!

Second Funkiest White Man in America

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Reply #17 posted 02/05/18 12:17pm

RodeoSchro

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I'm going to do my best not to live-blog this, but The Trump Stock Market is now down nearly 1,100 points.

Which is better than five minutes ago, when The Trump Stock Market was down 1,500 points.

OK, no more live-blogging about the crash of The Trump Stock Market until after the closing bell!

Second Funkiest White Man in America

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Reply #18 posted 02/05/18 12:28pm

Astasheiks

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DiminutiveRocker said:

What happened to the DOW? Down 666! evillol


Not doing much better today!

Trump is taking credit for that too, right?

Yeah, That "666" was a Friday shocker! crysball headache ill

[Edited 2/5/18 12:29pm]

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Reply #19 posted 02/05/18 12:28pm

Astasheiks

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RodeoSchro said:

The Trump Stock Market is down 800 points with about one hour left to trade.

The Trump Stock Market lost about $1,000,000,000,000 in value last week.

The Trump Stock Market might lose about $1,000,000,000,000 in value today.

Winning!

WOW! eek mad confused sad

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Reply #20 posted 02/05/18 12:45pm

2freaky4church
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Holy shit, there goes reality:

http://money.cnn.com/2018...index.html

Trump has rotten eggs on his face. This is scary because it may give us a big crash. See what tax cuts do?

"My motherfucker's so cool sheep count him."
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Reply #21 posted 02/05/18 12:46pm

2freaky4church
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Right wing economics do not work!!

"My motherfucker's so cool sheep count him."
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Reply #22 posted 02/05/18 1:15pm

RodeoSchro

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The Trump Stock Market ended DOWN 1,175 points.

The Trump Stock Market lost 4.66% of its value today.

The Trump Stock Market lost about/more than $1,000,000,000,000 in value today.

The Trump Stock Market has lost more than $2,000,000,000,000 in value in less than one week.

Winning!

.

[Edited 2/5/18 13:16pm]

Second Funkiest White Man in America

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Reply #23 posted 02/05/18 1:20pm

RodeoSchro

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Various reasons why The Trump Stock Market has most more than $2,000,000,000,000 in less than one week:


1. "What have you done for me lately?" mentality. I mean, it's been a month since tax reform already

2. "The market was inflated" theory, whereby stocks were over-valued for no good reason

3. "Democrats committed treason!" which is what our genius president said today about Democrats who did not clap for him at the SOTU address (I am not making that up)

4. "Trump spends like a drunked sailor" which is my personal choice. I think it's no coincidence that under our genius president, our deficit has doubled in his first year and is only going to get bigger. When interest rates rise, we are totally screwed

5. "Markets always go down on the first day of a new Federal Reserve Chairman's term!" That is true but has no bearing on such a large loss

Second Funkiest White Man in America

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Reply #24 posted 02/05/18 1:52pm

benni

RodeoSchro said:

It was released last week that our government is going to have to borrow nearly $1,000,000,000,000 this year. That's a 100% increase in what we had to borrow for the last year of President Obama's budget.

Just wait until our genius president gets REALLY going. We may borrow TWO trillion in one of his years.

Winning!


Yes, borrowing nearly a trillion this year, $1.1 trillion in 2019, and I believe $1.5 trillion in 2020. Those were current estimates. However, if it continues on the downward shift, I think we can see those numbers jump tremendously.

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Reply #25 posted 02/05/18 2:16pm

RodeoSchro

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benni said:

RodeoSchro said:

It was released last week that our government is going to have to borrow nearly $1,000,000,000,000 this year. That's a 100% increase in what we had to borrow for the last year of President Obama's budget.

Just wait until our genius president gets REALLY going. We may borrow TWO trillion in one of his years.

Winning!


Yes, borrowing nearly a trillion this year, $1.1 trillion in 2019, and I believe $1.5 trillion in 2020. Those were current estimates. However, if it continues on the downward shift, I think we can see those numbers jump tremendously.




Total debt held by the public right now is about $14,700,000,000,000. We are paying approximately $266,000,000,000 on that debt per year, or an interest rate of 1.81%. That's historically low.

Here's some sobering news:

Interest rates are projected to rise above 3 percent in 2018, according to the Office of the Management and Budget. They are expected to increase to nearly 4 percent by 2020. By then, the interest on the debt will almost double, to $474 billion. It will consume almost 9.7 percent of the budget. By 2026, the interest on the debt will be $787 billion, and take up 12.2 percent of the budget.

That means the government will spend more on interest than on national defense by 2021. The following year, it will surpass all other discretionary spending. That's everything except the mandatory budget, which includes Social Security, Medicare, and Medicaid benefits. (Source: "The Legacy of Debt," The Wall Street Journal, February 5, 2016.)

https://www.thebalance.co...bt-4119024


This is if interest rates remain historically low. But what if they don't? What if we have a world-wide meltdown and rates rise higher than projected?

It doesn't take a mathematics degree to see that rates only have to go to where they were in, say, 1998 and we would soon be paying more than $1,000,000,000,000 per year on our debt.


Second Funkiest White Man in America

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Reply #26 posted 02/05/18 6:49pm

TD3

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RodeoSchro said:


I had a very interesting conversation last night with an attorney who represents people in the steel business. I know what you're thinking - where the heck do you hang out, RodeoSchro?

Anyway, she told me about the tariffs our genius president has put on foreign steel in order to Make America Great Again. But even though our genius president has allegedly built very tall structures made of steel, it turns out he used foreign steel on all his buildings. Why?

Because foreign steel is three times cheaper than American steel, and it's also a higher quality.

Well, not any more. At least, with respect to price. Because our genius president - who, apparently, is through building stuff in the US of A - has declared the low price of foreign steel to be a "national security threat". By doing this, he/his government get all sorts of powers to screw with foreign steel makers.

They can launch investigations that effectively impede foreign steel manufacturers from importing their product into America. Bottom line is that we're going to burn through all the foreign steel in about 1 1/2 years and then everything that gets built in America is going to have steel costs that are 300% higher than they are today.

300%.

That's not good for business. That's not good for consumers. That's not good for anybody.

Interestingly enough, there are two kinds of steel - above-ground steel and below-ground steel. It's the below-ground steel where we REALLY are going to get screwed. Because below-ground steel isn't just used for foundations and garages and roads.

It's used in the drilling for oil.

The price of getting oil out of the ground is going to go way up in 2019 or 2020. Which means the cost of gasoline is going to go up. In fact, since just about everything has petroleum in it, the cost of everything is going to go up.

And we're doing this to ourselves, on purpose.

Does that sound like we're Making America Great Again?


Donald Trump won because he's very good at putting on a dog and pony show. We've been here and we've done this, 2002 George W. Bush put tariffs of imported steel. Less than 24 months former President George W. Bush withdrew those tariffs because, Brazil, China, Japan, Taiwan and others imposed their own tariffs on US imported products that used U.S. Steel. Unintended consequences.... U.S. steel workers lost over quarter of million jobs.


This is the real deal, there isn't a one quick bullet that's going to solve all of U.S economic /trade. ills. My late father worked at U.S. Steel in Gary IN. for over 30 years. He was at US Steel at its peak 36,000 full time, 18,000 part time. In 1985 16,500 workers full and half time. US Steal in Gary closed all of their coke operations about 3 1/2 years ago... the workers at US Steel is now below 4,000 workers. Amazing thing about U.S. Steel is how many acres they take up, its am empty city upon itself. That being said...


One thing about trade agreement's, the powers that be always tell you, there's a pot of gold for everyone at the end of the rainbow. No one ever speaks of those who will be left behind, crushed or displaced by this trade treaties. In many respects those who write these trade agreements up, never talk about the down side or the possible unintended consequences of these trade agreements. If we wish to examine trade and treaties, we must look at GATT (General Agreement on Tariffs and Trade) which was drawn up in 1947 / 1948. Dumping of steal in the US didn't start until the mid late 70's... when nation began to come back from the WW II the loopholes within GATT allowed them a greater advantage. More importantly the grade of steel or the lack-there-of was because US steel companies didn't brother to invest in Research and Development. United States lead in many things but we've beeen caught flat footed. Those who wanna whine and complain ( that's not geared towards you) fine. If we are going to find solutions in order to compete in a World economy... erroneous and simple explanations aren't going to help us; we'll keep losing more ground. (IMHO)

==========================

[Edited 2/5/18 18:53pm]

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Reply #27 posted 02/05/18 8:29pm

poppys

2freaky4church1 said:

Whereever the fuck that is.

Lol. Clarksville Tn is less than 300 miles from Cincinnati. I just drove through both last week. The roads in Cinci are BY FAR the shittiest including all of Kentucky and Tennessee.

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Reply #28 posted 02/05/18 9:15pm

DiminutiveRock
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If Trump takes responsibility for the stock market going up - then he also must own when it dips... really really dips.

hah!

"'Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.'' - Thomas Jefferson
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Reply #29 posted 02/05/18 10:33pm

Silvertongue7

DiminutiveRocker said:

If Trump takes responsibility for the stock market going up - then he also must own when it dips... really really dips.

hah!


That would be the adult thing to do. So guess again...
Someone's in my body, someone's in my body...
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