Nel's New Day

September 20, 2019

DDT: Week 139 – Self-Serving, ‘Quid pro Quo’

The whistleblower debacle about a troubling “promise” from Dictator Donald Trump (DDT) has exploded—at least in the mainstream media. During a July telephone call with Ukrainian President Volodymyr Zelensky, DDT told him eight times to work with his personal attorney Rudy Giuliani to investigate Joe Biden for corruption. Tightlipped Director of National Intelligence Joseph MacGuire is keeping his mouth shut about why he doesn’t follow the law to give the complaint to Congress, but DDT’s lawyer Rudy Giuliani has no problem talking about the situation. Last night, he told Chris Cuomo on CNN that he asked Ukraine to look into Joe Biden and that he didn’t ask Ukraine to look into Joe Biden—in back to back answers. Last May, Giuliani said about his pressuring Ukraine to help DDT get reelected that it wasn’t “illegal” although “somebody could say it’s improper.” This follows the Russian scandal about a foreign government’s interference in a U.S. election. Now Giuliani—and perhaps DDT—are asking for intervention from another foreign government. The exchange and Giuliani’s meltdown are here.

Giuliani is as much of a con as DDT; he’s just not as good at doing it, which says he’s really bad in what he does. Here’s a timeline between May 2, 2019, when Giuliani and DDT pushed the scandal against Biden, and September 13, 2019, when DDT gave up on the blackmail and released the Congress-approved $250 million to Ukraine. The trail of breadcrumbs leads from the whistleblower to Ukraine.

Trying to hide his activities, DDT stopped the bipartisan practice of publishing “readouts,” official descriptions of his telephone calls with world leaders in June. People in the U.S. learn about his calls only through the foreign press, for example this week’s calls to Turkish President Recep Tayyip Erdogan and Israeli Prime Minister Benjamin Netanyahu. Without a U.S. readout, foreign leaders shape the narratives, and DDT demonstrates his level of paranoia.

Giuliani’s admission makes him a co-conspirator in the situation, possibly a federal crime. The day after DDT’s call with Zelensky about investigating Joe Biden’s son, U.S. Special Representative Kurt Volker met with Ukrainian leaders. Soon after, Giuliani was sent to Spain to meet with one of Zelensky’s closest associates, Andriy Yermack. As DDT delayed appropriated military aid for Ukraine, Giuliani explained the quid pro quo—literally “something for something”—when he told Yermack,  “Your country owes it to us and to your country to find out what really happened.” Giuliani was referring to Ukraine’s investigation into corruption about Joe and Hunter Biden’s involvement with a gas company and Joe Biden’s advocacy for firing a Ukrainian prosecutor overseeing an anti-corruption probe of the company’s owner. The next prosecutor general said he found no evidence of wrongdoing by either Biden. Giuliani said his goal is to make sure Biden doesn’t become president without answering for the problems in Ukraine.

Vladimir Putin wants Ukraine for Russia. What would stop DDT from promising Putin he’ll give Ukraine to Russia if he gets elected in 2020?  https://www.cnsnews.com/news/article/susan-jones/giuliani-raises-alleged-corruption-joe-biden-and-son-whistleblower  Giuliani’s latest scam to please Fox is declaring that Biden took $1.5 billion out of China. 

DDT’s diversion for the Ukraine blackmail scandal is sending an unspecified number of troops to protect oil in Saudi Arabia despite no evidence that Iran was behind the attacks. He’s also punishing Iran by putting sanctions on its central bank.

NRA, Republicans, and DDT are avoiding any gun safety legislation, but Colt announced that it will no longer manufacture rifles, including the AR-15, for civilian use.

Brett Kavanaugh stays in the news as NYT reporters Robin Pogrebin and Kate Kelly, authors of a book investigating his scandals, said that Kavanaugh agreed to talk to them if they publicly lied for him. His offer was to provide background information in exchange for a claim in the book that he declined to be interviewed. Authors of The Education of Brett Kavanaugh refused his offer and therefore did not speak with him about the book. Kavanaugh isn’t commenting on the matter.

In late December, most voters polled by the research firm Perry Undem believed Kavanaugh had lied about his teenage years. Forty-nine percent had a largely unfavorable impression of him, as compared with the 29 percent who had a favorable one. Thirty-five percent said the Senate did the right thing in confirming him; a close 41 percent disagreed. A poll from Perry Undem found that 57 percent of voters said Kavanaugh lied under oath and that, except among “self-identified Republicans and white men (both minorities of the electorate),” most voters believed Christine Blasey Ford over Kavanaugh. Every time I look at Kavanaugh’s photos, I think about his pushing his penis in a young woman’s face—that the NYT called “harmless fun.” 

On tonight’s Bill Maher show, both Maher and Andrew Sullivan defended Kavanaugh with the claim that his behavior came from teenage bad choices. They skipped over the fact that he lied under oath in all his confirmation hearings and now asks writers to lie in a book about him. The GOP talking point is blame the victim. It’s a man’s world even when women are doing the attacking.

One might wonder if DDT is trying to kill Rep. Ilhan Omar (D-MN) by retweeting a lie that she celebrated the anniversary of 9/11. The video he copied came from a Congressional Black Caucus event on 9/13. Twitter didn’t take down the tweet because it was from the man in the Oval Office. When DDT copied the originator, Terrence Williams, he called him “a very highly respected conservative pundit” with “half a million followers” on Twitter. DDT has made Omar the target by millions of racist white supremacist followers who believe everything DDT says.

DDT has been ordered back to court, this time by a New York state Supreme Court justice who wants a videotaped deposition for a civil suit about a 2015 occurrence between protesters and DDT’s security guards. Plaintiffs claim that DDT’s guards assaulted them on the sidewalk outside the Trump Tower when they demonstrated against DDT’s calling Mexican immigrants “rapists” and “criminals.”

Although DDT pretends he’s concerned about homeless people, but he admitted that his reason for “rounding up” homeless people in California cities and dropping them into government facilities is that foreign investors may not want to rent or buy real estate if they see homeless people. Last July, DDT told Tucker Carlson that homelessness started only two years ago but he had cleaned up the problem in Washington, D.C. The city has a slightly larger homeless population than San Francisco.  DDT is looking out for the 30 percent of the former Bank of America tower in San Francisco and properties in Los Angeles that he owns. He is so concerned about pollution going into the ocean from the homeless people that he plans to have the EPA cite San Francisco for environmental violations. DDT made this announcement shortly after he blocked California from restricting pollution from automobile exhaust and sued four car manufacturers for voluntarily cooperating with the state’s clean air rules. 

Republicans claim states’ rights as part of their policies, but DDT is removing California’s right to set tailpipe pollution rules stricter than federal regulations. To do so, he will revoke a legal waiver granted to the state by the 1970 Clean Air Act, an act that affects 13 other states comprising one-third of the auto market. DDT wants the change now to defend his legal right to undo emissions regulations in the Supreme Court before the 2020 election. Twenty-three states have joined California in its 60th lawsuit to stop DDT’s administration from blocking states’ authority to set higher emission standards than the U.S. for cars and trucks.

The Feds cut the interest rate another 0.25 percent to 1.75 percent—bad news for retirees and savers—and the stock market went down. Ten of the 17 Fed leaders look to keeping or raising the rates for the rest of 2019. Bad news for DDT as business executives and lawmakers blame him for the trade uncertainty. DDT inherited a stable economy, but his irrational actions required the NY Fed to borrow $128 billion in Treasuries and other securities at between five and 10 percent interest over a two-day period so that banks could maintain their reserve requirements, its first rescue since the 2008 recession. The feds may start printing new money before the end of the year to make up for the gap.

According to a Fox survey, 52 percent of the country feel exhausted with DDT’s administration, and he caused only 37 percent to feel energized about politics. The percentage of people nervous about the economy has increased from 43 percent to 48 percent in the past six months, and a plurality of 43 percent believe that DDT’s policies hurt the economy. More poll results here.

August 6, 2019

Indicators Show Slowing Economy

Stock markets finished yesterday with the worst drop this year as Asian markets also badly slipped. As investors look for places to hide, gold prices jumped, and Japanese yen and Swiss franc advanced. They retreated to the 10-year U.S. Treasury bond with a 1.725 percent return while the volatility index temporarily leaped to 30 percent. During the last two weeks, the Dow Jones, down for five consecutive points, fell over six percent since its high on July 15. All 30 Dow stocks and all 11 market sectors went down yesterday, and tech-heavy Nasdaq plummeted 3.47 percent for the fifth worst session ever.

“The losers are anybody with big exposure to China,” said Ivan Feinseth, chief investment officer at Tigress Financial Partners. After Dictator Donald Trump (DDT) said he would levy more tariffs on almost all Chinese goods, China responded by allowing the yuan to slump below to its lowest exchange rate in 11 years on Monday to level the playfield. Chinese rationale is that a weakened currency will offset DDT’s new ten-percent tariffs on all the other Chinese goods already at 25 percent by making the goods more affordable to the world and U.S. exports more expensive for the Chinese. DDT is blaming China and the Federal Reserve for what he calls “currency manipulation.” Last month, DDT tried to manipulate the currency: he asked his aides to find a way to weaken the U.S. dollar to boost the economy ahead of the 2020 election. He also asked about this issue when interviewing Judy Shelton and Christopher Waller for the Federal Reserve Board in another attempt to control the supposedly independent agency.

DDT blames economic problems on the Feds’ not cutting the interest rate, but the Dow Jones dropped almost 300 points after he announced new tariffs on $300 billion worth of Chinese imports—taxing everything that people in the U.S. buy from China. New tariffs bring additional annual purchasing costs for the average U.S. family to about $1,000. His tariff announcement polished off two days of trade talks between the two countries. https://time.com/5642373/china-countermeasures-trump-tariffs/  China promised “countermeasures” because DDT violated the agreement with President Xi Jinping, and the global stock markets turned red. DDT’s trade adviser Peter Navarro, who Jared Kushner found on Amazon.com, said, “We love tariffs. Tariffs are a wonderful thing.”

Farmers, frustrated by their severe losses after DDT’s trade war are turning against him. They’ve already received $16 billion, but DDT is promising them more welfare. His growing unpopularity, however, may come from the fact that over half of DDT’s welfare to farmers after the tariff debacle went to ten percent of recipients: 82 farming operations each received over $500,000 through last April from the $8.5 billion in payments. DeLine Farm Partnership of Charleston (MO) already got $2.8 million. The top one percent of farmers received an average of $188,000 compared to the average of under $5,000 for the bottom 80 percent. Anyone can receive payments if they make “management decisions” even if they don’t live or work on a farm, and thousands of them live in the nation’s biggest cities. A searchable database covered only direct payments to farmers and not other programs, including commodity purchases and export promotion assistance, that was part of the $12 billion payoff after DDT’s tariff program.

DDT had promised farmers that China would buy more U.S. farm products, but he has now admits that agreement never existed. There never was a record of Chinese purchases of U.S. soybeans, meaning far more losses on this year’s crop as well as the ones in reserve that survived last spring’s flood. Farmers face record foreclosures, and former DDT economic adviser said that DDT’s tariffs do more harm to the U.S. than China, who now buys its soybeans from Russia.

Following DDT’s 25 percent tariff on metal imports last year, US Steel idled two furnaces and lost $5.5—70 percent—of its market value. Last March, GM closed its Lordstown (OH) car plant after union workers gave up an annual $118 million to save the plant 18 months earlier. Negative ripples through Ohio’s economy included the closure of Falcon Transport.

Today, the Dow gained back about 20 percent of the 1,500 points it lost since last Tuesday, but it’s still lower than DDT’s initiation of his trade war in early 2018. Economic problems disprove DDT’s arrogant and ignorant claim 17 months ago that “trade wars are good, and easy to win.” All DDT’s advisers except China-hating Peter Navarro opposed the tariffs, and China is determined to project strength by not backing down. Late last week, DDT the bully said “it would be fine with me … and save a lot of money” if China doesn’t trade with the U.S., but he’s failing.

DDT’s goal to postpone a possible recession until after the 2020 election may not succeed. As the Treasury notes dropped to 1.7 percent, Bloomberg published its concern under the headline, “Yield Curve Blares Loudest U.S. Recession Warning Since 2007.” The temporary drop of 32 basis points less than three-month bills led to the biggest yield-curve inversion since the introduction to the 2008 crisis. In good times, the bond’s yield of interest after full term is bigger in longer terms. An inversion means that a three-month yield can be higher than a ten-year yield. This situation is not a cause of a recession; it can be a predictor of nervous investors and devastation of the economy.

The Republicans constantly tout current economy as the best it’s ever been, but DDT insists on interest rate cuts, a practice reserved for economic emergencies, and got a .25 percent reduction in the interest rate—the first one in the real 2008 emergency. Near-zero interest rates are an emergency measure, but the Federal Reserve may cut rates because they’re afraid that they’ll be a target during the 2020 campaign if the economy starts to suffer—as many economists predict. Anti-Fed sentiment could then cause its elimination. Cutting rates is a safe position for the Feds. Even so, DDT sulked about how small the cut was last Wednesday, and the Dow Jones market dropped by 333 points on the same day. Fed Chair Jerome Powell did not promise “a long series of rate cuts, and DDT blames him for not stimulating the economy after DDT caused problems with his trade war. DDT wants an artificial boost in the economy for his campaign next year. After that he doesn’t care.

Last week, DDT said he was waiting for a trade deal until after the 2020 election, but a few days later he tweeted he would be tougher with China if they waited and that he might never agree to any deal. Economists agree that DDT’s trade war is dragging down growth; it stops business investing and drives up costs, removing any advantage from tax cuts.

DDT will keep getting his prime interest cuts to benefit his personal loans. Trade wars weaken the economy, the Feds will cut the interest to help the economy, DDT will step up the trade war, and it all goes in a circle. The steep and steady decline in U.S. share of international travel from the trade war is expected to last until at least 2022.

Congress has passed a two-year budget bill that raises the debt ceiling for at least two years, which DDT claims “gets us past the Election. Go for it Republicans, there is always plenty of time to CUT.” That comes from the man who has increased the national debt by $2 trillion—20 percent—in his first two years. During President Obama’s two terms, Republicans constantly complained about expenditures, but they returned to former VP Dick Cheney’s position during GOP control that “deficits don’t matter.” In the Senate vote of 67-28 for the bill, 23 Republicans and five Democrats voted “no.” The House vote for the DDT-supported bill was 284-149 with one independent, 16 Democrats, and 132 Republicans voting against it. Now members of Congress can leave town for several weeks, knowing that they are saddling their children and grandchildren with more debt. In the new law, the gap between revenue and expenditures remains about $1 trillion a year.

People shouldn’t give a sigh of relief that a shutdown isn’t eminent. Because Congress is gone until September, it will have only two weeks to pass 12 government funding bills or a continuing resolution (CR) to extend the time limit. The House has passed 10 of these bills, but GOP senators may oppose them. The first markup is due on September 12 for the Senate Appropriations Committee, and the12 bills may have thousands of pages for argument. And DDT’s wall may come back into play.

The 164,000 extra jobs in July looked good, but revised figures for May and June came out with 41,000 fewer jobs, lowering the total number of the year. Plus industries dropped the workweek from 34.4 to 34.3, back to September 2017 which made the number of new jobs almost zero. GDP also fell to 2.1 percent in the second 2019 quarter from 3.1 percent in the first. The prediction for the third quarter is 1.9 percent annualized rate–far below DDT’s rediction of 3 percent to four percent. 

Far-right Steve Bannon falsely claimed that the large number of people to be killed in the El Paso Walmart proved how great DDT’s economy is. Connecting a mass shooting to the economy is evil, and Bannon is wrong. People were shopping back-to-school items. After this, the threat of mass shootings may move them online for purchases.

 

 

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