"..buoyed by Trump’s promises of massive tax cuts for corporations and the rich, the wholesale lifting of business regulations, a massive expansion of military spending, and the prospect of a full-scale attack on social programs."
"The presence of three former Goldman Sachs executives in top positions in the Trump administration, in addition to Clayton, helps explain the frenzied runup in the share prices of major banks. Goldman Sachs and JPMorgan Chase together account for some 20 percent of the rise in the Dow since
November 22."
Wall Street’s Trump
euphoria propels Dow above 20,000
By Barry Grey
26 January 2017
26 January 2017
On Wednesday, Wall
Street celebrated the installation of an administration staffed by CEOs and
pledged to remove all obstacles to corporate profit-making by pushing the Dow
Jones Industrial Average above the 20,000 level for the first time in history.
US stock indexes have been soaring since the November 8 election of Donald
Trump, with the Dow rising 9 percent in just 11 weeks.
The blue chip index
gained 155 points to close at 20,068 on Wednesday. The Standard & Poor’s
500 and Nasdaq indexes also recorded strong gains and ended the day in record
territory.
Trump hailed the
record-breaking close with a tweet: “Great!#Dow20K.” His senior economic
adviser, the former hedge fund boss Anthony Scaramucci, congratulated Trump for
the market surge, tweeting, “Stock market performance in 6 weeks following
President Trump’s victory is best among all elections since
1900#ThankYouTrump.”
The record close came
one day after Trump issued orders aimed at removing all obstacles to the
completion of the Keystone and Dakota Access pipelines, demonstrating his
contempt for environmental concerns and the sentiments of Native American
tribes and their supporters, who have been protesting for months against the
Dakota project’s threat to the Standing Rock Reservation’s water supply and
traditional lands.
This boon to the
energy and materials corporations and their Wall Street backers coincided with
meetings between Trump and corporate CEOS on Monday and Tuesday at which the
billionaire real estate mogul-turned president reiterated his pledge to gut
health and safety and environmental regulations and slash corporate taxes.
In remarks just prior
to meeting Tuesday with the CEOs of the US-based auto companies, Trump promised
to shift the business climate “from truly inhospitable to extremely
hospitable.” He called current business regulations “out of control.”
Administration officials broadly hinted that Trump would meet one of the auto
bosses’ key demands by rolling back fuel efficiency standards. On Monday, Trump
told a meeting of a dozen CEOs that his advisers thought “we can cut
regulations 75 percent, maybe more.”
Other actions Trump
has taken in the five days since his inauguration include a freeze on all
pending regulations and a hiring freeze for all federal agencies.
While there have been
certain improvements in the economic situation in the US and internationally in
recent months, including signs of stronger growth in Europe and an upsurge in
fourth quarter US corporate profits, these changes do not explain the
extraordinarily rapid rise in the American markets.
The surge began the
day after Trump’s November 8 election victory, as the markets, initially shaken
by the unexpected defeat of their favored candidate, Democrat Hillary Clinton,
turned sharply upward, buoyed by Trump’s promises of massive tax cuts for
corporations and the rich, the wholesale lifting of business regulations, a
massive expansion of military spending, and the prospect of a full-scale attack
on social programs.
As Trump began to
name one billionaire or multi-millionaire after another to his cabinet, along
with ex-generals and far-right opponents of public education, Medicare and
Social Security, housing assistance, environmental protections, the minimum
wage and occupational health and safety, the upward spiral on Wall Street
accelerated. It is barely two months since the Dow first hit 19,000.
The rise stalled for
several weeks while the financial elite waited to see if Trump really intended
to carry out the social counterrevolution to which he had alluded during the
campaign. The markets soared once again after Trump’s installation and initial
pro-corporate moves.
Trump is the
embodiment of the American financial aristocracy, in all its brutish and
violent backwardness and criminality. What the markets are celebrating is a
government that in an unprecedented manner openly functions as the instrument
of this oligarchy.
On Wednesday, the Wall Street Journal if anything
understated the greed-driven euphoria in corporate and financial circles in an
article headlined “CEOs Savor New Washington Status.”
“For CEOs,” the Journal wrote, “the moves have
sent a message that their stock is rising in Washington, with some betting that
they will have a bigger say in running the country…
“Along with [former
Exxon Mobil CEO Rex] Tillerson at State, billionaire investor Wilbur Ross
[Commerce], former Windquest Group chairwoman Betsy DeVos [Education], Andy
Puzder, chief executive of CKE Restaurant Holdings [Labor] and former World
Wrestling Entertainment CEO Linda McMahon [Small Business Administration] have
been tapped to play big roles in his administration.”
The Journal could have added, among others,
longtime Goldman Sachs lawyer Jay Clayton the head the main Wall Street
regulation, the Securities and Exchange Commission.
The presence of three
former Goldman Sachs executives in top positions in the Trump administration,
in addition to Clayton, helps explain the frenzied runup in the share prices of
major banks. Goldman Sachs and JPMorgan Chase together account for some 20 percent
of the rise in the Dow since November 22.
Trump’s plan to “make
America great again” is a drive to wipe out every social gain won by the
working class in the course of more than a century of struggle and return to a
supposed “golden age” when the corporations could plunder and pollute the
country to their heart's content.
The fraud of Trump’s
“concern” for the American worker is exposed by the reality of the forces that
are actually benefitting from his policies.
One of the Goldman
alumni chosen by Trump for top posts in his administration is Gary Cohn, the
bank’s former president and chief operating officer. In return for his leaving
the bank and assuming the post of director of Trump’s National Economic
Council, Goldman is handing Cohn more than $285 million in bonuses, stock
holdings and other investments, according to Bloomberg News.
The Wall Street Journal, in an article published
Tuesday titled “Bankers Cash In on Post-Election Stock Rally,” reported that
executives of major Wall Street banks have sold almost $100 million worth of
stock since the election, more than in that same period in any year for the
past decade.
In addition to the
share sales, bank officials have sold another $350 million worth of stock to
cover the cost of exercising stock options.
Morgan Stanley CEO
James Gorman, according to the newspaper, sold 200,000 Morgan Stanley shares
three days after the election, and has since sold another 385,000 shares,
altogether realizing a profit of at least $8.4 million.
Six Goldman Sachs
executives, as well as board member and ex-finance chief David Vinar, exercised
983,000 options, representing $200 million worth of shares.
The advent of Trump
has already boosted the fortunes of Wall Street bankers by millions of dollars,
and this is only a small preview of the colossal plundering of the American and
world economy that is to come.
All the more
politically criminal are the efforts of the Democrats, including supposed
“left” figures such as Bernie Sanders and Elizabeth Warren, to lend credibility
to Trump’s claims to be fighting for American workers by backing the new
president’s xenophobic “America First” policies of economic nationalism and
trade war.
TRUMPERNOMICS: A NATION
RULED BY GOLDMAN SACHS
"The same period has
seen a massive growth of social inequality, with income and wealth concentrated
at the very top of American society to an extent not seen since the
1920s."
"He (Trump) is able to get a
hearing because millions of people are being driven into
economic insecurity and poverty while the rich and the super-rich
continue to amass obscene levels of wealth. He is able with some
success to divert mass discontent along reactionary nationalist
and racialist channels precisely
because what passes for the “left” in American politics,
anchor by the Democratic Party, has moved ever further
to the right, culminating in the Obama administration which
has presided over endless war and an unprecedented redistribution of
wealth from the bottom to the top of the economic ladder."
TRUMPERNOMICS:
"The collection of
billionaires, bankers, CEOs,
generals and social arch-reactionaries that will
comprise his cabinet and White House inner
circle is pledged to remove all constraints on the
ability of the rich to plunder American society
for their own personal gain and profit."
generals and social arch-reactionaries that will
comprise his cabinet and White House inner
circle is pledged to remove all constraints on the
ability of the rich to plunder American society
for their own personal gain and profit."
THE IMPACT OF TRUMPERnomics
AND THE MASSIVE TRANSFER OF WEALTH TO THE SUPER RICH
AMERICA: One paycheck
and two illegals away from homelessness.
"The economists found that the pre-tax share of
national income received by the bottom half of the US population has been cut nearly
in half since 1980, from 20 percent to 12 percent, while the income share of the
top one percent has nearly
doubled, from 12 percent to 20 percent."
SOARING POVERTY IN AMERICA’S OPEN
BORDERS
TRUMPERNOMICS FOR THE SUPER RICH:
“In the US, the working class will confront a government unlike
any other in American history, which will continue and intensify a decades-long
social counterrevolution overseen by the Democrats and Republicans. The
incoming Trump administration is manned by billionaires, generals and arch
reactionaries. It is a government of, by and for the oligarchy, committed to
destroying every remaining gain won by workers over the past century.”
TRUMP’S CABINET OF STOOGES, LOOTERS
and CRONIES
Puzder’s nomination is of a piece with
Trump’s other cabinet choices. Betsy DeVos,
an enemy of public education, has been
selected to head the Department of
Education. Ben Carson, the neurosurgeon
known for his antipathy towards government
“interference” in housing regulation, has
been nominated as the Housing and Urban
Development Secretary.
Trump’s other cabinet choices. Betsy DeVos,
an enemy of public education, has been
selected to head the Department of
Education. Ben Carson, the neurosurgeon
known for his antipathy towards government
“interference” in housing regulation, has
been nominated as the Housing and Urban
Development Secretary.
ANDREW PUZDER:
ENEMY OF THE AMERICAN WORKER and ADVOCATE FOR OPEN BORDERS
TRUMP'S OPEN BORDERS
AND AMNESTY/ NON-ENFORCEMENT POLICIES WILL HELP KEEP THE HAMBURGER INDUSTRY
WELL STOCKED WITH "CHEAP" LABOR ILLEGALS.... The America people will
then be forced to pay the REAL cost of all that staggeringly expensive labor
“Yet Andrew Puzder, the
chief executive of the company that operates Carl’s Jr. and Hardee’s, has been chosen by President-elect Donald
Trump as labor secretary.”
“Mr. Puzder, however, has been adamantly
opposed to a meaningful increase in the federal minimum wage, which is $7.25 an
hour. Mr. Trump has said he could stomach an increase to $10, which is still
abysmal.”
“Here is the record at
those restaurants. When the Obama Labor Department looked at thousands of
complaints involving fast-food workers, it found labor law violations in 60
percent of the investigations at Carl’s Jr. and Hardee’s, usually for failure
to pay the minimum wage or time and a half for overtime.”
HOW MANY HAMBURGER JOINTS HIRE
legals????
legals????
MNUCHIN:
THE FORECLOSURE MACHINE!
The FDIC paid OneWest $1 billion,
which Stein said went to “billionaire investors … to cover the close
of foreclosing on working class, everyday American folks.”
“But the bank came under fire for its foreclosure practices as housing
advocacy groups accused it of being too quick to foreclose on struggling
homeowners. In 2011, dozens of demonstrators descended on Mnuchin's $26.5
million home in he wealthy Bel Air neighborhood to protest OneWest's eviction
tactics, according to the Los Angeles Times.”
TRUMPERnomics:
AFTER
OBAMA-CLINTONIMCS, THE LOOTING OF AMERICA BY THE RICH TO CONTINUE UNDER THEIR OWN,
DONALD TRUMP
TRUMP
FILLS THE “SWAMP” WITH CRONY BILLIONAIRES!
"Far
from Trump’s demagogic claims that he would 'drain the swamp,' the corrupt
nexus between Wall Street and Washington is tighter than ever."
OBAMA-CLINTONOMICS is now the new
TRUMPERnomics!
TRUMP VOWS TO SERVE THE RICH WITH
SUPER OBAMA-CLINTONIMCS!
There is a vast chasm between this empty populist rhetoric
and the personnel that Trump has selected to populate his government. The
speech followed a series of cabinet picks, including billionaire asset
strippers, Wall Street bankers, and dedicated opponents of
financial and corporate regulations, public education and Medicare and
Medicaid, to lead the Treasury, Commerce, Education and Health and Human
Services departments.
TRUMP
IMPOSES OBAMA-CLINTONOMICS: Cut Federal Pensions and Medicare to Cover Tax
Cuts For the Super Rich
"Trump
is not the initiator of this class war against working people. It has been
underway for decades, beginning in earnest with the election of
Ronald Reagan in 1980 and continuing under every
succeeding administration, including the eight-year tenures of
Democrats Bill Clinton and Barack Obama. The colossal redistribution of
wealth and income from the bottom to the top of American society reached
record proportions under Obama, whose legacy of falling
living standards and worsening economic crisis for tens of millions
of workers was a decisive factor in the victory of the fascistic demagogue
and con artist Trump."
THE
TWISTED ROAD TO REVOLUTION CAME DOWN WALL STREET
FIRST
"Between 2002 and 2015 annual
earnings for the bottom 90 percent of Americans rose by
only 4.5 percent, while earnings for the top 1 percent grew by 22.7 percent, according to the
Economic Policy Institute. Under the Obama administration, more than 90 percent of
income gains since the so-called “recovery” began have gone to the top one percent."
“Our entire crony capitalist system, Democrat
and Republican alike, has become a kleptocracy
approaching par with third-world hell-holes. This
is the way a great country is raided by its elite.”
---- Karen McQuillan THEAMERICAN
THINKER.com
Wikileaks exposes Obama’s bankster-infested
administration!
BARACK OBAMA …… the banksters’ RENT BOY!
“Citigroup’s recommendations came just
three days after then-President George W. Bush signed into law the
Troubled Asset Relief Program, which allocated $700 billion
in taxpayer money to rescue the largest Wall Street banks. The single
biggest beneficiary was Citigroup, which was given $45 billion
in cash in the form of a government stock purchase, plus a $306
billion government guarantee to back up its worthless mortgage-related
assets.”
MUCH MORE HERE:
“As president, Obama not
only funneled trillions of dollars to the banks, he saw to it that not a
single leading Wall Street executive faced prosecution for
the orgy of speculation and
swindling that led to the financial collapse and Great Recession, and
he personally intervened to block legislation capping
executive pay at bailed-out
firms.”
CRONY
BANKSTER LOOTING OF AMERICA
THEIR GOLDEN AGE OF PLUNDER IS NOT OVER!
NO PRESIDENT IN HISTORY SUCKED IN MORE
BRIBES FROM BANKSTERS NOR INFESTED HIS
ADMIN WITH BANKSTER CRONIES MORE THAN
OBAMA!
BRIBES FROM BANKSTERS NOR INFESTED HIS
ADMIN WITH BANKSTER CRONIES MORE THAN
OBAMA!
And
while the Obama administration worked systematically to bail out the banks and
make the financial oligarchy richer than ever, shielding the architects of the
Great Recession from criminal prosecution, it did impose fines for some of the
banks’ grossest swindles, including the sale of worthless subprime
mortgage-backed securities, the rigging of key global interest rates such as
the London Interbank Offered Rate (Libor), drug money laundering, illegal home
foreclosures and other illicit activities.
BARACK OBAMA , HIS CRIMINAL
BANKSTERS AND THE LA RAZA
MEXICAN DRUG CARTELS….
There’s more than one way to
destroy America’s white middle class!
HSBC laundered hundreds of
millions and perhaps billions of dollars for drug cartels responsible
for the deaths of tens of thousands of people over the past
two decades. The bank transferred at least $881 million of known drug
trafficking proceeds, including money from the Sinaloa Cartel in
Mexico, which is known for
dismembering its victims and publicly displaying their body parts.
TRUMPERNOMICS: The Goldman
Sachs Doctrine of Unbridled Looting
THE FINAL TRANSFER OF AMERICA’ ECONOMY TO THE SUPER RICH!
http://mexicanoccupation.blogspot.com/2016/09/barack-obama-and-his-crony-bankstershow.html
AMERICA’S ECONOMIC ARMAGEDDON – The
Impact of TRUMPERNOMICS
Under
Obama-Clintonomics, the rich became VERY rich and we got the tax bills for
their bailouts and crimes! Trump and his Goldman Sachs regime will double
the numbers of rich and quadruple the number of LEGALS living in poverty.
TRUMPERNOMICS: SERVING THE SUPER RICH OFF MIDDLE AMERICA’S
BACK:
The slow and painful death of America that
dominates American society."
http://mexicanoccupation.blogspot.com/2016/08/serving-super-rich-obama-clintonomics.html
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