Truer words never spoken: this should scare all Americans: if the Dems take the US House this fall in the mid-term elections, Maxine Waters becomes chairperson of the US House Financial Services Committee.
Update
Later, 2:42 p.m. CDT: CNBC doubts Kudlow's analysis was correct; suspect it was scripted (their words, not mine). Talking head analyst said Kudlow was lying. My words, not his. But now we know: CNBC says the data they (and we) follow coming out of China is meaningless. Kudlow feels the data suggests Chinese economy is "going south." CNBC analyst says the Chinese economy is doing just fine. Both have the same Chinese data. Watching two different movies, Adam Scott would say.
Original Post
From Trump / Kudlow, 11:30 a.m. CDT, cabinet meeting on the state of the union; though it led off with US economy and I think that was the focus.
By the way: check Kudlow's biography -- it is quite interesting to say the least.
- US economy
- discussing NAFTA
- Trump told his lieutenants: Trump wants a deal with Mexico, but if they can't get a good deal, don't make the deal
- manufacturing numbers / industrial growth growing faster than anyone can remember; faster than anyone can find numbers
- currently in a genuine economic boom no one thought possible
- unemployment rates at all-time lows for Asian-Americans; African-Americans; and Hispanic-Americans
- real disposable income -- take-home pay growing at 3.1% -- huge number -- real disposable income is the only important number -- real disposable income -- Reagan: take-home pay
- confidence is incredibly important
- less than 1% growth on a 12-month basis prior to Trump taking office
- investment dollars from around the world are coming into the US
- anyone who says this is a one-time blip -- is not credible
- Kudlow: US economy is "crushing it"
- never seen income numbers like this; after-tax income
- Kudlow: durable, lasting, and most people thought could not happen
- Trump asks/comments on China: how are we doing vis a vis China
- China: spanning 6 - 9 months
- Chinese economy is heading "south"
- retail sales slumping
- business investment is collapsing
- industrial output is falling, plateauing at a low level
- Chinese are selling their own currency; some currency manipulation but Kudlow played it down -- said Chinese selling currency was the real cause
- Chinese moving their dollars out of Chinese investments into American investments
- economy looks terrible -- Kudlow said that loud, clearly
- I don't think I've seen Kudlow so incredibly bullish on the American economy
Switch to Fox Business News
- fire in California -- Zinke
- policies were the cause that made this so bad; gross mismanagement
- brush and dead timber at record levels
- 5.7 million acres burning
- $3 billion
- special interest
- not a global warming thing; it's a management thing
- fallen trees are not removed; leave them to burn
- US imports timber
- US timber being wasted; rotting in the forest
- unconscionable
- not even talking about cutting down trees
- talking about trees that have fallen and are dead
- Violent crime -- Trump
- ICE thanked by Trump
- Hard to believe CNBC cut away from
- New school year -- protection from shootings, other violence -- Trump
- ICE
- many new initiatives
- local school districts / communities make own decisions
- feds doing what they can where they can
- keeps guns out of hands that shouldn't have them
- education -- Betsy Devos
- opening statement -- platitudes
- weakest speaker so far
- Comments:
- This portion -- Devos -- is very, very boring -- but the press complains that they don't get enough time with President Trump or his cabinet -- I think this is going to be a full hour.
- This is an important update; similar to annual "state of the union" address.
- Back to the economy.
- Chinese - American trade wars.
- One can argue whether it's a trade war.
- The press is calling it a trade war.
- So, let's go with that: call it a trade war.
- During any war, the president would ask for an assessment from his "generals."
- In a shooting, military war, he would get his briefing from military generals in uniform.
- During an economic war, this "general" would be the economic professionals -- and, true to form, he called on "General Kudlow" to provide an assessment. The 30-second elevator speech: the US economy has never been stronger; and the Chinese economy is "going south."
- Kudlow said that so forcefully it is impossible to "feel" it by reading press reports; one has to hear him say it out loud. Kudlow's soundbite will not be heard on nightly news tonight.
- The political pablum continues.
- Prescription drug prices -- Trump says he not happy. Trump made some phone calls and prices came down. Nothing like this has ever happened before; behind the scenes Trump says the Democrats have said they were happy that drug prices were coming down
- spokesman says administration making progress
- many companies take back price increases
- most say they will not be increasing prices any more this year
- import drugs from other countries -- not under patent protection -- but will compete with single-drug companies; first time in history
- first time in history: US will negotiate drugs prices through Medicare Advantage
- drugs: $400 billion segment of the economy
- pharmaceutical lobby: most powerful lobby -- Trump says he doesn't need their money
- Jess Sessions
- opiod abuse
- indicted 170 physicians in this area
- Trump wants lawsuits against distributors including companies moving Fentanyl
- sounds like Trump even wants to go after US doctors/hospitals making addicts out of patients undergoing routine orthopedic surgery
- example: if a patient goes in to have a broken arm fixed, and comes out an addict, the patient would have legal issue against the physician, hospital -- very interesting -- could be deep pockets for ambulance chasers / lawyers in the asbestos liability issue
- North Korea --
- many months of no new missile testing, launching
- human remains returned, measured in dozens (55)
- more in the works, not dozens, but hundreds
- Trump says relationship is good but relationship is being hurt a little bit because of China
- $500 billion a year for China year after year after year -- decades -- Trump
- "we rebuilt China" -- Trump
- Turkey -- Mnuchin:
- American pastor -- Trump asks for update unrelated to the American pastor
- sanctions on Turkey going well
- doubled up tariffs on steel and aluminum; steel already; aluminum to go into effect this week or soon
- US very clear on sanctions to Turkey
- will do more if pastor not released quickly
- Iran nuclear sanctions roll-out going well
- very focused on tax cut and jobs
- focus on tax cuts for individuals
- VA
- Choice passed for vets
Wow, this reminds me of our weekly meetings with our commanding generals. Incredibly similar. Amazing. Same kind of table. Same flags. Same relative size of room. Strap hangers have very little space. Goes around the table calling on each primary; occasionally a secondary is called upon. Right away, one gets a feeling for who the best. Despite being up all night tweeting, Trump is engaged, very engaged. Not yawning. Never looked at watch. Hair on back scalp looks a bit disheveled.
- Obamacare done. Eliminated it piecemeal because Congress failed by one vote to kill it.
- Farmers
- responding well
- soybeans cuts happened long before the Trump administration
- reminds Americans of the 275% Canadian tariff on US dairy
- farmers are picking up
- more political pablum
- says farmers "believe" what Trump is doing is correct
- a fair NAFTA or no NAFTA
- NAFTA trade deficit not sustainable
- now talking with Mexico
- hoping with breakthrough with Mexico in next few days
- Trump: if no breakthrough -- don't make the deal; Trump has options (alternatives
- the primary knows the alternatives
- if deal made with Mexico, Canada is likely to follow through
- Back to trade
- EU automobile tariffs; discussed again last week;
- Canada: US not negotiating with Canada right no
- ends on a weak note -- sounds like EU automobile tariff issues just getting started; EU has $151 billion trade advantage every year on car tariffs
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