The US has moved a Navy destroyer, the infamous USS Cole, to off the coast of Yemen to protect waterways from Houthi militia aligned with Iran, as tensions between Washington and Tehran are once again soaring.
President Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010. Trump also will halt another of Obama’s regulations known as the "fiduciary rule", hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients.
The U.S. imposed fresh sanctions on Iran as President Donald Trump seeks to punish Tehran for its ballistic missile program after warning the Islamic Republic that it is “playing with fire." As Bloomberg reports, the Treasury Department published a list of 13 individuals and 12 entities facing new restrictions, some for contributing to proliferation of weapons of mass destruction and others for links to terrorism.
The first observation that really struck me is how much Trump genuinely cares about “the little guy”. FDR was just as sincere about helping all the millions of hungry, homeless and jobless Americans, during the Great Depression. The US had to wait eight years after the Great Financial Crash of 2008, also known as the Great Middle Class Gang Bang, for populist Trump to ride to the rescue.
“We’re not easing sanctions,” press secretary Sean Spicer told reporters, arguing that it’s “common for Treasury after sanctions are put in place to go back and look at specific carve-outs for different industries or products and services. “It is a regular course of action that Treasury does often when sanctions are imposed.”
Democrats on the Senate Finance Committee boycotted votes to advance Tom Price, Trump’s pick to head the Department of Health and Human Services, and Steven Mnuchin, his selection to head the Treasury Department.
Trump has accused Germany of not doing enough to increase its imports while having such a sizable trade surplus, and in October, the U.S. Treasury Department listed Germany as a country to watch because of its current account surplus. So is a trade war with the U.S. next?
"One of the most amazing features of this color revolution against Trump is the fact that those behind it don’t give a damn about the damage that their war against Trump does to the institution of the President of the United States and, really, to the United States as a whole. That damage is, indeed, immense and the bottom line is this: President Trump is in immense danger of being overthrown and his only hope for survival is to strike back hard and fast."
One day his Supreme Court justices will retire. Obamacare may be repealed. History will forget about his charisma and charm. Edward Snowden may eventually return home. The 500,000+ pages of regulations his administration issued will be replaced. And even the families of all the innocent victims who were accidentally killed in his drone strikes may move on with their lives.But the debt will still be there.
Speaking to Bloomberg TV in Davos, JPM CEO Jamie Dimon said “the euro zone may not survive,” and added that "what went wrong is going wrong for everybody, not just going wrong for Britain, but in some ways it looks like they’re kind of doubling down."
Importantly, with economic growth anemic, consumers stretched and an economy heading into one of the longest post-recessionary expansions on record, there is little room for a policy misstep at this juncture. Maybe Trump will be wildly successful and the economy will come roaring back. That is a possibility. But there is also the risk it won’t. Optimism is one thing. Your personal capital and financial health is quite another.
The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.
The main point of naming China as a currency manipulator would be to bring China back to the negotiation table at the lowest cost. Trump has publicly stated that he supports bilateral vs. multilateral trade agreements. It is possible that the Trump administration will seek to engage China in trade agreement negotiations as soon as possible, even before a manipulation conclusion is drawn.
While $2,000 is a small amount of money, the entire thing stinks. Kamala Harris should resign from her Senate seat immediately unless she can provide a reasonable explanation of why she let OneWest off the hook. Likewise, Steven Mnuchin should be replaced by Trump as Treasury Secretary nominee. Both are swamp creatures, and we should demand better than these two.