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October 9, 2019


Professor Kennedy in her blog today suggested that “the market” is apparently becoming accustomed both to invasion by Trump’s tariffs and by his possible impeachment as well, because the Dow goes down, goes up, but also, shrugs. I was taught that the thing “the market” disliked most was uncertainty, the enemy of corporate planning, and Trump certainly has provided and will continue to bring uncertainly into the marketplace, but it appears “the market” has learned to accommodate his mood swings. I responded to her blog, slightly edited, as follows.

Long ago, when I was laboring toward a BA in Economics and a minor in Political Science and before I went to law school we were told that corporate success depended upon corporate performance. That seems to be a minor consideration these days when the bottom line depends upon government largess and political maneuvering of “the market” with WTOs, tariffs, and other protectionist schemes, all of which have done great damage to classical theories of economics which gave us invisible hands, “free markets,” laws of comparative advantage etc.

Thus corporate accountants (having no slots for gifts) had to describe and account for their Trump-Ryan giveaway gifts in the tax act of December, 2017, as “earned income.” Earned? That’s a stretch. Gifts are earned? If so, they are not gifts. Result of such confusing wordplay > The Dow doesn’t tell us much anymore about performance – it rather reflects how things are coming along with its 30-company lobbyists in D.C.. Trump’s political invasions, and how the economies of China and the EU are faring, the latter a matter of special note among both our import and export industries.

Perhaps the market is “shrugging” because after Trump’s assaults there is nothing left that can go wrong from their perspective – so they’re safe. If so, they’re wrong. Trump, for instance, could be reelected and/or decide to help the Turks finish the job in North Syria. Crazy suggestion? Sure, but we’re dealing with a crazy man in a situation the 25th was designed to solve, a constitutional means of ridding ourselves of pathology at the top but one we are too gutless to employ. Our immediate task > Impeach and remove Trump as soon as possible; not doing so only tells his sick brain that he is indeed the messiah.  We got trouble, Houston, and we got work to do, and undo.       GERALD          E














































































































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