But a rough consensus emerged over Mr. Trump’s two-day visit that his administration had shown itself to be more pragmatic than advertised. Many were inclined to view the president’s most extreme positions as just aggressive bargaining postures.
.. “There’s a very constructive mind-set in the Trump administration to find the best path forward,” said Vas Narasimhan, global chief of drug development for Novartis
.. He left the impression that he was above all eager to woo foreign investment, as if he were leading some amped-up American Chamber of Commerce.
.. Economists note that the American economy is into its ninth year of expansion, a trend that speaks to how the aftermath from the 2008 financial crisis has finally run its course.
.. And he gained the unbridled endorsement from the man who heads the World Economic Forum, Klaus Schwab, whose eagerness to flatter his interlocutors is legendary.
.. Whatever the optics of the head of an institution dedicated to reducing economic inequality offering his unqualified support for Mr. Trump’s tax cuts, Mr. Schwab was indeed speaking for business.
Trump, Oprah and the Art of Deflection
Will American politics return to normalcy in 2021 or 2025? I’m not betting on it.
Deflection as a media strategy has become an art form. Its purpose is to avoid answering a charge by misdirecting it and confusing the issue. It’s often used during crisis.
.. The paparazzi had chased her like jackals, raced after her car in the tunnel, surrounded it, and taken pictures after the crash. Fleet Street hunkered down in confusion, perhaps even some guilt. Then some genius noticed Buckingham Palace wasn’t flying a flag at half-staff. The tabloids rushed to front-page it: The cold Windsors, disrespecting Diana in death as they had in life. They shifted the focus of public ire. Suddenly there was no more talk of grubby hacks. Everyone was mad at the queen.
.. Ms. Lewinsky had gone into virtual hiding in 2008, when Hillary last ran, and didn’t want to do it again. So in 2014, just before the cycle got serious, she rather brilliantly wrote a piece for Vanity Fair in which she announced yes, she’d been a victim in a national scandal and the true culprit was . . . the press, the internet and the “feedback loop of defame and shame.”
In fact she was the Clintons’ victim, but she successfully deflected your gaze. Once Mrs. Clinton’s people understood Monica would be taking shots not at Hillary but at Matt Drudge, Ms. Lewinsky’s problem went away.
.. The best deflection has some truth in it. The Windsors were a chilly lot, and the internet does amplify a personal humiliation.
.. as I watched the Golden Globes. Hollywood has known forever about abuse, harassment and rape within its ranks. All the true powers in the industry—the agencies, the studios—have one way or another been complicit. And so, in the first awards show after the watershed revelations of 2017, they understood they would not be able to dodge the subject. They seized it and redirected it. They boldly declared themselves the heroes of the saga. They were the real leaders in the fight against sexual abuse. They dressed in black to show solidarity, they spoke truth to power.
.. They were upset, as Glenn Reynolds noted on Twitter , that you found out, and thought less of them. Anyway, they painted themselves as heroes of the struggle.
.. Deflection is brilliant, wicked, and tends to work.
.. But could she win? Absolutely.
Oprah is stable. Oprah is smart. Oprah is truly self-made. She has a moving personal story. She has dignity and, more important, sees the dignity in others. She is fully wired into modern media; she helped invent modern media. Reporters and editors are awed by her. People experience her not as radical but moderate. She has been a living-room presence for two generations and is enormously popular. The first poll, published Wednesday, had her leading President Trump 48% to 38%.
.. But it freaks you out, doesn’t it? Not that American presidents now don’t have to have the traditional credentials and governmental experience, but that maybe they can’t be fully accomplished and appropriate because that’s boring. History has been turned on its head. In falling in love with celebrity and personality, we are acting not like a tough and grounded country but a frivolous, shallow one.
.. I had a disagreement with a friend, a brilliant journalist who said when the Trump era is over, we will turn for safety to the old ways. We will return to normalcy.
.. No I said, I see just the opposite. We will not go back for a long time, maybe ever. We are in the age of celebrity and the next one will and can be anything—Nobel laureate, movie star, professional wrestler, talk-show host, charismatic corporate executive.
The political class can bemoan this—the veteran journalists, the senators and governors, the administrators of the federal government. But this is a good time to remind ourselves that it was the failures of the political class that brought our circumstances about.
.. at least half the country no longer trusts its political leaders, when people see the detached, cynical and uncaring refusal to handle such problems as illegal immigration, when those leaders commit a great nation to wars they blithely assume will be quickly won because we’re good and they’re bad and we’re the Jetsons and they’re the Flintstones, and while they were doing that they neglected to notice there was something hinky going on with the financial sector, something to do with mortgages, and then the courts decide to direct the culture, and the IRS abuses its power, and a bunch of nuns have to file a lawsuit because the government orders them to violate their conscience . . .
.. The idea that a lot had to go wrong before we had a President Trump, and the celebrity who follows him, has gotten lost in time, as if someone wanted to bury it.
Sometimes I see a congressman or senator shrug and say, in explanation of something outlandish, “It’s Trump.” And I think: Buddy, you’ve been on the Hill 20 years, and we didn’t get to this pass only because of him. That’s a deflection.
Which Nation Does the World Trust Most? (Hint: Follow the Dollar)
When businesses in two countries — say, India and Argentina — want to conduct a deal, they almost always arrange payment not in rupees or pesos but in dollars. Everyone wants to hold the world’s most trusted and liquid currency. Nearly 90 percent of bank-financed international transactions are conducted in dollars, a share that is close to all-time highs.
.. History also suggests that economic size alone will not be enough to propel China to financial superpower status. From 1450 through the late 1700s, the leading reserve currency was held by smaller countries — first Portugal, followed by Spain, the Netherlands and France. These nations were all major trading and military powers with credible financial systems, but not one was the world’s largest economy... Throughout those centuries, the leading economy was primarily China. It never gained the advantages of having the leading reserve currency because, then as now, its financial system lacked credibility.
This Tax Plan Puts Another Knife Into American Democracy
Deep down, investors know that when patriots put country ahead of self, everyone benefits.
Less than a decade ago, after years of dramatic deregulation coupled with revenue-draining tax cuts, the entire U.S. financial system effectively collapsed. It took down with it millions of American consumers, workers, small businesses, retirees and middle-class homeowners.
The country can’t afford this kind of outcome again. That’s why I want to be as straight as possible: Despite what you may believe, the Republican tax plan taking shape is a sham. It will lead to more pain and less prosperity for the vast majority of Americans.
.. Stopping it will be good for investors’ bank accounts, because when Main Street and the rest of the nation does well, so does the financial sector. Trickle-down economics doesn’t work, but trickle-up does. Trying to re-enact Reaganomics under completely different circumstances may well lead the economy back into a recession—one that the country will be ill-equipped to weather after the GOP proposal adds $1 trillion to the national debt.
.. The plan’s massive tax cuts won’t reinvigorate the economy. For years corporations have enjoyed historically high profits, but investment hasn’t increased alongside them. Last month at a meeting of The Wall Street Journal’s CEO Council, an editor asked attendees whether they would boost investment if the tax bill passed. Few hands went up.
.. Sixty-two percent of the benefits from the Senate bill’s tax cuts flow to the top 1% of earners
.. Honest analyses indicate that the Republican proposal overwhelmingly helps the wealthy and is probably a net negative for almost everyone else. That’s largely because it will be paid for with money taken out of the pockets of working Americans and their children: The tax cuts will be used as an excuse to further gut investments in education, health care and training. Slashing these services for working Americans will stunt the country’s future prosperity and weaken the overall economy.
.. the American people will not be fooled by the noise. If they see a bill passed that hands out filet mignon to the wealthy while leaving them struggling over scraps, they will be furious. Once again, they’ll realize that the system serves the needs of those at the top and ignores working families. They’ll consider this more evidence of corruption. And it will be harder than ever to argue otherwise.
.. Passing this tax plan, which adds to workers’ pain, would put another knife into American democracy. It would be a true disaster.
.. When 1 in 3 Americans say they are still struggling to recover from the Great Recession, is it
- worth saving the Trump family $1 billion by repealing the estate tax?
- Worth increasing insurance premiums for middle-class families in the individual market by $2,000, as the Center for American Progress estimates the Senate bill would?
- Worth taxing tuition waivers, making it prohibitively expensive for young people to get advanced degrees and thus sacrificing America’s economic competitiveness down the road?
- Worth cutting Medicare by $25 billion?
- Worth ending tax credits for clean energy, sabotaging one of the most promising industries for the 21st century, while protecting much larger tax breaks for oil and gas?