.. the contraction probably will begin with the annual budget deficit exceeding $1 trillion.
.. The president’s Office of Management and Budget — not that there really is a meaningful budget getting actual management — projects that the deficit for fiscal 2019, which begins in six weeks, will be $1.085 trillion. This is while the economy is, according to the economic historian in the Oval Office, “as good as it’s ever been, ever.”
.. The fastest — 13.4 percent — was 1950’s fourth quarter, perhaps produced largely by bad news: The Cold War was on, the Korean War had begun in June, and fear of the atomic bomb was rising (New York City installed its first air-raid siren in October), as was (consequently) a home-building boom outside cities and “scare buying” of products that might become scarce during World War III.
.. Today, Shiller says, “it seems likely that people in many countries may be accelerating their purchases — of soybeans, steel and many other commodities — fearing future government intervention in the form of a trade war.” And fearing the probable: higher interest rates.
.. among those economies, ours is performing especially well. What, however, if this is significantly an effect of exploding debt? Publicly held U.S. government debt has tripled in a decade.
.. the political class is more united by class interest than it is divided by ideology. From left to right, this class has a permanent incentive to run enormous deficits — to charge, through taxation, current voters significantly less than the cost of the government goods and services they consume, and saddle future voters with the cost of servicing the resulting debt after the current crop of politicians has left the scene.
.. This crop derives its political philosophy from the musical “Annie”: Tomorrow is always a day away. For normal people, however, the day after tomorrow always arrives.
Move over President Donald Trump. You are yesterday’s news. It seems like this is now The Anthony Scaramucci Show. And Trump better get used to it.
in a rambling rant that was so outrageous and discordant that reporters wondered whether Scaramucci drunk-dialed Lizza, was drunk with power, or, revealing he was unqualified for his communications director job, did not know how to smoothly go on and off the record — like Trump skillfully did recently with three New York Times reporters — so that such inflammatory comments do not reflect badly on his boss.
.. It is also interesting that Scaramucci had nothing bad to say about globalists Jared Kushner, Gary Cohn, and Dina Powell during his rant.
.. His comments about Bannon also sound like someone falsely hating in another person what he secretly may hate about himself.
.. Since accepting the communications director job, Scaramucci has promoted his book from the White House podium. Despite having told students not to brag about Harvard, Scaramucci has name-checked his alma mater nearly every chance he gets, acting like someone who needs to reference “Harvard” to try to prove to others that he is not in over his head and actually belongs. Scaramucci, the ultimate self-promoter and brand-builder, also ran the “SALT” conference, which is a wanna-be Davos-style conference that brings together globalists and members of the permanent political class from the D.C. swamp to hobnob and self-perpetuate.
.. Legacy media reporters have also mocked Scaramucci for vowing to crack down on leakers given that he was reportedly known as the “go-to” leaker for those seeking info from Mitt Romney’s and Jeb Bush’s campaigns.
.. Stephanie Ruhle, one of the savviest anchors around when it comes to Wall Street and someone who obviously knows even more about the financial industry than she publicly reveals, said on Thursday evening that Scaramucci’s comments may make it more difficult for him to sell off his hedge fund firm to Chinese investors, which is a deal he must seal and get approval for in order for Scaramucci to officially work in the White House.
.. Here’s a question-if HNA was buying SkyBridge its pristine reputation&possible WH hook up..what exactly are they thinking now? #nocoverbid
— Stephanie Ruhle (@SRuhle) July 27, 2017
If Scaramucci is tarnishing his brand at the moment when it needs to be the most spotless and pristine, then imagine the disregard he will have for Trump’s brand, which Trump has built up over his lifetime. If Trump thinks that Scaramucci’s outbursts will damage Trump’s brand for the long haul, he may see Scaramucci as a gamble that is not worth taking.