Announcing his candidacy for the Republican nomination back in June 2015, Donald Trump stated “We need a leader that wrote ‘The Art of the Deal’ “. Tony Schwartz was the ghostwriter of the book Trump calls ‘his proudest achievement’. Schwartz has been vocal about his regrets in working on the piece, but, having worked intimately with Trump, provides a fascinating perspective into the personality and idiosyncrasies of the Republican nominee
3 Distinctive Trump Traits:
- Utter disregard for the truth & lack of conscience
- Guided by immediate self interest
- Inability to admit he was wrong
- Persevering. Aggressive in pursuit of Goals
- Manipulating the Media to get Attention
So technological change is an old story. What’s new is the failure of workers to share in the fruits of that technological change.
I’m not saying that coping with change was ever easy. The decline of coal employment had devastating effects on many families, and much of what used to be coal country has never recovered. The loss of manual jobs in port cities surely contributed to the urban social crisisof the ’70s and ’80s.
But while there have always been some victims of technological progress, until the 1970s rising productivity translated into rising wages for a great majority of workers. Then the connection was broken. And it wasn’t the robots that did it.
What did? There is a growing though incomplete consensus among economists that a key factor in wage stagnation has been workers’ declining bargaining power — a decline whose roots are ultimately political.
Most obviously, the federal minimum wage, adjusted for inflation, has fallen by a third over the past half century, even as worker productivity has risen 150 percent. That divergence was politics, pure and simple.
The decline of unions, which covered a quarter of private-sector workers in 1973 but only 6 percent now, may not be as obviously political. But other countries haven’t seen the same kind of decline. Canada is as unionized now as the U.S. was in 1973; in the Nordic nations unions cover two-thirds of the work force. What made America exceptional was a political environment deeply hostile to labor organizing and friendly toward union-busting employers.
April 2 (Bloomberg) — “Flash Boys: A Wall Street Revolt” Author Michael Lewis discusses his book, trading and the stock market on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)
It is like a casino inviting a bunch of card sharks to play with a bunch of tour groups, where only the casino and the card sharks know that the 4s and Queens have been removed.
The high-frequency traders pay for order flow.
A funny thing is happening on the American scene: a powerful upwelling of decency.
.. You can see the abrupt turn toward decency in the rise of the #MeToo movement; in a matter of months ground that had seemed immovable shifted, and powerful sexual predators started facing career-ending consequences.
.. You can see it in the reactions to the Parkland school massacre.
.. Even the huge anti-Trump demonstrations just after Inauguration Day didn’t seem to move the conventional wisdom. But those pink pussy hats may have represented the beginning of real social and political change.
.. Political scientists have a term and a theory for what we’re seeing on #MeToo, guns and perhaps more: “regime change cascades.”
.. When people see the status quo as immovable, they tend to be passive even if they are themselves dissatisfied. Indeed, they may be unwilling to reveal their discontent, or to fully admit it to themselves. But once they see others visibly taking a stand, they both gain more confidence in their dissent and become more willing to act on it — and by their actions they may induce the same response in others, causing a kind of chain reaction.
.. Examples include
- the revolutions that swept Europe in 1848,
- the sudden collapse of communism in 1989 and
- the Arab Spring of 2011.
.. nothing says that such cascades have to be positive either in their motivations or in their results. The period 2016-17 clearly represented a sort of Alt-Right Spring — springtime for fascists? — in which white supremacists and anti-Semites were emboldened
- not just by Donald Trump’s election but by the
- evidence that there were more like-minded people than anyone realized, both in the U.S. and Europe.
.. historians have described 1848 as a turning point where history somehow failed to turn: At the end of the day the old, corrupt regimes were still standing.
.. far too much power rests in the hands of men who are simply bad people.
.. his growing backlash is not just its vileness, but its lameness.
.. Trump’s response to Parkland — let’s arm teachers! — wasn’t just stupid, it was cowardly, an attempt to duck the issue
.. Missouri G.O.P. has responded to the indictment of Gov. Eric Greitens, accused of trying to blackmail his lover with nude photos: by blaming … George Soros
.. They’ve pretty much given up on making any substantive case for their ideas in favor of rants about socialists trying to take away your freedom.
.. it’s also kind of whiny; it’s what people sound like when they know they’re losing the argument.
.. the U.S. electoral system is in effect rigged in favor of Republicans
.. Democrats will need to win the popular vote by something like seven percentage points to take the House.