Bannon was in Rome to learn from and provide support to the unusual coalition of populists and nationalists who together won half the vote in Italy’s recent elections and have formed a government. Bannon sees that sort of coalition — mixing left and right, old and young — as his goal for the United States. “Europe is about a year ahead of the United States. . . . You see populist-nationalist movements with reform [here]. . . . You could begin to see the elements of Bernie Sanders coupled with the Trump movement that really becomes a dominant political force in American politics.”
.. The Republican Party’s strategy, for now, appears to be to make the midterm elections a series of local contests focusing on the tax cut and the healthy economy. Bannon views this as fundamentally misguided. “You have to nationalize the election,” he said. Bannon understands that voters are moved from the gut more than through a wonky analysis of taxes. “This is going to be an emotional [election] — you’re either with [House Minority Leader] Nancy Pelosi or you’re with Donald Trump.
.. Bannon is most focused on the issue of immigration because it hits both the heart and the head. “Immigration is about not just sovereignty, it’s about jobs.”
.. He believes that the Trump coalition can attract up to a third of Sanders supporters who see trade and immigration as having created unfair competition for jobs, particularly for working-class blacks and Hispanics.
.. “You’re not going to be able to take the Hispanic and black community from the STEM system in grammar school to our best engineering schools . . . to the great jobs in Silicon Valley, unless you start to limit these H-1B visas and this unfair competition . . . from East Asia and South Asia.”
.. The most likely result of limiting these visas is that talented immigrants will simply go elsewhere — Canada, Britain, Australia — and start successful companies there... The Democratic Party is too far to the left on many of these issues, embracing concepts such as sanctuary cities, which only reinforces its image as a party that is more concerned with race, identity and multiculturalism than the rule of law... I wrote last month that Trump would try to fight the midterm elections on immigration and added, “Do not be surprised if Trump also picks a few fights with black athletes.”
.. He predicted the next major battle would be over the proposed wall along the U.S.-Mexico border. “The wall is not just totemic. The wall is absolutely central to his program. . . . As we come up on Sept. 30, if [Congress’s] appropriations bill does not include spending to fully build his wall . . . I believe he will shut down the government.”
.. Bannon doesn’t think the fighting and the rancor in the United States are going away any time soon. The “battle between nationalists and globalists is at the fundamental roots of what America is, what America will be,”
Mitch McConnell is winning the long game
McConnell says:
The largest tax reduction in 31 years has contributed to the best economy in 18 years. Defense spending is up, many Dodd-Frank banking rules and the Obamacare individual mandate have been repealed. Drilling in the Arctic National Wildlife Refuge, blocked for 38 years, has been approved, as has a reconfigured National Labor Relations Board, a source of much Obama administration mischief. The Congressional Review Act, under which Congress can disapprove many regulations issued by federal agencies, has been used 19 times since it was enacted in 1996 — 18 of them during this Congress.
.. This, says McConnell, constitutes the best 18 months of center-right governance in his Senate career, which began when Ronald Reagan’s second term did. There also are the judges.
.. By preventing a vote on President Barack Obama’s nomination of Merrick Garland
.. McConnell ended the requirement of a supermajority to stop filibusters of Supreme Court nominees
.. To prevent Republicans from reciprocating with filibusters against Obama’s packing-by-enlargement of the nation’s second-most-important court, the U.S. Court of Appeals for the District of Columbia Circuit, Democrats changed Senate rules to bar filibusters of judicial nominees other than those for the Supreme Court. McConnell removed that pointless exemption to make possible the confirmation of Neil M. Gorsuch.
.. But without filibusters of legislation, he says, the nation might have socialized medicine, guaranteed government jobs, card-check workplace unionization, a ban on right-to-work laws, and other afflictions.
.. since popular election of senators began in 1914, Republicans have never had more than 60 senators.
.. Almost 30 years after the end of his presidency, Reagan still shapes events because of his nomination of Justice Anthony M. Kennedy, who often has been 20 percent of a court majority. Three decades from now, McConnell will be shaping the nation through judges who today are in their 40s, some of whom might be destined to be Gorsuch’s colleagues. This is the long game.
Why corporate America loves Donald Trump
American executives are betting that the president is good for business. Not in the long run
MOST American elites believe that the Trump presidency is hurting their country. Foreign-policy mandarins are terrified that security alliances are being wrecked. Fiscal experts warn that borrowing is spiralling out of control. Scientists deplore the rejection of climate change. And some legal experts warn of a looming constitutional crisis.
.. Bosses reckon that the value of tax cuts, deregulation and potential trade concessions from China outweighs the hazy costs of weaker institutions and trade wars.
.. the investment surge is unlike any before—it is skewed towards tech giants, not firms with factories. When it comes to gauging the full costs of Mr Trump, America Inc is being short-sighted and sloppy.
.. The benefits for business of Mr Trump are clear, then: less tax and red tape, potential trade gains and a 6-8% uplift in earnings.
.. During the Obama years corporate America was convinced it was under siege when in fact, judged by the numbers, it was in a golden era, with average profits 31% above long-term levels.
Now bosses think they have entered a nirvana, when the reality is that the country’s system of commerce is lurching away from rules, openness and multilateral treaties towards arbitrariness, insularity and transient deals.
.. so far this month 200-odd listed American firms have discussed the financial impact of tariffs on their calls with investors. Over time, a mesh of distortions will build up.
.. American firms have $8trn of capital sunk abroad; foreign firms have $7trn in America; and there have been 15,000 inbound deals since 2008. The cost involved in monitoring all this activity could ultimately be vast. As America eschews global co-operation, its firms will also face more duplicative regulation abroad. Europe has already introduced new regimes this year for financial instruments and data.
.. The expense of re-regulating trade could even exceed the benefits of deregulation at home. That might be tolerable, were it not for the other big cost of the Trump era: unpredictability. At home the corporate-tax cuts will partly expire after 2022.
.. Bosses hope that the belligerence on trade is a ploy borrowed from “The Apprentice”, and that stable agreements will emerge. But imagine that America stitches up a deal with China and the bilateral trade deficit then fails to shrink, or Chinese firms cease buying American high-tech components as they become self-sufficient
.. Another reason for the growing unpredictability is Mr Trump’s urge to show off his power with acts of pure political discretion.
- He has just asked the postal service to raise delivery prices for Amazon, his bête noire and the world’s second-most valuable listed firm.
- He could easily strike out in anger at other Silicon Valley firms—after all, they increasingly control the flow of political information.
- He wants the fate of ZTE, a Chinese telecoms firm banned in America for sanctions violations, to turn on his personal whim.
.. When policy becomes a rolling negotiation, lobbying explodes. The less predictable business environment that results will raise the cost of capital.
.. Mr Trump expects wages to rise, but 85% of firms in the S&P 500 are forecast to expand margins by 2019
.. Either shareholders, or workers and Mr Trump, are going to be disappointed.
.. In a downturn, American business may find that its fabled flexibility has been compromised because the politics of firing workers and slashing costs has become toxic.
.. American business may one day conclude that this was the moment when it booked all the benefits of the Trump era, while failing to account properly for the costs.
Stop Giving Trump the Benefit of the Doubt
Five months later, everything liberals said about the tax bill turned out to be true. Contrary to Republican claims, wage growth has been anemic. Instead of sharing the wealth with employees, companies have spent record amounts of money buying back their own stock. The tax cuts are creating larger deficits than Republicans predicted, and those deficits are now being cited as a pretext for cutting spending on the poor.
.. has signaled that he wants the summit meeting too much,” David Sanger reported in The New York Times. The U.S. government has even issued a commemorative coin about the summit featuring Trump and “Supreme Leader” Kim Jong-un face-to-face, signaling to the world that it’s now the American president who craves legitimation from the North Korean dictator.
.. Even a casual newspaper reader — which, of course, Trump is not — knows that when North Korea talks about “denuclearization,” it doesn’t mean unilaterally giving up all its nuclear weapons. A hastily arranged meeting between two bellicose egomaniacs, premised on a basic misunderstanding, is unlikely to resolve one of the world’s most intractable geopolitical conflicts; a flimsy agreement that roughly preserves the status quo seems like a best-case scenario.
.. We all want to be open-minded, but con men should never be given the benefit of the doubt.