President Trump announced that he was ending
negotiations over a new economic aid package with Democrats, after accusing
Speaker Nancy Pelosi of “not negotiating in good faith.” No wonder Joe Biden
calls him a clown.
Source:
https://www.cnbc.com
The S&P 500 had begun to climb before Mr.
Trump’s announcement, on Twitter. It slid more than 1 percent soon afterward,
and ended the day about 1.4 percent lower.
The tweet also sent shares of airlines reeling.
Shares of American Airlines fell more than 4 percent, giving
up early gains, while United Airlinesstock fell more than 3
percent. Shares of Boeing, which had earlier said it was lowering
long-term estimates for aircraft sales, fell nearly 7 percent.
...request, and looking to the future of our
Country. I have instructed my representatives to stop negotiating until
after the election when, immediately after I win, we will pass
a major Stimulus Bill that focuses on hardworking Americans and Small
Business. I have asked...
— Donald J. Trump (@realDonaldTrump) October
6, 2020
Earlier in the day, the Federal
Reserve chair, Jerome H. Powell, urged the government to take action to address
the economic pain the pandemic has inflicted on millions of households. “Too
little support would lead to a weak recovery, creating unnecessary hardship for
households and businesses,” Mr. Powell said in remarks before the National
Association for Business Economics.
Since approving nearly $3 trillion in economic
relief this spring, Congress and the White House have failed to reach agreement
on another package, despite warnings from economists, including Mr. Powell,
that follow-up aid is needed to maintain the country’s economic recovery.
Though talks all but collapsed in early August, Ms.
Pelosi and Treasury Secretary Steven Mnuchin have resumed discussions in recent
days as companies
continue to furlough or lay off tens of thousands of Americans and
local governments, schools and industries across the country lobby for more
congressional relief.
But both sides have remained far apart in their
expectations of what a new spending bill should include. Democrats in the House
last week approved a $2.2 trillion relief package, but Republicans have balked
at Democrats’ plans, deeming them far too costly.
Tuesday’s trading on Wall Street highlights intense
focus recently on developments in Washington, from concerns about Mr. Trump’s
health after his Covid-19 diagnosis, to the prospect that a battle over the
Supreme Court would derail progress on other fronts.
But in recent days, some analysts on Wall Street
have looked on increasingly favorable polling for former Vice President Joseph
R. Biden Jr., President Trump’s Democratic challenger, and prospects for a
resounding victory for Democrats on Nov. 3, as a precursor for a large stimulus
package next year.
Such a “blue wave” would “sharply raise the
probability of a fiscal stimulus package of at least $2 trillion shortly after
the presidential inauguration on January 20, followed by longer-term spending
increases on infrastructure, climate, health care and education that would at
least match the likely longer-term tax increases on corporations and
upper-income earners,” wrote analysts at Goldman Sachs this week.
So is Trump a clown? Yes, he is! Otherwise,
·
He won’t be doing a “fake” Covid-19 recovery;
·
“Fake” trade wars (he failed in reducing U.S. trade
deficit);
·
Failed in making America Great;
·
Failed in race relations;
·
Failed in income distribution
·
Failed in two of his marriages;
·
Failed in running his business;
·
Failed in raising his kids;
·
Failed in paying taxes; and
·
Failed in being a Christian (No, a photo shoot with
a bible in front of a church does not make you a Christian!)
His best bet is to re-start and join the Barnum and Bailey Circus as a
clown!
Reference:
Stocks slide as Trump calls off stimulus talks, New York
Times, October 6, 2020
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