National Economic Council Chairman Larry Kudlow, appears on CNBC to discuss the U.S-China trade conflict that led to yesterday’s stock market drop. Additionally, Kudlow notes the strong key performance indicators that highlight the strength of the U.S. Main Street economy.
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Larry Kudlow also held a press conference.
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Treehouse Poet Laureate
Wall Street did great under Obama, but the economy suffered greatly. I’m pretty okay with Wall Street suffering greatly while the economy booms.
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I’ve NEVER heard an Administration like this one criticize Goldman Sachs. Beautiful.
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I agree. I was a Cruz guy for the early part of the primaries prior to Trump’s election, but my support for him started to wane greatly when I learned that his wife had GS ties. Nothing good comes from GS, as far as us deplorables are concerned. KAG 2020!
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AKA: “The Squid”…for a reason.
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CNN is losing their mind that the Market is recovering from yesterday. They were wishing for a crash, a nice recession, and the end of POTUS in 2020. They could see it. they could feel it. They could taste it. Its amazing that a cable station with an average only 600,000 TOTAL VIEWERS IN PRIMETIME, still think they can sway public opinion. These morons think its the 1970s and they are Walter Cronkite with 30 million viewers!!! Talk about delusional tw@ts!!! They are clueless. Its the same 600,000 people that read the NYT and the WAPO. No one watches or listens to them anymore and they haven’t gooten the memo. And every time they jump the shark, the Trump boomerang makes an appearance. Elijah Cummings has a financial scandal coming. Or something else will go down within a week or so. And the Teflon Don will come out smelling like a rose again. So keep jumping the shark!!!
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Trump should tweet your comment word for word. Send to Don Jr!
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Yes, ItLoP! I’ll see if I can forward it. If Pedro M also forwards it, there will be two hits. 😉
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Sent directly to President at https://www.whitehouse.gov/contact/
Hope screener follows through.
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I don’t believe their business model includes viewers. Propaganda distributors make money in other ways.
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A captive audience stuck in an airport has to be counted somehow.
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Have to wonder what Steve Mnuchin thinks of all this. It’s hard to get a read on him. He was a Goldman guy?
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Agree wholeheartedly MAGA
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The problem is that both Wall Street and the production economy can both be doing well. It’s just that Wall Street shifted the way it wants to operate to gain even more wealth/power faster. Wall Street cannot control the production market because of all the variables at play there. Production requires innovative idea and reliable raw materials and reliable labor and all manner of things. But Wall Street has been able to shift decisions in favor of outsourcing pretty much everything to get a quick return or gain due to lower taxes or labor costs. This is what hurt the economy of the US as money started leaving the US (Ross Perot’s “sucking sound.”).
If Wall Street were less vicious and less aggressive in their approach, both economies would be doing greater as the main street economy flourishes.
The reason Wall Street is suffering is their own doing. They structured themselves in ways which were not wise.
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Crush Wall Street and all of it’s members. I would cheer madly for month’s if Wall Street had a massive and permanent collapse. America nor Americans need these Leeches sucking our Money and more importantly our Life’s Blood away and paying Left wing lunatic dirt bags to help Erode our Society. Wall Street and all of it’s inhabitants are pure evil and should be Exorcised from the USA with much Pomp and Celebration!!!
just my humble opinion…
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Not sure exactly who you want to be crushed. The “collapse” of Wall Street will adversely affect millions of Americans who depend on investments to generate income and / or maintain savings to keep up with inflation/ cost of living.
I’d prefer their focus to be stronger inside the US and a bit less on foreign investments, but if more trade agreements are renegotiated by PDJT to be fair and reciprocal, the hungry cats on Wall Street aren’t going to ignore good domestic opportunities.
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But remember when Wall Street go down is a good time to buy in as it will soon rise again and this is how the rich get richer.
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Agree! I just wish I could untangle retirement funds/investments from Wall St. Still, retirement is 17 years away, and if Trump can straighten this out, there will be plenty of time to recoup and grow….Still with my president, thru thick and thin.
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Must have killed Kulow to go out and do this. Kudlow hates tariffs more than anyone.
Thank goodness Dr Navarro and Steve Moore made the rounds first yesterday.
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Trump is #1 in my book! But…..
There’s more going on then we realize and coming from someone who I’ve followed for 10+ years now using his his program ‘Socrates’ never misses a mark. As a trader myself s**t goes deep.
https://www.armstrongeconomics.com/international-news/china/the-reality-of-trade-between-usa-china/
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The author claims the since the US comprises only 20% of their total trade, they aren’t manipulating their currency for US trade.
If we assume that’s true (I don’t) then let’s look at his list of Chinas top trading partners:
China’s Top Trading Partners
United States: US$479.7 billion (19.2% of total Chinese exports)
Hong Kong: $303 billion (12.1%)
Japan: $147.2 billion (5.9%)
South Korea: $109 billion (4.4%)
Vietnam: $84 billion (3.4%)
Germany: $77.9 billion (3.1%)
India: $76.9 billion (3.1%)
Netherlands: $73.1 billion (2.9%)
It would appear that, other than Hong Kong, the US dwarfs every other one of China’s trading partners.
And with what’s currently going on between the PRC and HK, is that trading relationship stable enough long term to justify blowing off the US?
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I do substantial business in China. A very large majority portion of of China->HK trade is destined for the US or elsewhere, as HK is typically a middleman with favorable banking and shipping facilities and terms, etc. as well as use of the Hong Kong Dollar. This ‘trade’ is not locally HK-consumed goods/services.
Figure 1/3 of Chinese trade ends up in the US, perhaps more. That’s a lot of reason to ‘adjust’ currency rates.
The unrest in HK is only going to exacerbate the larger mainland Chinese economic problem as they resist being pulled in tighter to the chest, while China will increasingly desire to do so for economic (and political) reasons.
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Wow. Thank You for that info on the real HK trade. I was curious why it was so high compared to the US and everywhere else.
Yes that definitely explains the motivation “to ‘adjust’ currency rates.”
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So true Memes&Dreams. China has always needed HK for global trade for many reasons.
The increasing HK-PRC tensions are one side of the vise. Trump’s trade war is the other side of the vise. And both are pressing in on Xi’s family jewels.
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I think Kudlow knows within the new paradigm they are necessary tools to rebuild the American economy. With the previous economic construct companies and capital needed to be free to maximize profits. Different goals and I doubt anyone ever expected the old system, China as manufacturer for the world, would ever even be attempted to be dismantled.
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President Trump is reclaiming our economy from the Globalists.
Invest in Wall Street, Globalism, and Communist China: Be prepared to lose money.
Invest in Main Street, U.S.A.: Be prepared to earn money.
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At this point in these negotiations with communist china,
I believe it is very fair to ask, Can we ever believe any promise
made by Xi and communist china?
Xi Jinping is looking like a serial liar. He promised that china would purchase
America’s agriculture goods, and he has not.
Xi personally swore to Trump’s face that he would completely stop
fentanyl production in china, he has not.
Xi indicated he would stop chinese stealing America’s technology,
he has not.
Xi promised he would negotiate in good faith, he has not.
The CNBC host asked a great question,
Why do we even need china?
The answer, of course, is that America does not need china at all.
The policies, laws and rhetoric of the CCP make them our sworn enemy.
I believe our goal, and the goal of the entire free world, should be
to do as much damage to the economy of communist china as we all can
so we can drive the CCP from power.
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Agreed. Keep incrementally raising tariffs until there are no more Chinese imports. Zero is the proper number.
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I agree with this caveat;
China has sucked/stolen a LOT of $ from us, over many years $300-500 billion/year are estimates, and IIRC, that doesn’t incude IP and forced transfer.
Lets,get back as much of that $,,as possible. rather than a,quick collapse.
Like a vampire keeping their victim alive, so they can draw a pint or two, every so often, rather than draining and killing them, quick.
Of coarse, while everyone is focused on China, …EU, your in the crosshairs, too.
Guilty of IP and forced transfer, no.
Guilty of tariffs and closed markets, yes.
Guilty of underfunding Nato, yes.
Guilty of being Conmunism, a CCP lite?
YES!
So, ee finance NATO, to prevent USSR from taking over EU Countries.
We finance massivr program of big hairy weopons system, to bankrupt USSR.
EU countries become USSR lite, i.e. Conmunist. And we are STILL funding NATO?
WTF? Tariff the crap out of EU, it is just like China; highly regulated, centrally controlled, ignores will of people, “generous” social programs WE pay for, and, JUST as shakey of a financial system, just as dependant on our $ to keep it barely afloat!
Allies, my,….behind.
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I like how you think. There was a time we knew we had no real friends, just strategic allies and funded most of our government from tariffs. Let’s revisit that.
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The beauty of TRADE WARS, as opposed to either ‘cold’ or ‘hot’ wars, are many.
A) there are no ‘friends, or ‘allies’ or ‘enemies’, either.
ALL other countries are COMPETITORS, and its just business, nothing PERSONAL.
B) It BUILDS up our treasure, (both kinds), rather than DEPLETING (both kinds).
C) Its honest and straight forward, rather than sneaky and underhanded.
D) Its FUN!
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E) Has a low body count.
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Thats what I meant by TREASURE, BOTH kinds. Our most prescious treasure.
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F) We have the winning economic hand. Environment, stability, energy, and ingenuity.
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Given how much we have been ripped off, by EVERYONE, and how much we can potentially recover, one might say our rediculously high deficit is because of the trade imbalance, (combined with being the worlds police) and we can pay down that deficit, by what PDJT is initiating.
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Dutch I think USA’s been on the losing end of global trade wars for decades. You are right, it is beautiful to see us/US finally put up a fight and make such rapid gains. It’s amazing to see that about half the recovered jobs are being filled by minorities, and wage gains are strongest for people at the lower end of the pay scale.
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Just like the IDEOLOGICAL war, Capitalism vs Socialism, its not that we have been losing, its that we haven’t even been suiting up!
We SHOULD be the beacon to the World, of freedom which means true free market Capitalism.
That is, by EXAMPLE. You want what we have here? Open up your society, freedom of speech, press etc. leads to freedom of thought, leads to innovation, leads to Capital generation.
Both in Global trade AND ideological war, our system has been infiltrated and subverted by the enemy, and they almost succeeded in bringing down our Republic, just as they vowed to do.
Remember Radio free europe, which broadcast into the USSR?
Now staffed with Conmunists.
It IS amazing, but shouldn’t be. A strong middle class isn’t built by college degreed idiots, frankly. It was built by those with a decent upbringing, and public school education, that as high school drop outs, or graduates took jobs in Construction, manufacturing and trades, and earned a decent income. One they could provide for a family with.
The minorities and people at the lower end of the pay scale, today, are the people screwed the most by globalisation. THEY are the ones who got robbed of not just livlihoods, but lifestyles.
And, it was the demosocialists who robbed them. Creating the public housing ghettos, and welfare system that drove fathers out of the family, horrible public school systems, and then exporting the jobs, trapping them in generational poverty, importing drugs, and with one if the few ways ‘out’ being a military enlistment, getting us into senseless and endless wars.
Finally, with the score 100-0 at the end of the first quarter, our team is suited up and on the field.
The opponents are in disaray, cause they are not used to actually having to compete.
GAME ON!
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Just IP theft is good enough to keep China in the trade outhouse.
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You ask “Can we ever believe any promise made by Xi and communist china?”
And the answer is ‘of course not’! That is the whole point of the agreement that we have been trying to reach with China. It has verification and consequences. And this is precisely why China did not decide to go through with that previously. They hate verification and consequences.
I don’t know when, if ever, China will realize that that was their best chance to go forward. Anything from now on out, will be even worse for them than what the verification and consequences would have been. That would have been the smart way forward for them.
I hope that China does not start a war in order to do something with all their unmarried men in their large army. It would be quite foolish of them, but they haven’t shown much good sense recently.
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Larry Kudlow is awesome, diplomatic, super smart, super smart, beyond patient, and kind. What a team Trump has. So sorry, China.
China is in Trump’s quicksand sandbox, and they keep struggling, fatal mistake. Eventually tariffs will be at 25% on everything. No worry on China cheating then, easy to administer, just collect the revenue. Businesses will flee China, China will face reality of Communism and its one central State managed economy, where one decision making group must be omniscient or their economy is screwed. The fatal flaw of Communism.
No one trusts the Chinese Communist Party. Ask Hong Kong Chinese if the Communists can be trusted.
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An old axiom from the Cold War: “You Can Trust the Communists…To Be Communists!”
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But the lovely thought is is that there are only some 2700 communists still around and most are elderly. Now in China’s past the then peasants had enough of what they were forced to do or not do and were suffering from poverty so they finally got it together and took back the country. China has had its own Chinese wars more than once, so sooner or later Xi will either be removed as a lifetime leader (and at his age who knows how long his life will last) and in prison or killed off. Nevertheless, do not forget that the Chinese people today have had a little more freedom and a way better life style in recent years and they will not want to lose any of that. They are well educated now at all levels as has my husband stated that the only good thing Mao did was to enforce education on everyone! and they start at age 3 and it ain’t play school. So with over 1 billion Chinese who knows what could take place. Yes, China has built a huge military but when push comes to shove with the over 1 billion, how many in the military will switch sides. Interesting times for China and needing food can buy elsewhere but not in the quantities we have sold to them over the years. Hunger can also cause a people to uprise and they have never ever forgotten what took place in Tienanmen Square so that also doesn’t help the communists.
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Maybe in PDJT’s second term, ’round 2021, we will see a tweet saying, “President Jinping, TEAR DOWN THAT GREAT WALL!”
And not very long afterwards, we will see Communist China go the way of the Soviet Union – collapse and pick up the pieces.
It wouldn’t be pretty. But in the end, wouldn’t it be better?
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Not the first time I’ve had to present facts to you Carrie2.
Ok la. FACT: the CCP has 90.59 million members and it is very difficult to join. Getting the ‘diploma’ opens doors. That is not counting the 80 million members of the Communist Youth League, the incubator for attaining full membership and is run by the Central Committee and forms a power base for leaders.
Under Xi Mao2.0 the role of party members has expanded as all so called ‘private’ enterprises including foreign owned have to accommodate a CCP member on their boards.
Non party members or those who haven’t attained membership get to up their political/social ‘credit’ score by participating in reading and memorising Xi thought through a mobile app.
If you read Chinese on social media you would know that only the official version of events in Hong Kong is generally known. that is why HK protesters targeted Mainland visitors to try and get the message out. Also that official view that protesters are lawbreakers and led by foreigners, I.e. US to attack China’s sovereignty is widespread on social media. They do not mostly have access to the truth.
As for agriculture, Russia is filling in the gap with massive wheat and soybean sales to China.
I don’t know where you get your ideas from, but better to open your eyes and get a realistic appraisal of the situation. That is the first step to defeating the CCP.
Here are just a few links to help you out.
CCP membership
http://www.china.org.cn/china/2019-07/01/content_74938199.htm
https://www.scmp.com/news/china/policies-politics/article/1984044/long-arduous-process-joining-chinas-communist-party
https://www.straitstimes.com/asia/east-asia/having-chinese-communist-party-membership-is-like-having-a-diploma-and-opens-doors
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Excellent, A2! Many thanks for your efforts! Not to be forgotten is the effort of the Chinese Communists to wrap themselves in Chinese nationalism! Nationalism is normally an idea hostile to Communist ideology, since it hinders “the international workers’ revolution.” But we see that Xi is willing to be pragmatic and use nationalism to fire up support for his policies, even though his policies take away freedom.
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Trump will defeat China to the great benefit of the U.S. economy. But only IF he wins re-election. If he loses (and there will be massive vote manufacturing/tabulation fraud to stop him at any cost) the Dems will immediately rescind the tariffs and China will resume the slow but certain destruction of the USA. Survival of USA is at stake in 2020. Most Americans don’t understand this because of the MSM propaganda.
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I agree but I hope most Americans do know what this election means. IMO one American for sure knows and that is President Trump. He has thumped the dirty swamp rats thus far so I have faith he will continue to outsmart the swamp dummies.
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I suggest Scott’s as a nice USA based stock that is also heavily into the legal weed market. They are both killing weeds and growing weed.
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Let me repeat something I wrote earlier elsewhere : 50,000 factories have closed down in the last 20 + years, and if you go back to the 1970’s the number is even larger, i.e. back when 25% of all workers made things for America, as opposed to under 10% today!
We will need more than President Trump’s second term to reverse this trend and make a rise in manufacturing permanent.
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Hmm.
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Chinese have a very sophisticated facial recognition capabilities and could indeed stop the fentanyl.
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China’s “president” can do whatever he wants because he’s a dictator. If China is still flooding the US with fentanyl it’s because their “president” wants it to happen.
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Revenge of the Opium Wars.
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I had to laugh here … I hardly ever look at the Drudge site any more but looked a couple of hours earlier and the top story is all doom and gloom about the market sell-off and recession … and just a few minutes ago walked past one of our TV monitors that has financial news on and I see the Dow has gone back up to nearly 26k. This too shall pass, you know? The inevitable mini panics that occur whenever Trump and his team make a smart and necessary economic decision have, in all prior cases, proven to be needless. I’ve come to the conclusion that someone is making money from these temporary losses. I guess the options traders.
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Drudge is well past his 5 minutes of fame.
Hr has thrown off his cloak to reveal
a rino globalist.
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I think he changed his entire business model a couple years back. The change appeared to coincide with President Trump’s election. Someone got to him, that’s for sure.
I stopped visiting in 2017 after it became clear that his complete sell-out to the MSM and the DemoncRAT narratives was not temporary.
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Drudge is on the same discard pile as FOX News.
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At least some on FOX are exposing Spygate. Without FOX coverage, there would be almost zero awareness.
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In the past China has sent products to the USA that were inferior, adulterated and poisoned. If these negotiations become any more acrimonious, how can the US consumer be assured that the Chinese will provide the quality in their products?
Buy American Made FIRST. If it’s not made here, then buy anywhere but China.
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Supplements are the worst industry. The FDA doesn’t regulate them so the consumer has zero idea what’s actually in them. There are well-documented cases of undisclosed prescription meds, at least one that was banned in the US, in supplements. I wouldn’t trust any supplement ingredient coming from China and many other countries. And just because a supplement is made in the US doesn’t mean the ingredients aren’t coming from elsewhere. I refuse to take supplements for that very reason.
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My takeaway line from the end of the interview was when one of the hosts reiterated how he talks to CEOs of big companies “involved in the international economy” who can’t make decisions now regarding capital outlays, because of “the uncertainty” and “not knowing what the playing field is going to look like.”
BIG, OBVIOUS QUESTION:
Soooooo… dealing withXi, a dictator-for-life who answers to no one, who has a track record of lying whenever it benefits his party–the only party–gives you certainty?!! China’s playing field tilts-at-will wherever and whenever the party deems it favorable. And who’s the referee on that playing field: the IMF? …WTO? …the UN? LOL!
Not buying it! Those CEOs are holding their capital outlays because their 5-year investment plans rent on Tiananmen Square rather than build on Main Street.
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China, I’d suggest you read Art of the Deal and take notice who wrote it. You can play and talk tough all you want, but you are going to LOSE. It can either be slow and painful or you can attempt some intelligence and at least cut some of your huge continuing losses.
And trust me if you think you’re going to play Trump, it will get worse !
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Mr Kudow is so much smarter then the idiots he is talking too, they have no clue except maybe Kramer. Wah poor China, wah you are going to crash the global economy. Excuse meclueless reporter but I don’t give a damn about the global economy I care about the AMERICAN economy because gee I don’t know I am an American.
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Kudlow is well acquainted with the finance industry and the the cable finance channels. He is a great addition to get the message out to the masses.
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How do you invest in main Street USA, I would like to do my part, but don’t have a clue ,
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Good question!
Small Cap stocks are primarily US-based companies doing business primarily in the US. Russel 2000 Index funds is made up of them. You can also search on MAGA funds to get background and performance info.
Another way to invest in Main Street is to look for peer-to-peer lending vehicles for debt-based MAGA investments in your town or online that bypass banks. https://www.forbes.com/sites/oliviergarret/2017/01/29/the-4-best-p2p-lending-platforms-for-investors-in-2017-detailed-analysis/#49f8087552ab
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China wants Joe Biden to be the next President…..
This is essentially a trade war equivalent of a nuclear bomb.
If the Chinese would have slapped U.S. agricultural products with tariffs, that would have been a proportional response. But to quit buying them entirely is an unprecedented escalation in a trade war that is really starting to spiral out of control.
And it is also clearly a political attack on President Trump. The Chinese know that Trump is highly popular in rural areas, and this ban on U.S. agricultural products is going to severely hurt farmers in rural areas all across the United States.
U.S. voters tend to be more influenced by their bank accounts than by anything else, and so this is a smart strategic move by the Chinese if they would like to see a Democrat get elected in 2020.
https://www.zerohedge.com/news/2019-08-06/end-world-we-know-it-china-going-nuclear-means-theres-no-turning-back-now
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Spiraling out of control?
VSGPDJT has this under control. Don’t sweat it.
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Can’t wait until Donald J Trump’s next best selling book: “Art of the Deal II, or How To Train Your Dragon”.
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Hahaha!!
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