Sunday Talks: Peter Navarro -vs- Jake Tapper…

White House Trade and Manufacturing Policy Advisor Peter Navarro appears on CNN to debate economic policy with Jake Tapper. As customary Tapper attempts to use the Multinational Big AG talking points to identify farmers as victims.

♦The yield on the benchmark 10-year Treasury note dropped to 1.623% Wednesday for less than one hour; momentarily below the 2-year bond rate of 1.634%. The cause was a rapid influx of foreign capital, mostly from the EU (due to negative interest rates), into the U.S. to secure a return. This is not comparable to the historic ‘bond rate inversion’.

♦The biggest fallacy pushed in this interview, YET AGAIN, surrounds price impacts on Chinese imports. Tapper takes the talking points of the Wall Street multinationals, and their paid think-tanks, to push an empirically false assertion of the U.S. consumer paying for tariffs on China. Here’s the easiest refutation of that nonsense:

  • The Steel (25%) and Aluminum (10%) tariffs have been in place for two years.
  • The 25% tariff on $250 billion Chinese goods have been in place over a full year.
  • The current inflation rate (Consumer Price Index) is only 1.4%.

(Bureau of Economic Analysis – Personal Income and Consumer Price Index)

If the tariffs on China were impacting consumers, inflation would be much higher. In fact the exact opposite is happening. Because the protectionist Chinese and EU currency manipulation hits *ALL* imports, including non-tariff products, we are actually importing deflation.

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This entry was posted in Big Government, China, Decepticons, Donald Trump, Economy, media bias, Notorious Liars, President Trump, Trade Deal, Typical Prog Behavior, Uncategorized, US dept of agriculture, US Treasury, USA, USMCA. Bookmark the permalink.

77 Responses to Sunday Talks: Peter Navarro -vs- Jake Tapper…

  1. NICCO says:

    Peter Navarro is a straight up honorable guy and we need to lift these men up in prayer also to have them receive the almighty s wisdom,favor and protection when dealing with the ilk of the media and the decepticons from China and other nations that would see our nation go down the tubes.

    Liked by 21 people

  2. Mike in a Truck says:

    It kills me how a half wit like Tapper tries to match wits with Navarro.

    Liked by 13 people

  3. Sentient says:

    I caught Navarro on Meet the Press. He had the patience of Job. The host – Margaret somebody – was insufferable. She poses with her pen as if she’s insightful.

    Liked by 5 people

  4. OhNoYouDont says:

    Trump trade adviser Peter Navarro downplays China tariffs’ impact on consumers

    https://www.cbsnews.com/news/peter-navarro-on-face-the-nation-trump-trade-adviser-downplays-consumer-impact-of-china-tariffs/

    Moderator Margaret Brennan pointed out that economic indicators are backward-looking, compared to the market, which is forward-looking. Navarro said that, going forward, “what we’re seeing is the fleeing of the supply chain.” He said retailers are “finding other sources of supply,” and investment is coming “back here in America.”

    Noting that U.S. consumers spend $14 trillion annually, he pointed out that “if we have 10% tariffs on $300 billion worth of goods, that’s $30 billion … One-fifth of 1% on the consumer price index … It’s nothing.”

    Navarro said that half the tariffs will still be imposed September 1. “The tariffs are working. They’re important part of the strategy to bring the Chinese to the negotiating table,” he said. “And I think, Margaret, it’s important whenever we talk about the tariffs we talk about what we’re fighting for.”

    Liked by 6 people

    • OhNoYouDont says:

      White House trade adviser Peter Navarro joins Margaret Brennan to discuss protests in Hong Kong, the economy and trade talks with China.

      https://www.cbsnews.com/news/transcript-peter-navarro-on-face-the-nation-august-18-2019/

      NAVARRO: So- before I came to the White House, I spent the better part of 20 years forecasting the business cycle and related stock market trends. What I’m seeing looking at all the macro tea leaves is a very strong Trump economy and bullish stock markets through 2020 and beyond. And the- the things I’m seeing now in the short run that your viewers can- can watch to see if they come to fruition would be, for example, the Federal Reserve aggressively lowering rates through the end of the year. The Fed raised rates too far too fast. They’ve cost us a full point of GDP growth–

      MARGARET BRENNAN: They are expected to lower them.

      NAVARRO: They are expected to. Second thing, the European Central Bank has announced a very aggressive stimulus package cutting rates and quantitative easing. Why does that matter for us?–

      MARGARET BRENNAN: Central bank buying securities.

      NAVARRO: Correct. And the- that will lift the European economy and what that matters for us is they’ll buy more of our exports. There’s a- a likelihood that China will engage in a second round of fiscal stimulus, which will help the emerging markets which deliver the commodities to the Chinese manufacturing machine. And- and most important in the short run for America here is by early October we hope that Congress rises above partisan politics and passes the US-Mexico-Canada Agreement. That will add several hundred thousand jobs to our economy.

      Liked by 2 people

  5. ivehadit says:

    Hey Jake, what has Harvard EVER done for the American worker? Farmer?

    Waiting………..😴😴😴

    Liked by 7 people

  6. MicD says:

    Our Farmers WANT to farm for a Living.
    The World (this case China) NEEDS to eat for Living.
    IMHO, if this goes fifteen rounds, Our Farmers will still be on their feet.

    Liked by 6 people

    • Dutchman says:

      MicD,
      Not just ‘still on their feet’, but standing tall. And not only will CCP, i.e. Chinas current leadership be on their belly (out) but the multinationals, who buy up farm contracts (futures) and manipulate supply and demand, in order to control price and maximise profits will be shut out.

      A win/win.

      Liked by 8 people

  7. Zippy says:

    “The current inflation rate (Consumer Price Index) is only 1.4%.”

    Which, as I have pointed out before is understated BS.

    Medical costs are only given 8.682% weighting in the calculation while they are known by other stats to comprise 14-20% of family expenditures.

    The “Owners’ equivalent rent” component is also a farce:

    How Owner’s Equivalent Rent Duped the Fed [they weren’t “duped” – Z]
    Aug. 27, 2007

    https://seekingalpha.com/article/45720-how-owners-equivalent-rent-duped-the-fed

    OER is one of the poorest proxies the world has ever seen as demonstrated by the comparison below with the Case Shiller Home Price Index.

    Then, there’s this -HUGE- farcical component. Keep in mind that all of the “duping” and “perfections of measurement” always LOWER the CPI. Now WHAT would be the incentive to do that, I wonder. This :

    Why Michael Boskin Deserves Our Contempt
    January 19, 2010 9:15am by Barry Ritholtz

    “The debate about the CPI was really a political debate about how, and by how much, to cut real entitlements.” -Greg Mankiw, chairman of George W. Bush’s Council of Economic Advisers from 2001-2003

    https://ritholtz.com/2010/01/why-michael-boskin-deserves-our-contempt/

    For those of you who may be unaware, Boskin is the economist/weasel/fraud who helped to officially distort the CPI, making it more or less worthless as a measure of inflation. The Boskin Commission was an act of fraud, a backdoor method to suppress Social Security cost of living adjustments (COLAs). To be blunt, it was an act of cowardice. Rather than man up and say “fix this, its broken, we can’t afford it” the commission took a different route — they fabricated a series of nonsense adjustments that artificially lowered CPI by 1.1%.

    The specific fraudulent methods of the Boskin Commission are laughable. That the Economics profession failed to kick him out of its membership is as much an indictment of the profession as it is about Boskin.

    My two favorite pieces of Boskin intellectual fraud are substitution and hedonic adjustments.

    Hedonic adjustments are addressing the improvement in quality as a form of deflation. For example, the price of a new car in the U.S. had risen from $6,847 in 1979 to $27,940 in 2004. Using hedonic adjustments, the government calculated the price of a new car had risen from $6,847 in 1979 to $11,708 in 2004.

    These adjustments wildly distort not only CPI data but GDP as well. Bill Fleckenstein calculated that the hedonic adjustments of faster computer chips and dropping costs massively jacked up the productivity data and GDP data from 1995-2002.

    Substitution is a nonsensical approach that adjusts inflation for consumer behavior. When steak prices rise, consumers “substitute” cheaper proteins such as hamburger or chicken. Thus, Boskin states, the consumer is spending no more than they previously were, and is not suffering inflation.

    The reality is that consumers have been priced out of steak due to price increases. Oh, and somehow, the decrease in quality does not get hedonically adjusted when it raises inflation.

    As I said, the Boskin Commission was a massive fraud. Fred Sheehan has more here:

    http://www.ritholtz.com/blog/2010/01/economists-serving-their-political-masters/

    Liked by 3 people

    • MicD says:

      They picked our pockets and then they short loafed us.

      Liked by 1 person

    • Zippy says:

      BTW, central banks using SIMPLISTIC GARBAGE economic theories, to create SIMPLISTIC GARBAGE computer models then fed with data FUDGED for political reasons as detailed above (all major points in the excellent book “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve”) is how we get to HERE with the help of politicians who take advantage of it to deficit spend:

      About the title of the graph below, ask yourself why after ten years of recovery that interest rates are still so low after having been at near zero for a historically long period of time and are being lowered again after only a short sequence of being raised. Because the entire world is trapped in an entirely DEBT-based “recovery” and if rates are significantly raised this THIRD “easy money” asset bubble in a row caused by central banks, this one being the mother of all bubbles or the “everything bubble” as it’s commonly called will come crashing down worldwide. Rates are now even NEGATIVE in the EU and Japan – you get LESS when your government bond matures than what you paid for it – you PAY to give them your money – that money can still be made via mechanisms too complex to go into show how absolutely INSANE this has all become:

      Like

  8. JMC says:

    China will have to start buying our farmers’ food. They have no choice. They don’t grow enough.

    Liked by 1 person

  9. Pa Hermit says:

    Wonder when any of these talkers on any Sunday shows will ask the host why they continue to live on Wall St. and not move over to Main St.? Almost every point of their arguments are Wall St. oriented!

    Liked by 5 people

    • railer says:

      6 corporations control all media in this country. If the talkers do anything other than attack Trump and Main Street, they don’t eat. Simple, really.

      Liked by 3 people

  10. All of Jake’s “farmer sources” were the equivalent of union bosses..and then he quotes Harvard, etc like they know what they are talking about. It was so interesting to see the opposing source materials being presented. Who would you trust more: a union boss and a Harvard professor or President Trump?

    Liked by 3 people

    • littleanniefannie says:

      Those Harvard elites won’t know the difference between sand dabs and dirt dauber. I would pay to see them spend a day in the backer field. They probably couldn’t hang in the duke patch either!

      Like

  11. ristvan says:

    Interesting new splits on PDJT negativism.
    NYT and Dem candidates have gone from ‘Russia’ to ‘Racist’, despite obviously untrue.
    Networks and Wall Street have gone from ‘Russia’ to ‘Recession’, despite obviously untrue.
    Meanwhile, poor old Nadler is still stuck on ‘Russia obstruction’ despite Mueller flop.
    While Mooch and Omarosa have started singing the ‘unhinged’ projection song.

    Gunna be a 2020 landslide.

    Liked by 10 people

  12. TwoLaine says:

    Charles Payne was on F & F last Monday morning, in the 8 AM hour, talking about the fact that there is no inflation, it’s all deflation baby, and a mystery to most.

    I posted it on Monday, but FNC has gone through and had youtube kill all the contraband videos. It’s not on Charles’ twitter feed either. Bummer.

    Liked by 4 people

    • GB Bari says:

      Fox has turned into just another MSM garbage network except for Charles Payne, Lou Dobbs, and most of their weekday morning show Fox & Friends. Maria B. gets it right on Russiagate and Spygate but she is woefully stuck in Globalist Groupthink in economic interviews.

      Liked by 2 people

  13. OhNoYouDont says:

    ‘We’re going to have a strong economy through 2020’: White House trade adviser Peter Navarro

    https://abcnews.go.com/Politics/week-transcript-18-19-peter-navarro-sen-kirsten/story?id=65040588

    NAVARRO: So, let’s start with “The Wall Street Journal.” When the Main Street journal starts attacking this administration, that is when we worry. The question for “The Wall Street Journal” is, where was “The Wall Street Journal” beginning in 2001, when China got into the World Trade organization, and we watched the exodus of over 70,000 of our factories, over five million manufacturing jobs?

    Why hasn’t “The Wall Street Journal” been editorializing over the last 10 years about China’s hacking our computers to steal trade secrets, about stealing our intellectual property, about forcing the technology transfer from our companies, about the currency manipulation that occurred for over a decade?

    So, “The Wall Street Journal,” look…

    RADDATZ: We don’t have a trade deal, though. And…

    NAVARRO: It’s called — it’s called “The Wall Street Journal” for a reason. OK? It represents Wall Street.

    RADDATZ: I — I…

    NAVARRO: And “The Wall Street Journal” never saw an American job it didn’t want to offshore.

    Liked by 5 people

  14. Brilliant way to hide from the public! Go on can………….

    Like

  15. Coast says:

    So what’s the truth about the farmers? I agree that prices are not going up, but why are the farmers hurting? Or are they not?

    Like

  16. LafnH20 says:

    Joke sez… “The editorial board of the WSJ is Very Conservative.”

    They musta slipped in another definition for “Conservative” while I wasn’t looking.

    Liked by 1 person

  17. rashomon says:

    Agriculture is not about the next Q’s profit/loss statement. It’s a long haul proposition loved by those who appreciate the feel of the earth and all its bounties. Those who succeed don’t expect 40-hour weeks, two-week vacations or annual bonuses for showing up.

    We have lots of farmers/ranchers in our family. It’s a long term investment and they are accustom to the rains, winds, cold, heat, invasion of the commodity marketeers and the corporations intent to takeover the smaller players. No way are they dumb about this propaganda. They back our president as they see him as a long term player, too. Developing a high rise in mid-Manhattan requires the tenacity and planning much associated with the efforts of bringing an apple crop to bear or developing a herd of cattle.

    #1 concern? GMOs and other manipulation of crops, animals and the complex systems that support our food cycle via alterations of soil, feed, air quality and the multiple other unknowns that are part of the government’s trillion dollar hidden budget. Multi-trillion dollar budget.

    China can only benefit from working WITH The Trump Team to provide the best quality at the best price for all its and our people. We have to rid ourselves of those who believe one has to conquer in order for other nations to thrive.

    Most notably, we must rid our government of those leftover totalitarians who have kept the U.S. in continuous war since the Spanish-American conflict, thus destroying peace in our time with their fetishes and psychopathic views of mankind:

    Kissinger: “Control oil and you control nations; control food and you control the people.”

    Why is it always about control, Henri? What kind of love did you not get that distorts your needs to manic proportions? And who in the heck let you invade our country?

    Like

    • ristvan says:

      Number one hurt on farmers right now was the very poor spring planting conditions, forcing millions of acres to remain unplanted after the May wet. Those with crop insurance will be OK. Others have surplus grain in storage to tide them over. We always did (plus alfalfa) on my Wisconsin dairy farm, since cows gotta eat.
      Look at the degree of downturn in John Deere sales to see the sofar fairly mild impact. And PDJTbisnusing tariffs to make up for lost far China sales more than even steven thanks to China’s BIG African Swine Fever epidemic.

      Liked by 1 person

      • rashomon says:

        Yes, ristvan, this very wet weather has impacted the whole marketplace, going right down that dusty road to Deere and other equipment providers. PDJT appears to have measured his tariffs on such. We have to recognize the turn-around time required to re-set the “true” market for commodities as previous administrations have distorted it greatly.

        Did you ever see the movie “Sweet Land”? It reminds me of so many lured to the farmland of America after endless wars in Europe mid-1800s. But they were a tenacious group and felt themselves fortunate to Own Land, a privilege not easily acquired in their native countries.

        Like

  18. leftnomore says:

    Tapper and his ilk are nothing more than actors quoting lines others wrote for them. It’s a fault in himanity to suspend reality and enter into an actor’s world and believe them.

    Liked by 2 people

  19. Cocoon says:

    It’s enlightening to recall the lies and falsehoods the Obama team provided to a willing media to reach their desired end. They even bragged about it.
    Trumps team tells the whole truth and the media attacks them.
    Yes there is a tax but no the US consumer is not paying more.
    Tapper is one dimensional here.

    Like

  20. Nom de Blog says:

    Not giving YouTube rights to watch my device means I cannot play the video.

    Liked by 1 person

  21. GSparrow says:

    It’s just a “coincidence” that the outspoken anti Trump “President of the Minnesota Farmers Union,” Gary Wertish in Tapper’s video clip is a staunch Democrat. His Facebook favorite TV Show is The Daily Show with Trevor Noah and other favorites are Sen. Amy Klobuchar, the Minnesota House DFL (Democrat Farmer-Labour Party) and so on.

    However, I was hoping Sonny Perdue etc would have made it harder for Dems like Wertish to accuse P Trump of overburdening farmers. More accurate facts of the monies doled out and where etc. Wertish also fails to mention why the trade war is definitely needed to change China’s huge advantages.

    Like

  22. mike diamond says:

    Jake,the Snake tapper, is a looser!

    Like

  23. Padric says:

    This interview is a clear example of when someone who doesn’t have a clue about a subject interviews someone who is an expert. Tapper kept pointing to studies but anyone who’s ever done data analysis can tell you that anyone who has two brain cells to knock together can make any numbers say almost anything if their intent is to prove a point.

    Navarro on the other hand kept saying to look at the numbers, which in its own way is telling people that the folks who did the studies did in fact play games with the numbers.

    Like

  24. Danimal28 says:

    Team – I design and manufacture highly profitable USA products that are primarily made of aluminum and steel and have not experienced any negative effects from first-point-of-sale tariffs imposed in Asia.

    Thanks for allowing comments and all the great work, Sundance!

    Like

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