Trump is so out of touch with a real economy and the plight of ordinary Americans it is beyond scary.
Imagine, the Electoral College Elected President still thinks immigrants cause job loss in manufacturing. Every ten-year-old knows technology is the culprit, just as they also know knowledge and innovation is the future.
Immigrants, on the other hand, bring talent to the American economic table.
“Apple would not exist without immigration” said Apple CEO Tim Cook in response to Trump’s illegal ban on Muslims. Apple is one of many high-tech companies to speak out against the ban both on a morally basis, and because it is costing them business. Just ask Expedia, Amazon and others.
Cliché to say, but millions of immigrants also bring brawn to the low paid and hard-to-do part of the economy, taking jobs many native born Americans will not do.
Get rid of the immigrants and say good-bye to low priced hotel, food, cleaning services, etc, etc….
Uber is an interesting case of both immigrant brain and brawn. A high-tech company, Uber has a lot of immigrant tech talent on board, but a hefty percent of its drivers are immigrants. No wonder Uber staff protested so hard they caused their chief Travis Kalanick to step down from Trump’s business council.
That council, by the way, is the same council Trump wanted to stock with sleazy corporate raiders and shady real estate dealers.
Not knowing the difference between business that makes Americans better off, and business (men) who screw their best friends for an extra dollar, Trump had to be told by council chair, Blackstone CEO Stephen Schwarzman, that these types of business folk would be inappropriate economic advisors.
Trump famously responded as might a naughty boy being told his Aunt might not appreciate being groped at Thanksgiving dinner… What? Oh really? Wow! Never thought of that!
It goes without saying, Trump is himself one of those “types” of business men.
Not to be outdone, this week the President Elected by the Electoral College, decided to go ahead and bend his core supporters over the Dodd-Frank fence.
The Dodd-Frank Act was enacted precisely because Wall Street financial institutions have shown almost uniform resolve taking from the average Jane and Joe, and giving to their executives’ and shareholders’ Cayman Island bank accounts.
I bet most don’t remember the Savings and Loans crisis in the 1980s. Everyone remembers the 2008 financial meltdown.
Both of these financial crises were due to lack of proper regulation of the financial industry. Each also involved great loss to the little guy and gal, and huge government bail outs at….. drum roll….you guessed it…. at the tax bill expense of the little guy and gal.
Wall Street really didn’t suffer much from either crisis. And, by the way both crisis….near the end of two consecutive GOP Presidential terms. Coincidence?
Daily Turmoil predicted long ago Trump and Co. were all about the money. Not a risky prediction. But how galling was it to hear Trump respond to questions about his Administration’s intention to roll back Dodd-Frank.
“I have so many people, friends of mine, that have nice businesses and they can’t borrow money. They just can’t get any money, because the banks just won’t let them borrow, because of the rules and regulations in Dodd-Frank.”
Mr. President, hate to inform you; they can’t get loans because even your new, self-serving Wall Street friends wouldn’t lend enough to them to buy a cuppa joe.