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Old 03-07-2018, 06:39 AM   #31
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Originally Posted by elysiantraveller View Post
I don't think anyone says the sky is falling.

I find it funny even Trump's Chief Economic Advisor disagrees with his trade plan so much he's willing to resign over it.
Aside from knowing what Gary Cohn is all about, I don't have any personal animous towards him.

So, the fact that he resigned over a policy difference with his boss, President Donald J. Trump, was a sign of class. Cohn should be commended for doing the proper, right thing.

And I mean that with no snark at all intended. Too many slugs stay on their jobs because it's an important or well-paying gig even when they are at odds with their superiors, such as clown Jeff Sessions.
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Old 03-07-2018, 07:00 AM   #32
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Good, another globalist bites the dust.

On second thought let me take that back. Another guy willing to sell 10s of millions of Americans down the toilet and rack up huge debts to foreigners for greater profits for Wall St bites the dust.
Now, now, that's not what the financial, political and 'free' trade experts on this site say.

Those tens of thousands of manufacturing plants and factories closed in the past 35 years ... and those 700,000 plus blue collar jobs lost ... or the billions of US dollars and wealth transferred from America citizens to China, Mexico and others such as the international cabal of Fortune 500 corporations and their partners-in-crime bankers and paper shufflers ... all mean nothing to them. They're the smartest guys in the room, despite being wrong all the time.

Thanks to those one world/one market international globalists, with the help of the bought and paid for GOP and Democrat elites, this country has not had a trade surplus since 1975 or so! That's OK too, according to the smarty-pants, since steel workers really should learn another trade, such as coding in C+ or python.

Shameful for that thinking and for what's really happened as a result, but then again, it's still all a-OK according to our resident geniuses because they could now buy socks, scarfs and underwear at Dollar General or Wal-Mart cheap.
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Old 03-07-2018, 07:06 AM   #33
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He was supposedly out the door a few months ago...I'm surprised he stuck around this long
He would have left months ago but he was pushing to replace Janet Yellen for the job as head of the Federal Reserve.

When he wasn't given the nod, Cohn's leaving clock has been ticking ever since. The President's trade policy, a policy he campaign on and won the election on, gave Cohn a more 'acceptable' reason for quitting yesterday.
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Old 03-07-2018, 07:29 AM   #34
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From Wiki:

That doesn't say anything about his ability to promote good policy, but it does say that he knows how businesses and the market will react to changes in taxes or tariffs.

The other Trump adviser on trade and tariffs is Peter Navarro, a retired California professor, a liberal and a Democrat. His views on tariffs are generally rejected by economists across the spectrum, liberals and conservatives.
There is only one or two ways to become a top dog at Goldman Sachs -- one, being a successful trader and money shuffler and I am sure Cohn is one. That's really it in a nutshell. Two, is the ability to corrupt and buy off stupid career politicians to institute the type of economic policy and 'free' trade deals between countries that benefited Cohn and his partners-in-crime bankers at Sachs and elsewhere.

It doesn't matter that all this was a net detriment to the working class and sovereign citizen. Again, it was a job I am sure Gary Cohn was capable of handling and doing well.

As for Peter Navarro --a liberal and a Democrat-- of course his tariff views are rejected by the entire compromised spectrum of elites mentioned.

Many benefited from the 43 years of successive US trade deficits, the transfer of billions and billions of wealth overseas, etc. It is simply a failed and corrupt economic policy they all own up to and still want to continue. It is a PLUS that these crooks reject the likes of Peter Navarro.

PS--Gary Cohn is a liberal and a Democrat too.

Last edited by reckless; 03-07-2018 at 07:33 AM.
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Old 03-07-2018, 07:43 AM   #35
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Never heard of him
What has been left unsaid so far is ... Gary Cohn would have had a similar position in a Hillary! administration too.

He may have also replaced Janet Yellen if Hillary! won, although in all probability, Yellen might have stayed on under Hillary!

Cohn campaigned Trump for the job as Fed Chief this year and the globalist elites in the media pushed for him too. The country is way better off without Cohn as head of the Fed ... it would be like giving the job of watching over the hens to a wolf.
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Old 03-07-2018, 09:31 AM   #36
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Originally Posted by reckless View Post
Now, now, that's not what the financial, political and 'free' trade experts on this site say.

Those tens of thousands of manufacturing plants and factories closed in the past 35 years ... and those 700,000 plus blue collar jobs lost ... or the billions of US dollars and wealth transferred from America citizens to China, Mexico and others such as the international cabal of Fortune 500 corporations and their partners-in-crime bankers and paper shufflers ... all mean nothing to them. They're the smartest guys in the room, despite being wrong all the time.

Thanks to those one world/one market international globalists, with the help of the bought and paid for GOP and Democrat elites, this country has not had a trade surplus since 1975 or so! That's OK too, according to the smarty-pants, since steel workers really should learn another trade, such as coding in C+ or python.

Shameful for that thinking and for what's really happened as a result, but then again, it's still all a-OK according to our resident geniuses because they could now buy socks, scarfs and underwear at Dollar General or Wal-Mart cheap.
Exactly.

Free trade can work well when both sides have similar salary and cost structures, similar regulations, and everyone has good intentions and is fair. However, when conditions are very different, one side can win and the other side lose.

When you are running a large trade deficit you are losing.

They are getting the jobs and using their trade surplus to buy our stocks, bonds, real estate, and businesses (getting wealthier). We are getting the cheaper but slowly depreciating cars, electronics, clothes etc. and the liabilities for all the bond interest with accompanying political pressure from abroad because they own all our bonds.

The only ones that make out really well in the US are the large US multinational corporations that move their operations overseas to take advantage of cheap labor, lax regulations etc.. and the subset of people that have surplus savings to invest in them (those that didn't lose their job or take a job with lower income)

Why is it that people can understand that businesses will leave California for Texas or other greener pastures when the taxes, regulations, workers comp costs, and salaries etc.. are not similar, but not understand that companies will leave the US when taxes, regulations, and costs are not comparable. At least when they leave CA, it's another group of Americans benefiting from the switch. When it's global trade and you are losing, America is losing just like CA.

Trump is correct on trade. All the free trade economists have been wrong. Maybe they'll be right after another 50 years, but not before the rest of the world extracts so much wealth from the US we have dropped to their level while they were rising to ours.

I'm no fan of tariffs. That's not a solution. It's a risky policy if it gets out of hand. But if they are used as a hammer to try drive fairer trade deals that will allow US companies to export more and bring jobs and companies back to the US, so be it. We have been getting our clock cleaned for decades on free trade. More of the same is a worse solution.
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Last edited by classhandicapper; 03-07-2018 at 09:39 AM.
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Old 03-07-2018, 11:51 AM   #37
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by you calling Cohn reputable and referring to Navarrro in a snarky manner, I feel quite happy with your assessment.
Snarky? Pot, kettle, etc.

How about addressing some facts once in a while, other than just heaping praise on Trump and scorn on anyone that says anything critical about him.

Fact. Bush tried the same steel tariffs in 2002. In short, the country lost a net 200K jobs and Bush backed off. How is repeating the same thing going to have a different outcome this time?
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Old 03-07-2018, 11:52 AM   #38
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Well, the "Gary Cohn Gap" has been officially filled.

Congrats to all those who followed through and bought at the open...you just made some good money in only 90 minutes time.

Last edited by PaceAdvantage; 03-07-2018 at 11:53 AM.
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Old 03-07-2018, 12:59 PM   #39
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Originally Posted by reckless View Post
He would have left months ago but he was pushing to replace Janet Yellen for the job as head of the Federal Reserve.

When he wasn't given the nod, Cohn's leaving clock has been ticking ever since. The President's trade policy, a policy he campaign on and won the election on, gave Cohn a more 'acceptable' reason for quitting yesterday.
Bingo.
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Old 03-07-2018, 01:02 PM   #40
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Well, the "Gary Cohn Gap" has been officially filled.

Congrats to all those who followed through and bought at the open...you just made some good money in only 90 minutes time.
And, as happens as often as not, once the gap was filled, market turns around and starts heading down again...
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Old 03-07-2018, 01:21 PM   #41
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Never heard of him
Big Dem globalist. Why Trump kept him around is beyond me.
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Old 03-07-2018, 01:25 PM   #42
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Cohn was for a carbon tax? And other Dem policies?

Good riddance!
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Old 03-07-2018, 01:31 PM   #43
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Snarky? Pot, kettle, etc.

How about addressing some facts once in a while, other than just heaping praise on Trump and scorn on anyone that says anything critical about him.

Fact. Bush tried the same steel tariffs in 2002. In short, the country lost a net 200K jobs and Bush backed off. How is repeating the same thing going to have a different outcome this time?
... addressing some facts ...?

You must have ignored what I have been posting for years now, much less these past few days ... or you simply don't understand the subjects, which will not surprise anyone any longer.

I posted the net increase of this 'onerous' tariff on steel ... such as a $30,000 car with $500 of steel in it. A 20 % tariff adds $100 .... so on a $30,000 car a whopping $100 increase is little more than dollars and dimes. You never responded to that post either so arithmatic 101 must be a problem for you too.

Or how about the USA having 43 straight years of trade deficits since free trade accelerated in 1975. I posted that and you again said nothing. Or the tens of thousands of factories closed and the 100s of thousands of blue collar job losses ... again I posted that numerous times, usually the only one. Do you dispute any of these facts?

Where were you with a 'fact' disputing anything I previously posted, aside from your those very silly and juvenile emojies, plus your claim that I don't provide facts.

If you need a George Bush -- either Pappy or his stupid son W -- to promote the benefits of 'free' trade as you say it is or to convince us how expert you are on the subject, it'll truly expose how little you really do know afterall.
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Old 03-07-2018, 01:38 PM   #44
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Now, now, that's not what the financial, political and 'free' trade experts on this site say.

Those tens of thousands of manufacturing plants and factories closed in the past 35 years ... and those 700,000 plus blue collar jobs lost ... or the billions of US dollars and wealth transferred from America citizens to China, Mexico and others such as the international cabal of Fortune 500 corporations and their partners-in-crime bankers and paper shufflers ... all mean nothing to them. They're the smartest guys in the room, despite being wrong all the time.

Thanks to those one world/one market international globalists, with the help of the bought and paid for GOP and Democrat elites, this country has not had a trade surplus since 1975 or so! That's OK too, according to the smarty-pants, since steel workers really should learn another trade, such as coding in C+ or python.

Shameful for that thinking and for what's really happened as a result, but then again, it's still all a-OK according to our resident geniuses because they could now buy socks, scarfs and underwear at Dollar General or Wal-Mart cheap.
Hear, hear. Could not of said it better myself.
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Old 03-07-2018, 01:45 PM   #45
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Cohn was for a carbon tax? And other Dem policies?

Good riddance!
Cohn was also the mastermind of the mortgage backed guarantee charade that eventually resulted in the 2007-08 financial meltdown that crippled the economy here and around the world.

He was the one that also went on TV regularly telling the financial community what a wonderful, modern and safe product it was -- all at the same time as his partners and assorted gonifs at Goldman Sachs were shorting the bonds and those institutions that Sachs sold them to.

Then the market crashed Goldman's main 'partner' AIG went nuts, declared bankruptcy and refused to pay back Goldman claiming 'partners' shouldn't be on the opposite side of the same product they sold them and traded on.

Cohn and Sachs later convinced the stupid and corrupt members of Congress to bail out AIG, et al, with US tax payer money - the sucker of last resort.

Cohn became a billionaire and a 'free' trade expert to all the smarty pants and experts here, on Wall Street, and in the media.

Good riddance! is correct.
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