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workinclasszero

(28,270 posts)
Sat Nov 18, 2017, 12:03 PM Nov 2017

''ITS A PONZI SCHEME": Wall Street Fears Trump's Deranged Tax Plan...Economic Euthanasia

“IT’S A PONZI SCHEME”: Wall Street Fears Trump's Deranged Tax Plan Could Kick Off Economic Euthanasia
Wall Street vets say an attack on blue states could start a chain reaction in the housing market. “Will this be the first tax cut in American history that actually results in a recession?”
BY WILLIAM D. COHAN NOVEMBER 17, 2017 6:20 PM


It’s a Ponzi scheme,” a Wall Street executive told me, dismissing the idea that a multi-trillion dollar tax cut for multinational corporations would trickle down throughout the economy and also pay for itself. It’s a view that’s widely shared among the bankers, hedge-fund managers, traders, and quants whose job it is to determine, with Vulcan accuracy, how the Republican tax bill that passed the House yesterday will actually affect the markets.

It’s also more than a little ironic, given that the plan was spearheaded by two former senior partners of Goldman Sachs turned Trump shills—Gary Cohn and Steve Mnuchin—a pedigree that has done little to reassure Wall Street veterans who worry that the White House may accidentally nuke the economy in the name of “tax reform.” “Will this be the first tax cut in American history that actually results in a recession?” the executive asked.

It’s a great question. And the House plan provides plenty to be worried about in that regard. Take, for instance, the proposed elimination of the deductibility of state and local taxes. That is obviously a cynical, politically motivated ploy on Donald Trump’s part to penalize voters who didn’t vote for him (for good reason) in high-tax blue states, such as New York and California, and to give a benefit to the red-state voters who did vote for him. (I get it, elections have consequences.) Eliminating the deductibility of state and local taxes is an incredibly divisive plan. “It’s a transfer to red-state wealthy guys,” said the executive, who lives in a blue state.

Worse, he says, it could lead to another housing crisis, just as the last one is (or should be) still fresh in our collective memories.

https://www.vanityfair.com/news/2017/11/wall-street-fears-trumps-deranged-tax-plan-could-kick-off-economic-euthanasia

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''ITS A PONZI SCHEME": Wall Street Fears Trump's Deranged Tax Plan...Economic Euthanasia (Original Post) workinclasszero Nov 2017 OP
So they are going to crash the economy again, we will lose retirement accounts and housing. Irish_Dem Nov 2017 #1
Yes workinclasszero Nov 2017 #2
Then the Dems come in and fill up the piggy bank again and do mop up. Irish_Dem Nov 2017 #3
Right and the republicans that destroyed the economy will blame democrats workinclasszero Nov 2017 #4
Yep, and then they blame the Dems for all the problems they themselves created. Irish_Dem Nov 2017 #7
Totally workinclasszero Nov 2017 #8
If you can appeal to fear and hate, you can sell anything it looks like. Irish_Dem Nov 2017 #10
Some have workinclasszero Nov 2017 #12
If the human race does not evolve quickly, life on this planet will change dramatically. Irish_Dem Nov 2017 #17
Yes the earth will be fine in the long run workinclasszero Nov 2017 #21
I fear that the humans who do survive will be the greedy corrupt sociopaths. Irish_Dem Nov 2017 #22
I have often thought that myself workinclasszero Nov 2017 #30
I am sure some of the mystery military budget is being spent on terraforming. Irish_Dem Nov 2017 #31
A mop up on only 1/2 of the aisles. LiberalArkie Nov 2017 #15
Well One Executive Is A Moron! ProfessorGAC Nov 2017 #5
Those weren't a recession for wall street I bet workinclasszero Nov 2017 #6
Oh Yes They Were! ProfessorGAC Nov 2017 #14
Well it is a requirement to be a republican workinclasszero Nov 2017 #16
On That, There Can Be No Disagreement ProfessorGAC Nov 2017 #29
You beat me to it....TRICKLE DOWN VOO-DOO ECONOMICS DOES NOT WORK !!!!!! groundloop Nov 2017 #23
But This Guy Doesn't Like It ProfessorGAC Nov 2017 #28
THIS THIS THIS BumRushDaShow Nov 2017 #34
Worse than a recession, it was a global depression miyazaki Nov 2017 #35
Yeah, But,... ProfessorGAC Nov 2017 #37
I'll quote Dr. Van Helsing, "Vampires do exist." n/t miyazaki Nov 2017 #39
They'll trash the economy, impoverish millions, and blame everything on Obama dalton99a Nov 2017 #9
And Hillary's emails workinclasszero Nov 2017 #13
I Think Everyone Is Missing The Point! ProfessorGAC Nov 2017 #36
KnR Hekate Nov 2017 #11
Will this be the first tax cut in American history that actually results in a recession? pangaia Nov 2017 #18
It's common sense this tax cut will eventually lead to a recession blueinredohio Nov 2017 #19
We need to start calling like crazy on MONDAY. I am calling Republican Senators ONLY...and Kirk Lover Nov 2017 #20
Welcome........are you enjoying your time here?? Angry Dragon Nov 2017 #25
I'm not sure what that means. Why would I be here if I weren't enjoying my time here. Kirk Lover Nov 2017 #33
I noticed you had not been here long and wondering if you Angry Dragon Nov 2017 #38
I heard Wall Street loves it Angry Dragon Nov 2017 #24
Some recognize that this will kill the goose that lays the golden eggs... Hekate Nov 2017 #26
And you know what they will say when it crashes. louis-t Nov 2017 #27
Yup workinclasszero Nov 2017 #32
 

workinclasszero

(28,270 posts)
2. Yes
Sat Nov 18, 2017, 12:14 PM
Nov 2017

Whenever the republicans control the government, they destroy the economy for the benefit of their 1% backers.

Just like Bush, here it comes again deplorable America and you fucking fools VOTED FOR IT!

Irish_Dem

(47,133 posts)
3. Then the Dems come in and fill up the piggy bank again and do mop up.
Sat Nov 18, 2017, 12:16 PM
Nov 2017

So the Repugs can come in and steal it all over again.
An endless cycle.

 

workinclasszero

(28,270 posts)
4. Right and the republicans that destroyed the economy will blame democrats
Sat Nov 18, 2017, 12:24 PM
Nov 2017

like President Obama for not bringing it back fast enough!

Which hate radio and fox news push 24/7 so out of work coal miners and others think a rich con man POS is their friend and is going to help them achieve middle class pay and bennies that only came with strong liberal unions and governments.

I am so sick of seeing working class people fall for this shit, over and over and over.

Irish_Dem

(47,133 posts)
7. Yep, and then they blame the Dems for all the problems they themselves created.
Sat Nov 18, 2017, 12:29 PM
Nov 2017

And the people buy it and the stupid made up wedge issues.

But in all fairness, the GOP has stolen many elections outright via vote hacking, gerrymandering and voter suppression. And manipulated US citizens via relentless, intense propaganda.

 

workinclasszero

(28,270 posts)
8. Totally
Sat Nov 18, 2017, 12:33 PM
Nov 2017

The kicker that puts a lot of these people over the edge, voting to cut their own throat is tribalism/racism.

The republicans/fox/hate radio/koch bros/Mercers/tRump know this and use it constantly.

 

workinclasszero

(28,270 posts)
12. Some have
Sat Nov 18, 2017, 12:44 PM
Nov 2017

Last edited Sat Nov 18, 2017, 01:19 PM - Edit history (1)

But will enough before its too late?

The US is stonewalling climate regulation even as we speak.

We live with finite resources on one planet and a economic system that demands more and more and more.

We are at the breaking point while our idiot government is destroying environmental laws and pushing climate killing coal.

Irish_Dem

(47,133 posts)
17. If the human race does not evolve quickly, life on this planet will change dramatically.
Sat Nov 18, 2017, 12:56 PM
Nov 2017

I wonder how many times this has played out.
Humans populate the planet, then destroy the planet and themselves.
Mother Earth will recover.

There are more than enough resources on this planet for all inhabitants to live comfortably.
And to live in harmony with the planet.

Greed, corruption prevent this from happening and will be our downfall.
And maybe that is OK.
Maybe humans don't deserve a spot in the universe.

 

workinclasszero

(28,270 posts)
21. Yes the earth will be fine in the long run
Sat Nov 18, 2017, 01:32 PM
Nov 2017

We may destroy the habitat we need to survive but the species that outlast humanity will prosper in the long run.

To bad humanity is so easily lead to its extinction for the sake of a few dollars more in some billionaires pocket.

It brings this to my mind.

To the last syllable of recorded time,
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief candle!

Life’s but a walking shadow, a poor player
That struts and frets his hour upon the stage
And then is heard no more.

It is a tale Told by an idiot, full of sound and fury,
Signifying nothing.


Macbeth William Shakespeare

Irish_Dem

(47,133 posts)
22. I fear that the humans who do survive will be the greedy corrupt sociopaths.
Sat Nov 18, 2017, 01:36 PM
Nov 2017

We will just become a plant of Ferenghis.

Yes the Shakespeare quote nails it perfectly.

I think the billionaires are money addicted. No amount of money is enough.
But they certainly have enough money to go off planet when they trash Earth.
That is why NASA is given money to go to Mars and terraform.
The billionaire hidy hole.

 

workinclasszero

(28,270 posts)
30. I have often thought that myself
Sat Nov 18, 2017, 02:20 PM
Nov 2017

The 1% will strip this planet and its inhabitants naked. Throw us on the junk heap and escape the hell they created on some other pristine planet.

I don't think they will like living in a hole in the ground on Mars near as much as Mother Earth though.

Irish_Dem

(47,133 posts)
31. I am sure some of the mystery military budget is being spent on terraforming.
Sat Nov 18, 2017, 02:25 PM
Nov 2017

And we know for a fact that there are currently underground bunkers here in the US.
For the elite when needed.

This is the only possible explanation for the fact the elite could care less if they trash the planet.
They already have their escape plan in place.

I know it sounds wild, but only reason they do not care about the planet or its inhabitants.
They don't plan on being her for the long haul.

ProfessorGAC

(65,076 posts)
5. Well One Executive Is A Moron!
Sat Nov 18, 2017, 12:25 PM
Nov 2017

"Will this be the first tax cut in American history that actually results in a recession?” the executive asked.
WTF does that idiot think happened in 1990 and 2006?
The answer is no, it won't be the first, but it could be the worst!

 

workinclasszero

(28,270 posts)
6. Those weren't a recession for wall street I bet
Sat Nov 18, 2017, 12:29 PM
Nov 2017

I think the wall street pirates are afraid Commander Bone Spurs is going to ruin their game this time.

 

workinclasszero

(28,270 posts)
16. Well it is a requirement to be a republican
Sat Nov 18, 2017, 12:50 PM
Nov 2017

If your name is not Koch or Mercer.

The whole fuckin party only exists to lick their balls on a daily basis!

Sorry for the bad language.

groundloop

(11,519 posts)
23. You beat me to it....TRICKLE DOWN VOO-DOO ECONOMICS DOES NOT WORK !!!!!!
Sat Nov 18, 2017, 01:37 PM
Nov 2017

These bastards have ruined the economy multiple times already through their ponzi scheme, and they're trying to convince us that doing the exact damned same thing will somehow magically yield different results this time around.

miyazaki

(2,244 posts)
35. Worse than a recession, it was a global depression
Sat Nov 18, 2017, 02:47 PM
Nov 2017

that cost the lives and dreams of untold millions.

ProfessorGAC

(65,076 posts)
37. Yeah, But,...
Sat Nov 18, 2017, 02:57 PM
Nov 2017

... the real problem is that a moron like this failed up to being a Wall Street Executive! He's an executive officer and he's this stupid?!?!?!?!
I'm a multimillionaire and I never fucked with anyone.
But I ain't a moron! This guy is!

ProfessorGAC

(65,076 posts)
36. I Think Everyone Is Missing The Point!
Sat Nov 18, 2017, 02:48 PM
Nov 2017

This moron is not the enemy!!!
He's just another fuck who failed up, but he's not the issue!
Neither is Wall Street!
This guy is anti-Trump and he's right!
Identity the real enemy!
This guy isn't the enemy!
He's an unaware ally!

pangaia

(24,324 posts)
18. Will this be the first tax cut in American history that actually results in a recession?
Sat Nov 18, 2017, 01:10 PM
Nov 2017

Quoth William Cohen, financial genius.

WHAT ?????????????


I repeat............

WHAT ?????????

 

Kirk Lover

(3,608 posts)
20. We need to start calling like crazy on MONDAY. I am calling Republican Senators ONLY...and
Sat Nov 18, 2017, 01:14 PM
Nov 2017

yes I'm a constituent and yes I'm a Republican ...and as a Republican I don't like where my party is headed and I don't like this tax bill that is for the rich and wealthy corporations.

 

Kirk Lover

(3,608 posts)
33. I'm not sure what that means. Why would I be here if I weren't enjoying my time here.
Sat Nov 18, 2017, 02:28 PM
Nov 2017

But thanks for the welcome!!

Angry Dragon

(36,693 posts)
38. I noticed you had not been here long and wondering if you
Sat Nov 18, 2017, 06:45 PM
Nov 2017

were enjoying your time here and finding your way around okay

Hekate

(90,714 posts)
26. Some recognize that this will kill the goose that lays the golden eggs...
Sat Nov 18, 2017, 01:46 PM
Nov 2017

Those would be the one calling it a Ponzi Scheme.

Other rural analogies have to do with shearing sheep (yes, us) but keeping them healthy; or milking cows, but keeping them healthy.

louis-t

(23,295 posts)
27. And you know what they will say when it crashes.
Sat Nov 18, 2017, 01:48 PM
Nov 2017

Not if, when. "We didn't do it soon enough to prevent the Obama recession from hitting because Dems stopped us."

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