Latest Breaking News

sabra

(30,404 posts) Mon Sep 14, 2020, 03:09 PM Sep 2020

'Nothing more could have been done': Trump's final phone call to Woodward

Source: CNN

...

It was their 19th conversation, following 18 interviews that formed a key component of Woodward's book. Trump had privately told Woodward in February he knew critical details about how deadly the virus was, and in March admitted he was playing it down.
On August 14, Trump peppered the veteran two-time Pulitzer Prize-winning journalist with questions about the book and what exactly was in it.

CNN has obtained excerpts of the 10-minute conversation, which show Trump was more focused on the economy than the public health crisis. As the two debated Trump's response to the pandemic, Trump finally asked: "So you think the virus totally supersedes the economy?"

"Oh sure. But they're related, as you know," Woodward responded.
"A little bit, yeah," Trump replied.
"Oh, a little bit?" Woodward asked.
"I mean, more than a little bit. But the economy is doing -- look, we're close to a new stock market record," Trump said.

...

After six months of experts trying to convince Trump that the two are linked -- that an economic recovery depends on first stopping the virus -- Trump is still focused on the stock market and the economy because he believes those are key to his reelection.

Read more: https://www.cnn.com/2020/09/14/politics/trump-bob-woodward-final-phone-call/index.html

6 replies

= new reply since forum marked as read

Highlight:

'Nothing more could have been done': Trump's final phone call to Woodward (Original Post) sabra Sep 2020 OP

Don't let tRump & trumpanzees tell you stocks equals the economy. Don't let that lie slide Bernardo de La Paz Sep 2020 #1

And the one-per-centers got free money FakeNoose Sep 2020 #4

Company execs used the tax cuts to increase stock buybacks PaulRevere08 Sep 2020 #6

He's focused on the stock market but NOT on the economy William Seger Sep 2020 #2

Another popular meme the dems/left should take on is that the DOW is the economy. -nt CrispyQ Sep 2020 #3

Trump gave up on the American people Historic NY Sep 2020 #5

Bernardo de La Paz

(49,002 posts)

1. Don't let tRump & trumpanzees tell you stocks equals the economy. Don't let that lie slide

Reply to sabra (Original post)

Mon Sep 14, 2020, 03:12 PM

Sep 2020

The market went up for two reasons: 1) the US dollar slid, 2) big corporations profited from the stimulus package.

FakeNoose

(32,639 posts)

4. And the one-per-centers got free money

Reply to Bernardo de La Paz (Reply #1)

Mon Sep 14, 2020, 04:03 PM

Sep 2020

... on their gigantic 2018 tax cuts. The gift that keeps on giving.

PaulRevere08

(449 posts)

6. Company execs used the tax cuts to increase stock buybacks

Reply to Bernardo de La Paz (Reply #1)

Mon Sep 14, 2020, 04:50 PM

Sep 2020

Buybacks’ drain on corporate treasuries has been massive. The 465 companies in the S&P 500 Index in January 2019 that were publicly listed between 2009 and 2018 spent, over that decade, $4.3 trillion on buybacks, equal to 52% of net income, and another $3.3 trillion on dividends, an additional 39% of net income. In 2018 alone, even with after-tax profits at record levels because of the Republican tax cuts, buybacks by S&P 500 companies reached an astounding 68% of net income, with dividends absorbing another 41%.

Why have U.S. companies done these massive buybacks? With the majority of their compensation coming from stock options and stock awards, senior corporate executives have used open-market repurchases to manipulate their companies’ stock prices to their own benefit and that of others who are in the business of timing the buying and selling of publicly listed shares. Buybacks enrich these opportunistic share sellers — investment bankers and hedge-fund managers as well as senior corporate executives — at the expense of employees, as well as continuing shareholders.

https://hbr.org/2020/01/why-stock-buybacks-are-dangerous-for-the-economy