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Charlie Munger: Trump is not primarily responsible for US economic success

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https://finance.yahoo.com/news/charlie-munger-trump-120000112.html

Munger, a Republican, said the strong economic performance resulted largely from the natural economic cycle and the decisions of Trump’s predecessors in the White House.

 

I think a lot of people really have never briefly studied politics and finance.  First, rich people make money all the time.  Dems grow jobs and put new cars in the driveways.  The stock market traditionally goes up when dems are in the WH.  Repubs put the brakes on.  Rich people just position and reposition to make money all the time.

 

Joe six-pack loses his job.  Lately, he's lost his GD mind.

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Republicans don’t want to touch 2018. We passed a massive tax cut, 63% of which is projected to go to the top 1 percent of earners, and ended up in the red for the year. 

 

The economy is booming because it has legitimate legs. This isn’t the dot com boom, and it isn’t the subprime real-estate boom. We are the world leaders in technology and mechanization. At the same time we produce more food than a large percentage of the world combined because we are efficient, subsidized, and have a massive amount of fertile land, more than any country in the world.  

 

You add in our healthcare and manufacturing advancements, to go with our continual stream of technology from the best universities in the world, and it’s easy to see why the trend started in 2009 and never had a single hiccup.

 

Place all of the above behind the world’s reserve currency and petrol dollar and it isn’t hard to see. Trump deregulating and cutting taxes may have helped in the margin, but the trend and legs of our market were there long before him. 

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Of course not. He gave massive tax cuts to the wealthy and is messing with tariffs, which he clearly knows nothing about 

 

The economy was booming when he took over and called the numbers fake, he said the market was a bubble. Now he embraces those same numbers. 

 

I'm sure the suckers will believe it 

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4 minutes ago, OILERMAN said:

Of course not. He gave massive tax cuts to the wealthy and is messing with tariffs, which he clearly knows nothing about 

 

The economy was booming when he took over and called the numbers fake, he said the market was a bubble. Now he embraces those same numbers. 

 

I'm sure the suckers will believe it 

Hook, line, and sinker. 

 

The mental gymnastics to believe their their version of reality is tough to understand even from a clinical point. 

 

I understand their reasons for hating some of the movements by the liberal side, but this side is entirely different and is purely based in logic and numbers. By every measure the economy Obama was handed was on the cusp of full on meltdown. He inherited an economy where in his first month the US was losing 750k jobs and the stock market collapsed. 

 

Juxtapose that to the economy Trump inherited. Then think about the fact when Obama left the deficit was down to 500 billion and has shot back up over a trillion. They have no point except to say the economy is doing well without getting into the details. 

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We get it fellas.

 

Obama = everything good

 

Trump = everything bad

 

Yall keep saying the same thing to each other everyday. Shit is hilarious. 

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3 hours ago, JakePA_Titan said:

We get it fellas.

 

Obama = everything good

 

Trump = everything bad

 

Yall keep saying the same thing to each other everyday. Shit is hilarious. 

Shut the fuck up little boy the adults are talking. We know you are going to overly simplify everything because that is what you do. So let's be honest, you don't know anything about politics at all and it shows. You never paid attention before Trump and are completely out of your depth which is why you always resort to "Omg babykillers!".

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Charlie Munger is 95 years old. He probably does not like Trump personally. He also doesn't like socialism based on his recent comments about AOC(Ignorant) which the demitards failed to quote. 

 

https://finance.yahoo.com/news/alexandria-ocasio-cortez-aoc-elizabeth-warren-likable-dont-know-adam-smith-charlie-munger-004601409.html

 

He has been Warren Buffet's right hand man but that does not mean he is the god of all things financial. 

 

Note that Warren Buffet calls himself a "card carrying capitalist". How does that jive with the demitards today? Any of the 50 democrats presidential candidates describe themselves that way?

 

 

 

 

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30 minutes ago, WG53 said:

Shut the fuck up little boy the adults are talking. We know you are going to overly simplify everything because that is what you do. So let's be honest, you don't know anything about politics at all and it shows. You never paid attention before Trump and are completely out of your depth which is why you always resort to "Omg babykillers!".

You are a communist who hates Jews and blacks. 

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8 hours ago, OILERMAN said:

Of course not. He gave massive tax cuts to the wealthy and is messing with tariffs, which he clearly knows nothing about 

 

The economy was booming when he took over and called the numbers fake, he said the market was a bubble. Now he embraces those same numbers. 

 

I'm sure the suckers will believe it 

Unemployment has dropped from 4.8% to 3.6% since Trump took office and gdp growth was only 1.6% in Obama's last year. Is 1.6% booming? 

 

What Obama program caused us to go from 1.6% growth to 3% growth with him out of office 2 1/2 years?

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Obama's actions and words indicate he believed that tax cuts stimulate the economy. 

 

1. The Bush tax cuts expired Jan of 2013 right after Obama was reelected. Obama made no legislative effort to make them expire sooner. Why? He knew that the impending tax increase would hurt the economy and slow the recovery even more and hurt his reelection chances. 

 

2. Obama signed the American taxpayer relief act of 2012 in Jan 2013 which extended the Bush tax cuts. 

 

3. Obama had a plan to reduce the corporate tax rate from 35% to 28%. He had vocally said that the corporate rates were too high for American corporations to compete.

https://www.crfb.org/blogs/president-obamas-corporate-tax-reform-plan

 

http://review.chicagobooth.edu/economics/2018/article/capitalisn-t-obama-wanted-corporate-tax-cut-too

 

Here is a direct quote from Obama about the corporate tax rate. 

Quote

 “Oh, I know we need to cut the corporate tax rate. But, in order to make this effective and important, it needs to be a large tax cut. Where do I get the money to do so?”

 

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People on both sides need to understand that Steven Mnuchin is not a conservative. He is not that different ideologically from Obama's treasury secretaries, Tim Geithner and Jack Lew. All of them are east coast moderates who happen to be Jewish. 

 

You had Alan Krueger who had very liberal populist ideas who was an Obama advisor but nobody could call Austan Goolsbee a socialist. Goolsbee is a regular commentator on foxnews and very moderate.

 

So to give Obama credit he did hire capable people who understand capitalism and are not hostile to it. Both Obama's people and Trump's people had many of the same goals and concerns. They wanted to address stagnant wages and the shrinking manufacturing base. The difference is that Trump on my view has done a better job meeting those goals and the numbers prove it. 

 

 

 

 

 

 

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2 hours ago, Rolltide said:

You are a communist who hates Jews and blacks. 

Swing and a miss.

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9 hours ago, Rolltide said:

Obama's actions and words indicate he believed that tax cuts stimulate the economy. 

 

1. The Bush tax cuts expired Jan of 2013 right after Obama was reelected. Obama made no legislative effort to make them expire sooner. Why? He knew that the impending tax increase would hurt the economy and slow the recovery even more and hurt his reelection chances. 

 

2. Obama signed the American taxpayer relief act of 2012 in Jan 2013 which extended the Bush tax cuts. 

 

3. Obama had a plan to reduce the corporate tax rate from 35% to 28%. He had vocally said that the corporate rates were too high for American corporations to compete.

https://www.crfb.org/blogs/president-obamas-corporate-tax-reform-plan

 

http://review.chicagobooth.edu/economics/2018/article/capitalisn-t-obama-wanted-corporate-tax-cut-too

 

Here is a direct quote from Obama about the corporate tax rate. 

 

Yes, you cut taxes when the economy is in recession, you don't cut them when the economy is good and take on more debt, stupid "libertarian".  

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