The Frankish Reich

Ooooh. But don't forget: the Deep State always has a second gunman.

from economist Tyler Cowen (marginalrevolution.com): This is perhaps the worst economic own goal I have seen in my lifetime. I cannot think of any credentialed economist colleague—Democrat, Republican, or independent—who would endorse it. And I haven’t even mentioned the risk that some foreign nations will retaliate against American exporters, damaging our economy all the more. You might think there is something to be said for a reciprocal approach to tariffs. Usually it consists of cutting off your nose to spite your face, but if it can sometimes work it requires a president (and Congress) who is predictable and trustworthy. That is not how foreign nations view the current administration.

There we go again. The Deep State Boogeyman returns. Along with Trumperotic illustration.

Umm, it was a joke.

Yep, now is the time to buy all right! https://www.yahoo.com/news/trumps-tariffs-on-canadian-lumber-could-result-in-toilet-paper-shortages-in-the-us-200334726.html https://www.sfchronicle.com/food/wine/article/champagne-wine-tariff-business-20220503.php Can't talk now ... gotta run to Costco and Total Wine.

I'm free! To pay more for a car! To hoard toilet paper again (all that Canadian wood pulp)!! To pull that old plasma TV out of the storage space to replace my dead LED!!!

Tell me you don't have investments without telling me you don't have investments.

Or as I prefer, the less creepy John Wooden: "Never confuse activity with achievement."

The 5th Amendment.

Did he die or something?

Scott Bessent sounds like a stuttering fool on CNN trying to justify the idiot tariffs.

See above for how they just make up numbers. I think outlawing gas stoves is stupid. But they just pulled that $30,000 number out of their asses. I just considered updating our range. The very best induction range out there is maybe $12,000. (Before tariffs!). And most apartments and homes would go electric, which is more like $2-5,000.

Summers is obviously correct. These things are dynamic. Raise tariffs. That will suppress spending. Suppress spending, retail jobs will drop. Retail jobs drop, commercial real estate drops. Spending goes down, state sales tax revenue goes down. GDP drops, or rises a percent or two or five lower than it otherwise would. The federal tax base falls, deficits rise. These clowns have no idea what they're doing.

And you didn't even give me a chance to complain about how Bordeaux futures prices will skyrocket.

Wow. I suspect Surowiecki is right. This was slapdash DOGE-style made up numbers thing.