"No Recession in Sight": Translating Trump and Kudlow

-edited

President Trump and his economic advisor Larry Kudlow have important announcements. I can help with translations.

Please consider Trump 'Not Ready' for China Trade Deal, Dismisses Recession Fears.

Consumers Doing Well

  • Trump: “We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money.”
  • Trump Translated: The "tremendous tax" cut primarily benefited the wealthy. Consumers are tapped out. That's why housing and autos are on the ropes.

Deal With China

  • Trump: “I’m not ready to make a deal yet [with China].”
  • Trump Translated: China is damn sick and tired of my tactics. They prefer to wait hoping for a Democrat president.
  • Trump: “I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.”
  • Trump Translated: I have completely abandoned the idea there will soon be a trade deal unless I further capitulate to the demands of China. I was forced to give Huawei Another 90-Day Reprieve and sadly, I Chickened Out by Delaying my Trade War Tariffs to Save the Holiday Season.

Recession

Got Gold?

This concludes another Mish public service announcement.

Mike "Mish" Shedlock

Comments (31)
No. 1-13
lol
lol

Trump is spot on,if he sounds desperate,he's got good reason,his govt will not survive without massive levels of fresh (overt)money printing ,even ZIRP won't save DC,deep dish NIRP and massive around the clock money printing to at least buy time to the next election,without it...…..omg!

Tengen
Tengen

Cocaine's a hell of a drug, isn't it Larry? Achieving the frame of mind needed to see so many rainbows in this debt ponzi requires powerful stimulants, far beyond anything available over the counter.

The bit about consumers saving should be a referenced for years to come!

Sechel
Sechel

Mish, you sound fed up with Trump's lies and inability to deal

Sechel
Sechel

I still don't get what Kudlow is doing there. He shares none of the ideology driving Trump's economic policy and is not even close to being on the same page as Navaro who is driving it. Each day it seems more and more clear that Kudlow is not an advisor but a spokesman and spin doctor. I suppose this role isn't new to Kudlow and its probably what he did at Bear Stearns which was being optimistic and giving clients a reason to purchase more equities.

Realist
Realist

I still call for slow growth going forward. Another year or so of ~1-2% growth; followed by several years of ~1% growth; followed by many years of ~0%. Slow growth, low inflation. Slogflation. The main supporter of growth will be technology and innovation. The main brakes on growth will be debt levels, and increasingly, the negative effects of global warming which will become a bigger problem for the economy as time goes by.

KidHorn
KidHorn

So, is anyone really surprised by this? When has a president ever predicted a recession under his watch?

Thautikus
Thautikus

Alternate translation for Trump and Kudlow:

'"Who ya' gonna believe, me or your lyin' eyes"

Or in the immortal words of Jean-Claude Juncker

'When it becomes serious, you have to lie'

Thanks for all you do Mish.

2banana
2banana

If only we had the obama Fed that launched a new round of QE everytime the economy had a hiccup...we would all be better off.

Seriously. What is left after the obama regime? ZIRP for 7 years. QE after QE. Adding more to the deficit than all previous administration combined. Bailout after forward? Bubbles in every asset class. Insane bubbles in housing and stocks.

Mish. What should be done? What would be the plan going foward?

Tony Bennett
Tony Bennett

Kudlow: “There is no recession in sight. Consumers are working. Their wages are rising. They are spending and they are saving.”

...

Kudlow, Kudlow, Kudlow

I won't give this used car salesman a moment of my time. I mentioned before I watched The Larry Kudllow Show a lot the summer of 2008 ( I was positive the US in a recession at that point). Kudlow talked down / over / brow beat any guest hoo dared suggest country in a recession. Well, he finally capitulated around Labor Day ... and a mere few weeks later SCREAMING for TARP ... else country back to the Stone Age.

I would caution if Kudlow ever hints at possible recession ... 1) things lot worse than they're letting on and ... 2) taxpayer prepare for BOHICA.

thimk
thimk

Trump really stepped in it : Exasperating global political/economic friction during a late fed cycle prior to elections. Also the cathartic effect of recessions is positive in the long run. The worlds central banks have created enough liquidity to absorb losses.

Sechel
Sechel

Kudlow just did an interview on FOX. He sounds drunk. Was slurring his speech

Casual_Observer
Casual_Observer

Full blown recession by April of 2020. You know when Trump and friends deny deny deny that it is a lie. Credit is still not money.

altheqa
altheqa

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