Yesterday we attended the Yahoo Finance All Markets Summit in Washington, D.C.
It was held in the Newseum, a D.C. museum dedicated to free speech…
And while the Newseum was also in the headlines itself a few months ago for its sale of a “You Are Very Fake News” T-shirt, I can report that it has apparently replaced that T-shirt with one that reads, “Will Write for Food.” Seems appropriate enough.
The event itself was billed as “America’s Financial Future.” And we heard from a who’s who of political and business folks… from former White House Chief Strategist Steve Bannon to the CEO of the Democratic National Committee, Seema Nanda.
Most folks were positive about the economy and the market…
For example, U.S. Secretary of Commerce Wilber Ross wondered rhetorically what president has done as much to the economy beneficially as our current president. As Ross says…
Job creation has been very strong. We have something like 7.1 million unfilled jobs and only 6 million unemployed people. That’s an incredible ratio and indeed is a problem, itself, because the limiting factors on economic growth are the following: demographic expansion of working-age population, workforce participation, and productivity.
You need to get all three of those to multiple against each other. That’s what determines how fast you can grow as an economy. So we need more workforce participation. It’s now at a point where something like a third of working-age people don’t have a job and don’t want one. They don’t regard themselves as being in the workforce. That’s a far higher percentage than has been true before.
Jay Timmons, president and CEO of the National Association of Manufacturers, said that right now is the longest consistent positive outlook for manufacturers… And he cited data showing that the manufacturing industry was using the recent tax cut to invest in U.S. facilities, hire more employees, and raise both wages and benefits for workers.
We heard similar positive news from Josh Bolton, CEO of Business Roundtable and the former chief of staff to President George W. Bush. He noted, “If you see a good economy today, a lot of that is due to tax reform.”
Steve Bannon noted that the mainstream press said two things would happen when President Trump won: That he’d be trigger happy and get us into a shooting war and that the market would collapse. Of course, we haven’t seen that at all. As Bannon noted…
People were – their heads were blowin’ up. And you’ve seen what he’s done with calming the markets, the strong U.S. dollar, and the economy… despite what many people said both about his national security policy and as a leader as commander in chief. No one’s been more prudent than President Trump about the application of American power and economy security.
Kellyanne Conway spoke briefly about the ups-and-downs in the Trump administration, including the recent hullabaloo about CNN reporter Jim Acosta.
As she noted, President Trump answered some 68 questions from 35 reporters… while President Obama answered 22 questions from 10 reporters in his first post-midterm press conference. So no, the First Amendment is probably not in peril in the Trump White House.
More important, she focused on the good that’s happening in America… including a statistic we’d not heard yet that an incredible 8 million Americans had received raises or bonuses or both this year, with their employers citing the recent tax cuts as their rationale.
Then, Senator Cory Booker finished out the day to tell us about how he wants to hand out free money to everyone at birth. That is, as long as their parents don’t make any money. Oh, and coincidentally he was “absolutely” considering running in 2020.
We’ve said it time and time again – expect to hear more and more about free money, free health care, and free college as the next election cycle heats up.
In fact, we’re currently filming a short documentary about the 2020 election and these sorts of promises.
We’re featuring editor in chief P.J. O’Rourke, former congressman Dr. Ron Paul, former Federal Reserve analyst Danielle DiMartino Booth, and other folks who you might recognize from the pages of our American Consequences magazine.
We’ll have more details soon.
But until then, let us know how we can get the word out. Write us your ideas at [email protected].
Now on to some of the news we’re reading…
We’ve been warning you about General Electric all year… did you listen?
“We need to bring the leverage down,” GE CEO Larry Culp tells CNBC.
Volatility was supposed to be their time to outperform. What happened to hedge funds being hedged?
If history is any guide, the rush for the exits will be swift and accelerate. Clients have already pulled $11.1 billion even before funds fell into the red for the year.
We agree 100%. Nobody wants to do the work required to solve this problem:
We’ve been playing a pyramid game. In the next decade, that pyramid is going to cave in on us.
There are more jobs out there right now than unemployed folks to take them.
Restaurants are recruiting in senior centers and churches. They’re placing want ads on the website of AARP, an advocacy group for Americans over 50. Recruiters say older workers have soft skills – a friendly demeanor, punctuality – that their younger cohorts sometimes lack. Look where the Washington Post, New York Times, and CNN show up on this index…
Fiat news is about the press telling you how to think about issues. Fiat news is about the presentation of opinions as facts, regardless of whether they consistently favor one group or another.
We’ll stick with Very Hungry Caterpillars, Velveteen Rabbits, and Where the Wild Things Are in my house, thanks.
“Kids know that they’re Democrats before they have any clue what a Democrat is.”
You’d really think Hillary would eventually get the hint… Though I’ll also note that Neera Tanden, former policy director for Hillary Clinton, said “no way” yesterday at the All Market Summit that Hillary would run. So file this under, “he said, she said”…
The two-time presidential candidate left the door open to a possible 2020 run last month, saying that even though she doesn’t want to run, “I’d like to be president.”
And we missed linking this interview of PJ from Reason magazine last month…
The libertarian humorist talks about his new book, how to drink in war zones, and why the Chinese are more American than most U.S. citizens.
Publisher, American Consequences
With P.J. O’Rourke and the Editorial Staff
November 14, 2018