Mistakes Hoover's Great Depression, Trump Spins in his "5th Dimension" UPDATE
Stunning contradictory announcement by President Trump, his decision to encourage economic negotiations, then to stop them abruptly, then last night, to again start efforts for economic help. Updated as of October 10th
Somehow, on October 6&7. Trump again contradicted his own words. Apparently he figured out, that his earlier words the same day could cause millions of Americans and companies to go under. Trump again is making economic suffering, or financial help a tool, to enhance his personal ambitions. Now we not only have to verify everything he says, but then we have to wait and see if he is going to change, and contradict himself. He like the traditional wannabe dictators of Spain, Venezuela, Bolivia, Ecuador, Mexico, will stand on his upstairs balcony, and speak to "his people below". It fits his mindset of being the beloved King/Emperor of the "5th Dimension of Trump", a place where he is adored, and worshipped by HIS PEOPLE, and his Omnipotent Power is the savior of all. Fortunately, most Americans have no desire to go to "The 5th Dimension of Trump"
It is unlikely that the American people will fall for his threat laced promises or his inexplicable changes in policy. . Today, just out of the hospital and still under the care of doctors, and laced with medicines and treatment for Corona Virus, he abruptly ordered Treasury Secretary Steven Mnuchin to stop all talks with House Speaker Nancy Pelosi. Quietly people in high and low places were asking, about his judgement and ability to function well.
A. Consider this: Just three days earlier Trump said one thing:
“OUR GREAT USA WANTS AND NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE.”
The abrupt change, yesterday to stop all talks about "stimulus" from Trump flew in the face of economic advisers who have been urging Trump and Democratic Leaders to pass a bill and inject Federal spending into the US Economy.
B. 3 days later TRUMP (as typical of late) contradicted his own policy, and closed down presidential efforts to create financial stimulus for Americans.
C. Then within hours the same day, he contradicted himself again, and said he did want economic help from the government to "selected" or "cherry picked" industries and others, not specified.
The American people, and his staff, must wonder if he is tired, angry, or just not thinking clearly with all of the travel, speech events, Corona virus and medications he is taking.
Nancy Pelosi was interrupted in a conference call with Democrats advising them on the progress of talks with Mnuchin, and when she heard Trump's abrupt decision she said:
“Clearly, the White House is in complete disarray” -- Nancy Pelosi
Pelosi and Mnuchin had been working on assembling a new relief bill somewhere between $1.6 trillion -- which was Mnuchin’s opening offer -- and $2.2 trillion, which was the size of a stimulus bill passed last week by House Democrats. Talks had been moving slowly but appeared to be progressing. Pelosi last week expressed optimism about reaching a deal, although many Republicans had been skeptical.
"We must wonder if his health status is impacting his judgement or abrupt change in attitude" we at BootheGlobalPerspectives wondered aloud. Then with yet a third pronouncement last night Trump changed again, and said he wanted economic stimulus...he now wants to point and pick who, when and how much.
In the meantime, recent polls reported on 10/7/2020, showed Joe Biden had Biden up 53% to Trump 39, another poll Biden 57 to Trump 31. Polls are changing rapidly, and sill are closer in the swing states, and Florida is very close, Trump ahead one day and Biden ahead the next. CNN poll recently asked if Trump was "irresponsible" in handling Corona Virus, and 65 to 66% said Trump was "irresponsible". Also Americans have noted that Trump has tried to "influence" and compromise CDC policies and other efforts to strong-arm agencies, for his personal political purposes.
Also recent polls since Trump's debate fiasco, Biden has risen in the polls. Trump's self spoken words tend to be "self inflicting".
The US economy had enjoyed some partial government help in May and June. But now business and families have struggled as virus expansion continues to infect more Americans daily, and as their cash runs dry. Trump again seemed to miss reality when he tweeted that the U.S. economy is healthy and doing well, he said: "Our economy is doing very well. The stock market is at record levels. JOBS AND UNEMPLOYMENT...ALSO COMING BACK IN RECORD NUMBERS." This statement again contradicts statistics and reality as Trump tries to put a "good light" on things, in spite of reality. Thousands of businesses, and companies are closing and going bankrupt.
One must wonder what planet Trump often is thinking of, because the USA is facing the worst recession and highest unemployment in 40 years.
His old Norman Vincent Peal believe that positive thinking is an instant cure, isn't working to defeat Corona Virus, or the new Trump Recession. That is because people simply do not believe Trump's words. They are often wishful thinking, or spontaneous fantasy. I call it the "5th dimension of Trump" a stance place created to serve his personal ambitions. In that dimension Trump is like a God, a genius, a man of unlimited power, one to be worshipped and revered. If one criticism the Trump of the 5th dimension, that person may be attacked or destroyed. And oh, if Trump does not get his way, invisible soldiers, we call them, "Cowboys without a cow", are quietly approved to attack with violence and guns, to punish those who attack the "Trump Emperor". In that dimension, if he is not elected, his secret "army" will depose any intruder and put him on the throne, by violence if necessary. Many in the Republican Senate have adopted and been transported to the "5th dimension of Trump" and seem to have put away solid conservative logic, for bowing and scraping, Koa Tow to the Emperor of the 5th dimension". Fortunately, a majority of Americans don't go to, or believe in the 5th Dimension of Trump. If Biden wins the presidency, then it is likely that the "5th Dimension of Trump" will implode, and dissolve, like a black hole, into itself, not even allowing light to come out.
The our real world, working people in Ohio, Wisconsin, Texas, New Mexico, Pennsylvania, Florida, Georgia, Michigan, Arizona must wonder as they sit unemployed and worried, why President Trump does not tell the truth and why he does not support economic support.
LEARN FROM THE PAST: In 1928 and 1929, President Herbert Hoover and Republican leaders made mistakes that triggered the Great Depression. At the exact time, when people were in panic, some standing in lines for food, some out of work and unable to pay their bills, President Hoover and his administration tightened the money supply and held back of stimulus for the economy. Banks by the hundreds failed, or closed, or simply refused to allow people to withdraw funds. Loans were non existent. Scholars for the past 92 years have studied the factors of government policy in economics and the mistakes of Hoover, that caused such misery in the Great Depression.
Now Trump is making the same mistakes. Plus, he is not stable, as he makes one pronouncement, the he espouses an opposite policy , and even the same day a significant reversal contradicting himself again. Even advisors to Trump, some of them have now been infected with Corona Virus, have been telling him that more financial aid from the Government is needed. Others say no. They have reminded him repeatedly that the stock market doesn't reflect the overall health of the U.S. Economy. Trump doesn't know for sure what direction to take. Millions of Americans are struggling to pay their bills, afford food, and find jobs. Larry Kudlow, the president's economic adviser, has said for months that an additional stimulus deal would help bolster the economy. But "right wing" Republicans, in the Senate still have discouraged Trump from providing more financial aid to American families and businesses, in time to influence their vote on Nov 3rd. . They are a repeat of the Herbert Hoover depression folk who starved the nation of cash liquidity, as the economy suffered broad shut down. Some of Trumps advisers have told him that additional Federal financial aid would not help the economy in time to impact the election. Now contradicting himself he calls for "Targeted relief". He seems to want to send checks out to most Americans "before the election", obviously hoping to "buy the election"...at least that is what he seemed to want last night. We at Global Perspectives, think he wants to piecemeal economic aid so he can take person credit...like putting his name on checks to farmers, that come from the Agricultural Department. Or piecemeal help to the airlines so he can say: "I saved the airlines industry", like he has been known to say how "I saved the Coal Industry", or how he "Saved the auto industry". When indeed, he didn't save them, they lost more jobs under Trump than anyone. But in his "5th Dimension of Trump" his alternate reality imagines that he has saved everyone. Except the 210,000 dead Americas from Corona, or the 40,000,000 Americans that can't seem to find jobs, because their employers have gone broke.
Wait and see, if he changes or reverses again, while his staff and the political leaders in Washington, wonder if he should be making these decisions now, while under medical care. We wonder if the more medications he takes, the more unstable his ideas may be. Those who have had Corona Virus, tell us that for months they are tired, and often have pain or symptoms of feeling out of sort, or simply not normal. Trump of course, even when normal, does not seem....normal.
Imponderables:
1. Trump has Corona Virus.
2. He is supposed to be resting and recovering.
3. He has been exhausted from campaign trips all over the nation, almost daily over the past weeks.
4. He is so far behind in the polls, he must be feeling pressure.
5. Trump and his companies owe hundreds of millions of dollars, and if he loses this election, no doubt he will have several financial burdens to come due and payable.
If his companies are losing money as his tax returns say, he may have trouble trying to take care of his obligations. While President, it is harder for creditors to sue him for collection.
If his companies are making millions, then he has a problem of false reporting to the IRS. Seems that his own statements may be trapping him in a spider web, which suggests that he probably would be happier in "the 5th Dimension of Trump".
6. Trump is under medication.
The unexpected "buz" Trump and his campaign may have gotten was not from the impact of the steroids and drugs he has been given, it may be from the fly who attracted by smell, landed on VP Pence's hair, attracted by the BS coming from that person.
A partial list of closings, Americans should know these "historic winners" in our USA have closed or announced their closing.
*The airline industry last week began furloughing more than 30,000 employees because government aid expired.
*40 percent of restaurants will close within six months without additional aid.
*Tens of millions of Americans who have lost their jobs will receive no federal unemployment supplement absent an additional package with Congress
*U.S. consumer market is shrinking, people don't have jobs to be "consumers" and a key source of stimulus. Personal incomes already dropped in August as coronavirus relief approved this spring expired.
*National companies such as PEP BOYS and JC PENNY are bankrupt. (J C Penny has survived for 118 years, but could not survive the Trump economy).
*The Regal Movie Chain will close all 536 U.S. theaters in the USA.
*BED BATH AND BEYOND announced 7,500 stores closing in 2020.
*Century 21 offices and and Lord & Taylor locations, are closing.
*PIER ONE, closing stores
*MACY'S closing large numbers of stores.
*A record 9,500 retail stores went out of business in 2019, but as many as 25,000 could shut down permanently in 2020, many of them major malls, says Coresight Research.
*GNC, will close over 800 stores
*Stage Stores, Bealls, Goody's and Peebles will be shutting down all of stores.
*Men's Wearhouse has filed for bankruptcy.
*Tailored Brands, Jos. A. Bank, Moores and K&G clothing will shut down 500 stores.
*New York & Co. will closed more than 25 stores by early February.
*Gamestop will close 320 stores.
*Signet Jewelers, Kay Jewelers, Zales, Jared , Piercing Pagoda, JB Robinson Jewelers and will close 150 stores in America.
*Another 150 stores in the above group will shut down later in the year.
*Stein Mart has filed for bankruptcy, and will closed "as significant number" of its 280 stores.
*Bed Bath and Beyond will close 1,500 stores.
*ATT will close 250 of its stores.
*Victoria's Secret is closing 250 stores in 2020.
*Chico's closing 250 stores.
*Tuesday Morning, 232 stores.
*Gap, closing 230 stores.
*Art Van Furniture, closing 200 stores.
*Walgreens closing 200 stores.
*Forever 21, 178 stores closing.
And the above is not our full list of stores or companies that have announced closing plans. There are many, many more. It makes us wonder, "Does the President and the American people actually know how many businesses are closing?"
Federal Reserve Bank Chairman, Jerome Powell spoke firmly and clearly, Tuesday of this week:
He issued a dire warning on Tuesday about the potential consequences of Congress and the White House failing to pass an additional stimulus deal.
“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said in his polite and understated manner. He is predicting huge suffering and loss in the USA, unless our government leaders do something in the way of financial help, and do it soon.
Perhaps Trump, in his circular contradictions, will get the point and follow the advice of his own Federal Reserve Chairman. Wait and see, if this story changes again.
Herbert Hoover did not listen to the advise of his wise economists in 1928-1929, and the GREAT DEPRESSION followed. The U.S. Economy struggled and didn't fully recover until two decades later with the onset of World War II, and the leadership of Franklin Roosevelt, who knew how to stimulate and rebuild an economy.