8/23/19: The president goes off on another Twitter rampage. After Fed Chairman Jay Powell warns that Trump’s tariff policies are causing “turbulence” in the markets, Trump loses his cool.
“The only question is, who is the bigger enemy, Jay Powel or Chairman Xi?” he tap-taps.
Fourteen minutes later, he corrects the spelling of Powell’s last name. But the damage is done. By the end of trading Friday, the threat of an escalating tariff war causes the Dow Jones average to drop 623 points.
As much as Trump loves to brag about how great the markets
are doing under his guiding hand, the Dow has been essentially flat since January 2018.
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A bonus of $104,167 for each employee?
IN OTHER FINANCIAL NEWS, David Koch, head of Koch Industries, passes away after a losing battle with prostate cancer. “You can’t take it with you,” people say. But you can have the gall to protest increased taxes on people like yourself, as Koch – rest his immensely rich soul – did.
At his demise, it is estimated that after he paid all those abominable taxes he still had a few
dollars tucked away. He was worth $50.5 billion when he passed on to the Big
Bank in the Sky.
In 2017, Forbes magazine estimated that Koch Industries had 120,000 employees. So, let’s imagine a boss wanted to reward workers for helping him pile up all that vast wealth. He could have said to himself, “These great people worked hard to help me make my company a success. I didn’t pull this off by myself. I will divide up $12.5 billion among my employees. That will mean a bonus of $104,167 each.”
Mr. Koch would still have had $40 billion left.
Instead, he decided to give hundreds of millions of dollars
to GOP causes and candidates. That way, he could ensure that Republicans would
fight increases to the minimum wage and tougher environmental regulations.
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