Stock on Trumponomics

By Permalink

August 4 2017, The Real News Network “Trump is Turning Against the White Working Class that Elected Him,” The Real News Network, August 4, 2017.  Rising stock prices is not an indicator of financial health like Trump would have you believe, specially when you examine who is buying that stock, says economist Michael Hudson, the author of J Is for Junk Economics. SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To answer that question, we need to ...

Harper’s Slow Crash

By , Permalink

As published in Harper's Magazine. Two years before the 2008 Wall Street crash that toppled the global economy into deep recession, Harper’s Magazine published a dark prophecy of what was to come. In “The New Road to Serfdom,” economist Michael Hudson laid out how millions of Americans had taken on huge debts to buy houses on the presumption that they could later sell them at a profit. “Most everyone involved in the real estate bubble so far has made at least a few dollars,” he wrote. “But that is about to change. The bubble will burst, and when it does the people who thought they would be living the easy life of a landlord will soon find out that what they ...

Let’s Run Government for Business

By , , Permalink

Trump and Kushner say that the government should be run like a business, but that would mean eliminating regulations and expenses that benefit the people says Michael Hudson. KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. Donald Trump promised repeatedly to, "Drain the swamp," during his presidential campaign, his vow to end the cycle of corruption within the Federal government. All while touting his own experience as a businessman, as reason enough for him to be Commander-in-Chief. Yet, his Cabinet appointments and his hand-picked advisors seem to reflect the contrary to draining the swamp, with former hedge fund manager, Steve Mnuchin, as Secretary of the Treasury; former Exxon Mobil CEO, Rex Tillerson, as Secretary of State; and private ...

Democrats “Kompromat”

By , Permalink

Michael Hudson explains that the Senate hearings on Russia are an effort by Democrats to torpedo improvements in Russia-US relations and lack any real evidence of Russian meddling. KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. On Thursday, the Senate Intelligence Committee held its first hearing, as part of an inquiry as to whether or not there was collusion between Russian officials, and the Trump campaign of 2016, along with the subsequent transition team into the White House. There's been a lot of speculation –- a lot of leaks –- coming from the intelligence community, about whether or not Donald Trump and his associates had ...

Wall Street First

By , Permalink

Trump is Obama’s Legacy. Will this Break up the Democratic Party? Nobody yet can tell whether Donald Trump is an agent of change with a specific policy in mind, or merely a catalyst heralding an as yet undetermined turning point. His first month in the White House saw him melting into the Republican mélange of corporate lobbyists. Having promised to create jobs, his “America First” policy looks more like “Wall Street First.” His cabinet of billionaires promoting corporate tax cuts, deregulation and dismantling Dodd-Frank bank reform repeats the Junk Economics promise that giving more tax breaks to the richest One Percent may lead them to use their windfall to invest in creating more jobs. What they usually do, of course, is ...

Trump Infrastructure Plan = Developer Welfare

By , Permalink

SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. While protestors and police are clashing on the inaugural parade route in Washington, D.C., the newly sworn-in President of the United States is lunching with the establishment in Washington -- Some of the very people he called out in his inaugural address. Let's have a look. DONALD TRUMP: We are transferring power from Washington, D.C. and giving it back to you, the people. CROWD: (applause) DONALD TRUMP: For too long a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished but the people did ...