Mick Mulvaney told the press he’s looking for another venue for next year’s G20 summit. The Trumpster wanted to hold the summit at Doral, but that won’t happen. Mr. Trump claims holding the event there would save taxpayers $35 million without explaining how he arrived at that figure.
Mr. Trump knows his fate is in the Senate’s hands. Mick came up with the idea to invite senators to Camp David to relax, cook-out, shoot rifles, and dog the Democrats for abusing their exalted leader. Mr. Trump also invited senators to lunch at the White House, so he could put the soft squeeze on them. Most Republican senators won’t vote against Trump. And Supreme Court Justice John Roberts won’t create any legal waves that might wash the Trumpster out of office.
The Democrats want to bring McConnell down in 2020 for stacking the courts with conservative judges, and for defending Trump every chance he gets. His Democratic opponent Amy McGrath raised more than $11 million when she jumped into the race. But Trump won Kentucky by 30 points in 2016, so bringing McConnell down will be a lot harder than removing Biven from the governor’s office.
The Federal Reserve Board won’t cut interest rates in December, according to Chairman Powell. Not all Fed members think lowering rates is the right way to stimulate the economy. Japan and Europe cut interest rates below zero, and that didn’t help Germany avoid a recession. Manufacturing is in the world’s toilet thanks to Trump’s trade war. And Business investment is way down thanks to the uncertainty that exists in the global market. Economists say it’s hard for businesses to develop a 5-year plan when they don’t know what Trump will say or do next week.
Consumer confidence is on the ropes. A strong holiday selling season should keep U.S. economic growth on the positive side. But most economists think there is a thirty percent chance the U.S. will be in recession mode by March 2020. Ray Dalio, the founder of Bridgewater Associates bet Stanley Morgan and Goldman Sachs $1 billion the S&P 500 and the Euro Stoxx will sink by March 2020.
Trump’s trade war has the world by the shorthairs. Supply chains eroded. And the logistical nightmares caused by Trump’s tariff addiction has wholesalers around the world pulling their hair out. China’s economic growth will slip from 6.0 percent to 5.5 percent if Trump keeps tariff screwing the Chinese. But that growth is great when most of the world’s economic growth is two percent or less.