"The Voice of the New Due Process Army" ————– Musings on Events in U.S. Immigration Court, Immigration Law, Sports, Music, Politics, and Other Random Topics by Retired United States Immigration Judge (Arlington, Virginia) and former Chairman of the Board of Immigration Appeals Paul Wickham Schmidt and Dr. Alicia Triche, expert brief writer, practical scholar, emeritus Editor-in-Chief of The Green Card (FBA), and 2022 Federal Bar Association Immigration Section Lawyer of the Year. She is a/k/a “Delta Ondine,” a blues-based alt-rock singer-songwriter, who performs regularly in Memphis, where she hosts her own Blues Brunch series, and will soon be recording her first full, professional album. Stay tuned! 🎶 To see our complete professional bios, just click on the link below.
“Earlier this week, the Dow Jones Industrial Average plummeted a record-setting 1,597 points, the biggest point decline in history during a single trading session. Donald Trump, who has patted himself on the back for gains in the stock market on a near daily basis since becoming president, was uncharacteristically silent on the matter, while the White House suddenly claimed it was focused on the long-term health of the economy, rather than short-term market fluctuations. However, given his uniquely thin skin, not to mention the fact that the Dow dared to take a nosedive in the middle of one of his speeches, it was only a matter of time before the president weighed in on the matter.
What we expected: perhaps an angry rant sent from his bed in the East Wing, or maybe a targeted attack on one of the many experts who have said, more or less, that he was a fool for tying himself to the market. (Trump may “fancy himself a great expert,” Horizon Investments chief global strategist Greg Valliere told me, but “the markets are . . . tricky and they’re really humbling. Not to be cliché, but you live by the sword and you die by the sword.”) But never in our wildest dreams did we imagine Trump’s counterattack would be something so magnificent as this:
It’s only one tweet. But there’s so much to appreciate:
When Trump says the stock market went down because of “good news,” what he’s referring to is the fact that many have attributed Monday’s drop (as well as last Friday’s) to the strong U.S. employment numbers which, among other things, are leading traders to fear higher wage demands and rising inflation, at a time when the economy is getting a giant, yuuuge stimulus in the form of the tax cuts. Trump was actually warned by a lot of people, who he didn’t listen to, that given where unemployment was—at a multi-year low—and the relative strength of the economy, now was the exact wrong time for a stimulus. (“Passing the tax reform bill is like throwing a small cup of gasoline on a fire that’s already burning,” one expert said.) But he did it anyway, because he’s stupid, and now the markets are worried about a recession (which Trump was also warned about).
You know he has literally no idea how modern financial markets operate and that his basis for the stock market is a bunch of guys holding up little pieces of paper and shouting on the floor of the stock exchange.
Isn’t it great that Trump believes he can bully and intimidate the “Stock Market” like he does his political enemies? What’s he going to do to the “Stock Market”? Fire it? Send it back to its country of origin? Demand it produce its long-form birth certificate?
We’re calling it now: the president is one indignity away from giving the stock market a derogatory epithet. Watch your back, Liddle Stock Market! Fake Tears Stock Market! Low Energy Stock Market! Sad!
Trump (probably) won’t get another shutdown, after all
On Tuesday, the president of the United States said that he’d “love” to see the federal government shut down should Democrats fail to give him what he wants re: cracking down on illegal immigration. But for once, lawmakers do not seem inclined to oblige him. On Wednesday, Senate leaders announcedthat they’d reached a bipartisan spending agreement. And not just anyspending agreement, but a real deficit-buster that will raise spending caps by roughly $300 billion over the next two years. According to The New York Times, the limit imposed on military spending—by a 2011 deal “once seen as a key triumph for Republicans”—will be increased by $80 billion for the current fiscal year and $85 billion for the next one. Nondefense spending will increase by $63 billion this year and $68 billion next year. And while most Republicans have long since given up pretending to care about “fiscal responsibility,” not everyone is pleased.
Jason Pye, vice president FreedomWorks, told the Times that the deal “isn’t just fiscally irresponsible, it’s an abomination,” adding that “no one in Congress who claims that they’re a deficit hawk or a fiscal conservative can justifiably vote for [it].” Freedom Caucus leader Jim Jordan was practically in tears over the idea that Paul Ryan, whom he thought he could trust, would betray his Ayn Randian ideals in such a heinous fashion. Calling the agreement a “monstrosity,” he fumed to Politico “I just never thought that Speaker Ryan—with his history and his background in budget issues, and his concern with the debt and deficit issue—I just never thought that this would be something that the Congress would put forward.” Freedom Caucus member Mo Brooks likewise told reporters, “I’m not only a no; I’m a hell no,” and basically compared the deal to a narcotic: “This spending bill is a debt junkie’s dream,” he said. “Quite frankly, I’m astonished that the Republican Party seems to be the party of big government in this day and age.”
Nancy Pelosi also said she wouldn’t support the budget, but for reasons that Jordan would sooner spit in his mother’s face than get behind. From the House floor, Pelosi said that without an accompanying commitment from Ryan or Mitch McConnell to debate legislation to protect Dreamers, “[the] package does not have my support, nor does it it have the support of a large number of members of our caucus.”
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Read the rest of the “Levin Report” at the link.
Another “right on” observation:
“You know he has literally no idea how modern financial markets operate and that his basis for the stock market is a bunch of guys holding up little pieces of paper and shouting on the floor of the stock exchange.”
Kind says it all about what Trump voters and the GOP are doing to America. Ignorance, arrogance, bullying, incoherence, irrationality — what more could we ask for in a “Supreme Leader?” Let’s celebrate with a big (expensive) parade!
