This sort of quote is something else man. I don’t think it’s an exaggeration to say other global elites see the American elite that were enthusiastic about Trump as total rubes. [gift link] on.ft.com/3XTyeJb
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I assumed wall st big wigs would be politically connected enough to know how much of this he tried to do last time but couldn't because he was thwarted by his staff and how little of that would be in place this time. Their decision making is baffling.
mar 15, 2025, 1:06 pm • 5 0 • view
I really think there’s an information gap out there. 20 years ago I would see cnbc or Bloomberg on TVs in financial offices. Last 5 it’s been Fox News and Fox Business. Rubes isn’t exactly right or wrong, but a lot of them consumed years of one-sided BS and bought in.
mar 15, 2025, 10:58 am • 30 1 • view
Tbf it wasn’t just the Americans who were bullish on Trump. Pretty much every European CEO I met in the first few months of 2025 was planning to invest more in the US.
mar 15, 2025, 10:52 am • 124 12 • view
A whole lot of people thought they'd get 2019 again: Seriously not literally, he really wouldn't do that, Mnuchin and Cohn saving the day.
mar 15, 2025, 1:08 pm • 3 0 • view
This was my initial reaction to the above. That said, even on Wall Street, you have such different ponds—the pros who will deal with whatever rules are in place, just want to clear on what they are, and then the clowns who learned nothing from past crises or even an admin that excited four years ago
mar 15, 2025, 11:11 am • 10 1 • view
Greed is a powerful drug. The allure of lower regulation and lower taxes is like crack cocaine to the rich and powerful.
mar 15, 2025, 11:10 am • 100 4 • view
I suspect most CEOs and financiers would be fine with living in a hyper-capitalist police state as long as they continued to get rich and their kids were able to join the elite.
mar 15, 2025, 11:20 am • 115 4 • view
💯 History shows this to be true.
mar 15, 2025, 12:29 pm • 0 0 • view
everyone should read Kalecki. the capitalist class, when asked to choose between accumulating capital or keeping control of the wage bargain, will always choose the second.
mar 15, 2025, 12:08 pm • 108 22 • view
For those who might be interested in an overview of Kalecki see jacobin.com/2022/01/mich... If Trump was A) serious B) successful at cutting government spending, it wouldn’t be great for US businesses anyway (all things being equal)
mar 15, 2025, 1:16 pm • 16 0 • view
If you were of @michaelpettis.bsky.social persuasion, any drop in government fiscal debt would more likely reflect the self-immolation of the legal order deterring capital inflows into the US rather than any direct actions of DODGE on spending per se
mar 15, 2025, 1:52 pm • 2 0 • view
This is probably true. It is also hardly unique to CEOs or financiers, as a look at all kinds of post-revolutionary régimes would remind us.
mar 15, 2025, 5:10 pm • 0 0 • view
bsky.app/profile/nosu...
mar 15, 2025, 12:00 pm • 30 4 • view
Stopped clock Larry Summers is finally right on time
mar 15, 2025, 12:37 pm • 18 0 • view
Nailed it.
mar 15, 2025, 12:55 pm • 7 0 • view
even weirder than neera going bernie bro
mar 15, 2025, 12:58 pm • 11 0 • view
We had very similar thoughts! bsky.app/profile/no-p...
mar 15, 2025, 12:20 pm • 4 0 • view
Yes taking the legal framework for granted is the big mistake. This is what happened in Hong Kong. By the time it became clear the damage was already done.
mar 15, 2025, 12:51 pm • 8 2 • view
It’s a very sad day when I have to use quotes when I refer to our current “justice department” given the bunch of crooks running the place. Kash Patel has a direct line to the White House to do the First Felon’s bidding. 🤮
mar 15, 2025, 12:55 pm • 6 1 • view
The last sentence is the money quote. The value of cash flows is determined by the marginal buyer and seller. There is zero chance that the incremental investor (particularly foreign) is going to value US cash flows in the same way going forward.
mar 15, 2025, 12:25 pm • 6 0 • view
And they think their money will save them and their family.
mar 15, 2025, 6:10 pm • 2 0 • view
How did Jeremy Iron's character say it in Margin Call: "Speak to me like a child, I can assure you it was not brains that brought me here"
mar 15, 2025, 1:21 pm • 10 1 • view
The most realistic movie ever made about my industry.
mar 15, 2025, 1:22 pm • 13 0 • view
epicureandealmaker.blogspot.com/2012/01/cert...
mar 15, 2025, 6:09 pm • 14 2 • view
Exactly. And not just realistic, it is almost like a theatre piece. Just endless actors bringing their best with an amazing script.
mar 15, 2025, 1:24 pm • 2 0 • view
As if things weren't tilted their way already.
mar 15, 2025, 12:49 pm • 0 0 • view
Collective self betrayal. It was obvious #Trump is an erratic and notorious liar. People everywhere keep lying to themselves about the dangers of the #Neofascists. #Trump rules like #Putin, based on lies and a narrative of "we are the victims" while commitomg crime after crime. Both will destroy
mar 15, 2025, 11:35 am • 3 2 • view
How these supposed "smart" people couldn't see his obvious ineptitude is crazy. Members from his own Cabinet even warned everyone. I'd laugh at them if it wasn't such a sad sight.
mar 15, 2025, 12:21 pm • 7 1 • view
I think that sentiment has signifintly changed. Yet i. e. companies like WisdomTree are offering an EU (only) defence ETF. There will be a big shift of money flowing to the EU.
mar 15, 2025, 12:39 pm • 0 0 • view
Rubes & Sycophants
mar 15, 2025, 6:25 pm • 0 0 • view
Just like the money guys who backed Hitler and then saw their businesses nationalized to feed the ego of der fürher.
mar 15, 2025, 4:23 pm • 2 1 • view
The link isn’t a gift link. It takes you straight to a subscription page.
mar 15, 2025, 1:09 pm • 1 0 • view
It was a gift link actually, piss off. bsky.app/profile/pear...
mar 15, 2025, 1:10 pm • 1 0 • view
Wall St folks were so blind. As @conorsen.bsky.social kept pointing out Trump said tariffs and they heard lower taxes.
mar 15, 2025, 11:12 am • 59 1 • view
At least in the post-GWB era I feel like investors/Republicans are Pavlovian rather than rational when it comes to evaluating the GOP policy platform. They didn’t understand the tea party motives in 2010 either, were surprised by the debt ceiling standoff.
mar 15, 2025, 11:27 am • 58 0 • view
Really showed in 2015. The finance guys were all in for JEB! They totally didn’t understand Trump’s appeal to the GOP base. Caught them, and a lot of other elite groups (eg MSM, GOP leadership) completely by surprise.
mar 19, 2025, 4:09 am • 1 0 • view
Because their party has changed but they haven't.
mar 15, 2025, 11:32 am • 23 0 • view
All I want is a (named) follow-up FT interview with the guy excited he could say pussy again.
mar 15, 2025, 11:56 am • 23 0 • view
Yeah, I’d love a long article on that guy in 6 months
mar 15, 2025, 1:28 pm • 5 0 • view
Median-Voter CEO theory! bendwalsh.substack.com/p/the-median...
mar 15, 2025, 12:54 pm • 3 0 • view
There is a tremendous ability for Wall Street to convince themselves that the GOP is solely concerned with tax cuts and everything they say about anything else is marketing for the rubes who vote R no matter what. "Trump won't overturn Roe v. Wade, would never blow up trade, that would be dumb..."
mar 15, 2025, 4:21 pm • 1 2 • view
Clearly the phenomenon of people hearing only what they want to hear from Trump and discounting the bad stuff isn't limited to low-information voters.
mar 15, 2025, 12:19 pm • 132 11 • view
Low-information can be a supply side or a demand side phenomenon, it turns out.
mar 15, 2025, 1:08 pm • 34 3 • view
Far from it. Alas, motivated reasoning is an integral part of human nature.
mar 15, 2025, 1:10 pm • 3 0 • view
Regulation often helps business.
mar 15, 2025, 12:00 pm • 6 0 • view
the very idea is perverse, thrilled to be free of the regulations that keep people safe, keep water and air clean, to make more money. they are soulless ghouls.
mar 15, 2025, 1:40 pm • 7 1 • view
I'm assuming that finance guys have the same problem as a lot of tech guys - high expertise in a very narrow range of study, very low expertise everywhere else. We've devalued a liberal arts education in this country to our great peril.
mar 15, 2025, 10:51 am • 51 2 • view
Not as big as problem as in tech. Finance is much more cross-disciplinary at its elite levels. But they still have many massive ideological blinkers. Just a different set of biases from tech.
mar 15, 2025, 10:52 am • 48 1 • view
Also - many examples of utter freaks coming out of the liberal arts educational tradition in the current wave of the right wing.
mar 15, 2025, 10:54 am • 52 1 • view
🛎️🛎️🛎️
mar 15, 2025, 12:54 pm • 3 0 • view
Definitely fair.
mar 15, 2025, 11:20 am • 0 0 • view
Thank you—really sick of these implications people have been throwing about that if you study math and science you’re destined to go fash or something as if Thiel wasn’t a philosophy major
mar 15, 2025, 11:01 am • 29 0 • view
I thought the Singapore on Thames Brexit crowd were pretty crackers, but this lot are something else
mar 15, 2025, 10:52 am • 58 3 • view
Lutnick said the economy will be humming in Q4 2025. I bookmarked it.
mar 15, 2025, 11:20 am • 4 1 • view
Can anyone name names and ideally with 'receipts'? It's going to be very important to know when the xxxx hits the fan!
mar 15, 2025, 7:29 pm • 3 1 • view
It is a self inflicted wound driven by greed, power and cruelty. Bankers get no empathy nor do fund managers. They need to suffer like workers. They are the true takers and Americans are motivated to end this greed and inequity. We don’t need most of what you are selling. We won’t back down.
mar 15, 2025, 11:13 am • 14 0 • view
Our “meritocracy” is undefeated.
mar 15, 2025, 1:08 pm • 3 0 • view
People in developed market finance everywhere face selection pressures to focus solely on niche relative value. This makes them rubes with respect to political structural shifts. Foreign political elites are probably impressed with how bad American politicians are at politics.
mar 15, 2025, 1:48 pm • 1 0 • view
Wall Street's ebullience crumbles under administrative chaos revealing the predictable consequences of volatility. Nothing exposes financial hubris quite like celebrating deregulation before discovering policy incoherence carries economic costs. Even markets require baseline stability to function.
mar 15, 2025, 8:01 pm • 3 2 • view
It is fascinating to me that an entire industry whose job is mainly to evaluate risk did not understand the risks.
mar 15, 2025, 11:24 am • 42 2 • view
This was exactly my thought after reading George’s post & the article clip. 👍🥹 Did they never extrapolate consequences? Never hear Trump influencers like Theil stating explicitly they want to bring down democracy, upset certainties & remove govt structures? Not know that 2+2 equals 4? 😳
mar 15, 2025, 12:07 pm • 16 2 • view
Another example of people voting for the ‘Face Eating Leopards Party” and then being surprised when the leopards come for them. “I never thought the Leopards would want to eat MY face 🙀” Doh 😳
mar 15, 2025, 12:10 pm • 1 0 • view
The macro articles in WSJ and FT today are providing some schadenfreude. Saying “I told you so” doesn’t feel good though
mar 15, 2025, 1:27 pm • 7 1 • view
Oh idk it feels pretty good
mar 15, 2025, 1:29 pm • 15 0 • view
Okay, it does. I just don’t think I should say it too loud
mar 15, 2025, 1:31 pm • 6 1 • view
Exaggeration? That is and has been the obviously correct understanding.
mar 15, 2025, 11:39 am • 0 0 • view
We're really going to find out tomorrow. The Fed will be deciding interest rates.
mar 19, 2025, 4:12 am • 0 0 • view
Look at it from the perspective of a super rich group trying to pull off a tax heist, it all makes sense. He is just running a side show with tariffs and DOGE cuts to create the narrative for the republicans to vote for tax cuts. He doesn’t have a vision for the country or care about the economy.
mar 15, 2025, 11:22 am • 11 1 • view
Your gift link wouldn’t open for me….said I had to subscribe
mar 15, 2025, 11:42 am • 0 0 • view
It’s only got a limited number of clicks before it expires. Sorry!
mar 15, 2025, 11:47 am • 1 0 • view
No worries! Thanks for sharing!
mar 15, 2025, 11:50 am • 1 0 • view
Found it here for free....https://www.europesays.com/1913190/
mar 15, 2025, 5:19 pm • 4 1 • view
Oh wow - how kind of you! Thanks!
mar 15, 2025, 5:44 pm • 1 0 • view