The Chicken Littles Are Hammering Trump on Trade, but Charles Payne's Truth Bombs Blow Their Theorie

[Right_in_Virginia]

The Chicken Littles Are Hammering Trump on Trade, but Charles Payne's Truth Bombs Blow Their Theories to Smithereens
Townhall, Mar 5, 2018, Scott Morefield

<snip>

“I know tariffs are bad but...” Payne tweeted, “It seems to be working very well for the fastest growing economies in world.” The Fox Business host then listed several nations that employ tariffs and the 10 year average growth of each one.   Here are a few more truth bombs from Mr. Payne:

“Let's be clear, the EU is against tariffs when America uses or considers them but they levy 10% on all US car imports we only have a 2.5% rate on their car imports. #justsaying”

“Currently there are certain nations that take advantage of our civility and commitment to rigid belief that "free trade" really exist when there are hundreds of active cases at the WTO at any given moment. China isn't going to risk $500 billion to protect cheap subsidized steel.”

“The gauntlet has been thrown!” Payne tweeted, “During campaign when candidate Trump said he would push back against unfair trade including using tariffs I asked Trump voters if they would be willing to pay more for products to make a transition back to US production and everyone said ‘yes.’”

“There will be no trade war,” writes Payne. “Sure, but who would China sell $505,597,100,000 stuff Americans bought from them last year? Cuba? China isn't going to do anything the new Emperor isn't going to risk toppling his fragile empire.”



Read more:
https://townhall.com/columnists/scottmorefield/2018/03/05/the-chicken-littles-are-hammering-trump-on-trade-but-fox-business-host-charles-paynes-truth-bombs-blow-their-theories-to-smithereens-n2457591

[Hoodat]

This worked so well the last time.

[INVAR]

This worked so well the last time.

Add to the fact we do not manufacture shit here in this country, the interconnected globalization, besides what industry we do have left here is generally assembly plants of components shipped here from overseas... this stupid vocal trade war Trump ignited is going to make that pic above look like the good ol' days in comparison.

[jpsb]

This worked so well the last time.

Aah, the old Marxist lie that Smoot Halley caused the Great Depression. What a good little commie
you are.

FYI, That lie has been debunked many many times.

[Formerly Once-Ler]

It is easy to be brave about tariffs that won't cost you your job.

[Hoodat]

Aah, the old Marxist lie that Smoot Halley caused the Great Depression. What a good little commie
you are.

FYI, That lie has been debunked many many times.

Caused?  No.  Kept us in it for a decade?  Yes.  If government had gotten the hell out of the way, the depression would have been over in less than half the time.

[Formerly Once-Ler]

What a good little commie you are.

pathetic.

[andy58-in-nh]

The Great Depression was not the inevitable result of the stock market crash of 1929; in fact, the market had recovered nicely during the following year. Instead, the Depression was caused by the cascading effects of the monetary policies of the Federal Reserve under Progressive leadership, and exacerbated by bad trade policy, including the Smoot-Hawley tariffs, which predictably raised the prices of goods at the very moment people could not afford to pay for them. 

Government causes disasters like this all the time, while blaming the businesses and individuals they wish to control and tax.

[Emjay]

This worked so well the last time.

Was Trump president then?  Bringing up the great depression has no relevance to today.  Things have changed.

[Formerly Once-Ler]

Was Trump president then?  Bringing up the great depression has no relevance to today.  Things have changed.

I know history, and I fear recessions and the Great Depression.  The more things change the more they stay the same. 

[skeeter]

Caused?  No.  Kept us in it for a decade?  Yes.  If government had gotten the hell out of the way, the depression would have been over in less than half the time.

Dunno about Smoot Hawley being the specific cause, but you're right about the government being in the way of a recovery - t'was the New Deal kept the Great Depression rolling along for over a decade.

[massadvj]

I guess Europe has it better than us because of tariffs.  Huh.  Funny how the Europeans have a lower standard of living, higher unemployment rate and states itching to leave the EU.  But oh those tariffs are working well for them.

As for China, it does impose impose tariffs.  But its standard of living is nowhere near ours, unless you look at Hong Kong (free trade area), in which the standard of living is nearer ours.  Also, as long as we are looking at Asia, how about we look at Singapore?

Here are the top ten countries in the world in terms of low trade barriers:

1. Singapore
2. Hong Kong
3. Netherlands
4. New Zealand
5. Finland
6. United Kingdom
7. Switzerland
8. Chile
9. Sweden
10. Germany

Every single one of them has a high standard of living.

Here are the worst countries in terms of trade barriers:

1. Iran
2. Bhutan
3. Sri Lanka
4. Nepal
5. Pakistan
6. Zimbabwe
7. Cameroon
8. Chad
9. Gambia
10. Barbados

All of you Trump defenders who think trade barriers are good for America are free to move to any of these tariff-imposing countries and see if you like it there better than here. 

[jpsb]

pathetic.

Why Karl Marx Advocated Free Trade

because (a) whereas Protection builds up the nation-state, Free Trade breaks it
down, as a prelude to the creation of a world-state by the Capitalists (b) Free Trade
breaks down traditional culture, as a prelude to the creation of a world culture (c)
Free Trade exacerbates class warfare, and through this the Capitalists will lose
control of the world-state - they will be defeated by the impoverished classes, with the help of
their backers in the higher classes.

[Hoodat]

Was Trump president then?  Bringing up the great depression has no relevance to today.  Things have changed.

And communism would work if we only had the right people running it.  Things have changed since Lenin/Stalin/Khrushchev/Brezhnev/Mao/Pol Pot/Mugabe/Castro/Chavez's day.

[Formerly Once-Ler]

Why Karl Marx Advocated Free Trade

because (a) whereas Protection builds up the nation-state, Free Trade breaks it
down, as a prelude to the creation of a world-state by the Capitalists (b) Free Trade
breaks down traditional culture, as a prelude to the creation of a world culture (c)
Free Trade exacerbates class warfare, and through this the Capitalists will lose
control of the world-state - they will be defeated by the impoverished classes, with the help of
their backers in the higher classes.

You did not just make the case that Free trade = Communism...I don't know how to talk to you.

[skeeter]

Was Trump president then?  Bringing up the great depression has no relevance to today.  Things have changed.

Outside questions of moral right and wrong there's not a political, economic or social policy issue the absolutists are correct about. Lets just see how this plays out.

[Night Hides Not]

I know history, and I fear recessions and the Great Depression.  The more things change the more they stay the same.

Orange Brigadiers have whitewashed history before 2016. After all, everything's going to be AMAZINGLY different under Trump.

I remember the housing bubble that crashed the economy in 2007-2008. I benefitted economically from it, as it gave me a great job for five years with the FDIC...if my term hadn't ended, I'd still be there.

And now we see Congress preparing to loosen banking regulations. And who, may you ask, is leading the charge? None other than Steve Mnuchin, our Treasury Secretary. Steve, if you will recall, made his fortune in large part to the buyout of IndyMac Bank.

[Hoodat]

Obama got tough on China. It cost U.S. jobs and raised prices

Protect American jobs by getting tough on China.

That's the underlying idea behind President-elect Donald Trump's threat of a 45% tariff against China as a ploy to bring jobs back to America.

Before pursuing that strategy, however, Trump might want to check out what happened when his predecessor tried that.

President Obama slapped a stiff 35% tariff on Chinese tires in 2009 after American companies complained about unfair competition. They said China was flooding America with tires at low prices making it tough for U.S. companies to compete. The tire tariff gradually waned, and finally ended in 2012.

The tariff saved 1,200 U.S. tire jobs, which had been in sharp decline. And U.S. tire production rose after a major decline.

"Over a thousand Americans are working today because we stopped a surge in Chinese tires," Obama said in his 2012 State of the Union address.

 But a study from the Peterson Institute of International Economics found that the tariffs cost Americans in many other ways.

Americans paid more for tires. Some Chinese-made tires cost as much as 26% more -- rising on average to $39 per tire, from about $31. And U.S. tire makers, facing less competition from China, also raised prices on American-made tires 3.2%.

According to Peterson's model, higher prices from the tire tariff cost Americans an extra $1.1 billion, which translated to an estimated 3,731 retail jobs lost.

Plus, China fought back by imposing penalties on U.S. shipments of chicken parts. The Peterson study estimates that China's retaliation cost American chicken producers $1 billion in sales.

http://money.cnn.com/2017/01/03/news/economy/obama-china-tire-tariff/index.html


Let's see now.  1,200 union jobs saved.  3,700 retail jobs lost.  Plus $1.1 billion higher cost for tires.  And in addition, $1 billion in lost food exports.

Yet we are to believe that Obama's policies will suddenly work if it is Trump who implements them?

[skeeter]

Orange Brigadiers have whitewashed history before 2016. After all, everything's going to be AMAZINGLY different under Trump.

I remember the housing bubble that crashed the economy in 2007-2008. I benefitted economically from it, as it gave me a great job for five years with the FDIC...if my term hadn't ended, I'd still be there.

And now we see Congress preparing to loosen banking regulations. And who, may you ask, is leading the charge? None other than Steve Mnuchin, our Treasury Secretary. Steve, if you will recall, made his fortune in large part to the buyout of IndyMac Bank.

The housing bubble and subsequent crash was caused by government regulations against 'redlining' which, it turns out, is a practical necessity. At least thats how I remember it.

[txradioguy]

Was Trump president then?  Bringing up the great depression has no relevance to today.  Things have changed.

Those that don't learn from history are doomed to repeat it.

Trump clearly hasn't learned from history.

[Night Hides Not]

The housing bubble and subsequent crash was caused by government regulations against 'redlining' which, it turns out, is a practical necessity. At least thats how I remember it.

Those regulations helped pave the way for NINJA loans, whose effects were brilliantly portrayed in "The Big Short" and the movie that followed of the same name.

[Night Hides Not]

Those that don't learn from history are doomed to repeat it.

Trump clearly hasn't learned from history.

I wouldn't be surprised if Trump slept through his history classes.

[jpsb]

You did not just make the case that Free trade = Communism...I don't know how to talk to you.

I would prefer to finance a small gov with tariffs, but ya'll (commies) want a big gov financed with a
progressive (Marxist) income tax. Marx, for whatever reasons, was a free trader.

[Suppressed]

I would prefer to finance a small gov with tariffs, but ya'll (commies) want a big gov financed with a
progressive (Marxist) income tax. Marx, for whatever reasons, was a free trader.

You're seriously trying to convince us that Marx was right on things, that he was a great analyzer coming to correct conclusions?

[jpsb]

You're seriously trying to convince us that Marx was right on things, that he was a great analyzer coming to correct conclusions?

Draw whatever conclusion you like. Used to be we had a small gov financed by tariffs placed on
imports. Now we have a huge gov financed by a Marxist income tax. I would prefer to return to
a small gov and tariffs. Most here seem to favor a big gov, progressive income tax and then
with a straight face, say they are conservative.