Displaying items by tag: Trump
Twitter took a very big step in its ongoing confrontation with President Trump this week. Over the last couple of years, the social media site has taken some steps to block Trump tweets that were barred under its policies. However, yesterday it took what feels like a monumental step—it started putting warning signs and links on posts that it said contained misleading information. Trump has exploded in his response, saying he could shut down social media companies.
FINSUM: We are of two minds about this. On the one hand Twitter was founded as an alternative source of news and a way for people to express their opinions outside the filter that mainstream news provides. On the other hand, it does not seem right that various social media platforms are being used as unchecked fake-news propaganda machines by both parties.
New polls emerging show an interesting picture of how the November election may go. While Biden remains about 5 points ahead of Trump in national polls, what is more interesting is that he holds a 5-point lead in three of the most integral swing states—Michigan, Wisconsin, and Pennsylvania. That is critical because those are the states that trump won in 2016 in order to beat Hillary. If he doesn’t win those states this time around, the odds are very long for a Trump victory.
FINSUM: The state of the economy and the long lockdown seem to be weighing on Trump right now, but there is still six months to go, which is more than enough time for a big swing (in either direction).
While many readers often accuse us of having one political persuasion or another (we get accused by both sides all the time!), we try to be pretty neutral about politics here at FINSUM. On this particular topic, we want to weigh in very clearly (even though we don’t, have a clear position). Earlier this week, the President said what was easily the most heartfelt, eloquent and “presidential” comment of his presidency, and given this topic, we think it is worth sharing. He said “I have it make the biggest decision of my life, and I only hope to god I get it right”. Well, his view was made more clear today, which is that he is favoring a quick reopening.
FINSUM: In our view, nobody knows the right answer to the question about balancing the risk to life versus the imperative of providing economic security. In many ways it is a catch-22. We think a really well-considered strategy is needed.
The President and his team are working furiously on plans for how to open the $22 tn US economy after its unprecedented lockdown. “We’re looking at the concept where we open sections of the country and we’re also looking at the concept where you open up everything”, says Trump. In particular, the White House is looking to open the economy entirely within 30 days, or possibly 60 days, with different schedules being considered. The new strategy is to open the economy based on much more widespread and rapid testing. This will allow workers to be verified as having (or not) the virus and sent back to work.
FINSUM: Just as the coronavirus is a nearly unprecedented occurrence, so is the reopening of the world’s largest economy. It is going to take exceptionally good planning to balance the competing priorities of public health and economic restoration.
Speaking from the White House, President Trump issued a grave warning yesterday. Alongside Dr. Fauci, the team said that they expected between 100,000 and 240,000 deaths in the US from Coronavirus. The announcement took the media world by storm and appears to have also impacted markets, as futures have been down considerably since the speech. The president’s tone was a marked departure from his previous outlook, with Trump saying Americans needed to prepare for a “very, very painful two weeks”.
FINSUM: Those are big shocking numbers, and the grimness of Trump’s tone added even more gravity to the situation.