The Russians love their people too

I fail to see the downside for the US with President Trump meeting with Russia’s President Putin.

The left’s hysteria over Russian involvement in the 2016 election will turn out in the end to be a ruse brought to them by President Obama/Clinton team with no connections to the Trump campaign.

The ultimate proof for this is the inability of a federal judge to even sentence Gen. Flynn for a rigged confession of speaking with the Russians. If there was any truth to the charge and the alleged commission by Flynn, then he should have been sentenced to the “crime”.

In the meantime, how can the left denigrate the idea of meeting with the Russians — thinking it is 1950 at the beginning of the Cold War. Open dialog between Russia, China and America can and will result in hug savings for the US in military spending going forward, since the fear and loathing of Russia and China will be diminished.

We will see in the next two months additional revelations coming out of the Department of Justice’s 2106 election investigation how the FBI fabricated reports to tie the Trump campaign to Russia.

Gen. Flynn will more than likely be able to pull his guilty plea over these fabricated reports, since it will now not cost him the millions of dollars it would have to clear his name.

No the real fear of the Democrats to Trump meeting with Putin is that they will be found out to have been crying wolf over these charges.

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JPM hits profit margin out of the park

Despite it being Friday the 13th, JPMorgan chief Jamie Dimon has no superstitions about reporting record profits for second quarter as bank reporting season kicks off.

The globe’s largest bank by assets locked in a profit of $8.3 billion on higher trading and investment banking revenue as compared to year earlier results. Overall the bank beat on both the top line of $28.39 billion, beating estimates of $27.34 billion and bottom line of EPS of $2.29, vs expectations of a $2.22.

The 18% profit number nearly doubled the street estimate of 9.4%.

JPMorgan’s income rose to $8.32 billion, or $2.29 per share, in the second quarter ended June 30, from $7.03 billion, or $1.82 per share, a year earlier.

Analysts expected the bank to earn $2.22 per share.

 

 

Will we get a clue on June’s jobs number?

On Friday we get the monthly employment report from the government for June and be able to access the first six months of 2018.

Last month well before the 8:30am release time President Trump tweeted “Look forward to seeing the employment numbers at 8:30 this morning.” The tweet moved the market leading many to say he should not have done so.

Wall Street is expecting gains of 191,000 jobs for June, with the unemployment rate to remain at 3.8 percent. In May the jobs number was 223,000, which resulted in Trump’s tweet.

So if there is no tweet on Friday morning, then the Street may sell of prior to the release. This is the reason for not breaking the embargo by hinting a good number is about to come out.

Tariffs and the Art of the deal German-style

As I wrote last week this is more of a tariff tiff than a war.

You announce a number — $50B, $200B in tariffs — it doesn’t matter. It’s just a number to begin negotiations.

Wednesday morning news broke that the German ambassador was about to announce that the EU would abandon all import tariffs for cars between the European Union and the US provided the Trump Administration drop its 25% border tax on all EU car imports.

See its all negotiations and never really gets implemented. It’s the Art of the Deal so to speak. Finally, America has someone who does not bow to pressure from other countries that have enjoyed decades of favorable treatment selling into the US market.

This has everything and nothing to do with President Trump. Presidents Obama, Bush, Clinton, Bush could have done this. They couldn’t because they took the money of the multi-national corporations and the globalist free traders who demanded that the US come out on the losing end of most trade deals as a way to pay back for our other sins.

Enter Trump. No ties that bind to these factions. Knows a thing or two about negotiations and plays hardball with them. As I wrote earlier, do you think any country would forgo its ability to sell into the US over tariffs or import taxes?

Of course not. I think I hear China working the abacus to figure out its new proposal right now.

Most Americans should not fear the word tariffs

The tariff tiff between US and China is just that. Nothing even nearing a war.

If you believe that trade between the two countries will be hampered, constrained or restricted it will not it is merely hand wringing by liberal media.

No country would spite their citizens by cutting trade off with the US. We buy more from every country than any other country no matter the product or raw material category.

No the Trump administration is attempting to right a decades-long wrong when it comes to pricing and access to markets for US manufactures. Past administrations have short-shifted Americans for the idea of globalism vs nationalism.

Large US multinational corporations made huge profits working off of a globalist model where products were made in low-cost environments with taxes being held overseas.

The Trump White House wants to curtail this model in order for Americans to benefit from these jobs. The new Apple/Foxconn agreement is a possible template for his trade philosophy.

So the trade war headlines and rhetoric is coming from the left, which wants to continue the move to a globalist model at the loss of American workers. Tariffs are used to level the playing field to make the US stronger.

Why have we not heard of tariffs for over 20 years? Because previous administrations were giving the candy store away to China, EU and the like.

The White House wants to see the pendulum swing back to benefit Americans.