šŸ“ˆ Trump's Economic Pitch

Plus: Devil Take the Hindmost

Good Morning!

Trump is intensifying his 2024 presidential campaign with bold promises to cut taxes and regulations.

Meanwhile, as Crypto and AI reach all-time highs, the question on everyone's mind is: is this another bubble? We've got a must-read book recommendation that dives into the history of financial speculation.

Grab your Iced latte and let's get into it! ā˜•ļøšŸ‘‡ļø

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POLITICS

Trumpā€™s Economic Pitch 

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Donald Trump is ramping up his bid for the 2024 presidency with a familiar promise: slashing taxes and cutting regulations. Speaking to a closed-door gathering of America's top CEOs, Trump laid out his economic vision, reminiscent of his first term, but with new twists aimed at securing the support of big business.

  • Business Roundtable Event: Attendees included industry heavyweights like JPMorgan Chaseā€™s Jamie Dimon, Citigroupā€™s Jane Fraser, and Appleā€™s Tim Cook.

  • Tax Reduction Pledge: Trump highlighted his previous success in reducing the corporate tax rate from 35% to 21%, and floated the idea of lowering it even further to 20% if re-elected.

Trump also criticized current regulatory frameworks, particularly the permit process for energy projects, framing them as a hidden form of taxation. His message resonated with the audience, reflecting widespread business concerns about regulation, green energy subsidies, and protectionist trade policies.

From Taxes to Tariffs

While Trumpā€™s primary focus was on economic policies, he didnā€™t shy away from other significant issues. He touched on various proposals that could have substantial implications for both businesses and workers.

  • State-Level Abortion Policies: Urged lawmakers to handle abortion access as a state issue, a nod to statesā€™ rights advocates.

  • Tariff Increases: Suggested using tariff hikes to fund his proposed tax cuts, aiming to balance fiscal concerns with economic stimulus.

  • Eliminating Taxes on Tips: Reiterated his idea of removing taxes on service workersā€™ tips, which could increase disposable income for millions of low-wage workers.

These proposals indicate a broader agenda that blends traditional Republican economic policies with populist elements designed to appeal to a wide base.

Among the notable attendees at Trumpā€™s Business Roundtable event was Appleā€™s Tim Cook, whose relationship with Trump has been both strategic and surprising given Silicon Valley's typically liberal stance.

  • Bipartisan Engagement: Cook has maintained a pragmatic approach, engaging with both Trump and Biden administrations to advocate for business interests.

  • Advisory Role: During Trumpā€™s first term, Cook served on a business advisory board, leveraging his position to influence policy in ways that benefited the tech industry.

BOOK REVIEW

A History of Financial Speculation

go west people GIF by Maudit

Edward Chancellor's Devil Take the Hindmost is a thrilling deep dive into the history of stock market speculation, spanning from ancient Rome to today.

A Historical Ride Through Financial Madness

Chancellor starts in ancient Rome and leads us through a series of spectacular financial crazes:

  • Tulip Mania in 1630s Holland: One of the earliest recorded bubbles where flower bulbs were worth more than houses.

  • South Sea Bubble of 1720: Even Sir Isaac Newton got burned, admitting, ā€œI can calculate the motion of heavenly bodies, but not the madness of people.ā€

  • Roaring Twenties and the 1929 Crash: Familiar patterns of greed and herd behavior reappear, showing history often repeats itself.

In our opinion, Devil Take the Hindmost is a must-read for anyone in the investing world. Chancellorā€™s vivid storytelling and sharp insights provide a powerful lens to understand the cyclical nature of market madness.

Our Recommendations:

šŸ’»ļø MEXC - Where we find and trade Crypto with low fees.
šŸ“ˆ TradingView - Software we use to chart stocks.
šŸ” Trezor - Our favorite hardware wallet to keep our Crypto secure.
šŸ¦‘ Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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