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š 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! āļøšļø
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POLITICS
Trumpās Economic Pitch
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 Chaseās Jamie Dimon, Citigroupās Jane Fraser, and Appleās 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 Trumpās primary focus was on economic policies, he didnāt 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 Trumpās Business Roundtable event was Appleās 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 Trumpās 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
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, āI 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. Chancellorās vivid storytelling and sharp insights provide a powerful lens to understand the cyclical nature of market madness.
Our Recommendations:
š»ļø MEXC - Where we find and trade Crypto with low fees.
š TradingView - Software we use to chart stocks.
š Trezor - Our favorite hardware wallet to keep our Crypto secure.
š¦ Kraken - Where we buy crypto with cash / withdraw profit to our bank.
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