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Stable Genius Once Again Picking Winners and Losers

Discussion in 'News & Current Events' started by InTheLight, Mar 1, 2018.

  1. KenH

    KenH Well-Known Member

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    Doesn’t change the basic fact of where imports for the whole country come from.
     
  2. Reynolds

    Reynolds Well-Known Member
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    I did not say it did. I said "I hate Chinese steel." This tariff will hopefully force the suppliers to carry U.S. Steel. Honestly, I don't mind paying more for it.
    Chinese steel welds terrible. It pops and builds a up huge slag line that has to be chipped off. Burn through constantly on dog spots. U.S. Steel welds like butter. Smooth, no splatter, and the slag usually draws Its self away from the weld in a ribbon. You can blow it off with compressed air if it doesn't.
     
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  3. InTheLight

    InTheLight Well-Known Member
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    No, that's not what I'm saying. I'm saying that Trump is picking winners and losers in American businesses. That's bad. That was bad when Obama did it (GM bailout, solar energy projects, etc.) and it's bad now. The inevitable result of tariffs are increased prices on American consumers.
     
  4. InTheLight

    InTheLight Well-Known Member
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    So you would buy steel from American suppliers if it were available?
    And how about if it cost 25% more?

    Why don't you buy from an American supplier and pay the shipping?
     
  5. InTheLight

    InTheLight Well-Known Member
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    Yeah, I guess you're right. The particular alloy blend is what makes steel a product, but it could be said the most commonly used steel alloy can be thought of as a commodity.
     
  6. KenH

    KenH Well-Known Member

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    Just beware of unintended consequences for the economy as a whole. Also, rising prices are terrible for folks on fixed incomes, many of whom voted for Donald Trump.
     
  7. Reynolds

    Reynolds Well-Known Member
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    Gladly pay 25% more for it. I can't find a U.S. supplier.
     
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  8. InTheLight

    InTheLight Well-Known Member
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    Have you looked this morning? Dow is down another 1.40% right now.
     
  9. Reynolds

    Reynolds Well-Known Member
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    Manufacturing is essential to long term economic health. In the long term, an industrial economy is more profitable than a consumer economy.
     
  10. Reynolds

    Reynolds Well-Known Member
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    It was artificially high. Overdue correction.
     
  11. InTheLight

    InTheLight Well-Known Member
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    I have a friend that was a purchaser of steel for Wastequip, the manufacturer of industrial waste receptacles. He would buy $25 million of steel per year. I'll ask him.

    BTW, he's a Trump supporter and he is livid about this tariff.
     
  12. InTheLight

    InTheLight Well-Known Member
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    And who buys manufactured goods?
     
  13. InTheLight

    InTheLight Well-Known Member
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    Ha ha. No. Look at the hourly charts from yesterday. The drop corresponds to the timing of Trump's comments.
     
  14. KenH

    KenH Well-Known Member

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    This is 2017, not 1917, or even 1987.
     
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  15. Reynolds

    Reynolds Well-Known Member
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    Trump promised it in his campaign. Why is everyone upset about keeping a campaign promise?
     
  16. Reynolds

    Reynolds Well-Known Member
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    I agree that the cause was the tariff. I am saying it wascoverdue a correction. Something would have triggered it; may as well have been the tariff.
     
  17. Reynolds

    Reynolds Well-Known Member
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    Yep, and that's why China is on track to surpass our economy. They still act like its 1917.
     
  18. KenH

    KenH Well-Known Member

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    Because it is bad economics. There are several times more people working in steel consuming jobs than in steel producing jobs. This is not the 1950s and 1960s when the rest of the industrialized world was still recovering from being bombed to rubble in World War II.
     
  19. Reynolds

    Reynolds Well-Known Member
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    Consumers, who will eventually have no buying power if you continually run massive trade deficits.
    An industrial economy manufactures more than it consumes. A consumer economy consumes more than it manufactures. Last time I checked, we are consumer because we run a massive trade deficit.
     
  20. InTheLight

    InTheLight Well-Known Member
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    A correction is when the underlying fundamentals of the market are not in line with reality and there is a general sell off. Corrections are defined as a market loss of 10% or greater. We just had one about a month ago.

    The reaction to the tariff was exactly that--the market figuring in the effects of increased steel prices on industrial companies and the effect of a potential trade war.

    Are you saying that the Trump stock market rise of 2017 was an illusion and needs correction?
     
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