Trump / Musk (other than DOGE) Omnibus Thread
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And just think how great the housing market will be when the tariffs impact the housing supply chain and the deportations hit the labor pool.
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Elon Musk Says He Owns Everyone's Twitter Account in Bizarre Alex Jones Court Filing
Musk's X is trying to stop The Onion from buying Alex Jones' social media accounts.
gizmodo.com
Does it feel like your X account belongs to you and you can do whatever you want with it? That’s not true, according to a new court filing from the social media company formerly known as Twitter. It’s an argument that X is making in order to throw a wrench in The Onion’s recent purchase of InfoWars, the conspiracy theory media company run by Alex Jones. And it’s a great reminder that you don’t actually own what you think you own in the digital age.
The people behind the Onion recently won InfoWars in an auction, sold as part of a legal judgment against Jones who was found guilty of defaming the families of teachers and students who were killed at Sandy Hook Elementary School in 2012. The families won a $1.4 billion judgment against Jones and selling off InfoWars was part of the liquidation process for the conspiracy theorist’s assets in order to pay down that debt. But a company tied to Jones has challenged the validity of the Onion’s purchase. And X is trying to help stop the sale.
X’s legal filing on Monday, posted online by 404 Media, argues that all of the social media accounts in the auction can’t be transferred.
“Put simply, accounts are inherently part of X Corp.’s Services and their ‘use,'” the company said in Monday’s court filing. “A user must use X Corp.’s Services to create an account in the first instance, and to continue using the account going forward.”
X insists it wasn’t claiming ownership of the content in the accounts, and is only saying it controls the accounts themselves.
“While X Corp. takes no position as to the sale of any Content posted on the X Accounts, X Corp. is the sole owner of the Services being sold as part of the sale of the X Accounts,” the social media company wrote in its court filing. “While X Corp. has granted account holders, such as Jones and FSS, a license to use the Services, such license is non-assignable, both under the terms of the TOS and applicable non-bankruptcy law (i.e., as a personal services contract), and the Trustee cannot sell, assign, or otherwise transfer such license absent X Corp.’s consent.”
As 404 Media notes, it’s pretty standard for social media accounts to be transferred to new companies when a brand is sold. And Musk himself even threatened to reassign NPR’s X handle back in 2023 after the media outlet briefly stopped posting when the billionaire started labeling the broadcaster as state media. Oddly enough, X is essentially state media now that Musk has been named to an unofficial commission called DOGE that threatens to strip the federal budget of $2 trillion. Musk has, of course, donated millions to Donald Trump and helps boost far-right voices on the site in an effort to help the once and future president.
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“…
Mr. Greer is a partner in international trade at the law firm King & Spalding. During Mr. Trump’s first term, Mr. Greer served as chief of staff to Robert E. Lighthizer, the trade representative at the time. He was involved in the Trump administration’s trade negotiations with China, as well as the renegotiation of the North American Free Trade Agreement with Canada and Mexico.
Before that, Mr. Greer served in the Air Force, where he was a lawyer who prosecuted and defended U.S. airmen in criminal investigations. He was deployed to Iraq.
…
The U.S. trade representative, a cabinet-level official who carries the rank of ambassador, is charged with carrying out trade negotiations and resolving economic disputes with other countries, as well as working with lawmakers, farmers and business owners to shape trade policy. The representative leads a small agency of more than 200 people that has offices in Washington, Geneva and Brussels.
In addition to carrying out Mr. Trump’s tariff plans, the office is also likely to play an important role in negotiating trade terms with Canada and Mexico. In 2026, the countries are set to revisit the terms of the United States-Mexico-Canada Agreement, the trade pact Mr. Trump renegotiated in his first term to replace the NAFTA. …”
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Dem economist….check.
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WSJ:
“… The tariff threat upends the forecasts of many economists who have been assuming that the duties Trump will impose wouldn’t be nearly as high as what he pledged on the campaign trail.
… On Tuesday, economists at the Budget Lab at Yale reworked their estimates of how tariffs under Trump might affect the economy.
Tariffs of 25% on Canada and Mexico, and 10 percentage points added to existing tariffs on China, with those countries imposing retaliatory tariffs, would raise U.S. consumer prices by 0.75% next year, according to the Budget Lab. That estimate drops to 0.65% if households substitute purchases toward domestically produced or lower-tariff imported options. That would amount to more than $1000 in lost purchasing power per household, in 2023 dollars.
If the tariffs against Chinese goods were layered on top of the 60% Trump has already threatened, versus existing tariffs, the estimated inflationary effect would be higher. Beyond raising the prices that Americans pay for goods, higher inflation could lead the Federal Reserve to cut interest rates less than expected in the year ahead. That would keep rates on credit card balances and other loans higher than they otherwise might have been. …”
What Trump’s New Tariff Threats Mean for the U.S. Economy
If president-elect follows through, consumers and businesses are likely to see prices rise on everything from fresh fruit to electronics
“… The tariff threat upends the forecasts of many economists who have been assuming that the duties Trump will impose wouldn’t be nearly as high as what he pledged on the campaign trail.
… On Tuesday, economists at the Budget Lab at Yale reworked their estimates of how tariffs under Trump might affect the economy.
Tariffs of 25% on Canada and Mexico, and 10 percentage points added to existing tariffs on China, with those countries imposing retaliatory tariffs, would raise U.S. consumer prices by 0.75% next year, according to the Budget Lab. That estimate drops to 0.65% if households substitute purchases toward domestically produced or lower-tariff imported options. That would amount to more than $1000 in lost purchasing power per household, in 2023 dollars.
If the tariffs against Chinese goods were layered on top of the 60% Trump has already threatened, versus existing tariffs, the estimated inflationary effect would be higher. Beyond raising the prices that Americans pay for goods, higher inflation could lead the Federal Reserve to cut interest rates less than expected in the year ahead. That would keep rates on credit card balances and other loans higher than they otherwise might have been. …”
Mulberry Heel
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"Only Dem economists, legacy media and this board are freaking out about Trump’s tariffs."WSJ:
What Trump’s New Tariff Threats Mean for the U.S. Economy
If president-elect follows through, consumers and businesses are likely to see prices rise on everything from fresh fruit to electronics
“… The tariff threat upends the forecasts of many economists who have been assuming that the duties Trump will impose wouldn’t be nearly as high as what he pledged on the campaign trail.
… On Tuesday, economists at the Budget Lab at Yale reworked their estimates of how tariffs under Trump might affect the economy.
Tariffs of 25% on Canada and Mexico, and 10 percentage points added to existing tariffs on China, with those countries imposing retaliatory tariffs, would raise U.S. consumer prices by 0.75% next year, according to the Budget Lab. That estimate drops to 0.65% if households substitute purchases toward domestically produced or lower-tariff imported options. That would amount to more than $1000 in lost purchasing power per household, in 2023 dollars.
If the tariffs against Chinese goods were layered on top of the 60% Trump has already threatened, versus existing tariffs, the estimated inflationary effect would be higher. Beyond raising the prices that Americans pay for goods, higher inflation could lead the Federal Reserve to cut interest rates less than expected in the year ahead. That would keep rates on credit card balances and other loans higher than they otherwise might have been. …”
Yes, that well-known left-wing Murdoch rag, The Wall Street Journal, is also deeply concerned about the impact of possible sharp hikes in tariff rates.
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(Cont’d)
“… Tariffs can create winners and losers. Domestic industries that compete with lower-cost foreign manufacturers can experience greater demand for their products, while the government takes in additional revenues.
But consumers and other purchasers of imported goods aren’t able to buy as much, and both economic theory and the historical record show that they tend to lose more than the winners gain. Moreover, when a country imposes tariffs against another country, the other country often responds with tariffs of its own. Mexican President Claudia Sheinbaum on Tuesday said that Mexico would retaliate if Trump carries out his threats.
That said, the economic benefits of trade don’t fall across the country equally, and Trump’s successful 2016 and 2024 campaigns tapped into the frustrations of Americans who felt they were at the losing end of trade with China, in particular. President Biden sharply raised tariffs on electric vehicles and an array of other products from China.
… American consumers will feel price increases not only after the tariffs are imposed but also in the run up, as stores and businesses rush to preorder nonperishable goods, said Kimberly Clausing, an economist at UCLA School of Law. Lumber from Canada is an example of how that would play out.
“If I were a lumber yard, I’d be placing big orders today. Those extra orders will drive up prices,” said Clausing. Among the ripple effects of lumber prices will be high bills for American households planning home renovations.
…
Precisely how tariffs affect consumer prices could vary, economists say. On the one hand, both U.S. businesses and the importers they purchase from might absorb some tariff costs. On the other, there could be a ripple effect, as competing suppliers outside of Canada, Mexico and China take advantage of the opportunity to raise prices.
The Peterson Institute for International Economics, a think tank in Washington, D.C., estimates that under Trump’s new possible tariffs, prices would rise by 1%. It additionally estimates that by 2026 gross domestic product would be 0.6% lower than it otherwise would have been, and that total U.S. employment would be 1% lower.
…
Border communities like Laredo, Texas, could see its unemployment rate soar to the double digits, says Marcus Noland, a senior fellow at the Peterson Institute. “That’s where the trucks cross the border. If the jobs are to intermediate trade and there’s no trade, they are going to be out of work,” he said.
Employment in agriculture would be hard hit, too, according to the analysis, coming in 3.1% below where it would have otherwise been. Employment in durable manufacturing—the building of cars and other long-lasting goods—would be 5.4% lower. …”
“… Tariffs can create winners and losers. Domestic industries that compete with lower-cost foreign manufacturers can experience greater demand for their products, while the government takes in additional revenues.
But consumers and other purchasers of imported goods aren’t able to buy as much, and both economic theory and the historical record show that they tend to lose more than the winners gain. Moreover, when a country imposes tariffs against another country, the other country often responds with tariffs of its own. Mexican President Claudia Sheinbaum on Tuesday said that Mexico would retaliate if Trump carries out his threats.
That said, the economic benefits of trade don’t fall across the country equally, and Trump’s successful 2016 and 2024 campaigns tapped into the frustrations of Americans who felt they were at the losing end of trade with China, in particular. President Biden sharply raised tariffs on electric vehicles and an array of other products from China.
… American consumers will feel price increases not only after the tariffs are imposed but also in the run up, as stores and businesses rush to preorder nonperishable goods, said Kimberly Clausing, an economist at UCLA School of Law. Lumber from Canada is an example of how that would play out.
“If I were a lumber yard, I’d be placing big orders today. Those extra orders will drive up prices,” said Clausing. Among the ripple effects of lumber prices will be high bills for American households planning home renovations.
…
Precisely how tariffs affect consumer prices could vary, economists say. On the one hand, both U.S. businesses and the importers they purchase from might absorb some tariff costs. On the other, there could be a ripple effect, as competing suppliers outside of Canada, Mexico and China take advantage of the opportunity to raise prices.
The Peterson Institute for International Economics, a think tank in Washington, D.C., estimates that under Trump’s new possible tariffs, prices would rise by 1%. It additionally estimates that by 2026 gross domestic product would be 0.6% lower than it otherwise would have been, and that total U.S. employment would be 1% lower.
…
Border communities like Laredo, Texas, could see its unemployment rate soar to the double digits, says Marcus Noland, a senior fellow at the Peterson Institute. “That’s where the trucks cross the border. If the jobs are to intermediate trade and there’s no trade, they are going to be out of work,” he said.
Employment in agriculture would be hard hit, too, according to the analysis, coming in 3.1% below where it would have otherwise been. Employment in durable manufacturing—the building of cars and other long-lasting goods—would be 5.4% lower. …”
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(Cont’d)
“… Tariffs of 25% on imports from Mexico and Canada could add $3,000 on average to the price of a car, according to analysts at Wolfe Research.
The firm estimates that about $97 billion worth of auto parts are imported to the U.S. from the two countries each year, and four million vehicles are shipped in—about three million from Mexico and one million from Canada.
Added costs from the potential levies also would hammer the bottom lines of General Motors, Ford Motor and Jeep-maker Stellantis, which all produce vehicles south of the border and rely on parts shipments from there.
ISI estimates a 50% reduction in earnings per share for GM and Stellantis, and 25% for Ford. Shares of all three companies fell on Tuesday, with GM’s stock shedding about 9%.
The National Retail Federation said the timing of the proposed tariffs in January would have an outsize impact on fresh fruits and vegetables, of which the U.S. sources less at that time.
U.S. importers will pay 25% more on $10 billion worth of Mexican avocados, tomatoes, raspberries, strawberries and peppers alone; and a 25% tax on $10 billion worth of Mexican beer, tequila and mescal imports, said David French, senior vice president for government relations at the industry group….”
“… Tariffs of 25% on imports from Mexico and Canada could add $3,000 on average to the price of a car, according to analysts at Wolfe Research.
The firm estimates that about $97 billion worth of auto parts are imported to the U.S. from the two countries each year, and four million vehicles are shipped in—about three million from Mexico and one million from Canada.
Added costs from the potential levies also would hammer the bottom lines of General Motors, Ford Motor and Jeep-maker Stellantis, which all produce vehicles south of the border and rely on parts shipments from there.
ISI estimates a 50% reduction in earnings per share for GM and Stellantis, and 25% for Ford. Shares of all three companies fell on Tuesday, with GM’s stock shedding about 9%.
The National Retail Federation said the timing of the proposed tariffs in January would have an outsize impact on fresh fruits and vegetables, of which the U.S. sources less at that time.
U.S. importers will pay 25% more on $10 billion worth of Mexican avocados, tomatoes, raspberries, strawberries and peppers alone; and a 25% tax on $10 billion worth of Mexican beer, tequila and mescal imports, said David French, senior vice president for government relations at the industry group….”
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ChileG
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I’m not freaking out. I am just giving facts.
The market went up because it believes Trump’s pick for Treasury Secretary will STOP TRUMP from implementing his stupid tariff ideas.
Hopefully that is correct.
So again, if everyone suspects (as you do) that these are just empty threats, then the stupid tariff talk will yield no benefits, while in the meantime homeowners pay more for mortgages while they wait (possibly for many more months), for rates to come down.
Like I said, so far all Trump has done is hurt Americans economically. The stock market went up after fears of Trump ruining an already good economy were abated (note: however, read nycfan’s post above about how Trump is hurting American car companies’ stock). And you think that is worthy of praise.
(Edit: also the market went up with news of a possible Israel/Hezbollah ceasefire).
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