I watch MSNBC each morning (this is Thursday January 24, 2019) to get a read on the market. The Dow was up 43 points pre market, then Wilbur Ross, our tone deaf Commerce Secretary came on and said two things that are remarkable . Note that he is a billionaire.
The first was that the China trade negotiations are “miles and miles away….”. Immediately the pre-market dropped 30 points, a swing of 70 points in a few minutes. Then he went on to say things like companies are leaving China to go to Vietnam and other small nations to manufacture their goods. NOT true at all. Ive been manufacturing in China 20 years, and to try to move our production to a small Communist country with hardly any infrastructure is absurd. It will not fly for me and most US based companies and importers.
The Second was even worse, after Andrew told him that furloughed government workers are having to go to food banks and homeless shelters to obtain food for their families, his reply was this, and I quote: “they can get loans from banks and credit unions”. Really Mr Ross?My experience is low wage employees cannot easily obtain loans. Banks lend to those who have assets and are credit worthy. Its basically a fantasy and the fact that he even said this shows how out of touch he and the Trump administration really is regarding the effect of the shutdown. Its pathetic and lacks basic humanitarian empathy.
What can we do to help, if our government wont?