 Okay, boys, I mean come on people stop asking me about Trump I've said everything I've got to say about Trump and it boils the hell out of me And I think it was the hell out of at least half the audience All right, but here goes the super chat question Trump is reducing regulation helping corporates lowering taxes Trying to get fair trade zero tax off-site. So why are you against him? Okay, stop with the last one I don't believe he's trying to to get Fair trade. Oh my god. There is no such thing as fair trade Fair trade is a bony Sanders term. It's a term that says and not only a tariffs equal between countries But then all the environmental regulations and all the labor regulations and all the conditions under which people own All of that must be equal. That's fair trade That's fair trade and that's by the way What what Trump wants he wants to make it very difficult for China to export to the United States because he wants They wait just to go up environmental regulations to be there and if they're not gonna do that then we're not gonna trade with China No, that is economic Ignorance is that is about social planning? I get angry because I've said this so many frigging times and this is so This is this is basic economics. This is you know, I'm not gonna repeat it. I've done whole shows on this I'll just give you the highlights The only Rational trade policy from an economic and moral perspective is the lower tariffs to zero now immediately unilaterally It would be great of every country did it but the only responsibility the American government has is for all the tariffs placed on American citizens By increasing tariffs you're increasing taxes. It is never ever ever right to increase taxes It is never moral to increase taxes. It is never strategic to increase taxes Never ever ever increase taxes. I mean, that's I don't know Cursion 101 Objectivism what economics 101 you don't increase taxes So tell us the taxes the only I'll repeat this one more time and and I you know, you we can do an econ class But just open any econ book. This is something that economists actually agree on left right middle libertarian objectives Everybody agrees on this except like two economists who happen to work at the White House and a bunch of cronies who will do whatever Trump says But this is complete economic ignorance now I also so the only Rational model and economically sound trade policy is zero tariffs on all goods except Goods that are stolen. They should be banned. They shouldn't be a tariff on them. They should be banned So if China's stealing intellectual property rights ban those products Don't put tariffs on it. Don't tax me because China is doing something wrong. Don't allow me to buy stolen goods That's what governments do. That's what police do right Second there's zero evidence except and I said this in the beginning to show Zero evidence accepts three statements by Trump that he believes in zero tariffs now Trump says everything he said Million different things about trade. Why do you believe those three statements and not the other hundred statements where he believes in protectionism? All the evidence suggests all the evidence suggests except for those three statements, which I think are random I think what's his name? His economic advisor whispered in his ear the guy from CNBC the economist Larry Kudler whispered it in his ear. So for a moment, he said it, but he doesn't believe it Nothing he does suggest he believes it the deal with with Mexico is not a free trade deal It actually increases the costs. It is not it hasn't caused Mexico to lower tariffs. It's one of the most crony deals in history. It's taking NAFTA, which was cronyism Better than the alternative, but still cronyism and it's still cronyism It favors some industries at the expense of other industries It sets out all sorts of rules and what stuff can cross the border what can't what tariffs go up what tariffs go down It's changed the chairs on the deck of the Titanic. It hasn't saved the Titanic. It hasn't brought about free trade So no, he doesn't believe in zero tariffs on all sites when when and when the European Commissioner offered zero trades on auto Trump said no and you know what he said also Europeans don't buy enough American cars to make it work because his primitive ignorant View of economics is that the way trade should work fair trade is that the Europeans buy exactly the same number of cars So Americans is Americans buy from Europeans Now that is so dumb That is so stupid, but that's what he said in this in this interview basically what he implied in this interview There was zero reason to believe he understands trade and he wants zero tariffs on all site So please never ask me that again because that's just it's just a misrepresentation of what Trump is saying and he purposefully confuses he knows what he's doing he says a Little bit to appease everybody to create confusion because he's a great marketer and he knows That when people are confused his charisma can get it through. He's a demagogue and it's exactly what demagogues do He lowered corporate taxes. I'm all for lowering corporate taxes indeed indeed Most Democrats are for lowering corporate taxes. There was unanimity in the country around lowering corporate taxes Even before Trump there was talking to Obama about lowering corporate taxes But he couldn't kind of deal with Republicans because he wanted to also I don't know increase other taxes and Republicans didn't want to work with Obama But if you cut taxes so corporate taxes great good win wonderful, right? But on the personal taxes nothing was done a little bit lowering The only tax that really matters from an economics perspective is the top marginal income tax rate also from our perspective The rich should pay less taxes That was reduced by a fraction and it doesn't matter Because spending government spending government spending is higher than it was under Obama So you've lowered taxes, but you're spending more Where does the difference come from you're borrowing more the Treasury has done some of the largest auctions ever since the stimulus package Obama stimulus package, which I assume you're all against Because it was Obama not because I think you understand why stimulus doesn't work. Sorry if I'm insulting my audience I know I Get carried away. I don't mean all of you don't know that is why stimulus doesn't work But some of you don't some of you objected everything Obama did because it was Obama and some of you Prove of everything Donald Trump does because it's Trump So we're spending a lot of money and we're borrowing like crazy. So we lower taxes. It makes no a very little Excuse me Economic difference or moral difference Because if you borrow it means you're gonna have to tax in the future to pay the debt back So while you lower taxes today, you're increasing taxes in the future. Now. How is that right? How is giving a break to people today and taxing future generations, right? But it's also wrong because spending today sucks money out of the private economy through the issuance of bonds Which is not invested into productive activity So cutting taxes is good, but not that good I'm never claim never argued that cutting taxes is important because it's not What's important is cutting spending and Republicans won't cut spending and until they cut spending they were here They will get hell for me Right. I will attack them till kingdom come Because the only thing that matters is cutting spending not Now Trump is reducing regulations. That's true and I've praised them any time so reducing regulations. I think he's doing it by accident I don't think he cares one way the other There's no he hasn't pushed Congress to pass legislation that reduces regulations Which would have a long-term impact and long-term effect because it's very difficult to overturn legislation He's hired some good people to the regulatory agencies and they are through Administrative powers reducing regulations Those administrative powers could be used like that to reverse everything that they're doing but why isn't Donald Trump out there instead of Instead of everything that he is doing Why isn't he tweeting that the Republican Congress should pass massive deregulation? That would make a difference that would make a huge difference and will be sustaining and It would change the entire business environment not just for his administration, but for years and decades potentially to come That's what Jimmy Carter did. I Know but if you go back and look at Jimmy Carter He massively deregulated through legislation and so did Ronald Reagan So the regulatory agencies are deregulating. I'm all for that. I think that's wonderful. I think that's good But why aren't we doing? What is necessary you've got a Republican House a Republican Senate and a nominally Republican president why isn't it happening? What are the excuses where's the leadership? Donald Trump is this master leader. He's this great leader Why isn't he rallying the country around cutting spending and cutting regulations and let me add at the Treasury Department Who is in charge of financial regulation? I Don't see the deregulation. I see fatty and fanny fatty Freddie and fanny bigger than they've ever been and a Treasury Department that is supporting their continued existence 10 years after the financial crisis The idea I ten years ago if you told me That Freddie and Fanny would still exist. I would have said you're nuts Ten years ago if you had said Freddie and Fanny would still exist in spite of having a Republican House a Republican Senate a Republican president I would have said You're completely insane But there they are and and the Treasury Department wants to continue their existence They have supported bills in Congress to continue their existence Dodd Frank is supposed to be reformed supposed to be done away with all this too big to fail stuff Nothing nothing Leadership so the real big regulations Obama came He's chipping away at their fringes chip now. It's good. I'm all for chipping away the edges whatever whatever takes But to praise him for it to make a big deal out of it. It's ridiculous if they done away with Obama came Wow If they done away with Dodd Frank or big chunks of Dodd Frank Wow if they passed one Law that significantly deregulated industry Wow, but they haven't They've chipped away at the regulatory agencies at little details and Yet again, I'm all for that But let's not delude ourselves so many of you at deluding yourself that that makes such a big difference It's short run But not in the long run None the long run not in the medium run It's just ain't gonna happen so That's why That's why I'm against and now that's not why I'm against it, right? That's some of the details of what am I against am I against him for a thousand other reasons I'm against him because he's making the presidency of the United States He's demeaning the very nature of the presidency of the United States. I'm against him because he's Institutionalizing in authoritarian mentality and people people accepting an authoritarian view of the world because of him and He is in his nature and authoritarian He's not acting like an authoritarian case. He can't but he is his nature is authoritarian I Dislike him as president because he's vulgar and he's nasty and he's stupid and he's he's backstabbing his own people He has no loyalty You know, it's it's He undermines the rule of law. He undermines the very nature of our government He despises the division of power and the separation of powers that our beautiful constitution allowed for I can't think of of All the different ways in which I think he's a bad president. Yeah, he deregulates some Good for him good for us. Good for us and lower corporate taxes is good. It's good. It's good. It's nothing bad about that But the idea that that redeems everything else or that those are good of such magnitude that we should be celebrating I Think is delusional Alright, I didn't want to do that, but somebody paid for me to do that. So, you know when you pay me I do it