Donald Dos and Donald Don’tsProtect the dollar, close the Education Department and don’t fall for crypto.
Andy Kessler
Dec. 1, 2024 1:13 pm ET
In a classic Wall Street bull-market move, I went to Atlantic City, N.J., and sat behind Donald Trump at the Mike Tyson vs. Tyrell Biggs heavyweight fight at Trump Plaza on Oct. 16, 1987. I still have the souvenir: a red hat. The market crashed that Monday. Ominous, right? Here are some Donald Dos and Donald Don’ts to avoid a repeat on his watch.
Donald Do protect the dollar: The Dow Jones dropped about 22% on Black Monday after Ronald Reagan’s Treasury Secretary James Baker refused to defend the dollar amid growing trade deficits and West Germany raising interest rates over the weekend.
The souvenir red hat from the Mike Tyson vs. Tyrell Biggs heavyweight fight at Trump Plaza on Oct. 16, 1987. Photo: Andy Kessler
Presidents get the dollar they wish for. Emulate former Treasury Secretary Robert Rubin, who repeated ad nauseam, “A strong dollar is in the best interest of the United States.” It really is. Have your Treasury Secretary Scott Bessent say it—and mean it—or the stock market may receive a Mike Tyson-like knockout blow. A lower dollar won’t bring manufacturing jobs back to the U.S.; productivity and artificial intelligence robot-assisted factories will.
Donald Don’t impose tariffs: I get it, your tariff bluster is a negotiating tactic. Heck, Mr. Bessent even called tariffs a “maximalist negotiating position.” Sure, except you know it, I know it and so does everyone else—including China. Tariffs are an unnecessary sales tax and can be inflationary, which is why long bond yields are rising. Tariffs kill trade and economic booms. Go easy on the Tariff Man shtick, and banish tariff touters Robert Lighthizer and Peter Navarro to the Social Security Administration.
Donald Don’t create migrant camps: The border mess is one reason you were elected. A recent CBS poll found that 57% of Americans approve of deportations. But do it right. Camps on the nightly news will ensure that public opinion destroys you. Do it in phases. Instead of mass deportations, start with the careful screening and removal of criminals. You’ll be hailed.
Remember this? After President Biden referred to Laken Riley’s killer as an illegal during his State of the Union address, Nancy Pelosi went on CNN and said, “He should have said ‘undocumented,’ but it isn’t a big thing.” Except it was as the press piled on their indignation. It’s all about Orwellian wording.
The reason you’re deporting is some 10 million migrants were encountered crossing the U.S. border illegally under Mr. Biden. So turn the tables. Say you are returning Mr. Biden’s uninvited guests. Reversing the Joe Flow. Removing illegal “Bigrants.” That even sounds Trumpian. Remind everyone why you are doing this.
Donald Do scrap DEI: Do it across the entire federal government by Executive Order 13985a, word swapping Joe Biden’s “whole-of-government equity agenda” signed on his first day with a “whole-of-government equality agenda.” Simple and effective.
Donald Do close the Education Department (and let DOGE close or clean up many others): Encourage charters. Liberate the curriculum. Encourage AI—what the Khan Academy is doing—which will become our children’s best and most efficient teachers. In the spirit of Grover Norquist, shrink government to the size where it can be drowned in a bathtub.
Donald Do encourage electric vehicles: But don’t mandate or subsidize them. The average price of a new car in October was $48,623. Putting tariffs on Chinese EVs, especially from the world’s largest EV maker BYD, who sells cars for as cheap as $10,000 to $20,000, is stealing from Americans in exchange for a handful of jobs. Dumb.
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Donald Do protect Taiwan: A Chinese attack would trigger a world recession. Remind China that it will be hurt worse as equipment-maker ASML added remote-kill switches on their equipment for chip maker Taiwan Semiconductor Manufacturing Company Limited, rendering the equipment worthless after an invasion.
Donald Do let Israel and Ukraine win: Don’t restrict their weapons or how they use them, and the wars will end quickly. Let these countries focus on technology and innovation rather than having to defend their citizens.
Donald Do encourage domestic energy: Boost fracking. Boost nukes via faster permitting. Boost geothermal energy, which will enable our cleanest fuel source.
Donald Don’t continue the CHIPS+ Act or any industrial policy. Do provide advanced orders to chip companies. The National Aeronautics and Space Administration did this in the early days of Silicon Valley. It worked out.
Donald Do encourage digital interstate commerce: Do it for medicine, education and everything. Scrap car mileage standards. Create more national parks. Go to Mars. Don’t kill the North Atlantic Treaty Organization.
Finally, Donald Don’t fall for crypto: You raised money from a bunch of guys who buy and trade worthless puka shells and claim that they have all sorts of magical financial powers (beyond money laundering). They are still securities. Your latest harebrained idea is no capital-gains taxes on U.S.-based crypto. Why? If prices collapse, a lot of your constituents will be hurt. Maybe worse than by tariffs.
Donald's Dos and Don'ts
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Originally Posted by fj1200
