Elderly Swiss man busted with gun at Phuket Airport

[webfact]

Business euphoria over Trump gives way to caution, uncertainty

By Patrick Rucker and Sarah N. Lynch

REUTERS

 

U.S. President-elect Donald Trump speaks to diplomats at the Presidential Inaugural Committee (PIC) Chairman's Global Dinner in Washington, U.S. January 17, 2017. REUTERS/Jonathan Ernst

 

WASHINGTON (Reuters) - Early optimism among business lobbyists and executives that Donald Trump's election heralded better days has slowly given way to uncertainty as the president-elect fires off mixed and sometimes confusing messages on healthcare, taxes and trade.

 

An initial euphoria in the business world fueled a powerful post-election stock rally. Some of that has frayed as questions arise over the nuts and bolts of Trump's campaign promises, although many in the business community said they remained optimistic.

 

Doubts deepened over the weekend as Trump declared he would replace President Barack Obama's signature healthcare plan known as Obamacare with "insurance for everybody" - a goal far beyond Republican designs - and criticized a key component of a plan in Congress to overhaul corporate taxes. In a later interview, he appeared to adjust both stances, possibly adding to the confusion.

 

"It is fair to say that since the election, there has been mounting uncertainty about exactly what the specific policies are likely to be with regard to tax reform and replacing Obamacare," a financial industry official said.

 

Expectations for faster growth, tax reform and a quick repeal of Obamacare, officially known as the Affordable Care Act, have "given way to 'We are not really sure what he means by that,'" the official said.

 

A veteran Republican financial lobbyist said she was under constant pressure from clients to predict what the new administration was planning but had no reliable answers.

 

WRENCH IN OBAMACARE REPEAL

 

Trump appears to have thrown a wrench into Republican plans to repeal Obamacare with mixed signals on the details and timing of a replacement plan.

 

Congressional Republicans have focused on limiting government involvement in the healthcare system and eliminating the law's individual mandate that forces people to have insurance.

 

But Trump told the Washington Post he was almost done with a plan to replace Obamacare with "insurance for everybody," while forcing drug companies to negotiate directly with the government on prices for Medicare and Medicaid.

 

Trump's recent attack on the border adjustment tax was another sign of his unpredictability, the financial lobbyist said.

 

That measure would tax imports and exempt exports in an effort to encourage companies to keep jobs and production in the United States. In an interview with the Wall Street Journal on Friday, Trump called the proposal "too complicated."

 

"Anytime I hear border adjustment, I don't love it," Trump told the Journal. "Because usually it means we're going to get adjusted into a bad deal. That’s what happens."

 

Chris Krueger, an analyst at the investment firm Cowen and Co, said Trump's comments to the newspaper about the border adjustment proposal were "breathtaking."

 

"Trump is like a policy bull who seems to bring his own china shop with him to destroy it with every interview," Krueger wrote in a research note.

 

In an interview with the news outlet Axios on Tuesday, Trump appeared to adjust both positions. He said the border adjustment idea was still "on the plate." As for Obamacare, he said his comments were in response to proposals in which "people with no money aren't covered," which he said were unacceptable.

 

Lobbyists said the Trump transition team's lack of interest in their input was clear in the past two weeks as it summoned trade groups to daily "listening sessions" at the American Enterprise Institute think tank. The agriculture, financial, transportation and tech industries were among the sectors that got a one-hour session, according to participants.

 

'GOAT RODEO'

 

In the sessions, Wall Street lobbyists were encouraged to talk fast: a giant television screen overhead counted down two minutes of allotted time.

 

"It was a goat rodeo. We all got a couple minutes to speak. What can you really say in that time?" said another financial services lobbyist. "They wanted to check the box - 'We’re listening to Wall Street.' But who even knows where these transition people will be in a few days?"

 

Lobbyists also have been alarmed that the transition team has not included them in preparations for confirmation hearings for many nominated Cabinet officials, including potential Treasury Secretary Steven Mnuchin.

 

"If you want someone to explain how Elizabeth Warren can hammer you 12 different ways, ask a lobbyist," said the financial services lobbyist, referring to the Democratic U.S. senator from Massachusetts and frequent critic of Wall Street.

 

Even Trump's website sowed confusion about his intentions. A promise to dismantle the Dodd-Frank regulatory reforms was removed at the end of last year and has not been replaced. A Trump representative blamed a redesign, but bank lobbyists are not so sure - other content made it through the redesign.

 

Some companies have been reassured by Trump’s Cabinet nominees, who are seen as more predictable and supportive of the business establishment than the impulsive president-elect.

 

Senator Jeff Sessions, Trump’s pick for attorney general, has deep differences on values with the technology sector but is seen as an important Trump counterweight because he is a “deliberate decision-maker not prone to big dramatic mood swings,” a source at one major Silicon Valley firm said.

 

Many lobbyists and business officials said they remained optimistic and cautioned against reading too deeply into tweets or comments that Trump makes on policy.

 

"If Obama or Bush opined on a policy ... most of Washington assumed that raising that question was a well-vetted intentional decision to send a signal,” a senior U.S. Chamber of Commerce official said.

 

Trump, by contrast, may simply be raising policy issues because he has questions on them, the chamber official said.

The same financial industry official who acknowledged the uncertain climate also said he was still optimistic.

 

"There were a lot of candidates who were interviewed. There were names floated out there and ... it was kind of a chaotic process," the official said, referring to the process of picking candidates to fill Cabinet and other administration positions.

 

“But overall, I think one can make the observation that in making the final selections, Trump has shown ... a very surprising even-handedness."

 

(Additional reporting by Julia Edwards Ainsley, Dustin Volz and Emily Stephenson; Writing by John Whitesides; Editing by Kevin Drawbaugh and Peter Cooney)

 

-- © Copyright Reuters 2017-01-19

[craigt3365]

49 minutes ago, webfact said:

Expectations for faster growth, tax reform and a quick repeal of Obamacare, officially known as the Affordable Care Act, have "given way to 'We are not really sure what he means by that,'" the official said.

 

Amazing so many drank Trump's kool aid regarding what he could really accomplish.  Caution is in order it seems.

[SaintLouisBlues]

9 minutes ago, craigt3365 said:

Amazing so many drank Trump's kool aid regarding what he could really accomplish.  Caution is in order it seems.

Politicians have been promising "real change", "for the better" for many years. People have lost faith that traditional politicians are able to deliver. They haven't lost their hope in "real change", "for the better", they're just trying someone different

[Boon Mee]

No kool aid just 20/20 vision re Trump's style of keeping them off-balance.

Next 8 years are certainly  going to be a transformation in many sectors. 

[craigt3365]

6 minutes ago, Boon Mee said:

No kool aid just 20/20 vision re Trump's style of keeping them off-balance.

Next 8 years are certainly  going to be a transformation in many sectors. 

I sure hope so.  However, recent events aren't pointing in that direction.  Thus, this concern.

 

But you are an avid fan, I'll give you that! LOL

[mtls2005]

"Goat Rodeo". How apt.

[Boon Mee]

19 minutes ago, craigt3365 said:

I sure hope so.  However, recent events aren't pointing in that direction.  Thus, this concern.

 

But you are an avid fan, I'll give you that! LOL

As one of America's leading statesmen once said:

"Enough with the Nattering Nabobs of Negativism"!  

[craigt3365]

31 minutes ago, Boon Mee said:

As one of America's leading statesmen once said:

"Enough with the Nattering Nabobs of Negativism"!  

You have to tell your idol to stop with the negativism and continual criticism of others via tweets! LOL

[mike324]

Can Trump supporters here please explain how american will be great again? Reducing tax for the wealthy? make the poor and rich gap wider? What about healthcare? no concrete plan in place?  What about education? The new Education Secretary wants to push for charter schools - if you dig further,  you will see she wants to end all public schools in favor of charter schools, her family has mess up the education in Detroit badly. She is another billionaire family that Trump is restocking the the swamp that he vow to clear.

 

Republicans wants to privatize everything! How is that better?

[Emster23]

6 hours ago, Boon Mee said:

As one of America's leading statesmen once said:

"Enough with the Nattering Nabobs of Negativism"!  

 I would hardly call Spiro Agnew a "leading statesman". You do recall he had to resign due to corruption kickbacks?

 Markets reacted like a newbie coming to Thailand. "She said she loves me, so must be true, and only wants to be with me". Hmm she sure likes to spend time with her 'brother'. Nice to have good family ties... And look at all the farang male friends she has on her phone, have to be a good person to have that many friends. Yeah, I've given her money, but mostly due to one off happenings: buffalo needs dentures, roof leaks, etc. She said she would show me her bank book, but it is back in Buriram and is being audited.

[dunroaming]

It is difficult to make any sense out of Trumps statements as he contradicts himself every day.  One thing is for sure, some of his commitments should stick as he promises every possible conclusion that could result.  God save America! 

[cncltd1973]

8 hours ago, mike324 said:

Can Trump supporters here please explain how american will be great again? Reducing tax for the wealthy? make the poor and rich gap wider? What about healthcare? no concrete plan in place?  What about education? The new Education Secretary wants to push for charter schools - if you dig further,  you will see she wants to end all public schools in favor of charter schools, her family has mess up the education in Detroit badly. She is another billionaire family that Trump is restocking the the swamp that he vow to clear.

 

Republicans wants to privatize everything! How is that better?

More blatant hegemony and propaganda. How many different ways can a candidate promise commonwealth to the citizens while working to undermine it for the benefit of the wealthiest? Trump found a new audience wanting change, time will tell who's pockets the change will be found.

[cncltd1973]

15 hours ago, Boon Mee said:

No kool aid just 20/20 vision re Trump's style of keeping them off-balance.

Next 8 years are certainly  going to be a transformation in many sectors. 

I have a retail business for 22 years that deals in upper end furniture in an upper end neighborhood in Florida, and being FL, sales are very seasonal. Our money is made from Jan-Apr, and I close for a few months in the fall since our customers are up north. Sales for Jan are way, way down and it's that way for similar businesses I'm friendly with. Being a trickle-down economy, I'm among the first to feel the drips from the rich. I surmise the top 1% are feeling the uncertainty and tightening up the trickle. Trump has been bad for like businesses since winning the election, but I doubt he knows or will take responsibility for it.

The "bull who seems to bring his own china shop with him to destroy it with every interview" isn't helping confidence (except for the Dow spiking, but confidence in the stock market is fool hardy), just TV ratings and audience applause. I agree the next 8 years will be transformative in many sectors, but I don't share in the optimism of what that transformation will yield. That said, I hope I'm wrong and business will be better than ever.

[Srikcir]

On 1/19/2017 at 9:03 AM, webfact said:

Some of that has frayed as questions arise over the nuts and bolts of Trump's campaign promises

Make American Billionaires Great Again.

And maybe Trump can finally get out of debt.

[NumbNut]

16 hours ago, Emster23 said:

 I would hardly call Spiro Agnew a "leading statesman". You do recall he had to resign due to corruption kickbacks?

 Markets reacted like a newbie coming to Thailand. "She said she loves me, so must be true, and only wants to be with me". Hmm she sure likes to spend time with her 'brother'. Nice to have good family ties... And look at all the farang male friends she has on her phone, have to be a good person to have that many friends. Yeah, I've given her money, but mostly due to one off happenings: buffalo needs dentures, roof leaks, etc. She said she would show me her bank book, but it is back in Buriram and is being audited.

 

Very, very good work Emster!  

Edited January 20, 2017 by NumbNut
Exclamation MARK!