Breathtaking Incompetence, page-361

I broadly agree.

Certainly there will be some bargain hunters but there is a very real risk that they will get caught in a bear trap. The markets were falling off record highs for a very good reason and other than some fake news about a 90 day delay in tariffs nothing fundamental has happened to fix the underlying problems. There were so many times in 2007 that people said, "well this must be the bottom, best get back in now". Each time the bear market resumed and they lost their shirt. It took a year and about 50% of the market value. I say again, this market correction was occurring for a very good reason and there is absolutely nothing to indicate that it is anywhere near played out. Nothing is fixed and completely forget all current earnings reports for this year, its next years company earnings that are disappearing quicker than Trump tax returns.

Dow might go up a bit tonight but it could also turn nasty at any point. I wouldn't be putting real cash into it again yet, even if the cash belonged to Lux. Trump and his people will call the bottom at every opportunity like you say.

Trump knows very little except talking himself up and bullying others. He will get away with these tactics with dozens of small countries which cannot stand up for themselves but they are generally inconsequential to anything except his ego and convincing his disciples that its working. The big players are standing upto him like China. They gave him the middle finger. Now he having a tanty just like he does every thing he doesn't get what he wants. It isn't playing out the way he wanted so he is just going to threaten them again more more tariffs. He has nothing else in his arsenal. Guess what China will do? Trump isn't going to be happy but he's a fool. China are much better positioned financially that the US is to withstand all of this and if the Chinese people have to cop some losses and general hardship for a few years its not like Xi needs to worry about what happens at the next election.

Europe hasn't retaliated yet but they won't be pushed too far. Trump can't beat China at this game but he and his cronies aren't smart enough to know it. Thats the real problem here. We are dealing with people who are used to failing, going bankrupt, breaking rules to suit themselves, etc but the entire world isn't going to agree to take the losses from Trump's 7th and greatest bankruptcy. Almost every western country is currently mulling ideas to distance themselves from the US just like half the GOP members are currently trying to figure out how to distance themselves from Trump.