You’re 67.
You have $500,000 in your portfolio.
Is it enough?
Here's a detailed plan of how to retire with a $500,000 portfolio showing exact tickers 👇
https://t.co/7nNA2uJdzR
Just to summarize what’s happened in the last few weeks:
They concocted this whole thing based on a fundamental misunderstanding of the global economy. They think manufacturing jobs will come back (they won’t). They think free trade made us poor, when it actually made us rich. They think the current account deficit is unsustainable when it’s a rounding error in our aggregate net worth and also accretive to our net worth. They think being the reserve currency is bad when it’s a sign that everyone wants to do business with us. And they think poor foreigners were taking advantage of us when we’re the richest economy in human history.
And to "fix" all of these "problems" they implemented the one policy idea that almost every economist alive says is bad.
And then when they implemented that idea they misunderstood the math behind the rationale and came up with numbers that were irrationally huge. So they had to backpedal.
And when bond yields moved a tiny bit higher they panicked and "fixed" all of this by making the numbers slightly smaller, but they clearly hadn't done the math again because the numbers are still way bigger than any economist would ever recommend they be. Then they patted themselves on the back because of intraday moves in stocks while an economic hurricane continues to barrel towards us because they have no idea what they’re doing.
Amazing stuff.
Trump inherited an economy with 3% inflation, 3% real growth and 4% unemployment
Plus a very real chance of a massive AI boom
And now he's put all of that at risk
I still can't believe he bungled things this badly 4 months in
The last line here by American journalist Elmer Davis has become a ubiquitous quotation, correctly so. The rest and the source can be hard to find, but worth the effort. The first line in particular also resonates today.
"The frightened men who are trying to frighten us, because they have no faith in their country, are wrong; and even wronger are the smart men who are trying to use the frightened men for their own ends. The United States has worked; the principles of freedom on which it was founded — free thought as well as political liberty — have worked. This is the faith once delivered to the fathers — the faith for which they were willing to fight and, if necessary, die, but for which they fought and won. ... We shall have no heirs and beneficiaries, and shall deserve to have none, if we lack the courage to preserve the heritage they won for us. ... This will remain the land of the free only so long as it is the home of the brave." --Elmer Davis, "But We Were Born Free" 1954. p114-115
Seven Rules for Dealing with Autocrats and their enablers.
I wrote these when working with those worldwide fighting for Democracy in their nations, and they are just as applicable today with what we face in America in the coming months.
- Rule #1: Play the Game You Are in, Not the One You Wish or Want to Play - This means when one side is playing the zero-sum, illiberal game, there is no win-win to be played. You will either win, and democracy survives, or you lose to the autocratic forces.
- Rule #2: Always Speak Truth to Power Because You Never Know the Tipping Point - You must confront the Big Lies of illiberal forces by speaking truth to their base of power -- the people. There is a tipping point where your Truth or the Big Lies prevail.
- Rule #3: Don't Hand the Autocrats Battering Rams with Which to Beat You - The game you are in, the battle you are fighting, isn't about policy or ideology. They will use what you say to divide you from your allies, who you need to win the battle for democracy.
- Rule #4: Understand Authoritarians Must Live in a Truth-Free Present - The past presents truths about the big lies and fear the illiberal forces use. The future for autocratic forces only matters for maintaining power at the moment. They only care about keeping/gaining power.
- Rule #5: Practice Zero-Sum Judo - Use their tactics against them -- Big Truths, Marginalization, make them dependent, mock the disinformation, divide and conquer their power structure. Use their desire for the legitimacy of democracy against them.
- Rule #6: The Stalin Rule: Stand Together with Anyone Who Will Join You to Disturb, Disrupt, and Diminish the Illiberal Structures. Even if you share nothing in common beyond a love of democracy and how much you loathe their politics in normal times, you fight side-by-side with them.
- Rule #7: Wake Up Every Day Thinking Where Can the Vertical Power Structure Be Exposed, Confronted, and Destabilized - Each of us and all of us on Team Democracy must wake up every day and ask what can I do to be on the side of restoring faith and confront the fear they use.
Ultimately, I am an optimist. When the fear of the illiberal autocrat erodes because people show they are not afraid, faith takes hold, and others want and will join the fight. It is one we must win in America. It is one we will win because more Americans stand for Democracy that has made us great than Autocrat who is constantly tearing us apart and down.
"I encourage Washoe County residents to take the time to watch tonight's community meeting regarding the #DavisFire and the predictions for the days to come. The information shared by the experts and the hardworking men and women fighting this fire day in and day out is meant to inform, prepare, and best ensure the safety of our community. Our local, state, and federal partners are working tirelessly and utilizing all available resources to protect the members of our community. For those in affected or potentially affected areas, please stay alert, look out for one another, and stay safe, Washoe."
— Sheriff Darin Balaam
https://t.co/4EoKwlVly8
A recording of the meeting will also be available on YouTube at the link below once the meeting concludes:
https://t.co/aPx3RcmhI2