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No DOGE cuts. $100 bln phantom “savings.”

Summary:
Where are the supposed savings?

Topics:
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Where are the supposed savings?
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

24 comments

  1. @RichardWagenknecht

    And who's allowed Musk free reign? Trump. I'm just here for Mike's eventual mea culpa on supporting Trump. Still too proud to admit his mistake.

  2. If USAID had problems it should have been dealt with through congress. You may say you agree with shutting it down, but that’s not the issue. The issue is that it was shut down unilaterally by a government agency created by executive order and that the EO doesn’t mention anything about shutting down departments or even waste, fraud and abuse. The EO is about improving technical efficiency and interoperability. The shut down was definitely not to do with cost savings. It was 100% shut down because Putin wanted it shut down.

  3. They're cutting the labour force through mass public lay offs, putting downward pressure on wages. Tariffs and price gouging are increasing prices. Isn't this making it impossible for the consumer to take part in the market? Is it possible for the market to function without the consumer? What percent of the market is consumer spending?

  4. @financeeconomics1057

    Like I've said before, I have a mixed opinion of Elon Musk. He's not all good, but he's not all bad either.

    I will say he's putting himself at great personal risk, because of his involvement. He's even taking on the military industrial complex, pushing for Pentagon cuts. Only time will tell whether he's been a positive or negative influence.

  5. The other billionaires do it in the shadow. Larry Ellison for one is the biggest donor to Tony Blair's NGO. And in the UK, Blair basically gives orders to the UK government.

  6. Mike, Musk has said that the cuts don't start until FY 2026 so that means October. And laid off workers get severance until then as well

  7. @anonymouslyominous33

    Enron should cut his own govt welfare , since he's the largest recipient in the country. I wonder if he'd complain?

  8. @anonymouslyominous33

    The people over 100 were just in the database , they were not receiving payments which he only realized after he'd already shot off at the mouth. Correction in fine print on page 300

  9. Mike, it is best to avoid political talk, as you will end up losing subscribers. Just do what you are good at, and keep doing it. Don't talk about politics unless you are a political person.

  10. As much as I like you, your BS about English language uncalled for. Some of us never grew up in a household or a school that supported higher lexile levels. Doesn't mean that we are deprived of what the privileges that a person who knows how to use "you vs you're" is entitled to. Stop being a mean person.

  11. @anonymouslyominous33

    It's shorthand man , but ok I'll take your advice into consideration.

  12. Keynes is famous for saying, "the market can stay irrational longer than you can stay solvent". If Tesla’s stock ever corrected to a normal PE ratio for an auto manufacturer it would be somewhere around $15 or $20 per share. When (and if) that ever happens is anyone’s guess.

  13. @paulmaakestad1624

    Every criticism that Mike levies against Musk applies in multiples to Trump, but Mike is still giving Trump a pass. When will that end???

  14. When you have time interested in your take on PCE today? No bilge pump issue still maybe?

  15. The first time I learned about you was from Felix’s show. Seemed very counterintuitive to listen to you but damn you make sense haha. Seems I’ll be subscribing soon.

  16. @Heimir_the_Fool

    It took more than 50 years to get to this point. Give DOGE a break, man. What do you expect with the deep-state giving this back NOW???

  17. @Heimir_the_Fool

    I'm beginning to thing you're a CCP Russia asset by the way you talk. And then you make fun of Elon's appearance. Dude you're low. The fact you're doing this tells me you suffer the same condition …. narcissism, baby.

  18. If billionaires are going to take over and screw us over, , why have them at all? They cleaned out the middle class, the millionaires are next.

  19. If all the savings come from eliminating USAID Woke NGO payments, it's worth it. I've met some of these people who don't have
    real jobs and call themselves activists. I've always wondered where all this money came from. Now we know.
    The Woke mind virus is the number one threat to human civilization, and Musk is trying to defund it.
    All I hear is whining. If the left wants to keep it then conservatives need a 60 billion dollar slush fund to counter
    act their nonsense

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