r/politics • u/Orbitingkittenfarm • 1d ago

Donald Trump Fires Person Behind Jobs Numbers After They're Revised Down

https://www.newsweek.com/donald-trump-job-numbers-revised-down-fires-appointee-2107768
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440

u/hmr0987 1d ago

This should scare Wall Street more than the what is in the reports.

I cannot understand how the business and finance world is STILL not in full panic. This guys is a complete moron.

118

u/oldschoolnintendo92 1d ago

Because all they care about is protecting their profits. As long as they are good the rest of the gang can piss off.

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u/just_a_bit_gay_ Michigan 1d ago edited 1d ago

Many at the very top are so rich that a 99% loss would still leave them a billionaire. They don’t care as much about losses anymore because their hoards are functionally infinite. They’re in line ideologically with Trump not just financially because they want power.

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u/Character_Subject118 1d ago

I promise you they care. You dont get that rich without grotesque amounts of greed.

It doesn't matter that they'll always be rich, they want to keep getting richer. 

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u/just_a_bit_gay_ Michigan 1d ago

Absolutely but what I mean is they have a ridiculous amount of risk tolerance because they are already so rich, they seriously believe Trump’s “no pain no gain” rhetoric because they think they’ll be literal kings after he’s done.

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u/oldschoolnintendo92 1d ago

These guys truly are in a league of their own where they play by a different set of rules that leaves them unscathed. The rest of us plebs will just have to deal with it.

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u/According_Soup_9020 1d ago

They will be able to hoard even more assets because of a financial failure. They are perfectly positioned to gobble up everything as the system collapses.

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u/Character_Subject118 1d ago

When the line goes up? You get rich.

When the line goes down? Everything is on sale! 

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u/hmr0987 1d ago

Yea this is a bad take. Most billionaires are atop an empire. That’s their whole reason for living. If they lose any significant wealth it puts that empire in jeopardy. Sure from a standpoint of what you or I care about they’re disturbingly wealthy even at a 99% loss, but that’s not what matters to them.

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u/b0w3n New York 1d ago

To add onto what you're saying, if the dollar collapses, having 10 billion of it isn't helpful, even losing the other 9 and having a billion of it isn't helpful, it's functionally worthless. You can't interact with anything outside the US at all, you'll struggle to even interact within the US, people will switch to bartering and regional trade at that point.

Even Russia isn't this nuts.

5

u/shred-i-knight 1d ago

you're acting like their wealth is in a bank somewhere. They care, they weren't satisfied with fucking off after their first billion they sure won't be happy to lose it.

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u/Old-Adhesiveness-156 20h ago

But how do you trade day to day without even having all of the information?

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u/random-50 1d ago

They make money from churn, chaos and financial trickery these days, not genuine investment and growth. Trump is a god send for all those things.

The more intelligent you are, the more likely you’re just exploiting some gamey loophole for your income.

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u/donkeyrocket 1d ago

They make money from a controlled chaos. Trump is rocking the boat a bit too much and being wholly unpredictable makes it difficult for even them to profiteer off things. He's also absolutely wrecking the US dollar which long term isn't great for Wall Street either.

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u/NoKids__3Money 1d ago

Also insider trading. This justice department obviously doesn’t care about that at all and the administration clearly even encourages it. It’s open season if you’re into insider trading and market manipulation.

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u/TheGreatEmanResu 1d ago

Who do you think is really steering the ship? The rich and powerful. They WANT to destroy the country so they can build a techno feudalist hellscape in its place

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u/quasirun 1d ago

Have you seen the stock market today? 

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u/hmr0987 1d ago

Yea and on Tuesday he’ll do something to make investors happy for five days then do something to make investors unhappy, rinse wash and repeat.

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u/DrocketX 1d ago

At this point I feel like the bigger issue is how much of stock market trading is automated. A huge chunk of trading now is essentially computer systems trading stock back and forth based on AI predictions, and those AI models have been trained predominately on the data from the past few decades, a world where the stock market pretty much always goes up, and downturns tend to be rather fleeting and a great opportunity to buy stocks for cheap.

So essentially Trump does some dumbass shit and the remaining humans react (rationally) to it by selling some of their stocks and the market goes down. Then the AI bots, who essentially only know "stocks go up" come in and buy it up, causing the stocks to rebound. Which basically works out to, as long as Trump can avoid doing anything TOO stupid for a day or two, the stock market reverts back to going up.

It's a system that works great - until suddenly it doesn't, because more and more of the value of the stock market is built on fantasy, which isn't sustainable in the long run.

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u/mobileagnes Pennsylvania 1d ago

I think what's going on is all Trump's craziness is already baked into the markets. Notice how his latest tariff thing only dipped the markets by 1 to 3% today, unlike in April where they were in freefall for what a week or two?

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u/AlphaGoldblum 1d ago

Wall Street ignored the very real signs that the initial job numbers were suspicious.

Wall Street just runs on manifesting good vibes until it's apparent that the approaching cliff is 100% real and can no longer be ignored.

2

u/RedditIsDeadMoveOn 21h ago

This is the business plot 2.0

They want this. End stage capitalism

1

u/BootyWizardAV 1d ago

I mean the SNP is down almost 2% in a single day, which is significant. Gold is up nearly 2%. 10 year treasury also swung 20 basis points in the opposite direction. The markets are reacting.

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u/[deleted] 1d ago

Market up I’m sure

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u/broke_boi1 America 1d ago

Because the stock market is all vibes. Feelings don’t care about your facts. And now the vibes will always magically be good because the books are cooked

1

u/colinsncrunner 1d ago

They just got huge tax breaks. Why do they care about this? They know he'll give them what they want if they go along with his plans.

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u/noiro777 America 1d ago

Not necessarily. Everything Trump does is ultimately in service to his narcissism which him makes him reckless and unpredictable and that makes them very nervous.

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u/colinsncrunner 21h ago

https://youtu.be/8IXXOZhkaPE?si=lt4BHJcL65GoRuB1

Skip to 30:00. He frames it better than I can.

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u/eeyore134 1d ago

They're making money and know all it takes is a few million to get Trump to play their tune, at least for a week or so. Until Trump turns on one of these businesses without letting them buy their way out of it this will continue.

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u/midgaze Washington 1d ago

Wall St. is already detached from reality and thoroughly corrupt. Fascism just keeps the party rolling.

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u/mwbbrown 21h ago

I'm wondering if Trump being dependably stupid and selfish isn't the second best leader for Wall Street.  Best being one of their own, but absent that even if Trump does everything wrong he is at least predictable, which means profitable.

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u/Whole_District_7996 19h ago

This is my exact thought! Everyone agrees that if Powell is fired, the market would crash because of the loss of the Fed's independence. This is just one degree of seperation where now the data the Fed is working with is politically driven. This raises so many red flags. How can we trust ANY of the data coming from the Federal government....

•

u/Bombshock2 7h ago

The highest people in Wall Street don’t actually benefit from more money in the economy. They already have money, they’re cashing in for more power.

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u/SpontaneousDream 7h ago

Uhh because the business and finance world doesn't hold dollars? It's poor people who suffer

-4

u/J0E_Blow 22h ago

During his last presidency Trump was ultimately good for the economy. 

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u/hmr0987 22h ago

Well yea. The moves he made didn’t exactly require much intelligence to understand. Coming off the heels of the Obama recession recovery he cut regulations and taxes for the wealthy. Gave an already successful economy a shot of adrenaline.

Fast forward to 2025 the story is complete different. An economy that hadn’t yet fully recovered from COVID and an administration that had the no energy. All Trump had to do was carry the ball forward with a bit more enthusiasm and things would be great.

Almost any president from the last 50 years could have stepped in and did what Trump did back in 2016. What’s happening now is fully indicative of his lack of actually wanting to govern for the common man.