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Opinion >  Letters

A coming financial tsunami

In response to “Trump’s Fed tweets shown to have significant effect on trading,” Sept. 23: There’s a financial tsunami coming, and you will get caught in it. Five factors have collided into a perfect storm of fiscal irresponsibility by our government and large investment firms.

The most important factor is the record $22 trillion federal debt. President Trump’s tax plan creates a deficit of over $1 trillion every year. The only way out is to raise taxes, cut military spending or gut social security and Medicare.

The second factor was the FDIC revoking the Volcker Rule prohibiting banks from gambling with customer deposits. They are now free to resume gambling with your money.

Third, was Trump vacating the Obama rule requiring investment advisors to put client interests first. Investment counselors can now manipulate your funds to maximize their own personal profits.

Fourth, investment firms now use computer algorithms to automatically buy and sell stocks based on Trump’s tweets. Stocks used to be driven by economics, now they are driven by political tweets.

Finally, Bureau of Labor statistics have become woefully inaccurate. They recently admitted over-estimating job growth by 500,000 jobs. GDP growth is also overblown. A politically driven Statistics Bureau provides no useful data.

These five factors spell disaster for small investors.

Paul Oman

Clarkston, Wash.


 

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