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09 November 2016 @ 08:51 pm
Thanks, USA  
Thirtyfour billion dollars wiped off the Australian stock market today - market was in freefall from midday (Oz time) due to the increasing likelihood of a Trump victory. The election result wasn't called until after the markets closed today, so tomorrow should be interesting.

I don't know whether to laugh hysterically at the election of a racist, misogynistic dickhead who thinks that having money means he can grope who he pleases, or to worry for the future of the world. One major superpower in the hands of someone who thinks that climate science was invented by the Chinese to hurt the US economy - as if North Korea's president wasn't enough to worry about. Now we have Trump as well.

Still, history will judge him on his record as president, not on his antics during the campaign, and hopefully this man has advisors with more than half a brain between them. Plus a strong congress. The unemployment rate, currently 4.9% (as at June 2016) will be a test of his policies, and a keen eye will be kept on the deficit (currently US $119.9 billion) and balance of trade which has hovered around -$36 to -$50 billion since Obama was elected. I want to see what happens to that metric in particular if / when his protectionist policies are introduced.

But enough of that! God knows we had that buffoon Tony Abbott as PM so can hardly point the finger at other nations. And on the bright side, there are some marvellous buying opportunities in the share market tonight! With any luck the greenback will tank tomorrow, too, in time for me to squirrel some US dollars away for my next trip. There's always a silver lining.
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Current Mood: pessimisticpessimistic
 
 
miwahni: Aussie Aussie Aussiemiwahni on November 12th, 2016 01:24 am (UTC)
I've been told that the US system of government has too many checks and balances in place for him to get away with too much. I hope that's the truth; he's already done so much harm to America's reputation. And I hope he has the good sense to surround himself with experienced politicians with level heads, and not his sycophants and cronies.
I do have to wonder, though, what will happen if he can't keep his promises to Disaffected America. People who voted for him because he tapped into their fears. Time will tell I guess.
k1p2pssok1p2psso on November 12th, 2016 06:31 am (UTC)
That's why there is so much gridlock. Want to repeal Obamacare? Since such a bill requires Obama's approval, it will not happen under his Presidency.

Under Trump, who knows? As of now (Nov 12, 2016) Trump isn't talking repeal anymore. He's talking about keeping the most popular parts - covering kids until age 26 on their parent's insurance and covering pre-existing conditions. The GOP wanted total repeal (and some sort of replace - maybe later on).

The American President cannot make laws. That's Congress' job. He makes policy. Congress funds laws (or not). Bush signed a bill called 'No child left behind,' but Congress never gave it enough funding. The result was more children eligible for help, but less time and resources were available per student. My sister's workload doubled overnight, though her work hours did not increase. There was no additional staff to carry the increased load.

Yet somehow we managed to go to war, and not pay for it. Until the next administration. Is it any wonder our economy cratered back then? Trump is reaching out to the same experienced politicians who contributed to that crash. I don't need a crystal ball to foresee our future and it's not looking great. America just cut off its nose to spite its face. We never learn.
miwahni: Aussie Aussie Aussiemiwahni on November 14th, 2016 12:18 pm (UTC)
I only have the shakiest grip on the US political system, it's quite different to the way things work here. I guess all we can hope is that Trump has the sense to see where his skills are lacking, and leave those bits to wiser heads. He's a great salesman, and perhaps will content himself with marketing the country? Meanwhile those with the knowhow can quietly get on with the job.

Hey I can't talk. Our PM is doing a deal with the US to resettle a host of refugees that have been living in offshore detention centres. We won't even take responsibility for our own refugees! Australia has a terrible human rights record, almost makes me want to move to New Zealand.