In a recent installment of Prof G Markets, Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, shared his thoughts with podcast host Scott Galloway on Donald Trump's political strategies and their potential impact on the country. Scaramucci, who once served as Trump's Communications Director, didn’t hold back in his critique.
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Scaramucci argued that Trump's proposal for extremely high tariffs would disproportionately harm poor people. "[Tariffs] are regressive taxes on poor people," he said. In translation, they hit lower-income individuals the hardest. This, he suggested, contradicts Trump's image as a pro-business leader, as the economic burden would fall on those least able to bear it.
When the host asked him whether he thinks Trump is serious about implementing these tariffs, Scaramucci said, “This guy knows how to boil a frog better than anybody I’ve ever met. You're in the cold water, and he simmers the frog until the frog is dead. Do you know, many things from 2016 to today that we could say, is he serious about that, and then you say, oh no, he’s not serious about that, and he does it? You're like, holy sh*t, he is serious … and then he does it again.”
According to Scaramucci, Trump's actions always aim to consolidate his power. "Always look at this through the prism of Trump's power," he advised before continuing, “This is not a public servant. He’s not there to serve his fellow men and women. He’s there to serve himself. He’s there to serve his cronies. Classic totalitarianism.”
He pointed out that Americans lack a historical memory of dictatorship and authoritarianism, unlike Europeans, who have visible reminders of past fascism. He stressed the importance of educating people about these dangers to prevent a slide into authoritarianism.
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Scaramucci said that despite the political turmoil, the markets have been surprisingly stable when asked about how the markets have reacted to all of this. "Markets like split governments. [They] like inertia," he explained, suggesting that the Federal Reserve's actions, like rate hikes, have been key. He expects rate cuts by the end of the year, which he believes will continue to drive the market, regardless of the election outcome.
Scaramucci's warnings about Trump are serious. Still, we have to look at the bigger picture. Historically, Trump's policies and leadership style have strong supporters and vocal critics. The country is split in half. Supporters say his unique approach shakes things up and defends American interests. Critics like Scaramucci caution about the dangers of too much power and the potential harm to those who are less fortunate. Ultimately, it’s up to each individual to weigh these perspectives carefully for themselves.
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