Trump: Mexican soldiers used confrontation with US troops as diversion

President Donald Trump on Wednesday said that Mexican soldiers “recently pulled guns” on American troops near the southern border, and accused the soldiers of “probably” doing so as a diversionary tactic for drug smugglers. We are now sending ARMED SOLDIERS to the Border,” Trump wrote in a post on Twitter. The confrontation between Mexican soldiers and U.S. troops happened April 13 on American territory. It was first made public by Newsweek, which reported that Mexican soldiers detained and sear


President Donald Trump on Wednesday said that Mexican soldiers “recently pulled guns” on American troops near the southern border, and accused the soldiers of “probably” doing so as a diversionary tactic for drug smugglers. We are now sending ARMED SOLDIERS to the Border,” Trump wrote in a post on Twitter. The confrontation between Mexican soldiers and U.S. troops happened April 13 on American territory. It was first made public by Newsweek, which reported that Mexican soldiers detained and sear
Trump: Mexican soldiers used confrontation with US troops as diversion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tucker higgins, hannah mckay
Keywords: news, cnbc, companies, trump, american, doing, mexican, troops, wrote, border, used, diversion, mexico, soldiers, incident, confrontation


Trump: Mexican soldiers used confrontation with US troops as diversion

President Donald Trump on Wednesday said that Mexican soldiers “recently pulled guns” on American troops near the southern border, and accused the soldiers of “probably” doing so as a diversionary tactic for drug smugglers.

“Better not happen again! We are now sending ARMED SOLDIERS to the Border,” Trump wrote in a post on Twitter. “Mexico is not doing nearly enough in apprehending & returning!”

The confrontation between Mexican soldiers and U.S. troops happened April 13 on American territory. It was first made public by Newsweek, which reported that Mexican soldiers detained and searched the Americans briefly at gunpoint, thinking they were still in Mexico after mistakenly crossing into the United States.

In a press release issued Wednesday, Mexico’s foreign affairs ministry wrote that the incident was not out of the ordinary. Both governments, it said, were in contact throughout the situation.

“After a brief discussion between the soldiers from the two nations, the Mexican military members departed the area,” a spokesperson for the Pentagon told the outlet. “The U.S. soldiers immediately contacted CBP, who responded quickly. Throughout the incident, the U.S. soldiers followed all established procedures and protocols.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tucker higgins, hannah mckay
Keywords: news, cnbc, companies, trump, american, doing, mexican, troops, wrote, border, used, diversion, mexico, soldiers, incident, confrontation


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Why the Japanese don’t buy American cars

But industry observers chalk the admittedly glaring disparity up to the unique characteristics of the Japanese auto market: American firms don’t really make cars that suit Japanese tastes, Americans have not invested in a dealership presence in the country, and many Japanese consumers have a persistent, if outdated, idea that American vehicles are unreliable and inefficient. Roughly 40 percent of the cars sold in Japan are a special class of extra small cars call Kei cars. Although U.S. autos ar


But industry observers chalk the admittedly glaring disparity up to the unique characteristics of the Japanese auto market: American firms don’t really make cars that suit Japanese tastes, Americans have not invested in a dealership presence in the country, and many Japanese consumers have a persistent, if outdated, idea that American vehicles are unreliable and inefficient. Roughly 40 percent of the cars sold in Japan are a special class of extra small cars call Kei cars. Although U.S. autos ar
Why the Japanese don’t buy American cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: robert ferris
Keywords: news, cnbc, companies, japan, japanese, jeep, cars, small, market, dont, american, sold, vehicles, brands, buy


Why the Japanese don't buy American cars

You stand very little chance of seeing an American car on a Japanese road, but if you do, there is a good chance it is a Jeep Wrangler.

While Japanese brands fill U.S. roads and parking lots, American automakers have all but given up on selling cars in Japan — despite the fact that it remains the world’s third-largest car market.

President Donald Trump has called it unfair, as has the American Automotive Policy Council, which represents the three big U.S. auto manufacturers: General Motors, Ford and Fiat Chrysler.

But industry observers chalk the admittedly glaring disparity up to the unique characteristics of the Japanese auto market: American firms don’t really make cars that suit Japanese tastes, Americans have not invested in a dealership presence in the country, and many Japanese consumers have a persistent, if outdated, idea that American vehicles are unreliable and inefficient.

Roughly 40 percent of the cars sold in Japan are a special class of extra small cars call Kei cars. Nearly all of those are sold by Japanese brands, such as Suzuki and Daihatsu. Japan is a crowded country, and drivers like the convenience and efficiency of small vehicles that are easy to maneuver on narrow streets or fit into tight parking spaces.

“In Japan, there is a different market and different consumer,” said Kristin Dziczek, vice president of industry, labor & economics at the Center for Automotive Research. Although U.S. autos aren’t taxed going into Japan, American cars aren’t made for Japanese consumers. “We are giving them our off-cast, things we make for the North American consumer that we hope we can then sell in other markets.”

Japanese automakers are so adept at serving their home turf that about 95 percent of the cars on Japanese roads are Japanese makes. Imports make up the balance, and most of those are European luxury vehicles or sports cars.

Mercedes-Benz, BMW and Volkswagen, including Audi, all sell tens of thousands of cars in Japan each year. While that is still a pretty small number compared with the overall local market and other major markets, it isn’t nothing, said Tokyo-based CLSA analyst Christopher Richter.

American carmakers “don’t really try,” Richter said. Ford left Japan entirely in 2017. GM sold only about 700 cars there in 2018.

The trouble for American brands is that it is tough to compete against comparable Japanese vehicles without differentiating themselves in some way, he said.

That is perhaps what accounts for the popularity of Fiat Chrysler’s Jeep brand. Almost invariably, the Jeeps that Richter sees in Japan are Wranglers, which is the model perhaps most emblematic of the brand and the rugged, outdoor American lifestyle it symbolizes. The Jeep brand has a strikingly strong image abroad, said Rebecca Lindland, an independent auto analyst.

“If you think about some of the most powerful, well respected, and well-liked brands in that world, I would say Jeep is a dark horse in that race,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: robert ferris
Keywords: news, cnbc, companies, japan, japanese, jeep, cars, small, market, dont, american, sold, vehicles, brands, buy


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Cartels may not be the primary culprits of Central American human smuggling to US, a new study says

“At best, we could provide a broad range for the revenues to all types of human smugglers.” The study looked at revenues earned by human smugglers, as well as taxes levied on migrants by drug-trafficking organizations on routes they control. “Transnational criminal organizations and other human smugglers are driven solely by illicit profit and do not care about human life.” The study also estimated the flow of unlawful migrants from the Northern Triangle countries to the U.S., relying in part on


“At best, we could provide a broad range for the revenues to all types of human smugglers.” The study looked at revenues earned by human smugglers, as well as taxes levied on migrants by drug-trafficking organizations on routes they control. “Transnational criminal organizations and other human smugglers are driven solely by illicit profit and do not care about human life.” The study also estimated the flow of unlawful migrants from the Northern Triangle countries to the U.S., relying in part on
Cartels may not be the primary culprits of Central American human smuggling to US, a new study says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: jeff daniels, adrees latif
Keywords: news, cnbc, companies, migrants, smuggling, organizations, rand, primary, border, culprits, human, smugglers, northern, cartels, american, central, triangle, study, report


Cartels may not be the primary culprits of Central American human smuggling to US, a new study says

Human smuggling from Central American countries to the U.S. reaped revenue of between $200 million and $2.3 billion for smugglers in 2017, but transnational criminal organizations may not be the primary culprits, according to a Rand Corp. report released Monday.

President Donald Trump recently moved to cut foreign aid to the Northern Triangle countries of Central America — Guatemala, Honduras and El Salvador — and in January claimed “ruthless coyotes and vicious cartels” are taking advantage of thousands of children who make the journey up to the U.S. border. Trump also cited human trafficking in February when he declared a national emergency at the U.S.-Mexico border, freeing up billions of dollars for his border wall.

“We learned that human smuggling involves many different types of actors and that we could not credibly distinguish most criminal organizations’ activities and revenues from those of other actors, including ad hoc groups and independent operators, that engage in human smuggling,” said Victoria Greenfield, lead author on the report and a senior economist at the nonprofit think tank. “At best, we could provide a broad range for the revenues to all types of human smugglers.”

“Although our findings are subject to a high degree of uncertainty, they represent a contribution to the evidence base informing ongoing U.S. government efforts to address threats to homeland security posed by TCOs and other actors that participate in human smuggling,” Rand said.

Also, Rand said because human smuggling operations are often independent and without “formality and strict hierarchical structures,” it might be difficult for the U.S. government to target them with sanctions or other measures effectively.

“Loose networks are difficult to disrupt, ad hoc groups are even less susceptible, and independent operators are easily replaceable,” the report concluded. It added that even if the U.S. government “can apply sanctions to some individuals in a given network or group or to individuals who operate independently, its ability to disrupt their organizations or affect the market may be limited.”

Rand’s 78-page report follows a study it conducted that was sponsored by the Department of Homeland Security. The study looked at revenues earned by human smugglers, as well as taxes levied on migrants by drug-trafficking organizations on routes they control.

“DHS has long warned of the dangers of trafficking and its horrendous impacts on the victims,” DHS press secretary Tyler Houlton said in an emailed statement. “Transnational criminal organizations and other human smugglers are driven solely by illicit profit and do not care about human life.”

According to Rand, the smuggling of unlawful migrants from the Northern Triangle region to the U.S. generated between $200 million and $2.3 billion for smugglers in 2017. It said the wide range reflects uncertainty about the number of migrants that journey northward, their use of smugglers and the fees they ultimately pay.

Rand estimated that migrants or their handlers paid drug-trafficking organizations taxes, or pisos, of $30 million to $180 million for crossing through their territories in 2017.

The report said cartels or TCOs sometimes “coordinate migrants’ border crossings to divert attention from other illicit activities, and they recruit or coerce some migrants to carry drugs.”

Rand estimated that the human smugglers charge migrants between $6,000 and $10,000 for their services. It said fees vary greatly and depend on whether migrants want to be smuggled into the interior of the U.S. or turn themselves in to border officials and seek asylum.

The study also estimated the flow of unlawful migrants from the Northern Triangle countries to the U.S., relying in part on government data. It estimated the unlawful migration from Guatemala, Honduras and El Salvador was at least 218,000 in 2017 but could have been as high as about 345,000 between ports of entry.

A caravan of Central American migrants became an issue in last year’s midterm elections after Trump deployed more than 5,000 troops to the U.S.-Mexico border. Reports have suggested the migrants are fleeing violence and, in some cases, economic hardship in their home countries.

Last month, the U.S. signed a “regional compact” with the three Northern Triangle countries aimed at addressing what the agency called “the migration crisis.” It said the agreement included collaboration to combat human trafficking and migrant smuggling, as well as countering gangs and organized crime activities.

About one-quarter to two-thirds of unlawful migrants from the Northern Triangle region might have hired smugglers in recent years, according to Rand.

The Rand study found that human smuggling can involve taxis, charter buses and tractor-trailers that ferry migrants from the Northern Triangle to locations further north on the journey to the U.S.-Mexico border.

The report also said human smugglers “rely on corruption to protect their activities in the form of bribes to officials.” Also, it said “more organized [smuggler] networks can feature transnational organizational structures, but relatively few appear to meet the bar of being ‘self-perpetuating associations.'”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: jeff daniels, adrees latif
Keywords: news, cnbc, companies, migrants, smuggling, organizations, rand, primary, border, culprits, human, smugglers, northern, cartels, american, central, triangle, study, report


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Stocks moving after hours: J.B. Hunt, AT&T, American Airlines and more

Check out the companies making headlines after the bell:Shares of J.B. Hunt sank more than 4% in extended trading Monday following the release of the transportation company’s first-quarter results. J.B. Hunt reported earnings per share of $1.09 on revenue of $2.09 billion. Wall Street was looking for earnings per share of $1.26 on revenue of $2.21 billion, according to Refinitiv. Shares of AT&T dipped negative after market close Monday following news that the telecommunications company is sellin


Check out the companies making headlines after the bell:Shares of J.B. Hunt sank more than 4% in extended trading Monday following the release of the transportation company’s first-quarter results. J.B. Hunt reported earnings per share of $1.09 on revenue of $2.09 billion. Wall Street was looking for earnings per share of $1.26 on revenue of $2.21 billion, according to Refinitiv. Shares of AT&T dipped negative after market close Monday following news that the telecommunications company is sellin
Stocks moving after hours: J.B. Hunt, AT&T, American Airlines and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: maggie fitzgerald, bloomberg, getty images
Keywords: news, cnbc, companies, stake, att, airlines, revenue, hulu, stocks, valued, american, hunt, company, hours, selling, moving, jb, billion, transportation, share


Stocks moving after hours: J.B. Hunt, AT&T, American Airlines and more

Check out the companies making headlines after the bell:

Shares of J.B. Hunt sank more than 4% in extended trading Monday following the release of the transportation company’s first-quarter results. J.B. Hunt reported earnings per share of $1.09 on revenue of $2.09 billion. Wall Street was looking for earnings per share of $1.26 on revenue of $2.21 billion, according to Refinitiv.

The trucking company said lower productivity in regions affected by winter weather, and higher driver salaries and benefits contributed to the disappointing quarterly revenue. Transportation costs for newly added railroads also increased, the company said in a release.

Shares of AT&T dipped negative after market close Monday following news that the telecommunications company is selling its minority stake in Hulu. AT&T is selling its 9.5% stake in Hulu, valued at $1.43 billion, back to the streaming service. AT&T said it will use the proceeds from the transaction to reduce its debt. Hulu is valued at around $15 billion.

American Airlines shares ticked 1% higher after the bell Monday. On Sunday the airline said it is cancelling all Boeing 737 Max flights through August 19, affecting about 115 flights per day. The Boeing-made aircraft is still grounded and it is unclear when the fleet will return to air.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: maggie fitzgerald, bloomberg, getty images
Keywords: news, cnbc, companies, stake, att, airlines, revenue, hulu, stocks, valued, american, hunt, company, hours, selling, moving, jb, billion, transportation, share


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American Airlines cancels all 737 Max flights through August 19

American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded. The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. Boeing has slowed production and stopped deliveries as it works on a software fix. United has canceled Max flights through June 5. As major airlines continue to extend cancellations, Boeing said Thursday that it


American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded. The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. Boeing has slowed production and stopped deliveries as it works on a software fix. United has canceled Max flights through June 5. As major airlines continue to extend cancellations, Boeing said Thursday that it
American Airlines cancels all 737 Max flights through August 19 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: emma newburger, shannon stapleton
Keywords: news, cnbc, companies, cancels, max, american, remain, boeing, 19, software, cancellations, travel, fix, summer, flights, 737, airlines


American Airlines cancels all 737 Max flights through August 19

American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded.

The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. They come after the Max’s anti-stall software was implicated in an Ethiopian crash in March that killed 157 people.

It’s unclear when the Max, which has been grounded since mid-March, will return. Boeing has slowed production and stopped deliveries as it works on a software fix.

On Friday, Southwest Airlines removed the Max jet from its schedule through Aug. 5. United has canceled Max flights through June 5.

“We remain confident that the impending software updates, along with the new training elements Boeing is developing for the MAX, will lead to recertification of the aircraft soon,” American CEO Doug Parker and President Robert Isom wrote in a letter to employees Sunday.

Parker also said canceling the flights now will help the airline plan for its busiest travel season of the year.

As major airlines continue to extend cancellations, Boeing said Thursday that it’s completed 96 flights with the new Max software fix. The planemaker will likely submit the fix to Federal Aviation Administration regulators within the next couple weeks.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: emma newburger, shannon stapleton
Keywords: news, cnbc, companies, cancels, max, american, remain, boeing, 19, software, cancellations, travel, fix, summer, flights, 737, airlines


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Southwest removes Boeing 737 Max from flight schedule through early August as grounding persists

There’s no timetable for the return of the Max, which has been grounded since mid-March. Boeing has slowed production and stopped deliveries as it works on a software fix. Other major airlines like American and United have canceled thousands of flights because of prolonged groundings. American, which operates 24 Max planes and has 76 more on order, canceled roughly 1,200 flights in March. United has 14 of the Boeing 737 Max 9s in its fleet, and like American, has canceled 737 Max flights through


There’s no timetable for the return of the Max, which has been grounded since mid-March. Boeing has slowed production and stopped deliveries as it works on a software fix. Other major airlines like American and United have canceled thousands of flights because of prolonged groundings. American, which operates 24 Max planes and has 76 more on order, canceled roughly 1,200 flights in March. United has 14 of the Boeing 737 Max 9s in its fleet, and like American, has canceled 737 Max flights through
Southwest removes Boeing 737 Max from flight schedule through early August as grounding persists Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: emma newburger, joe raedle, getty images
Keywords: news, cnbc, companies, grounding, canceled, schedule, early, boeing, american, max, flight, tom, works, persists, southwest, flights, travel, united, removes, 737


Southwest removes Boeing 737 Max from flight schedule through early August as grounding persists

There’s no timetable for the return of the Max, which has been grounded since mid-March. Boeing has slowed production and stopped deliveries as it works on a software fix.

Other major airlines like American and United have canceled thousands of flights because of prolonged groundings. American, which operates 24 Max planes and has 76 more on order, canceled roughly 1,200 flights in March. United has 14 of the Boeing 737 Max 9s in its fleet, and like American, has canceled 737 Max flights through June 5.

“The limited number of customers, who have already booked their travel and will be affected by this amended schedule, are being proactively notified so that we can reaccommodate their flight plans well in advance of their travel date,” Southwest President Tom Nealon said in a statement.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: emma newburger, joe raedle, getty images
Keywords: news, cnbc, companies, grounding, canceled, schedule, early, boeing, american, max, flight, tom, works, persists, southwest, flights, travel, united, removes, 737


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2020 candidate Pete Buttigieg on taxing the rich and the future of American capitalism

But as you have more and more corporate agglomerations of power, you’re going to see less and less competition. It’s not the planet as an abstraction that’s going to be harmed. Pete Buttigieg: I think we certainly need to consider a higher marginal tax rate for top income earners. What happens is you’re better off. Pete Buttigieg: I think there is a tectonic change in economic policy.


But as you have more and more corporate agglomerations of power, you’re going to see less and less competition. It’s not the planet as an abstraction that’s going to be harmed. Pete Buttigieg: I think we certainly need to consider a higher marginal tax rate for top income earners. What happens is you’re better off. Pete Buttigieg: I think there is a tectonic change in economic policy.
2020 candidate Pete Buttigieg on taxing the rich and the future of American capitalism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: john harwood
Keywords: news, cnbc, companies, way, economic, american, tax, future, capitalism, think, taxing, thats, rich, harwood, better, youre, pete, candidate, 2020, going, buttigieg


2020 candidate Pete Buttigieg on taxing the rich and the future of American capitalism

Pete Buttigieg: Yeah. It’s pretty typical human behavior for people to try to make sure the rules work to their benefit. That’s why the U.S. is based on the idea of a robust legal system and constraints on the excesses of anybody, especially concentrated wealth. And yet we’re at this moment where concentrated wealth has begun to turn into concentrated power. More than begun. It’s well underway. The thing that makes capitalism capitalism is competition. But as you have more and more corporate agglomerations of power, you’re going to see less and less competition.

John Harwood: Is that the reason why you think we have expanding income inequality?

Pete Buttigieg: I think it’s a vicious cycle. This didn’t just happen. The economy is not some creature that just lumbers along on its own. It’s an interaction between private sector and public sector. And public sector policies, for basically as long as I’ve been alive, have been skewed in a direction that’s increasing inequality.

And a lot of this is the consequence of what you might call the Reagan consensus. There was a period where even Democrats seemed to operate in this framework that assumes that the only thing you’d ever do with a tax is cut it. That those tax cuts were assumed to pay for themselves. The empirical collapse of that supply side consensus, I think, is one of the defining moments of this period that we’re living through.

John Harwood: Why do you ascribe it to the Reagan consensus as opposed to technological change, globalization, movement of capital?

Pete Buttigieg: Well, all of these forces interact. But none of these forces automatically have to make our society more unequal. If anything, globalization was supposed to create more equality among nations.

John Harwood: Well actually it has created more equality in the world. It’s taken millions of people out of poverty.

Pete Buttigieg: Sure, it’s lifted so many out of poverty. And by the way, there are ways that it can work for us at home, too. But again, we’re seeing a concentration of wealth and power that skews things in the opposite direction.

The fundamental truth is, it turns out a rising tide does not lift all boats. Not on its own. Especially if some of the boats are sort of tethered to the ocean floor. And that’s the kind of pattern that we’ve been on.

John Harwood: So how do you fix what’s wrong without slowing down or harming what’s right?

Pete Buttigieg: Well, first of all, we’ve got to define what success looks like. Is success just the number, the GDP? Or is success that more Americans are prospering? When you have that definition, it tells you that you have to rate these kind of exchanges between distribution and growth a little more evenly.

John Harwood: So there’s an efficiency-equity trade off, and you’re willing to make it?

Pete Buttigieg: There may be, yeah. I mean, look, it’s great to say that it’s all win/wins, and to some extent it is. I actually think an economy that’s more equitable also tends to grow better. But if there’s a win/lose equation, we shouldn’t shy away from that. We shouldn’t pretend that all of this stuff can be done — that you can make everybody better off while making nobody worse off. The reality is there are some people who are not paying their share. There are some corporations that are not contributing the way that they should. Until we recalibrate that, until we invest in things like education and infrastructure and health, investments that do in fact pay for themselves overall, some people may have to pay more than others. Because some people frankly are getting a bit of a free ride on the productive energy of this country and this economy.

John Harwood: Now, one thing that surprised me that you said in an interview the other day was that first of all, political change comes first. That is the set of issues, Supreme Court, filibuster, electoral college, because that is necessary to achieve policy changes that you need. But when you identified the most important policy change, it was climate, not the economy. Explain why that’s the priority.

Pete Buttigieg: Because I think climate is the biggest economic issue of our time, too. What kind of economy are we going to have if cities are becoming less and less inhabitable, if we’re experiencing crop failures and heightening natural disasters? The problem with climate is it wrecks our chance at economic security as well as physical security. So, of course, we want to continue building an equitable and a growing economy. It’s just that we can’t do that if we’re totally ignoring the biggest threat our economy has seen since the Great Depression.

One reason you see traditionally conservative sectors like the military and like the business community way ahead of, for example, conservative politicians in this country on the issue of climate, is that the market, too, is beginning to recognize the stakes of failing to act and simply accepting what will eventually will be trillions of dollars in damage. It’s not the planet as an abstraction that’s going to be harmed. It’s people. It’s us. It’s our economies, it’s our societies, it’s our communities. That’s why this is such an urgent issue.

John Harwood: You think we need to raise a lot more money for the government. What are the things that strike you as the most achievable and desirable?

Pete Buttigieg: I think we certainly need to consider a higher marginal tax rate for top income earners. Maybe it doesn’t have to be as high as it was historically, but we should at least admit that when it was higher, the American economy was growing pretty well. We should consider a wealth tax. I think it makes sense. I think one of the things that’s appealing about it is it’s not very distortionary compared to an income tax, and that’s important.

The least distortionary tax probably is the estate tax, because you’re dead. We should think about turning to a more equitable use of the estate tax, especially for the biggest and wealthiest estates. I’m interested also — if we could find the right way to implement it and the devil’s in the details — in a financial transactions tax. Because you see preposterous levels of wealth sometimes being created around these millisecond differences in financial transactions that nobody can explain to us whether it adds any actual real value to the economy.

John Harwood: Even McKinsey can’t explain whether that adds real value?

Pete Buttigieg: Even McKinsey, as far as I know. Look, the downside of any tax is it can disincentivize economic activity. So let’s start by taxing by the economic activity whose value is hardest to prove.

John Harwood: Warren’s wealth tax would raise something on the order of $2.7 trillion over 10 years. Is that the order of magnitude you’re talking about?

Pete Buttigieg: Probably. I mean, look, we had something on the order of a trillion dollars robbed from the Treasury through the Trump tax cuts on the wealthiest. So even just getting us closer to being able to cover the deficit, with the services Americans count on today, is going to take us filling in a gap of that size. If we want to do more — if we want to have better infrastructure, which we absolutely need; if we want to deal with climate change, which is no longer optional; if we want to actually deliver on health care; if we want to continue to grow as the kind of country that can actually lead the world — then you don’t get something for nothing.

John Harwood: Can you do everything that you think needs to be done while hitting only the wealthy? Or is there no rational plan for dealing with our fiscal challenges, as well as our economic challenges, that doesn’t also hit the middle class?

Pete Buttigieg: If we’re going to collect revenue from the middle class, then we have to be certain that it is going to be reinvested and returned to the middle class in a way that makes us and the middle class better off. So as a middle class taxpayer, I don’t mind paying a certain amount in if it’s going to come back to me in the form of health care, if it’s going to come back to me in the form of education for my kids, if it’s going to come back to me in the form of a better road to get me to my job.

John Harwood: How powerful is a racial consideration when you think about the scale of things that need to be done for the entire country?

Pete Buttigieg: We know that if we target inequality in this country, much of which arose not by accident but by deliberate racist policies, and they can perhaps be reversed with intentional anti-racist policies, that we’re benefiting the entire society. We all do better when we all do better, as Senator [Paul] Wellstone said. We need to consider, first of all, that it’s the right thing to do. Secondly, that this is not a favor to somebody, this is a restoration of a theft. And third, that if we get it right, you don’t have to be somebody who is on the wrong side of a racial inequity to be better off for living in a country that did something about it.

John Harwood: Jamie Dimon recently put out a letter to J.P. Morgan that said, “The social needs of too many citizens have not been met.” But he also says that tax cut that was enacted late 2017 was the irreducible minimum of what we needed to turn our economy around. What would you say to him?

Pete Buttigieg: The big problem in this country was not that it was too difficult to be wealthy. It just isn’t the big problem in our country right now. It’s not what led to the political instability we’re seeing. It’s not what’s leading to diminished life expectancy, or the prospect of my generation is going to be the first in history to be worse off economically than our parents. What we could’ve done, especially if we were going to create a trillion-dollar deficit, is make the kinds of investments in infrastructure and education and health that would have made this whole country better off.

I also think that, no matter how educated or intelligent some of the people working in these industries are, they can quickly get out of touch with the reality on the ground. If you don’t understand just how much anger there is in, for example, my part of the industrial Midwest — where it can be used in a very cynical political way to direct it against immigrants, or trade writ large, or against your fellow American, or even against Democrats, just because folks are mad and it’s got to go somewhere — you’re going to continue to see these destabilizing political outcomes like what we’re living through right now.

John Harwood: Others say that the kinds of things you’re talking about would be destructive of capitalism, that it’s a war on the wealthy, that it would bring socialism to the United States. How how do you respond to arguments like that?

Pete Buttigieg: The crazy thing about arguments like that is how uncoupled they are from evidence. We don’t have to speculate on what happens in a Western society that delivers health care to everybody, or that has more social mobility or that invests at a higher rate in infrastructure or education. We know exactly what happens. What happens is you’re better off.

The American dream is slipping away. You’re much more likely to experience that if you’re a kid in Denmark right now than if you’re in America. And while people can think up all kinds of excuses why something that worked in other societies hasn’t worked here, the reality is, when we’ve tried it here in our history, it’s also served us pretty well.

John Harwood: When it comes to cultural conservatives, you have said that progressives need to be mindful of the distance they have to travel, be sensitive to that. Do you think progressives also need to be mindful of the distance that some in business have to travel, when they think ‘hey, they’re coming after me?’

Pete Buttigieg: I think a lot of this is tonal. Look, the one thing I learned in the business community, and even more as a mayor engaging the business community, is that while we’d like to think of businesses as the most numbers-driven kind of discipline in America, in my experience it’s one of the most emotional. So what’s really important is that people not feel that they’re being attacked — or at least they understand that if we’re attacking a certain way of doing things, or a certain system, that this is not motivated by just angsty hatred. It’s being motivated by serious and legitimate concerns about where we’re headed.

John Harwood: We have seen in the last 10 to 15 years astonishing change in terms of cultural attitudes on issues like same sex marriage. Do you have any degree of expectation that we’re going to see very fast changes of opinion on economic issues?

Pete Buttigieg: I think there is a tectonic change in economic policy. You can see it by the fact that the Republican Party experienced a hostile takeover on the part of, basically, economic populists. This is not just another four-year cycle. This is not just another election, and I don’t just mean because of the character, or personality of the president.

I believe we’re living through one of those moments just as when the New Deal consensus gave way to the Reagan consensus. We’re living through the end of a 30- or 40-year era that defined American politics and helped to explain how Democrats as well as Republicans behaved in office. We’re at the dawn of a new one.

We’ve got to make sure we have an account of economic change, as well as social, and political structures to handle that change, especially in the new machine age with automation transforming our relationship to the workforce. We’ve got to have answers that go a lot further than just saying “the current guy’s rotten and we ought to throw him out.”


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: john harwood
Keywords: news, cnbc, companies, way, economic, american, tax, future, capitalism, think, taxing, thats, rich, harwood, better, youre, pete, candidate, 2020, going, buttigieg


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Ray Dalio in heated debate says capitalism is denying ‘the American dream’

“I didn’t have anything and then I got something through the capitalist system.” However, he said the question is whether there is “equal opportunity for the American dream.” I went through the public school system and I had parents who took care of me. Part of the problem Dalio cited is the failing public school system that is leading to high levels of incarceration. That has been something for a long, long, long time.


“I didn’t have anything and then I got something through the capitalist system.” However, he said the question is whether there is “equal opportunity for the American dream.” I went through the public school system and I had parents who took care of me. Part of the problem Dalio cited is the failing public school system that is leading to high levels of incarceration. That has been something for a long, long, long time.
Ray Dalio in heated debate says capitalism is denying ‘the American dream’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: jeff cox, anjali sundaram
Keywords: news, cnbc, companies, opportunities, opportunity, capitalism, dalio, capitalist, debate, american, producing, school, equal, dream, denying, system, heated, public, ray, long


Ray Dalio in heated debate says capitalism is denying 'the American dream'

Capitalism doesn’t need to be destroyed but it does need to be reformed, hedge fund titan Ray Dalio said Monday in a blistering critique of the system.

“I’m capitalist, I’m a professional capitalist. The system has worked for me,” the Bridgewater Associates founder said during a fiery debate on CNBC’s “Squawk Box.” “I didn’t have anything and then I got something through the capitalist system.”

However, he said the question is whether there is “equal opportunity for the American dream.” He said that he did have that chance, but too many others do not.

“So I was raised with equal opportunity. I went through the public school system and I had parents who took care of me. Then I was able to come in with equal job opportunities,” he added.

His appearance featured a contentious back-and-forth with CNBC host Joe Kernen who argued that a lot of the faults Dalio was citing were not about capitalism but problems with fiscal and monetary policy instead.

“I honestly don’t understand what it is we’re arguing about,” Dalio said at one point.

Too many people, in particular the bottom 60 percent of U.S. workers, are not getting those kinds of opportunities, he said.

Part of the problem Dalio cited is the failing public school system that is leading to high levels of incarceration. Technology is also another culprit as it both improves the everyday lives of Americans but also displaces many of them from their jobs.

At the root of the issue is a failure of the system to make sure people are not being left behind.

“How is it been for income? How has it been for equal opportunity? That has been something for a long, long, long time. Is that deniable that it is producing those outcomes?” he said. The result, he added, “is producing a terrible split in our country.”


Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: jeff cox, anjali sundaram
Keywords: news, cnbc, companies, opportunities, opportunity, capitalism, dalio, capitalist, debate, american, producing, school, equal, dream, denying, system, heated, public, ray, long


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American billionaires call for upgrades to capitalism, starting with higher taxes on themselves

Among the remedies, could be higher taxes on the 1 percent, he said. Berkshire Hathaway CEO Warren Buffett — third on Forbe’s 2019 billionaires list — has repeatedly said the wealthy should be taxed more. After the 2017 Republican tax plan was signed into law, Buffett told CNBC “I don’t think I need a tax cut.” Gates, a close friend of Buffett and one spot above him on the Forbe’s list, has also called for higher taxes. Although the Microsoft founder saidhe’s paid more than $10 billion in taxes,


Among the remedies, could be higher taxes on the 1 percent, he said. Berkshire Hathaway CEO Warren Buffett — third on Forbe’s 2019 billionaires list — has repeatedly said the wealthy should be taxed more. After the 2017 Republican tax plan was signed into law, Buffett told CNBC “I don’t think I need a tax cut.” Gates, a close friend of Buffett and one spot above him on the Forbe’s list, has also called for higher taxes. Although the Microsoft founder saidhe’s paid more than $10 billion in taxes,
American billionaires call for upgrades to capitalism, starting with higher taxes on themselves Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: kate rooney, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, americans, starting, taxes, list, capitalism, ceo, buffett, american, told, higher, wealthy, billionaires, york, upgrades, tax


American billionaires call for upgrades to capitalism, starting with higher taxes on themselves

Jamie Dimon is also frustrated with the income gap. In a letter to shareholders last week, the J.P. Morgan Chase CEO outlined a list of problems plaguing the majority of Americans. Among the remedies, could be higher taxes on the 1 percent, he said.

“If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners,” Dimon said.

Berkshire Hathaway CEO Warren Buffett — third on Forbe’s 2019 billionaires list — has repeatedly said the wealthy should be taxed more. In 2006, the CEO committed to give all of his Berkshire Hathaway stock to philanthropic foundations. He and Bill and Melinda Gates have asked hundreds of wealthy Americans to pledge at least 50 percent of their wealth to charity in the so-called “the Giving Pledge.” There are now 190 people signed on, including Facebook CEO Mark Zuckerberg and Netflix CEO Reed Hastings.

In a 2011 New York Times op-ed, titled “Stop Coddling the Super-Rich,” Buffett called for a tax increase on everyone making more than $1 million and an even bigger hike on Americans making more than $10 million or more. After the 2017 Republican tax plan was signed into law, Buffett told CNBC “I don’t think I need a tax cut.”

“The wealthy are definitely undertaxed relative to the general population,” he told CNBC’s Becky Quick during a February “Squawk Box” interview.

Gates, a close friend of Buffett and one spot above him on the Forbe’s list, has also called for higher taxes. Although the Microsoft founder saidhe’s paid more than $10 billion in taxes, “the government should require people in my position to pay significantly higher taxes.”

“There’s no doubt that as we raise taxes, we can have most of that additional money come from those who are better off,” Gates said during a conversation with his wife Melinda and hundreds of high school students in New York City in February.


Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: kate rooney, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, americans, starting, taxes, list, capitalism, ceo, buffett, american, told, higher, wealthy, billionaires, york, upgrades, tax


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The American Dream is ‘fraying for many,’ says Jamie Dimon—here’s how to protect yourself

In his annual letter to shareholders, which was released Thursday, J.P. Morgan Chase CEO Jamie Dimon noted that the American Dream is alive — but “fraying for many.” “Forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage,” Dimon wrote. “In addition, 40% of Americans don’t have $400 to deal with unexpected expenses, such as medical bills or car repairs.” Soaring health care and c


In his annual letter to shareholders, which was released Thursday, J.P. Morgan Chase CEO Jamie Dimon noted that the American Dream is alive — but “fraying for many.” “Forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage,” Dimon wrote. “In addition, 40% of Americans don’t have $400 to deal with unexpected expenses, such as medical bills or car repairs.” Soaring health care and c
The American Dream is ‘fraying for many,’ says Jamie Dimon—here’s how to protect yourself Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: alicia adamczyk, scott olson, getty images news, getty images, -jamie dimon, ceo of jp morgan chase
Keywords: news, cnbc, companies, americans, workers, wage, letter, fraying, savings, needs, american, dimonheres, jamie, wrote, dimon, noted, dream, protect


The American Dream is 'fraying for many,' says Jamie Dimon—here's how to protect yourself

In his annual letter to shareholders, which was released Thursday, J.P. Morgan Chase CEO Jamie Dimon noted that the American Dream is alive — but “fraying for many.”

“Forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage,” Dimon wrote. “In addition, 40% of Americans don’t have $400 to deal with unexpected expenses, such as medical bills or car repairs.”

It’s often reported that many Americans do not have enough savings to cover even minor financial emergencies, but, as Dimon writes in his letter, it’s not the sole fault of individuals that savings lag. Soaring health care and college costs and wage stagnation are problems that the average person cannot do much to fix on their own.

Millennials especially are in a daunting situation: They carry more debt than other generations, face rising home costs and are largely responsible for funding their own retirements, all while real wages have barely budged.

“No one can claim that the promise of equal opportunity is being offered to all Americans through our education systems, nor are those who have run afoul of our justice system getting the second chance that many of them deserve,” Dimon wrote. “Simply put, the social needs of far too many of our citizens are not being met.”

Dimon wrote that the federal government has lost the trust of the American people and needs to step up: “Governments must be better and more effective — we cannot succeed without their help.” Still, he noted, “the rest of us could do a better job, too.” Here are some straightforward ways to do just that.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: alicia adamczyk, scott olson, getty images news, getty images, -jamie dimon, ceo of jp morgan chase
Keywords: news, cnbc, companies, americans, workers, wage, letter, fraying, savings, needs, american, dimonheres, jamie, wrote, dimon, noted, dream, protect


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