* It's been over a week since I did my last podcast there's been a lot of economic news - almost all bad * The markets have been under pressure - we're back down near the mini-Black Monday lows, solidly in correction mode * The pressure on international markets has been greater * Yet the vast majority of economists expect the Fed to raise interest rates by December * This would really mean last minute - as the Fed's messaging hints at an interest rate hike by the end of the year * If you look at the Fed's reasons it listed were: * Weakness in overseas economies * Lack of inflation, as the Fed measures it * Increased improvement in the labor markets * Why would the Fed move if all these concerns still exist? * The answer is, it would not move * No one wants to connect the obvious dots * When the Fed refused to rule out an interest rate hike in October or December it might have been the worst thing for the markets because it is admitting it is considering kicking the economy when it is down * Initially I thought the Fed would indiciate a dovish hold, but they opted for a hawkish hold, which exacerbates the issues with the markets, as the hike is already priced in * International markets assume America can handle higher interest rates; but the Fed is still talking up the economy to send the message that the U.S. can handle higher rates, even though it can't * I discussed this at length in my recently released video of my address in Jackson Hole, Wyoming * I really want discuss in today's video two people who are in the news: Donald Trump and Carl Icahn * Trump was on 60 Minutes this week and Carl Icahn recently released a video called, 'Danger Ahead' * Trump's performance really hit the ball out of the park with his delivery, not that I agree with everything he said * The typical voter will buy his bill of goods * The interview was a commercial for Donald Trump in which he promises everything to everybody * The promises to cut taxes on everyone but the hated hedge fund managers * He promises to repeal and replace Obamacare with something even better and still insure everybody * He promises to save Social Security * He promises to grow the economy * To the average voter, who doesn't really understand economics, he sounds like he can pull it off * He sounds optimistic about what the country can be like if he is elected president * The economy will grow because jobs will come back from overseas * How is he going to do that? I don't know, but it doesn't matter * He says it in a way that people are going to believe it * Who will argue against it? * He is not singling out any one interest group that will suffer * His performance was brilliant, even though much if what he promises is impossible * His tax message resonates because currently the government uses high corporate taxes so that special interests groups can be given favors by Congress, and higher taxes are held over the heads of those who do not buy them off with votes * With lower corporate taxes, the politicians lose that leverage * Trump doesn't need these special interest votes because he's spending his own money * All Trump needs to do is get the nomination, then the Republican Party will support his Presidential Campaign * His campaign for the nomination has been largely fueled by publicity * He is running a better campaign in light of public perception * Trump is throwing light on the problems who the average guy really feel - even if he is pie and the sky * Carl Icahn is in the news because he could be Treasury Secretary i...Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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