Dawn J. Bennett Interviewed Steve Milloy on the Myths of What the EPA Does

If there is one person who knows about the perpetuation of myths, it’s Dawn J. Bennett. For many years, she has worked hard to bust financial myths that many people still believe – hence the name of her show, Financial Myth Busting. Dawn J. Bennett’s goal is to help real people attain and maintain their wealth. Dawn J. Bennett helps her clients succeed when it comes to wealth management, and she educates people on various issues in the economy for free on her radio show.

Earlier this year, Dawn J. Bennett interviewed Steve Milloy on issues related to the EPA and its impact on the economy. For those of you who might not know who Steve Milloy is, he is the founder of the popular website, Junk Science. He was a guest on the show discussing the EPA because he is also the writer of the book, Scare Pollution: Why and How To Fix the EPA. As Scott Pruitt had just been confirmed as head of the EPA, the two had a lot to discuss on whether or not he was a good choice and what the role of the EPA is in a capitalistic society.

While you are certainly encouraged to read the transcript of the entire interview, here were a few of the talking points to consider:

Scott Pruitt was in a different role than he was now: He was the AG of Oklahoma, which meant he was fighting for Oklahoma’s commercial interests. This included fighting against EPA overreach. Now that he is the head of the EPA, he will have a different set of priorities.

The EPA is not as relevant as it once was: State and local governments handle the great majority of environment protection issues. The EPA has grown into one of the most powerful agencies and produces too many regulations, which hurt job growth.

The wealthier of a nation you are, the more likely you will have a clean environment: Environmental protection is expensive. That’s why countries that have clean air and water are also countries that are wealthy. You’re not going to be a wealthy nation and have smoggy air and sludge-filled rivers and lakes.

‘Swamp’ Or Snake Pit? Radio Host Dawn Bennett Says Trump Needs To Address Economy

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Is Donald Trump being set up to fail? With merely two full months of his presidency now in the books, radio personality Dawn J. Bennett fears that could be the case. Bennett, who hosts “Financial Myth Busting,” recently explored the topic and economic issues facing the U.S. that could come to affect our new president sooner rather than later.

 

“The Problem with Great Expectations,” which Bennett penned to talk about the so-called swamp-draining Trump has promised, talks about the changes that need to be made and the dire consequences that could result if they aren’t undertaken.

 

“For eight years, we have been spoon fed a narrative of increasing prosperity. The message has been carefully crafted by the executive branch, seasoned and served by a complicit media.” Bennett said. “And many of us have all too gladly accepted it, believing the proposition that the ‘new normal’ is now simply ‘normal.’”
In “The Problem with Great Expectations,” Bennett believes that the hidden hand of those responsible for behind-the-scenes activity on a global scale could doom Trump on the economic front.

 

“Trump is being set up to fail by the financial elites, the globalists that have been running the Obama administration’s economic policy and the Federal Reserve. Our Humpty Dumpty economy is bound for a great fall, regardless of the current president’s best intentions, and the most deeply important question of the next four years is who is going to be putting the pieces back together, and how they do it,” Bennett said.

 

Not helping the situation is Trump himself, Bennett argues, writing that he has “muddied the waters” by touting stock market gains as proof-positive that a turn-around is surely on the horizon.

 

Chief among Bennett’s concerns is the question of whether Trump is wading in to a “swamp” or a snake pit. The claims of plans to drain the so-called swamps of Washington D.C. free of the “morass” of “politicians and professionals” is just one of four swamps, according to Bennett. She identifies uncontrolled debt, the hidden fiscal gap, short-term debt maturity and suspected double-digit inflation as murky bodies of water that are in dire need of draining.

 

“The nonsensical market reacts to bad news by surging up, giving officials and pundits something to point at as ‘proof’ of their claims, despite the fact that fundamentals continue to weaken under massive debt and weak global demand,” she continued.

Dawn J. Bennett Breaks Down ‘Forgotten Citizens’ And Trump’s Election, Future

Hand of a person casting a vote into the ballot box during elections

During a recent interview, Dawn J. Bennett discussed with Dr. Herb London how the so-called “forgotten citizens” of this country came to elect Donald Trump. Essentially, a perfect storm of economic woes, misplaced societal priorities and an “uncouth” candidate came to ensure that the Trump mystique would inherit the presidency.

 

In their discussion, Bennett and London — a veteran national journalist and published author who currently leads a conservative think tank, London Center For Policy Research — touched on topics ranging from the outcome of the 2016 presidential election and taxes to jobs and international relations.

 

“Well, I think that Trump has the right idea. I mean, look, the Trump campaign was based on the proposition that these forgotten Americans need a voice. He became the embodiment of that voice. I don’t know if he’s the right person to play that sort of role, but there is no question that history has imposed this on him. That is his role. So this billionaire is now the spokesman for the forgotten American. Very odd, very strange,” London said.

 

In the wake of the November election, London penned, “Why the Forgotten Citizen Elected Donald Trump.” In his article, he says such “forgotten citizens” are facing fewer employment opportunities and sensing the collapse of traditional American culture while facing a Washington that’s more concerned with “Black Lives Matter” and the LGBT community than their own.

 

A few such factors that likely led to Trump’s current and continued appeal according to London are as follows:

 

Factor No. 1: Mass appeal. Trump made no attempt to hide his true colors or personality. As London puts it, the man’s “boorish” and “uncouth” populist persona during the campaign season was unapologetic, but it resonated among voters – especially the “average guy.” Further, he has thus far lived up to promises made during his run for leader of the free world.

 

Factor No. 2: Unflinching abroad. Trump’s first meeting with British Prime Minister Theresa May was, in London’s eyes, a symbolic gesture toward creating a cross-Atlantic Ocean trade agreement. It comes at a good time for the United Kingdom as the Brexit process for the country to leave the European Union is to start in earnest soon. While questions linger over Russia’s involvement with Trump’s campaign, London said he expects this country’s relations with Mexico to “survive” as talks of a southern border wall continue.

 

Factor No. 3: Time will tell if history repeats. In March, Trump laid a wreath at the tomb of late President Andrew Jackson. Trump is reportedly a fan of the outspoken and maneuvering man who now graces our $20 bill.

 

“Well, the one thing you can predict, which was true of both Andrew Jackson and Donald Trump is that they’re both populists. They both reach out to the average guy. Neither of them was actually an ‘average guy,’ though. Jackson was an elitist. Trump is a billionaire. It’s very interesting and unusual, for anyone in American history, for someone with the kind of background that Donald Trump has to be the voice, as I said before, of the forgotten American. He has capitalized on that very effectively,” London surmised.

 

Factor No. 4: The high court calling.    Trump’s pick of Supreme Court nominee Neil Gorsuch is, on its face, a choice that Democrats can’t contest. Already confirmed to the federal bench in 2005, the “originalist” is a Harvard Law School graduate who will likely replace Antonin Scalia.

“So now, what has happened in the last couple of years to make Gorsuch unacceptable to the Democratic Party? Nothing, except that he’s a Trump nominee. He’s the same guy,” London said, adding that Gorsuch has “wrote very Scalia-like opinions, the same guy who was an originalist then and is an originalist now. It’s absurd for the Democrats to say he’s unacceptable.”

Dawn J. Bennett Interviews Dr. Herb London

Dawn J. Bennett recently interviewed Dr. Herb London, president of the London Center for Policy Research and Senior Fellow at the Manhattan Institute, on her nationally syndicated radio show, Financial Myth Busting with Dawn J. Bennett.  Dr. London is also an acclaimed social critic whose work has been featured in major newspapers and journals nationwide, including The Wall Street Journal, Fortune, Washington Times, New York Magazine, The New York Times, American Spectator, and National Review.

A recent article from Dr. London called “Why The Forgotten Citizen Elected Donald Trump” is the basis of his interview on Financial Myth Busting with Dawn J. Bennett. In his article, Dr. London explains that these forgotten citizens are experiencing declining employment opportunities, sensing the deterioration of traditional culture, and are understandably resentful and angry.

According to Bennett, there’s a lot of economic despair in the United States, and it is like there are two Americas. One is the happiness and prosperity portrayed by the media, and the second is the vast number of forgotten citizens. She says what’s fascinating to her is that despite the millions of people suffering, they are doing so it solitude and are not the ones marching in the streets.

Dr. London says they aren’t marching in the streets partially because of their despair.

“One of the things that you have to understand is that the level of labor participation in the United States circa 2017 is roughly the same as it was in 1936,” he says. “That means that there are more than 50 million Americans who are idle, who are not in the labor markets. They don’t count in unemployment statistics–they are no longer counted at all.”

He continues, “And they recognize the fact that they aren’t counted economically, and they don’t count socially. These are Americans who are left out of the equation. They are not variables in the American equation, and that is one of the reasons there’s resentment.”

Dr. London explains that they are angry because those who march and are in office don’t concern themselves with the people who are not in their labor market and who no longer count. Everyone is “lost in the swell of interests that are obviously far more important from the standpoint of the New York Times than these people who have forgotten Americans.”

Dr. London says he thinks Trump has the right idea. The proposition of his campaign was that these forgotten Americans need a voice. However, he is unsure whether he is the right person to be the embodiment of that voice, considering his billionaire status.

“We find ourselves in the position where many of the things that Trump was saying, including the infrastructure development that is necessary for America, with the creation of jobs that comes along with it, very, very sound thinking,” he says.

He continues, “There is no doubt that he is thinking about lowering the tax rates so that we get not only simple taxes but so that the rates are lower so that there’s greater incentives for involvement in the economy. And we’ll see economic growth at the three and a half to four percent level. We get up to four percent growth in the United States and many of the problems we have had in the past are largely mitigated. I think that he’s moving in the right direction. Can he sustain that? Hard to say.”

Dawn J. Bennett: Fixing Broken Financial System Won’t be Free of Pain

Under President Barack Obama, the central bank manipulated the financial markets, leaving us with a broken system. While there is much to be hopeful about in President Trump, he will have to fix what has been broken, which according to Dawn J. Bennett, won’t be free of pain.

“While the stock market is on a roll, I believe that the market itself is still, to borrow a term from the President himself, ‘fake’. The market is moving up not because people are buying into it but due to continued central bank intervention and derivatives,” says Bennett.

According to Bennett, there are many behind the scenes signs that tell us things aren’t working. It seems foreign interests are seeing things Americans are not. Foreign central banks, reserve managers, sovereign wealth funds, and practically all other institutions holding U.S. Treasury paper are liquidating. Bennett explains the wholesale liquidation of U.S. paper continued in November. According to TIC data for November, foreign central banks sold another $936 million in U.S. Treasury paper. Japan and China have sold off U.S. paper in the billions over the last 4 to 6 months. China now holds its lowest U.S. Treasury holding since 2010.

“This is ongoing, and more than the previous year, and I believe it may indicate a lack of confidence in America and the Trump administration’s ability to fix the problems of the past eight years. Newspapers aren’t reporting this, the media aren’t talking about it, and I have to wonder why,” says Bennett.

She continued, “Even our own allies are selling, and my best guess is that they will continue to sell. Perhaps they think that the United States won’t be able to pay off the debt, along with concerns that we are going to be raising interest rates.”

It’s uncertain whether these foreign investors will come back. Bennett says they might if Trump can clean up U.S. debt, central banks run smarter or are even eliminated, and the dollar is stabilized. These investors who are liquidating are selling to individuals and retail investors, who will be the last to hold the bag.

“The Fed needs to determine how they are going to soak up all this excess supply, along with rationalizing their current interest rate experiment,” says Bennett. “In the meantime, it’s up to us to make sure that we don’t become the final bag-holders.”

 

Dawn J. Bennett Interviews John Rubino

Dawn J. Bennett, host of Financial Myth Busting, recently interviewed John Rubino, a bestselling author and publisher of the financial news site dollarcollapse.com. In the interview, Bennett and Rubino discuss his recently published articles, “Another Election Year, Another Bunch of Fake Numbers” and “Why We’re Ungovernable.”

“The point of that series is that when you borrow too much money, if you’re a country or an individual or a family, it kind of plays out the same way,” Rubio said. “Your life becomes unmanageable. And for a country, what that means is that the old ways of buying votes for constituencies stop working because you’ve used up all the money that you have to play with so you can’t provide good jobs for people and elections become harder and harder to run, and that’s what we’re seeing around the world right now, whereas what used to be slam dunk election.”

Rubino explained that all around the world people no longer trust the big systems to work for their benefit. Brexit, for instance, wasn’t supposed to pass in Great Britain. Britain voted to leave the European Union, though the polls right up until the vote said they would stay. Similarly, Donald Trump wasn’t supposed to win the U.S. election.

Another example is workers in the U.S. see all the free trade deals being passed, while at the same time factory jobs are being moved to China and Mexico. Therefore, free trade isn’t a viable deal for them. They also see interest being cut in a perceived attempt to make the economy grow faster, but what’s really happening is interest income from their bank account is evaporating.

“So your life gets harder and harder and you then are open to voting for people who point that out,” Rubino explained. “Donald Trump stood up there and said ‘The systems don’t work for you anymore. It’s rigged, and I’m going to fix that.’ And he said a lot of crazy things after that but people just heard the first part so they voted for him. And that’s the world we’re moving into now where these big systems don’t work and every election is this major cultural upheaval, so we’re headed that way fast and it’s only going to get worse.”

According to Bennett, an economic crisis is so many years in the making and we’re going through a great melt-up. Rubino said Trump cannot fix what’s coming because the U.S. has already borrowed money that’s going to cause nightmares in the future.

“You know, we can’t pay back our current debts so it doesn’t really matter if we borrow more and try to grow the economy in the future, which is Trump’s strategy,” he said. “You can’t fix excessive debt with more debt. So that crisis that’s heading our way is baked in the cake already.”

He continued, “What’s happening now in the financial market is just a typical political honeymoon. We’re seeing the potential benefits of new stuff and we love new things, the human mind is designed to focus on new stuff, so for a little while the new stuff is what we focus on but the negative side of future policies will only become apparent with time. Sometime in 2017 I think there’s going to be a reckoning in which it becomes clear that the system is broken and nothing that Donald Trump or anybody else around the world is doing will fix it and then at that point you get this massive panic. That’s what’s out there, you know, everybody heading for the exits.”

Dawn J. Bennett Writes Article, ‘An Era of Black Swans’

Dawn J. Bennett, founder and CEO of Bennett Group Financial Services and host of Financial Myth Busting with Dawn J. Bennett, recently wrote an article titled, “An Era of Black Swans,” in which she discusses Donald Trump’s election to the White House and what it could mean for the future of the markets.

“To the shock of pundits and prophets alike, Main Street once again voted with its pocketbook and swept a black swan Donald Trump presidency into the White House,” wrote Bennett. “Not only did he win, but he brought in many of the Reagan Democrats and nearly half of the union voters, and against all odds, he even seemed to have coattails.”

She continued, “Even among supporters of Trump, though, there is an undercurrent of unease. Can he make the transition of what former New York governor Mario Cuomo called ‘the poetry of campaigning’ to the hard work of the ‘prose of governing?’ Will the Trump of previous years, the one who in 2012 called Mitt Romney’s policies on the deportation of illegal immigrants ‘maniacal’ and ‘mean-spirited,’ return one the dust has settled, or will he maintain the course he set during the campaign? Can President Trump, could any president accomplish want really needs to be done to heal the economy and security of this nation and its people?”

The best case scenario is for Trumponomics to be a Reaganomics 2.0 and rebuild the economy through reduced regulation, sensible tax cuts and spending on infrastructure, according to Bennett. However, she says there’s a wide period of volatility and risk that lies between us and that desirable outcome. The nation’s significant public and private debt, years of quantitative easing and near-zero interest rates, and policies that have obfuscated the basic fundamentals of the economy still exist. Trump’s election means Yellen and the Fed no longer have a personal or political incentive to keep the economy and markets in “suspended animation.” Bennett says we can expect interest rate hikes, which will have bad consequences for the short-term market.

Some of Trump’s policies won’t come without their own painful consequences, either, says Bennett. Trump said he intends to force American businesses to repatriate manufacturing jobs, which would be an effective tax on corporations like IBM, Apple and Nabisco. But, until the consequences of these policies are normalized and written into the market, it could result in a 10 to 20 percent drop, according to Bennett.

Despite the current state of the nation and the economy, Bennett says Donald Trump has the potential to be great, and she hopes he is.

“American truly needs great leadership in a moment that presents a once in a lifetime opportunity for paradigm shift, the kind of leadership that was promised eight years ago but never materialized,” says Bennett. “Yes, I hope that our next president will find a way to work with his own party and those across the aisle. I hope that his agenda will materialize in a thoughtful and straightforward way.”

She continued, “But, in the meantime, there’s a bumpy ride coming, Protect your savings, diversify not just in terms of asset classes but in terms of geography. Look into assets that preserve wealth in the face of increasing volatility and risk. And God Bless America.”