President Donald Trump:Kanye West – “Who’s Hustlin’ who?


Cover Photo: Rapper Kanye West hugs U.S. President Donald Trump during a meeting in the Oval office of the White House on October 11, 2018 in Washington, DC. (Photo by Oliver Contreras - Pool/Getty Images)

US President Donald Trump meets with rapper Kanye West and former football player Jim Brown (R) in the Oval Office of the White House in Washington, DC, October 11, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)

[Washington, D.C.]  This afternoon was a meeting luncheon that may go down in history as Donald Trump hosted Kanye West at the White House.  Jim Brown tagged along and from a rare moment where White House staff allowed cameras to document the event, it also showcased a diatribe by West that even appeared to stun the usual fast-talking Trump.

 

In 1985 the late legendary singer Aretha Franklin came out with one of her many hits, “Who’s Zoomin’ Who?” After today’s luncheon Franklin’s beat came to mind and instead of zoomin’, the words were flipped to hustlin’ or “Who’s hustlin’ who”?

 

Trump has shown little appetite to have serious meetings with African-American policy-makers or those who are known leaders in the community.  However, he has been quick to marginalize that group and instead give audience to the likes of West, who shockingly didn’t even vote in 2016, let alone for then candidate Donald Trump.  Although he did clarify his statements indicating had he voted, Trump would have been his choice,

 

I didn’t vote in 2016 but if I did, ‘I would have voted for Trump’, Kanye West

Trump professes to be a master of the media.  Indeed, he gave audience to West but like most manipulators you never fully know his motivation?  Some have intimated the luncheon demonstrated his connection to the African-American community.  Unfortunately, his track record proves otherwise.

 

Justifying their allegiance

West made many remarks during his diatribe.  Highlighting his ignorance of voting, the process and the final selection; he like many who try to justify their support for the republican party make the claim “blacks are locked into voting for the democratic party.”

Perhaps in their mind it sounds cute and maybe something they truly believe?

“As a bloc, African-Americans are very sophisticated.”  Mara Gay, New York Times editorial board.

The basic premise in voting is supporting the candidate or the party who supports your ideals and desires.  It may be too much for West to understand or ponder over the years if the democratic party has shown more support for African-American issues than the republican party?  Of course, that is not to confuse the issue that just because your vote aligns with one party does not mean all is won and you will get everything you desired?  That is why most understand voting is simply one piece of the process, and one that surely does not end after the candidate who won.  The other is holding those you voted for accountable. And yes, despite best intentions sometimes there is failure and disappointment.  But, like any good fight, you get up and keep fighting but the principal of voting for those who support your ideals is paramount.

“many people believe that, if you’re black, you have to be a Democrat and said he was pressured not to wear his red “Make America Great Again” hat. But he said “this hat, it gives me power.” Kanye West

 

Now that Trump has completed his luncheon with West this may be a first step?  Trump has the opportunity to get serious about African-American issues.  West has the opportunity for the African-American community to better understand his sentiments but first things first, let’s make sure he is registered to vote and in fact can participate in the mid-term elections which are just weeks away.

Otherwise, the luncheon may go down in history as “Who’s hustlin’ who?”

Postscript

Much has been said and written about the meeting.  Just to add some levity to the issue here is SNL’s take on it.

 

 

Mortgage rates jump to near 5%


COVER PHOTO.  Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on October 10, 2018 in New York. - Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in US interest rates. At the closing bell, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall since February. (Photo by Bryan R. Smith / AFP) (Photo credit should read BRYAN R. SMITH/AFP/Getty Images)

Mortgage rates jumped to 4.90% which is a number not seen in nearly seven years based on Freddie Mac’s weekly rate survey.  Although an increase was expected the jump of nineteen basis points caught some by surprise.  As strong as the economy is purchasing a home continues to be an illusive transaction for many.  The rise in rates buffeted by the increase in home prices have left many reconsidering their plans as evidenced by the drop in mortgage applications.

Remember that tax break earlier in the year?

Last December president Trump and the GOP controlled congress touted the tax cut as a “cure-all” and justification of their leadership prowess.  Indeed, a good chunk of working people did receive benefits from the tax cut and a few were lucky enough to get bonuses.  The average cut was about $1,600.


For those who were positioning to buy a home or refinance their existing mortgage the recent mortgage rate hike has wiped out that savings.

Time Rate Payment Annual
Oct. 2018 4.90% $1,252
Oct. 2017 3.90% $1,113
Diff $139 $1,668
**based on average mortgage of $239,000

Cyclical

Most understand rates and economic metrics are cyclical.  In other words when you have an improved economy, you will also see a rise in consumer goods.  Also, recently the Feds increased the discount rate.  This was done as a preventative measure to thwart inflation.  Normally political leaders stay out of the Fed’s business but Donald Trump has continued to intimate their move has contributed to rate increases claiming they will result in a negative impact.

“I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,” President Donald Trump 

Tariffs

Another pressure-point for the economy is the recent drop in the DOW Jones and financial markets.  Business leaders, especially those in the real estate sector attribute the decline to the uncertainty of the Trump imposed tariffs and other measures.  They feel recent gains may be wiped out.

“These tariffs will translate into higher costs for consumers and U.S. businesses that use these products, including home builders,” Randy Noel, chairman of the National Association of Home Builders 

Here is a snapshot of this week’s rate survey

October 11, 2018

30-Yr FRM 15-Yr FRM 5/1-Yr ARM
Average Rates 4.9 % 4.29 % 4.07 %
Fees & Points 0.5 0.5 0.3
Margin N/A N/A 2.77
Freddie Mac produces the weekly rate survey.  It is the industry standard for consumers and mortgage professionals to gauge consumer mortgage rates.