Tag Archives: election

Dawn J. Bennett Calls 2016 ‘The Year of Tribalism’

The well-known financial planner and radio show host Dawn J. Bennett recently wrote an article titled, “2016: The Year of Tribalism.” In the article she says, “In the rise of both Bernie Sanders’ progressive populism and Donald Trump’s nationalist populism, we are increasingly seeing voters choosing a new sort of Internet-era tribalism, banding together in communities so like-minded that they serve as echo chambers for shared hopes and fears alike.”

According to Bennett, this new tribalism is enabled and intensified by the Internet and technology. The Internet and technology allow smaller groups to have a larger voice, resulting in political institutions that have become “increasingly fractious coalitions of polarized factions.”

“The Democratic Party tries to coalesce Bernie’s socialist tribe, the mainline Clinton progressives, environmentalist groups, groups defined by gender and race, and more,” says Bennett. “The Republican tent holds mainline fiscal conservatives, the Tea Party, Trump’s nationalist populists, religiously motivated groups, and several flavors of libertarians. It’s messy, much more gray area than the clearly drawn lines we wish existed to make our choices easier.”

Bennett says there’s a dark side to tribalism. Tribalism can produce an “us versus them” feeling— “If you’re not with us you’re against us, and if you’re against us you’re the enemy.” This feeling has been present since the election, with group demonstrations against Donald Trump’s victory, as well as an increase in individual physical and verbal attacks that are motivated by the election’s outcome.

There are also benefits to tribalism, according to Bennett. “With such commonality of purpose and belief, these tribes can be very passionate, enthusiastic and creative and compelling,” she says. “They produce leaders like Trump, who are willing to take risks, to challenge what has gone before, and to inspire others to do the same. And if that energy can be harnessed and not allowed to run amok, I think we actually have the potential to meet our challenging global future.”

She continued, “My advice in this time of change boils down to this: gather your own information, listen to many viewpoints, and in the end make your own decisions. Protect your wealth, protect your future. By doing so thoughtfully, you will of necessity be engaging beyond your own tribes, and your voice will have a chance to contribute to the conversation that must take place to lead our country into the future.”

Dawn J. Bennett Interviews David Stockman About Trump’s Candidacy

Dawn J. Bennett, host of Financial Myth Busting and founder and CEO of Bennett Group Financial Services, recently interviewed David Stockman, a bestselling author and former director of the Office of Management and Budget, on her show.  In the interview, they discuss Donald Trump’s candidacy for President.

In Stockman’s latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring it Back, he argues that Trump’s candidacy can be directly credited to the increasing notion that the American economy is rigged and only helping those at the top. He notes in his interview with Bennett that Trump is currently capitalizing on the Populist wave because “the rubes are in revolt”.

“They’re treated as rubes by the Washington/Wall Street bicoastal elite and they’ve had enough and I think Trump’s phenomenal rise is reflective of that,” he said. “Now, how that translates into fundamental change in policy… that’s a huge, open question.”

On Trump’s economic policy plan, Stockman says he thinks the three things Trump needs to address are:

  1. The Fed and how we can basically launch a campaign that says 2% inflation targeting has to go because that is a mortal threat to purchasing power or wages throughout America.
  2. Zero percent interest rate or interest rate pegging has to go because that is savaging millions of retirees and savers.
  3. We don’t need an activist Fed intervening massively in the market day in and day out, we’ll need to go to a much more restrained, passive liquidity provision system, but the heart of it would be let the free market, let interest rates do their job. If we had flexible or mobile interest rates both in the money market and across the yield curve, this market would begin finally to reorient itself and heal itself from this tremendous bubble distortion and malinvestment that’s occurring today.

“We need something different and we need to pay for it with spending cuts, and that’s probably an area where a lot work needs to be done on the Trump program if it’s going to make a difference assuming he’s elected,” said Stockman.

While Stockman is not a Trump supporter, he believes he is a preferable to Hilary Clinton and the third party candidates.

“Hillary represents a 30-year old bag of deplorables. I’m not talking about her supporters like she did with Trump. I’m talking about her ideas,” Stockman said. “She has never seen a war she didn’t like. She is a hundred percent behind this whole bubble finance regime at the Fed. She thinks Janet Yellen is some kind of superhero. She thinks that we can make the economy prosper by even more meddling and intervention and control from Washington and obviously we have 30 years now proving that because the economy after this limp recovery is now grinding to a halt.”

He continued, “I think we’re near the edge of a recession, and think about it – it means that in the last 16 years the average growth rate has been 1.6% or less than half of what it was historically, and that’s only if you credit the inflation measures used by the Washington statistical mills. If you have an honest measure of inflation, I doubt the real economy for most of America has grown at all over the last period.”