Misinformation from CNBC continues with Jim Cramer claiming that Democrats always spend more on Defense and have never cut it back more than the Republicans.
“A lot of people are worried what would happen under a Biden presidency,” CNBC’s Jim Cramer said when discussing Lockheed Martin. “They always forget that Democrats spend fortunes on defense.” Source: https://www.youtube.com/watch?v=H7vHdsmqOkA
The truth is just the opposite; Democrats often cut military spending to pay for social programs. We have only to look back less than 10 years to see that President Obama cut some $680 billion from the Defense budget. In 2011, the Obama Biden White House began work on a new national-security strategy to accommodate drastic defense cuts. The Defense Strategic Guidance of 2012 proclaimed that the U.S. could afford to draw down the military because the Iraq and Afghanistan wars were ending, and al Qaeda was on the run. You can read a WSJ report called How Obama Shrank the Military here.
Cramer is a very clever guy. He might be signaling to us something he’s not allowed to say on air. He might be signaling to us to do the opposite and get out of Defensive stocks because it looks like Joe Biden will win.
We need to be critical of anything CNBC is publishing right now. Another example of CNBC’s analysis being backward is Yun Li of CNBC writing:
Bank of America warned that the market-leading tech sector could come under pressure if Democrats win the White House and both chambers of Congress in November. The bank believes heightened regulatory scrutiny and higher taxes could eat into tech companies’ bottom line.
“We see a Democratic sweep as having the most uncertainty and tail risk for [the] large-cap internet sector,” the firm said in a note to clients.Yun Li, CNBC Markets and Investing Reporter
The opposite is true. If you follow OpenSecrets.org and the fact that big tech corporations have given 90% of their 2020 campaign contributions to Joe Biden, you already know that Biden and Democrats will kill all big tech scrutiny. For the type of analysis that exposes the collusion between big tech, the media, U.S. intelligence agencies, and politicians, we must pull from news sources outside the corporate-controlled U.S.:
I put the odds at 90% that with a Biden win, big tech corporations will be able to write their own tech corporate governance legislation and that Democrats will block further subpoenas of big tech executives.