Cohn seen as unlikely pick for Fed chairman after Charlottesville remarks

FED CHAIR JANET YELLEN. TRUMP MIGHT KEEP HER.

GARY COHN. IN THE DOG HOUSE.

Jews must be feeling excluded. They never catch a break. We need more Jews at the Federal Reserve. Right, everyone?

Fox News

Gary Cohn, the former Goldman Sachs investment banker and President Donald Trump’s current economic adviser, is now considered an unlikely pick to lead the Federal Reserve after criticizing the White House’s response to violence in Charlottesville, Va.

Trump has openly floated the idea of nominating the former banker as the potential successor to Fed Chair Janet Yellen — whose term ends in February – saying in July that he has “great respect” for him.

But Trump has backtracked on the idea recently in private, people familiar with the president’s thinking told the Wall Street Journal. The job prospects shifted mostly due to Cohn’s comments about the president’s response to violence in Charlottesville, the sources told the paper.

Cohn issued a stark rebuttal of Trump’s comments in an interview with the Financial Times last month, where he said the administration “can and must do better” to denounce hate groups, including neo-Nazis and the KKK that marched in Charlottesville.

“Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis and the KKK,” he told the newspaper.

The comments were a cold shower to Trump, who did not expect such an attack from his economic adviser, prompting the president to bristle at the very mention of Cohn, one White House official told the paper.

But the chances of Cohn of being appointed the next Fed chairman were still not completely lost, according to another official. A lot hinges on tax reform.

Cohn is considered one of the smartest businesspeople close to Trump and — along with Treasury Secretary Steven Mnuchin — has been working on Trump’s long-awaited tax plan.

Yellen has not publicly said she would serve another term. Some of her former colleagues told the Journal that she would continue to serve if asked.

Trump was critical of Yellen while campaigning last year, saying her decision to keep interest rates low was aimed at helping the Democratic Party and President Barack Obama. His opinion appeared to change after taking office, saying in a July interview that he was also considering keeping Yellen in her position.

Others said to be under consideration for the Fed job include former governors Lawrence Lindsey and Kevin Warsh, former BB&T Bank chief executive John Allison, and Stanford University economist John Taylor, the Journal reported.

A White House spokeswoman said Cohn was “focused on his responsibilities … including a once-in-a-lifetime opportunity to deliver meaningful tax reform that creates jobs and grows the economy.”

John Taylor, whom I talked to when he came to give a talk here years ago, is a long shot. After all, Professor Taylor isn’t a Jew and it’s just not kosher to discriminate against Jews by denying them their well deserved positions of high authority.

By the way, the Jewish professor Stanley Fischer has submitted his reignation from the Fed, effective next month, on Friday, October 13. Trump will be appointing someone to replace him and it better be a Jew if Trump knows what’s good for him. Fischer is the Fed’s Vice-Chair.

I LEARNED MY MONETARY ECONOMICS FROM HIS TEXTBOOK.

Here’s a link to Professor Taylor’s blog. I didn’t try to access it, but there are links on his blog to all the course materials he created for his Stanford basic economics course.

Trump Hints Gary Cohn May Hear “You’re Fired” Soon

Don’t worry all you Jews and Jew lovers all across America. Even if Gary Cohn loses his job as President Trump’s economic adviser, don’t lose your bagels over it. There are still plenty of Khazharians left surrounding the president.

Zerohedge

In our preview this morning, we noted that it seemed odd that Trump’s tax speech had reportedly been drafted by White House aide Stephen Miller, the leader of the nationalist arm of the White House staff, as opposed to his Chief Economic Advisor Gary Cohn.

While notable because it indicated that Trump might return to his populist roots in his first tax reform cheerleading session, most didn’t ascribe any more value to the information than that.

That is until Trump took the stage earlier this afternoon and thanked a litany of advisors for their help in crafting his tax policies but noticeably left out Gary Cohn. As The Hill [4] notes, Trump gave credit to everyone from Mnuchin to Linda McMahon and host of local Missouri politicians but seemingly snubbed Cohn.

As Trump took the stage in Springfield, Mo., to kick off his tax reform push, he welcomed his administration’s major players in the debate who joined him at the event but failed to mention Cohn, who was also there.

Trump specifically named Secretary of the Treasury Steve Mnuchin, Secretary of Commerce Wilbur Ross and Small Business Administrator Linda McMahon, who flew with the president to the event.

Trump went on to name the long list of Missouri lawmakers who sat in the crowd, joking at one point that he debated whether to name them all because “I have so many.”

Of course, this could mean absolutely nothing, or it could mean that there was more to the rumors that surfaced over the weekend and last week about rising tensions between Cohn and Trump.

Over the weekend, Axios [5] noted rising tensions over tariffs and a continued power struggle between Trump and the “globalists” in the White House who continued to resist the President’s controversial economic agenda in the absence of Steve Bannon.

“John, you haven’t been in a trade discussion before, so I want to share with you my views. For the last six months, this same group of geniuses comes in here all the time and I tell them…

‘Tariffs. I want tariffs.’ And what do they do? They bring me IP. I can’t put a tariff on IP.”

“China is laughing at us,… Laughing.”

“John, I want you to know, this is my view. I want tariffs. And I want someone to bring me some tariffs.”

“John, let me tell you why they didn’t bring me any tariffs,” he said.

“I know there are some people in the room right now that are upset. I know there are some globalists in the room right now. And they don’t want them, John, they don’t want the tariffs. But I’m telling you, I want tariffs.”

Meanwhile, this latest sign of a ‘stressed’ relationship also comes after Cohn expressed some concerns to the FT over how Trump handled the Charottesville tragedy. The interview resulted in immediate speculation that Cohn’s resignation was imminent. Here was our take from last week [6]:

As discussed earlier [7], in an unexpectedly harsh response to Trump’s Charlottesville comments, Trump’s top economic adviser Gary Cohn said in an FT interview published this morning that the administration needs to be more unequivocal in condemning hate groups, but added he was “reluctant” to quit over its response to a recent protest.’

“I believe this administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities,” Cohn told the FT in his first public comments since the controversy.

Cohn said that as a “patriotic American” he did not want to leave his job as the director of the national economic council. “But I also feel compelled to voice my distress over the events of the last two weeks.” He added that “Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis, and the K.K.K.,” Mr. Cohn said. “I believe this administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities.”

Cohn added, “As a Jewish American, I will not allow neo-Nazis ranting ‘Jews will not replace us’ to cause this Jew to leave his job” and said that Trump’s administration said that the White House “can and must do better” in consistently condemning hate groups. Cohn’s remarks were in stark contrast to a statement from the Treasury secretary, Steven Mnuchin, who defended the president. Mnuchin is also Jewish, and is also a former Goldman employee.

Then again, maybe it’s just all a big misunderstanding….

Setting aside his ethnicity, Cohn is a globalist rat fink who was disloyal to the boss and what Trump supporters voted for.

Can’t wait t to hear those famous words, “You’re fired.”

Treasury Secretary Mnuchin Tweets from Fort Knox “Glad the gold is safe.”

WE NEED TO COUNT IT, NOT TAKE A BANKER’S WORD FOR IT.

Is the word of an ex-

Bloomberg

U.S. Treasury Secretary Steven Mnuchin paid a rare official visit to Fort Knox to check out the nation’s gold stash on Monday — while keeping an open mind for future film projects.

“I assume the gold is still there,” the former Hollywood producer quipped to an audience in Louisville, Kentucky, 40 miles (64 km) north of the U.S. Bullion Depository. “It would really be quite a movie if we walked in and there was no gold.” After the visit, he playfully reassured Americans the treasure was still secure.

“Glad gold is safe!” he wrote in a post on Twitter.

Fort Knox has been seared into the public imagination since the 1964 James Bond movie “Goldfinger,” in which the British spy, played by Sean Connery, foiled a plot to contaminate the nation’s bullion.

Mnuchin, whose action-film credits include ‘‘Mad Max: Fury Road,” “The Lego Batman Movie” and “Suicide Squad,” said that he would be only the third secretary of the Treasury to go inside the vault since it was created in 1936 by President Franklin Delano Roosevelt.

“We have approximately $200 billion of gold at Fort Knox,” said Mnuchin. “The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. And the last time it was counted was actually in 1953.”

Rand Paul argues that it’s time to audit the Fed. I assume that a thorough audit would include counting the gold in Fort Knox.

It is time to defy the critics and pass the Federal Reserve Transparency Act, which would be a momentous victory for accountability and transparency and send the establishment’s head spinning, Kentucky Sen. Rand Paul wrote in an opinion piece in The Daily Caller on Monday.

More popularly known as “Audit the Fed,” the act would “open up the Fed’s agreements with foreign governments and central banks, its discount window and open market operations, its member bank reserves, and its Federal Open Market Committee directives to thorough examination by the people’s representatives — for the first time since its creation in 1913,” Paul wrote.

The act does this, Paul explained, by removing “the restraints on how the nonpartisan, independent Government Accountability Office can audit the Federal Reserve System, requiring the GAO to conduct an audit within one year of the bill’s passage and report back to Congress within 90 days of finishing it.”

Paul said that skeptics have said that since the nation’s central bank is one of the most powerful institutions in Washington, passing such legislation would never be feasible, but the senator credited “grassroots Americans” for making sure that congressmen don’t give up the struggle to make it into law.

The measure has already passed the House and last year missed reaching cloture by only seven votes.

Paul praised those supporting the bill as “concerned Americans who look down the road and wonder how much of our nation’s prosperity and opportunity will be swallowed up by debt or lost in financial crises fueled by artificial market signals and central planners’ economic tinkering.”

France’s Macron Scrambles to Stand Next to Trump at G-20 Group Photo

Funny! Each world leader was assigned a spot. I wonder if Emmanuel Macron is looking for a daddy and so grabbed the spot next to Trump.

I would complain about Merkel’s mode of dress, but anything is better than a Hillary Clinton pantsuit, so I won’t complain.

Youtube title: Macron Busts his Ass to get a Spot Next to Trump

Published on Jul 7, 2017

French President Macron worked the crowd today to get next to President Donald Trump in the G20 group shot.

CLICK TO ENLARGE.

Bernie Sanders Wife Facing Bank Fraud Charges

President Donald Trump may have to think about building a special Club Med type prison for Democrats.

If America gets lucky and justice is served, there could be an all-star lineup of prisoners at Democrat Federal Prison: Hillary Clinton, Bill Clinton, Barack Obama, Loretta Lynch, John Podesta, and many more, now to include Jane Sanders.

CBS News is reporting that Bernie is also under investigation.

Oy vey!

According to Politico, prosecutors might also be looking into allegations that Sen. Sanders’ office inappropriately urged the bank to approve the loan.

Bernie lost credibility with working class whites when he supported Hillary Clinton and soon purchased a new lake house for over half a million dollars.

Yahoo

Bernie Sanders Wife Facing Bank Fraud Charges

International Business Times
Pritha Paul
International Business TimesJune 23, 2017
Jane Sanders, the wife of Vermont Sen. Bernie Sanders, is facing charges for the time she allegedly used her political influence to obtain bank loans for Burlington College, an institution that is now defunct, so that the college could purchase its former North Avenue campus. It was revealed Thursday that Jane has hired lawyers now that the Department Of Justice has taken over the probe into her past financial dealings.

Burlington College was a private, non-profit liberal arts college that was placed on probation in July 2014 for failing to meet the standards regarding financial resources and ultimately closed down on May 27, 2016. Jane Sanders served as the president of the college from 2004 to 2011, Politico reported.

The couple has chosen eminent lawyer and ardent Bernie supporter Rich Cassidy and the renowned defense attorney Larry Robbins. Robbins has also represented big names such as I. Lewis “Scooter” Libby, former advisor to former Vice President Dick Cheney, and disgraced former Louisiana Rep. William Jefferson. The attorney of Vermont, who will be handling the prosecutor’s case, is yet to be appointed by President Trump’s administration.

In May 2017, Bernie tried to field off a question regarding the ongoing investigation into the possible fraudulence committed by his wife, but a reporter from Burlington TV station WCAX refused to back off. Finally, Bernie decided to answer.

“Well, as you know,” he said, “it would be improp— this implication came from Donald Trump’s campaign manager in Vermont. Let me leave it at that, because it would be improper at this point for me to say anything more.”

Even though the Vermont Sen. was done talking about the incident, he elaborated some more when pressed by the reporter who asked him if the news was nonsense.

“Yes,” Bernie responded. “It is nonsense. But now that there is a process going on, which was initiated by Trump’s campaign manager, somebody who does this all of the time, has gone after a number of Democrats and progressives in this state. It would be improper at this point for me to add any more to that.”

The attorney in question that Bernie was talking about is Brady Toensing, who chaired Trump’s Vermont campaign. It is Toensing’s letter to the attorney for Vermont that put the FBI on the trail. In another email that Toensing sent to Politico, he mentioned that the investigation in question had been ongoing on for more than a year and started under the administration of former President Barack Obama.

The investigation surrounding Jane’s financial dealings came to light in April 2017 when VTDigger, an online news outlet, broke the exclusive story that the attorney for Vermont and an FBI agent had reviewed Burlington College records during a then-undisclosed investigation. A former employee of Burlington College was also subpoenaed regarding the matter in February 2016.

The lawyers representing Jane at present have contacted the former employee as well as a couple of former Burlington College trustees to get more information in the case.

“They wanted information on what I had been asked by the FBI. They were trying to get clarification on what the accusations are because they had not been contacted by anybody as to an investigation,” said Coralee Holm, the former dean of operations and advancement for Burlington College, VTDigger reported.

Untold Successes of President Trump’s First 100 Days

Investors Business Daily

Whether you agree or disagree with the Trump administration’s actions so far, the first 100 days have offered a tireless pace.

And though my organization has not agreed with every policy decision, his administration has employed a thoughtful approach in a number of areas that has yielded significant victories that will help millions of Americans improve their lives.

That’s the untold story of the first 100 days.

Start with the most consequential victory to the future of our country: the confirmation of Justice Neil Gorsuch to the Supreme Court. Vacancies on our nation’s highest court are exceptionally rare.

Not since Ronald Reagan has a president confirmed more than two Supreme Court justices in a four- or eight-year term—in his first 100 days, President Trump already has half that.

Even rarer are confirmation processes executed as flawlessly as Justice Gorsuch’s. This started from the very beginning, after the unexpected passing of Justice Antonin Scalia last February.

In what proved to be one of the smartest strategic moves of 2016, then-candidate Trump brought in constitutional experts to assemble a list of the most qualified candidates and promised to nominate someone from it if elected.

This helped unite many wary Republican voters in key states who viewed this list as proof of President Trump’s conservative bona fides.

After inauguration, it took President Trump just 12 days to nominate Justice Gorsuch. His team worked with outside organizations like Judicial Crisis Network, Concerned Veterans for America, the Federalist Society, and others to ensure Justice Gorsuch had support on the airwaves, on the ground, and on Capitol Hill.

These herculean efforts paid off: After throwing the kitchen sink at Justice Gorsuch, progressives couldn’t pick off a single GOP vote for his confirmation. At 49-years-old, Justice Gorsuch could affect the direction of the country for three decades or more.

The Trump administration has also demonstrated a thoughtful, deliberate strategy to regulatory reform. This was another key campaign promise, and for good reason: Federal regulations cost the economy nearly $1.9 trillion in 2015 alone. That’s nearly $15,000 for every U.S. household each year, representing lost income and higher costs for many essential needs.

Here again, President Trump acted quickly and on the advice of highly-respected experts in federal regulations.

After being sworn in on January 20, he issued an order freezing the implementation of all pending regulations until they are approved by his administration.

He followed that up 10 days later with an executive order requiring that any federal agency proposing a new regulation also identify two regulations to be repealed. This will undoubtedly help lessen the burden on American businesses and families that’s been building for decades.

President Trump has also begun unwinding specific regulations that have made life harder for American families. That includes the Environmental Protection Agency’s carbon rules, which would have increased annual electricity bills by hundreds of dollars.

It includes reviewing the 22,000 pages of regulations passed under Dodd-Frank, which have made it harder for mom ‘n’ pop stores to get a loan and keep their businesses going. And it includes delaying Obama’s “Fiduciary Rule,” which would make it much more costly for retirees to receive financial advice.

The theme among these executive actions is the same: They are helping ordinary Americans afford a bigger slice of their own American dream.

The administration has also worked with Congress to repeal 13 Obama-era regulations via the Congressional Review Act — 12 more than Presidents George W. Bush and Obama combined.

Regulations like the EPA’s “Stream Protection Rule,” which would have eliminated up to one-third of remaining coal-mining jobs. These communities have been devastated by the war on coal, with many having among the highest unemployment rates in the country.

For the first time in years, families — many of which have been miners for five generations or more — can breathe a sigh of relief that their way of life might be able to go on.

This thoughtful, methodical approach to both the Supreme Court confirmation and regulatory reform will provide benefits to families across the country.

But they also provide something else: a blueprint for how to be successful on bigger reforms to come. That includes both health care and tax reform, which if done right, can help millions of people improve their lives.

To be sure, we believe some of the administration’s executive actions and policy positions will prove counterproductive. And in those cases, we’ll push them to consider more productive alternatives.

But through his first 100 days, President Trump has enacted many reforms that will move the country in the right direction. We will support those positive efforts every step of the way.

Trump Tax Cuts: Another Campaign Promise Fulfilled

GARY COHN AND STEVEN MNUCHIN. GOLDMAN SACHS, ANYONE?

It’s too early to get a feel for how much white working class Americans will benefit from the tax cuts. The process is still ongoing. and depends on weasel Paul Ryan to make them happen. Pardon me for being less than optimistic.

One aspect of the Trump plan punishes New York and California, which I’ve bolded below. The payback for liberal states that voted against the Trumpster is a nice touch. Make liberals pay for their own generosity out of their own pockets.

Democrats are threatening to torpedo the tax cuts unless Trump releases his tax returns.

CNN Money offers more details about the specifics of the plan. The Breitbart article sourced here focuses more on the politics of it.

Exerpt from Breitbart

President Donald Trump proposed dramatic cuts in the taxes paid by corporations big and small Wednesday in an overhaul his administration says will spur economic growth and bring jobs and prosperity to America’s middle class. But his ambitious plan alarmed lawmakers who worry about ballooning federal deficits.

The plan would also reduce investment and estate taxes aimed at the wealthy. But administration officials said that action on other key tax code elements would ensure the plan would largely help the middle class instead of the affluent.

The White House has yet to spell out how much of a hole the tax cuts could create in the federal budget, maintaining that the resulting economic growth would reduce— if not eliminate — the risk of a soaring deficit.

The outlined changes to the tax code are the most concrete guidance so far on Trump’s vision for spurring job growth.

“The president owns this plan; don’t be mistaken,” said Gary Cohn, director of the White House National Economic Council.

Cohn said Trump and his administration recognize they have to be “good stewards” of the federal budget. But the plan as it currently stands could cause the federal deficit to climb, unless it sparks a massive and lasting wave of growth that most economists say is unlikely.

The threat of a rising budget deficit could erode support for the plan among lawmakers in Trump’s own Republican Party. Administration officials intend to hash out additional details with members of the House and Senate in the coming weeks for what would be the first massive rewrite of the U.S. tax code since 1986.

“We know this is difficult,” Cohn said. “We know what we’re asking for is a big bite.”

As Cohn and Treasury Secretary Steven Mnuchin explained it in an interview, the plan would reduce the number of personal income tax brackets to three from seven: rates of 10 percent, 25 percent and 35 percent. It would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The administration plans to provide tax relief for families with child care expenses, too, although the specifics have yet to be included.

On the other hand, the proposal would also trim other deductions utilized by wealthier Americans. This would include deductions for state and local tax payments, a change that could alienate support from lawmakers in states such as California and New York with higher state taxes.

“It’s not the federal government’s job to be subsidizing the states,” Mnuchin said.

LOTS OF QUESTIONS REMAIN.