Who will be the real winners from Treasury nominee Steve Mnuchin? My gut tells me it won’t be Main Street. Trump needed to thread the needle with the pick, appeasing the millions of voters that can’t stand Wall Street. Mnuchin is a Goldman Sachs guy. That’s not exactly a pick for the Forgotten Man.
I hope Mnuchin turns out to be a solid pick. But the fact that he made money investing in the ruins post 2008, and investing in Hollywood is not why they voted for Trump. Guys with special access were supposed to be the losers in this election. Guys on Harley-Davidsons didn’t vote for a Wall Street banker/Hollywood financier. Give me a break.
If I sound bitter, I am. My favored choice, former President and CEO of the Cato Institute, John Allison wasn’t picked. He would have been an outstanding choice. (Read more about him here and here) He’s a guy of the people. The success of Main Street, not Wall Street, was the foundation of his success as the head of BB&T. He would have fought for sound money and the Forgotten Man.
When it comes to money, Mnuchin and Trump are dealmakers. Dealmakers depend on debt and fancy financing. John Allison, in contrast, believes in the gold standard where discipline rules. Trump is where he is because of Main Street. It’s important that he never forgets that and he and his Treasury pick get “America” back to work.
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