Trump expected to name former Goldman Sachs exec as treasury secretary

[gollygee]

https://www.washingtonpost.com/business/economy/trump-to-name-financier-steve-mnuchin-to-treasurysources-say/2016/11/29/172e38ca-b10a-11e6-8616-52b15787add0_story.html?utm_term=.ade90e6b0283

President-elect Donald Trump is planning to name investor and former Goldman Sachs executive Steven Mnuchin as treasury secretary, opting for an industry insider with no government experience to helm the agency in charge of the nation’s finances, according to people familiar with the matter.

Mnuchin (pronounced mah-NEW-chin) joined Trump’s whirlwind campaign in May as finance chairman, despite the fact that he has never worked in politics and that he donated to Democrats in the past. He quickly earned Trump’s trust as he worked closely with the Republican National Committee to raise substantial amounts of money in a short period. On policy issues, he was instrumental in crafting the details of Trump’s proposal to overhaul the tax code.

“He’s an expert on finance issues,” said Stephen Moore, who worked with Mnuchin as an adviser to the president-elect on the campaign trail. “He clearly, like Donald Trump, understands that the number one goal for this administration is going to be to grow the economy and get jobs.”

Mnuchin would be the latest wealthy investor to join what is already shaping up to be an extraordinarily well-off Cabinet. Trump also is expected to nominate industrialist billionaire Wilbur Ross to lead the Commerce Department. Michigan billionaire Betsy DeVos was named as Trump’s pick for education secretary last week.

[gollygee]

1. From Robert Reich

Trump ran as a populist but will govern as an oligarch. For Treasury Secretary he’s naming private-equity investor and former Goldman Sachs executive Steven Mnuchin.

When campaigning Trump frequently blasted Wall Street’s big banks — Goldman Sachs in particular — and promised to reinstate the Glass-Steagall Act that once separated retail and investment banks. He repeatedly claimed the system is rigged, that hedge fund managers are “getting away with murder,” that he’d “tax Wall Street," that Hillary Clinton was too cozy with the banks, and that her vice presidential nominee Tim Kaine was “owned by the banks.” He closed his campaign with an ad bashing Goldman Sachs.

Now he’s opting for someone who was deeply involved in running the bank that was at the heart of the subprime housing bust that led to the bailout of the Street.

Trump is well on the way to having the wealthiest cabinet in memory. Last week he named Michigan billionaire Betsy DeVos his pick for education secretary. He’s also expected to nominate industrialist billionaire Wilbur Ross to lead the Commerce Department. Goodbye, populism. Hello, oligarchy.

What do you think?

[Yo_Mama_Been_Loggin]

2. Found him while draining the swamp

[gollygee]

4. What he meant was that he was draining it to find his cabinet.

[Starry Messenger]

3. Well all those people who didn't vote for Hillary because of her speeches

should be thrilled at their handiwork now.

[gollygee]

5. Oh yeah, he's got a stellar crew

I wonder how the progressives who refused to vote for Hillary feel about Trump's cabinet choices?

[Starry Messenger]

6. Proud of themselves, probably.