We told you so, America. Trump voters have elected a billionaire business man, with a myriad of conflicts of interest between his private companies and his new public position, and who has deep ties to Wall Street and the wealthy and political elite of this country. There will be no change under Trump; only more of the same status quo economics that has hurt ordinary working Americans and enriched the wealthy even more. It almost belongs in a Charles Dickens novel. So sad!
From The New York Times, December 1, 2016. Read the full story here.
In a campaign commercial that ran just before the election, Donald J. Trump’s voice boomed over a series of Wall Street images. He described “a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth, and put that money into the pockets of a handful of large corporations.”
The New York Stock Exchange, the hedge fund billionaire George Soros and the chief executive of the investment bank Goldman Sachs flashed across the screen.
Now Mr. Trump has named a former Goldman executive and co-investor with Mr. Soros to spearhead his economic policy.
With Wednesday’s nomination of Steven Mnuchin, a Goldman trader turned hedge fund manager and Hollywood financier, to be Treasury secretary, a new economic leadership is taking shape in Washington.
That two investors — Mr. Mnuchin and Mr. Ross — will occupy two major economic positions in the new administration is the most powerful signal yet that Mr. Trump plans to emphasize policies friendly to Wall Street, like tax cuts and a relaxation of regulation, in the early days of his administration.
While that approach has been cheered by investors (the stocks of Bank of America, Goldman Sachs and Morgan Stanley have been on a tear since the election), it stands in stark contrast to the populist campaign that Mr. Trump ran and the support he received from working-class voters across the country.