gary cohn politics

Gary Cohn: The Economy Is Great, But Trade War And Tariffs ‘Totally Hurt The United States’

"At this point, I don’t have any intention not to vote for the president".

"At this point, I don’t have any intention not to vote for the president".
This content has been archived. Log in or Subscribe for full access to thousands of archived articles.

5 comments on “Gary Cohn: The Economy Is Great, But Trade War And Tariffs ‘Totally Hurt The United States’

  1. Gary loves Trump because he can manipulate the feeble minded president. The voodoo economics he espouses has been a failure every time it has been implemented to provide trickle down benefit to the masses yet having a fantastic benefit to the top 1%. Oh, and of course not paying for itself not matter how hard you pray.

  2. Trillion dollar deficit in a “great” economy.

    NIPA profits.

    2% GDP growth.

    Real wages.

    Auto loans. Student loans.

    Young adults living with their parents. Household formations. Birth rates. Declining life expectancy.

    Goldman’s business and IPOs.

    My how “great” has changed.

    • So confused. I’m a 4 years retired 66 year old. I’ve lived through the skyrocketing inflation of the 70’s and the nil inflation/deflation of the present (and the various crises that came with them). I’m still the same 100% stock market (and, these days, some cash, enough for 2-3 years expenses) where I’ve been since my 30’s, largely because there is simply no alternative now. I earn plenty on dividends, enough to not need SS, due to my relatively frugal lifestyle and lack of debt. So everything is grand! Or is it? How I long for the days of 3% on a passbook, and 6% on a CD (plus a toaster).

      Do I count on the 3.5 million annual US retirees and companies just buying back stock to keep pumping up the market because TINA? These new retired folks really have no choice but dividends. But what happens when the music stops? The only this I can see from 0% rates is ill advised M&A, crushed public/private pension plans and insurance companies, and an eventual financial collapse. Things I worry about:

      Global collapse in yields
      Still $11T in negative yields worldwide
      Yield curve inversion
      Slow global growth
      Trillion dollar deficits from here on
      $23T US debt
      Debt to GDP increase from 65% to 105% in last ten years
      Highest corporate debt in history, double that in ’07
      Escalating trade tariffs between the U.S. and China (maybe Europe, too)
      The United Kingdom heading toward a “hard” Brexit
      Renewed U.S geopolitical tensions with Venezuela, Iran and North Korea (oh, just everyone!)
      Lagging effect of interest rate hikes by the Federal Reserve
      Slump in corporate earnings
      High consumer confidence (lagging indicator)
      Consumer confidence at levels that preceded past recessions
      Global manufacturing recession
      Global purchasing managers’ index falls for 13 months in a row
      Global CLI indicator at recession threshold
      Most CFOs expect a recession this year, 70% in US

      And everyone buying the stock market and the consumer to save the day!

  3. Funny, I have enough money, but I have yet to think of any of it as “disposable”. What’s with Cohn and Bannon returning from exile? Bannon on CNBC saying that Trump tweets should be taken as “Papal bull”? Yet, I don’t think he was bleeped…

  4. H, you clearly call the situation correctly. Gary Cohn and all the other Republicans live in a bubble. They look in the mirror and say “Well I’m doing ok, my friends in the Hamptons are doing ok, so everyone else must be doing ok too.”

Leave a Reply to Joseph Fellerman Cancel reply

Skip to toolbar