Wall Street laments Cohn leaving White House but no one eager to take his place

[webfact]

Wall Street laments Cohn leaving White House but no one eager to take his place

By Svea Herbst-Bayliss and Catherine Ngai

 

Outgoing economic adviser Gary Cohn (L) listens as U.S. President Donald Trump speaks during a cabinet meeting at the White House in Washington, U.S., March 8, 2018. REUTERS/Kevin Lamarque

 

NEW YORK (Reuters) - The departure of Gary Cohn as U.S. President Donald Trump's senior economic adviser has Wall Street pondering who would want to leave a well-paying job in the private sector to work in a White House marked by tension, turnover and legal troubles.

 

The National Economic Council has in the past been a popular perch for financial heavyweights. Including Cohn, two former Goldman Sachs Group Inc <GS.N> veterans have served as its director. But Trump's protectionist policies and unpredictable approach to policymaking have made a once prestigious gig unpalatable for many.

 

“Wall Street just lost its security blanket," said Chris Krueger, policy analyst with Cowen Washington Research Group.

 

"We can think of no one who can fill this seat that will give Wall Street as much comfort as Cohn - particularly with the protectionists on the rise and tariffs top of the agenda."

 

Cohn said he would resign shortly after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs.

 

On Bloomberg TV on Thursday, JPMorgan Chase & Co <JPM.N> Chief Executive Jamie Dimon called Cohn’s departure from the White House “terrible.”

 

That sentiment was echoed at the Absolute Return Symposium, a hedge fund conference in New York, where investors fretted about the loss of Cohn as a modifying influence on Trump's rhetoric and a bulwark against economic nationalism.

 

“These days the markets trade hundreds of points each way based on what the president tweets and I am surprised that the markets have been as benign as they have been in the wake of this news,” said one investor, who declined to be named.

 

“Gary’s shoes are going to be large to fill and I have no idea who would want to take on that role."

 

Worries about a potential trade war after Cohn said he was resigning on Tuesday initially sent the S&P 500 down nearly 1 percent but the three major U.S. stock indexes closed higher on Thursday after Trump appeared to soften his stance on tariffs.

 

Trump said in a tweet on Tuesday night that he "will be making a decision soon" on replacing Cohn, the latest in a string of high-level departures from the White House.

 

Administration officials have said Peter Navarro, director of the White House National Trade Council, and conservative commentator Larry Kudlow were the "top two candidates" for the job. Navarro later said he was not on Trump's shortlist.

 

With no name from Wall Street floating among the likely contenders, a more protectionist slant in the White House is predicted in Cohn's wake.

"He brought a voice of rationality to the White House and was a strong advocate for globalization," said Bill George, a board member of Goldman Sachs, adding that Wall Street was concerned not just about steel tariffs but also a move away from open markets.

 

"That’s a concern I share."

 

(Additional reporting by Greg Roumeliotis in New York and Pete Schroeder and Michelle Price in Washington; Writing by Carmel Crimmins; Editing by Lisa Shumaker)

 

-- © Copyright Reuters 2018-03-09

[Silurian]

15 minutes ago, webfact said:

Wall Street laments Cohn leaving White House but no one eager to take his place

 

No one from the sane side of economics policies want the job. But those from the crazed nationalistic economic policies are chomping at the bit to take over.

 

White House Insiders Reporting That Pete Navarro Is Thirsty AF

https://dealbreaker.com/2018/03/white-house-insiders-reporting-that-pete-navarro-is-thirsty-af/

 

Quote

Publicly, Navarro has been coy, telling Bloomberg TV he’s not in the running for the job. But privately, the hardcore nationalist trade adviser is all in for the job. 

 

[spidermike007]

Why on earth would anyone who is distinguished and qualified want to work for this man? What is the average tenure? 7 months? Most know who Trump is. And do not want to be associated with him on any level. How can you take a reality TV president seriously for one moment? Most of us cannot. He means nothing he says, and does very little he promises. And everything he touches turns to crap.

 

Tiny DT. The art of moving America backwards, and lowering the quality of life for the average American. 

The art of I cannot make a deal to save my life. 

The art of losing talent in droves, and replacing them with sycophantic fools, devoid of talent or experience. 

The art of attempting to lead a nation, while being infected with the thinnest skin of a world leader, in history. 

The art of not having a diplomatic bone in his body, and destroying long held alliances, with hate, hubris and a horrible lack of intelligence, vision and talent.

 

[billd766]

44 minutes ago, spidermike007 said:

Why on earth would anyone who is distinguished and qualified want to work for this man? What is the average tenure? 7 months? Most know who Trump is. And do not want to be associated with him on any level. How can you take a reality TV president seriously for one moment? Most of us cannot. He means nothing he says, and does very little he promises. And everything he touches turns to crap.

 

Tiny DT. The art of moving America backwards, and lowering the quality of life for the average American. 

The art of I cannot make a deal to save my life. 

The art of losing talent in droves, and replacing them with sycophantic fools, devoid of talent or experience. 

The art of attempting to lead a nation, while being infected with the thinnest skin of a world leader, in history. 

The art of not having a diplomatic bone in his body, and destroying long held alliances, with hate, hubris and a horrible lack of intelligence, vision and talent.

 

 

That was a good description but could you try being a little more subtle next time.

 

I do agree with you 100% though.

[Silurian]

2 hours ago, spidermike007 said:

Why on earth would anyone who is distinguished and qualified want to work for this man?

 

That leaves the undistinguished and unqualified such as Rick Perry, Ben Carson, Kelly Ann Conway, Peter Navarro, et al.

These mouth breathers have no problems at all working for the current WH. What the heck does Kelly Ann Conway even do to earn her tax payer paid salary besides go on TV and spout off nonsense. Others in the cabinet certainly know how to waste government funds on overpriced dining tables and doors not to mention all the first class flights. It must be nice to get paid a government salary and do so little work.

 

Typical WH job posting:

No Morals? No previous experience? Willing to sell your soul for fortune and fame? Come on down to the WH today! We have the perfect job for you! Note: Must be able to present alternate facts as real facts with a straight face.

 

 

[Thakkar]

On 3/9/2018 at 8:05 AM, webfact said:

Wall Street pondering who would want to leave a well-paying job in the private sector to work in a White House marked by tension, turnover and legal troubles.

 

To be fair, while WH turnover is at 40%, it is still lower than Trump wife turnover, which is at 66%

[spidermike007]

22 hours ago, billd766 said:

 

That was a good description but could you try being a little more subtle next time.

 

I do agree with you 100% though.

I guess subtlety is not my strong suit, especially when describing or discussing Tiny Don. He brings so little to the table. 

[Silurian]