Gary Gensler, former SEC Chair and MIT professor, provides insights on the economic implications of a possible second Trump administration and discusses the ongoing challenges around interest rates. Monica DiCenso, head of Global Investment Opportunities at JPMorgan, predicts a resilient economy while exploring global investment diversification strategies. The conversation also touches on the recent ceasefire discussions between Israel and Iran, which have sparked cautious optimism in the markets, decreasing oil prices and boosting stock valuations.
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insights INSIGHT
Stablecoins Challenge U.S. Financial Control
Stablecoins offer an alternative way to move dollars outside the banking system, bypassing sanctions and anti-money laundering laws.
This could undermine U.S. geopolitical influence and financial regulatory effectiveness.
insights INSIGHT
Tariffs Harm Economy and Rural Areas
Tariffs raise costs for manufacturers and consumers, hurting economic growth and inflation.
They disproportionately damage rural communities dependent on exports and agricultural sales.
volunteer_activism ADVICE
Advocate Global Portfolio Diversification
Diversify portfolios globally beyond the U.S. to balance risk and capture growth in Europe and Japan.
Recognize that U.S. exceptionalism is eroding, so diversifying is increasingly important.
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Simon Johnson's '13 Bankers' examines the role of the financial industry in shaping economic policy and contributing to financial crises. Johnson argues that a small group of powerful bankers has exerted undue influence over government decisions, leading to deregulation and excessive risk-taking. The book traces the history of financial regulation in the United States and the rise of the 'too big to fail' institutions. It explores the causes of the 2008 financial crisis and the government's response, including the bailout of the financial industry. Johnson warns of the dangers of unchecked financial power and calls for reforms to prevent future crises.
Economic Consequences of the Second Trump Administration
Economic Consequences of the Second Trump Administration
A preliminary assessment
Gary Gensler
Simon Johnson
The book is co-authored by Gary Gensler and Simon Johnson. It discusses the potential economic impacts of policies under a second Trump administration, including tariffs and changes to global alliances. Experts contributed to the book and believe that tariffs are going to put downward pressure on economic growth and upward pressure on inflation. The book also covers the impact of immigration policies on the US economy, forecasting a reduction in growth. It is available for free at the Center for Economic Policy Research (CEPR) website.
No Trade is Free
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Robert Lighthizer
Robert Lighthizer's "No Trade is Free" delves into the complexities of international trade, particularly focusing on the challenges faced by the United States. Lighthizer, a prominent figure in trade policy, argues for a more protectionist approach to safeguard American interests. The book examines historical trade agreements and their impact, emphasizing the need for a stronger negotiating stance. It critiques free trade agreements that have led to trade deficits and job losses in the US. Lighthizer's insights offer a critical perspective on global trade dynamics and the need for strategic trade policy.
Too big to fail
The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves
Andrew Ross Sorkin
Too Big to Fail by Andrew Ross Sorkin provides a minute-by-minute account of the events surrounding the 2007-2008 financial crisis. The book chronicles the collapse of Lehman Brothers and the subsequent efforts by Wall Street and Washington to save the financial system. It is based on hundreds of interviews with top executives and regulators, offering a detailed and dramatic narrative of the crisis, including the motivations of ego, greed, fear, and self-preservation that drove the key players. The book also explores the intricate web of decisions and actions that led to the crisis and the measures taken to mitigate its impact.
The curse of cash
Kenneth Rogoff
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJune 24th, 2025 Featuring: 1) Gary Gensler, former SEC Chair and Professor of the Practice of Global Economics & Management at MIT, discusses his new text with Simon Johnson and others on the economic consequences of a second Trump administration as well as his experience in government as SEC Chair. It comes as Fed Chair Jay Powell is set to testify before Fed Chair Jay Powell gets set to likely have to explain why he and fellow policymakers seem resolved to continue holding interest rates for the time being, as the president calls for rate cuts. 2) Monica DiCenso, Head of Global Investment Opportunities at JPMorgan Private Bank, joins to talk about why she's telling clients to expect the economy to remain resilient and is diversifying global investments. The possible ceasefire between Israel and Iran sparked cautious optimism for a lasting resolution to the conflict, leading to a decrease in oil prices and an increase in stock prices. 3) Henrietta Treyz, co-founder at Veda Partners, joins for a discussion on the Big Beautiful Bill and President Trump's economic and political priorities beyond the Middle East. President Trump's $4.2 trillion tax-cut package is nearing a vote in the Senate, but it lacks the necessary support due to disagreements among Republicans over Medicaid cuts, green energy incentives, and other issues. Senate Republicans plan to begin voting on the bill mid-week, with a goal of final passage by the weekend, but meeting this deadline will require quick negotiations on thorny policy issues. 4) Emily Kilcrease, former Deputy Assistant US Trade Representative in the first Trump admin, joins to talk about what she believes it would take to effectively remake the economic world order.
Bloomberg Surveillance 
