The Powers That Be: Daily Where’s My Gary Cohn?
Mar 21, 2025
Bill Cohan, a financial journalist and author of "Dry Powder," joins to tackle Wall Street's bewildering reaction to President Trump’s economic policies. They discuss the chaos sown by protectionism, questioning the absence of major power players. Cohan also reflects on the potential of Scott Bessent as a stabilizing force in these turbulent times. The dialogue reveals the stark disconnect between Wall Street and everyday consumers, while also shedding light on broader market implications amid the political landscape.
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Wall Street and Main Street
- Wall Street reflects Main Street earnings and consumer behavior, indicating a strong correlation between the two.
- Market sentiment is influenced by factors like presidential announcements and overall economic confidence.
Tariffs and Their Impact
- Trump's tariffs aim to boost American-made goods by increasing the cost of imports, potentially reviving domestic manufacturing jobs.
- Reopening factories is a long-term process, while consumers face immediate price hikes, creating a disconnect between short-term pain and long-term gain.
Small Business Woes
- A small import business owner exemplifies the challenges of Trump's trade policies, as moving manufacturing to the US is unrealistic.
- The owner imports appliances from a small Chinese manufacturer, highlighting the complexities of global trade.