Gary Cohn, White House chief economic adviser, to resign

[nikcers]

White House national economic council director Gary Cohn will resign from his post, the White House confirmed Tuesday, in yet another high-profile departure from the Trump administration in recent weeks.

Cohn, who served as President Trump’s chief economic adviser since the beginning of the administration, has been discussing with the president his transition out of the White House for several weeks. Cohn opposed Trump's planned tariffs on imports of steel and aluminum, first announced last week, and reportedly tried getting the president to change course.

http://www.foxnews.com/politics/2018...to-resign.html

[Swordsmyth]

Top White House economic adviser Gary Cohn, a Wall Street banker who became a key architect of the 2017 tax overhaul and a bulwark against protectionist forces within the Trump administration, is resigning, the White House said on Tuesday."It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future," Cohn said in a statement issued by the White House.

More at: https://www.yahoo.com/news/white-hou...1--sector.html

[rpfocus]

The "winning" continues...

Top economic adviser Gary Cohn leaves White House in wake of tariff rift

President Donald Trump's top economic adviser Gary Cohn is resigning, the White House announced on Tuesday.

Cohn, who had once been rumored as a potential next chief of staff, will leave the White House in the wake of his fierce disagreement with the President's decision to impose tariffs on steel and aluminum imports. Cohn is expected to leave in the coming weeks, the White House said.
"Gary has been my chief economic adviser and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again. He is a rare talent, and I thank him for his dedicated service to the American people," Trump said in a statement.
The New York Times first reported the news.

Cohn's position with Trump has been tenuous and uncertain since last summer when he spoke out against the President's comments on Charlottesville. While they smoothed over their relationship during tax reform, it "was never the same," a person close to the matter says.
As recently as last week, Cohn was still thinking he could hold on -- and wanted to, this person says -- but losing the tariff fight made clear that it was time to leave, the person said. "Trade was the last straw," the same person said.

The President became angry at Cohn's efforts to soften trade and made that clear in the last 24-48 hours.
Cohn's departure will leave Trump without a key member of his administration -- one largely credited with helping to get tax reform passed in Congress -- but also a chief antagonist to the President's views on trade issues.

Trump was surprised to learn that Cohn was working to arrange a meeting with representatives from the auto and bottling industries in an effort to demonstrate the effects the steel and aluminum tariffs would have, a person familiar with the situation said.
The President has said he's not interested in such a meeting, and has grown angry at what he sees as attempts to deter him from the plan. Trump has spoken disparagingly of "globalists" during internal conversations over the past week, the person said.

[nikcers]

I need to get my sock puppets to stop posting all at the same time

[rpfocus]

I need to get my sock puppets to stop posting all at the same time

*waves*

[dannno]

The "winning" continues...

YEP!!

Score another diplomatic victory for Trump, whose hard line negotiating tactic appears to have generated a dramatic - and favorable for market - outcome. Moments ago futures spiked, 10Y yields jumped and the USDJPY bounced about 106 on what the FT dubbed a "diplomatic breakthrough" that North and South Korea have agreed to hold direct talks between their leaders with North Korea signalling it is willing to abandon its nuclear program "if regime security can be guaranteed."

https://www.zerohedge.com/news/2018-...safety-assured

Trump does best when he goes against all the advice people give him, including deep state tools and the media.

Have fun on the losing side of history, dude.

[Krugminator2]

Trump does best when he goes against all the advice people give him, including deep state tools and the media.

The tariffs are a catastrophically bad idea. There is no possible justification for them. Raising taxes is the ultimate unforgivable sin. Trump isn't an economist. He should listen to the advice people are giving him. I am probably a no on his reelection at this point.

That said if North Korea abandons nukes, it is very big deal and outweighs a lot of Trump's bad.

[rpfocus]

Trump does best when he goes against all the advice people give him

Yeah, what does he need anyone else for? Given that he can barely keep any staff he should just say he's saving administration costs and work alone. WINNING!

[dannno]

The tariffs are a catastrophically bad idea.

Mark my words, you will be proven wrong, the market has already said they think you are wrong despite all the "experts" coming out saying otherwise.

[dannno]

Yeah, what does he need anyone else for? Given that he can barely keep any staff he should just say he's saving administration costs and work alone. WINNING!

Well the thing is if most people went against their own advice, they would lose, but when Trump goes against their advice, he wins. That is because he is a real winner.

As much as libertarianism is the the best form of government, the lp in your sig? Losers. Sorry. It's like they are allergic to winning.

[AuH20]

The tariffs are a catastrophically bad idea. There is no possible justification for them. Raising taxes is the ultimate unforgivable sin. Trump isn't an economist. He should listen to the advice people are giving him. I am probably a no on his reelection at this point.

That said if North Korea abandons nukes, it is very big deal and outweighs a lot of Trump's bad.

If Trump can break the various trade agreements with this preemptive measure, all these tariffs will be well worth it.

[Krugminator2]

If Trump can break the various trade agreements with this preemptive measure, all these tariffs will be well worth it.

What trade agreements specifically? NAFTA? I support NAFTA.

[AuH20]

What trade agreements specifically? NAFTA? I support NAFTA.

NAFTA is one

[timosman]

It's like they are allergic to winning.

Educational campaigners. +rep

[Zippyjuan]

Mark my words, you will be proven wrong, the market has already said they think you are wrong despite all the "experts" coming out saying otherwise.

Even the Aluminum industry - who could benefit from the tariffs- says they are a bad idea.


http://money.cnn.com/2018/03/06/news...ffs/index.html

Even big aluminum doesn't want Trump's tariffs.

The Aluminum Association told the president in an open letter that it is "deeply concerned" by the damage a global aluminum tariff could inflict on US jobs and production. The association represents American aluminum companies.

Last week, Trump said that he plans to impose a 10% tariff on all aluminum imports and a 25% tariff on steel. It's not clear whether certain countries or regions will be excluded from the exemptions.

"We fear that the proposed tariff may do more harm than good," said Heidi Brock, head of the Aluminum Association, in the letter.

Instead, Brock recommended the Trump administration enact tariffs on China and exclude trading partners, such as Canada and the European Union.

Brock pointed to China's overcapacity — production that exceeds demand and lowers global prices — as the main threat to US aluminum makers.

She added that a general tariff could hurt American manufacturers that don't make raw aluminum but rely on aluminum to make their products, such as aluminum foil.

Far more Americans work in those types of downstream companies than in aluminum manufacturing.

[Brian4Liberty]

Gary Cohn is taking his ball and going home. Hard job being a shill for the Wall St/US Chamber/Federal Reserve establishment.

It's a complex issue.

For Alan Greenspan and the Federal Reserve, a US tariff might expose their pyramid scheme, or make it crumble entirely. A tariff must be fought to the death (of the people calling for a tariff). This will be the establishment position.
...

[nikcers]

If you think it's a complicated issue then you are paying too much attention to the Rube Goldberg machine and not what the government is doing with the money. If you think logically and don't factor feelings into this then you will agree that there is no winners with taxation but the ones receiving the government money.

[timosman]

I am surprised how this issue has ignited everybody. Are we all going to die?

[RonZeplin]

Trump could cast a wide net in searching for a replacement, though he has told advisers that he wants to consider Larry Kudlow, a media personality and 2016 campaign adviser, according to several people briefed on Trump's discussions.

Kudlow has been largely supportive of Trump's economic agenda, but he has expressed concerns about Trump's moves on trade. He has in recent days encouraged Cohn to stay. Reached by phone on Tuesday, Kudlow declined to comment.

Trump on Tuesday morning previewed future firings. "I still have some people that I want to change [always seeking perfection]," he wrote in a tweet.

But asked at the news conference who he had in mind - and whether he was looking to fire Attorney General Jeff Sessions, with whom he has feuded bitterly for months - Trump would not say.

"I don't really want to talk about that," the president said. He added, "There will be people that change. They always change. Sometimes they want to go out and do something else. But they all want to be in the White House. So many people want to come in. I have a choice of anybody."
www.ndtv.com/world-news/d...ver-trade-tariffs-1820548

[nikcers]

"I have a choice of anybody."

#DraftRonPaul

[RonZeplin]

#DraftRonPaul

Kudlow needs another bailout, let him sink.

[Krugminator2]

The job of an economist is not to make predictions. His forecast has nothing to do with whether he is a good economist. Recessions are basically unpredictable.

I am not a fan of Kudlow but if you said no recession is coming every year, that is far closer to reality and a far more helpful view than the subsegment of libertarians who screech like blue jays about impending doom every year.

Take Peter Schiff. Who is more accurate? I'll take Kudlow Pollyanna optimism or Peter Schiff's doomsdaying.

[Brian4Liberty]

If you think it's a complicated issue then you are paying too much attention to the Rube Goldberg machine and not what the government is doing with the money. If you think logically and don't factor feelings into this then you will agree that there is no winners with taxation but the ones receiving the government money.

Not factoring feelings, human nature and the realities of the situation are what ensure that theoretical purism doesn't work in the real world. This is one of the reasons that "capitalism" has become a dirty word to many of the younger generation. They start to resent it when capitalism is always thrown at them as the solution to all of their real economic problems.

Yes, a tariff is a tax to be avoided, as well as a trade negotiating weapon. Perhaps that is why Trump wants to use a tariff as opposed to other options.

Ignore the motives and machinations of the Federal Reserve at your own peril, and the peril of all who will suffer in the wars for the petrol dollar.

[nikcers]

Not factoring feelings, human nature and the realities of the situation are what ensure that theoretical purism doesn't work in the real world. This is one of the reasons that "capitalism" has become a dirty word to many of the younger generation. They start to resent it when capitalism is always thrown at them as the solution to all of their real economic problems.

Yes, a tariff is a tax to be avoided, as well as a trade negotiating weapon. Perhaps that is why Trump wants to use a tariff as opposed to other options.

Ignore the motives and machinations of the Federal Reserve at your own peril, and the peril of all who will suffer in the wars for the petrol dollar.

Washington will always do what they have always done when we keep electing politicians who get elected to spend as much money as possible and people are okay with it. They will always find someone to blame, Muslims, Mexicans, but I am going to draw the line at China and Russia. You are not blaming our economic problems on China and Russia and starting world war 3 because you can't figure out that our economic system is designed to tax as much money from us as possible and that can't compete with communism. Of course unlimited spending(taxation) can't compete with communism. This is because we let the corporations take control of our government and now we are going to start a pissing match with Russia and China because we can't cut ourselves off from unlimited spending.

[Swordsmyth]

What trade agreements specifically? NAFTA? I support NAFTA.

If you support NAFTA you are an anti-American globalist or tragically misguided.

[enhanced_deficit]

Unlucky timing, on the day Trump got historic second visit from PM of Israel, Gary Cohen resigns and porn star Stormy sues Trump?

Historically, G-d blessed those who stood with Israel. What is going on?

[TheCount]

Not factoring feelings, human nature and the realities of the situation are what ensure that theoretical purism doesn't work in the real world.

Emotional truth: Tariffs won't actually make my life better but I feel like they might (because that's what the TV says) so let's do it anyway.

[timosman]

Emotional truth: Tarrifs won't actually make my life better but I feel like they might (because that's what the TV says) so let's do it anyway.

My TV says tariffs are a bad idea.

[nikcers]

My TV says tariffs are a bad idea.

I watch the Liberty Report on my TV too.

[Krugminator2]

If you support NAFTA you are an anti-American globalist or tragically misguided.

Nope. Just a plain vanilla capitalist who likes the peace and prosperity trade brings.

Some 82% of economists surveyed this month by The Wall Street Journal said if the U.S. does withdraw, gross domestic product would grow at a weaker rate over the subsequent two years than it would have been otherwise. An additional 7% said the economy would weaken so much that it would enter a recession.

No economists predicted a Nafta withdrawal would boost economic growth, while 11% said it would have no effect.

https://www.wsj.com/articles/forecasters-predict-nafta-withdrawal-would-slow-u-s-growth-1510239602

NAFTA has six advantages. First, it quadrupled trade between Canada, Mexico, and the United States.
Second, greater trade increased economic output. NAFTA boosted U.S. growth by as much as 0.5 percent a year.
hird, stronger growth created jobs. U.S. exports to the other two countries led to almost 5 million new American jobs. In NAFTA's first four years, manufacturers created 800,000 jobs.
Fourth, foreign direct investment more than tripled. U.S. businesses invested $452 billion in Mexico and Canada. Companies in those two countries invested $240.2 billion in the United States. That helped U.S. manufacturing, insurance, and banking companies.
Fifth, NAFTA lowered prices. U.S. oil imports from Mexico cost less because NAFTA got rid of tariffs.

https://www.thebalance.com/nafta-pros-and-cons-3970481