“We have the most killer deal-makers… we never use them, I know many of them… these guys are brutal… hard… and Obama uses Kennedy in Japan, I mean give me a break… we need strength”… “and we will win, and you will win, and we will keep on winning, and eventually you will say we can’t take all of this winning, …please Mr. Trump …and I will say, NO, we will win, and we will keep on winning”.
~ Donald Trump
Today, via Facebook (<– specifically note this), President-Elect Donald Trump announces more members of his economic team. Steven Mnuchin for Treasury Secretary, Wilbur Ross as Commerce Secretary, and Todd Ricketts as Deputy Commerce Secretary.
In essence, the Trump economic patriotism platform takes shape with the introduction of a few more key members for the domestic economy dream team.
If you have followed the Trump economic mindset from the beginning, you’ll know exactly what the purpose of each of these players are into the larger scope of domestic capital infusion. Remember, one of the essential elements Trump needs is to create the environment where the best play is domestic, ie. Main Street, investment.
To reverse three decades of economic outsourcing, the investment scales (best return) must tip from Wall Street (global investment) to Main Street (domestic investment), that’s where Mnuchin, Ross and Ricketts come into play. Economic patriotism is leveraged by steering capital investment much like well constructed levies can steer the flow of water.
Forbes is now forecasting over 6% GDP growth. Let that sink in.
“We are going to have an integrated plan and work closely between commerce and treasury to make sure that we drive growth in this country. Our number one priority is sustained 3-4% GDP,” added Mnuchin.
Furthermore, Mnuchin said tax reform would be significant to attaining economic growth and promised the “largest tax change” since Ronald Reagan. This includes cutting the corporate tax rate to 15%, a “big” middle-class income tax cut and simplifying taxes for the wealthy to spur investment. (link)
This team assembly is the dawn of a new era. An era where Main Street Titans, Industrialists and Capitalists –large and small– return to build and reconstruct a blue-collar balanced economy.
“Any reductions we have in upper-income taxes will be offset by less deductions, so that there will be no absolute tax cut for the upper-class,” Mnuchin said on CNBC. For example, he said they’ll cap mortgage interest deductability.
In other words, rich guys Mnuchin (estimated net worth $40 million) and Trump ($3.7 billion) called for capping government benefits for rich people. (read more)
Multinational corporations are reassessing their own financial interests amid a paradigm many executives within those organizations never imagined. Heck, it’s been so long, many of the younger execs have no frame of reference for such a U.S. economic architecture.
(New York, NY) – President-elect Donald J. Trump today announced his intent to nominate Steven Mnuchin as Secretary of the U.S. Department of Treasury, Wilbur Ross as Secretary of the U.S. Department of Commerce and Todd Ricketts as Deputy Secretary of Commerce. This team will be instrumental in implementing the President-elect’s America First economic plan that will create more than 25 million jobs over the next decade.
Mr. Mnuchin has decades of financial management experience including serving as Chief Information Officer at Goldman Sachs as well as finance director for President-elect Trump’s presidential campaign.
“Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs,” said President-elect Trump. “His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury. He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That’s the kind of people I want in my administration representing our country.”
“I am honored to have the opportunity to serve our great country in this important role. I understand what needs to be done to fix the economy. I look forward to helping President-elect Trump implement a bold economic agenda that creates good-paying jobs and defends the American worker,” said Mr. Mnuchin.
Since 2004, Mr. Mnuchin has been the Founder, Co-Chief Executive Officer and Chairman of Dune Capital Management, one of the country’s premier investment firms, specializing in public equity markets, real estate and the entertainment industry. He also founded OneWest Bank Group LLC in 2009 and served as its Chairman and Chief Executive Officer.
Prior to that, Mr. Mnuchin worked for 17 years at Goldman Sachs, where he oversaw trading in government securities, mortgages, money markets, and municipal bonds and rose to become the company’s Chief Information Officer.
Mr. Mnuchin has extensive experience in investing and financing the entertainment business. He founded RatPac-Dune Entertainment, which has produced wildly successful films, including Avatar, the highest grossing film in history ($2.8B worldwide), American Sniper, the X-Men series and many more.
He is a Member of the Board of The Museum of Contemporary Art Los Angeles (MOCA), UCLA Health System Board, New York Presbyterian Hospital, the Los Angeles Police Foundation, and Life Trustee of New York Presbyterian Hospital. Mr. Mnuchin has a bachelor’s degree from Yale University.
— Boston Bobblehead (@DBloom451) November 30, 2016
In addition, President-elect Trump announced his intent to nominate Wilbur Ross as Secretary of the U.S. Department of Commerce, a man renowned for his extraordinary business career and economic expertise.
“Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed. Most importantly, he is one of the greatest negotiators I have ever met, and that comes from me, the author of The Art of the Deal. Together, we will take on the special interests and stand up for American jobs,” said President-elect Trump. “Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America’s energy resources will strengthen our economy at a time when our country needs to see significant growth. I am proud to nominate him as Secretary of Commerce.”
“I am delighted to have been selected to join President-elect Trump’s Cabinet and look forward to working especially closely with Steve Mnuchin to implement the economic programs which we have developed jointly to implement the President-elect’s strategy for accelerating our economic growth,” said Mr. Ross.
For 25 years Mr. Ross headed Rothschild Inc. where he built a legacy of saving jobs and restructuring failing companies back to profitability. He has successfully grown businesses in the telecommunications, textiles, steel, and coal industries. In 2000, Mr. Ross started the investment firm WL Ross & Co.
Mr. Ross served as the President-elect’s top economic advisor on trade policy. He agrees with President-elect Trump’s plan to bring back jobs, eliminate the trade deficit and make good deals for America’s workers. He is a world-class negotiator and can be counted on to be a forceful advocate for America’s interests in the global economy. He received a bachelor’s degree from Yale University and his MBA from Harvard University.
— STOCK MONSTER ELECT (@Darren32895836) November 30, 2016
In addition to Mr. Ross’ nomination, President-elect Trump announced his choice of Todd Ricketts, co-owner of the Chicago Cubs, to serve as Deputy Commerce Secretary.
“Todd Ricketts is an immensely successful businessman with unparalleled knowledge of the finance industry,” said President-elect Trump. “As Deputy Commerce Secretary he will help us cut waste and streamline government so that it works for the people of America. The incredible job he and the Ricketts family did in the purchase and turnaround of the Chicago Cubs – one perfect step after another, leading to the World Championship, is what I want representing our people. I am very proud to have him on our team.”
“I am honored that President-elect Donald J. Trump has asked me to serve our country at this critical juncture in our history. Advancing practical policies that promote economic opportunity is critical to making America great again. I’m eager to begin this important work and serving with Wilbur Ross to implement President-elect Trump’s economic agenda, which will improve the lives of all Americans,” said Mr. Ricketts.
Mr. Ricketts is committed to promoting the values of fiscal responsibility and educating taxpayers on wasteful and excessive government spending. He is the son of Ameritrade founder Joe Ricketts and has years of hands-on experience in the finance industry. Like President-elect Trump, Mr. Ricketts will use this knowledge to fix the broken Washington D.C. system, keep jobs in the United States and spur job growth.
Mr. Ricketts has consistently spearheaded efforts to defend the taxpayers’ money. Ricketts is a graduate of Loyola University Chicago. In 2016, Mr. Ricketts helped deliver a World Series Championship to the people of Chicago as a key member of the Cubs ownership group. (Facebook Link)
Trump Economics – As we all begin to filter the impact of a historic Donald Trump victory, perhaps it is important to remind ourselves what should be the primary filter for perspective..
For the first time in many decades the chief executive of the United States will walk into office concerned about the fiscal stability of the United States. For the first time ever, a titan of American Main Street is going to be in the oval office. Do not downplay the significance of this aspect. Money makes the world go ’round.
Every single global leader and politician is reviewing the U.S. election through their own domestic financial prisms. Enter, the land of Samsung, Kia etc: (read more)