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Posts Tagged ‘Steven Mnuchin’

According to Bernie Sanders, “If Donald Trump’s plan to repeal the estate tax is enacted, his family and his cabinet nominees would receive a tax break of up to $9 billion. Repealing the estate tax would only benefit the very, very rich. Meanwhile, these same cabinet members are hell-bent on cutting Social Security, Medicare and Medicaid. Tax breaks for billionaires, cuts in programs for the elderly, the sick and the poor. Not acceptable. We will fight back.”

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As for Trump’s tax breaks for the rich, it will prove devastating to the US economy. We’re already in the midst of a massive stock market and illegally contrived housing bubble, and those tax cut proposals will simply inflate the bubbles even more, and redistribute income and wealth from the 99 to the 1 percent. Furthermore, repeal of the estate tax will increase the hold the rich have on the US government, and increase the corruption that permeates that institution like never before.

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Goldman Sachs InvestigationWhat are the most stark differences between the administration of President Obama and the incoming president Donald Trump?

Wall Street’s Citigroup runs the white house under Obama, and would likely have done so under Hillary Clinton. Under Trump, Citigroup is out and Goldman Sachs is in. What a difference! Wall Street elites are still going to be determining US economic policy, which primarily consists of plots to redistribute income and wealth from the 99 to the 1 percent.

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In other words, under Trump hope and change sound a lot like the same old failed policies Wall Street has been using to weaken the US economy by killing the middle class.

Wall Street powerhouse Citigroup played a powerful role in shaping Obama’s economic agenda, which meant pushing the Trans-Pacific Partnership, which would’ve lead to the exporting of millions of US jobs.

Michael Froman, now Obama’s U.S. trade representative, was an executive at Citigroup. On October 6 2008, he wrote an email to John Podesta, then co-chair of Obama’s transition team. The subject was “Lists.” Froman used a Citigroup email address. He attached three documents: a list of women for top administration jobs, a list of non-white candidates, and a sample outline of 31 cabinet-level positions and who would fill them. “The lists will continue to grow,” Froman wrote to Podesta, “but these are the names to date that seem to be coming up as recommended by various sources for senior level jobs.”

The cabinet list ended up being almost entirely on the money. It correctly identified Eric Holder for the Justice Department, Janet Napolitano for Homeland Security, Robert Gates for Defense, Rahm Emanuel for chief of staff, Peter Orszag for the Office of Management and Budget, Arne Duncan for Education, Eric Shinseki for Veterans Affairs, Kathleen Sebelius for Health and Human Services, Melody Barnes for the Domestic Policy Council, and more. For the Treasury, three possibilities were on the list: Robert Rubin, Larry Summers, and Timothy Geithner.

In other words, Wall Street was calling all the shots in the Obama administration.

President-elect Trump so far has tapped former Goldman Sachs Group Inc. executive Steven Mnuchin (a co-investor with hedge fund billionaire George Soros) to be his Treasury secretary and billionaire investor Wilbur Ross to lead the Commerce Department. Trump even met with Goldman Sachs President Gary Cohn inside Trump Tower this week.

In the days following these announcements, shares of all the big Wall Street firms climbed, with Goldman Sachs rising more than 3 percent by noon in New York.

So it appears Goldman Sachs and billionaire investors other than Citigroup are going to be running the show in the White House. Now that’s not a whole lot of change.

Below is a Trump presidential advertisement that blamed Wall Street for wrecking havoc with the US economy, and now he has embraced everything they have stood for.

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