Treasury, Steven Mnuchin, Secretary discussed on Bloomberg Businessweek

Automatic TRANSCRIPT

Ongoing discussions were, in conversations with the EU about trade issues and I think you know on China we've been very, focused on the trade relationships with China so Carol of, course that is Treasury Secretary Steven Mnuchin. Speaking back in June at the finance ministers meeting of the g seven seat Mnuchin former Goldman Sachs partner maybe producer really hopped on the Trump trained early in the campaign of the general election wound up his Treasury Secretary, and. He has. Held onto that job and some have said he saw? An opportunity to be. A part of this. Administration and took it others have also said that he's a voice of moderation even reason if you will within. The White House Devon Leonard has been our go to guy BusinessWeek to help, us understand some of the key figures, of this administration how they got there what. They're, doing and what they're Future may be here's Devon it's interesting when you look at the, Trump administration there's there's a lot of. People who wound up in these very important you know sensitive positions in government who probably wouldn't be. There if if it hadn't been for Donald Trump and they sort of got on board the you know the, the Trump train or whatever to Washington time and this is totally true Mnuchin when a lot of people thought that he's not gonna, win or or people you know Republicans were like, they're never Trumpers wish to stay awake for. This guy but he's he's a guy from Wall Street and Goldman Sachs was in the head so business sort, of opportunistic I. Think sort of philosophy about jumping into. Things jumped into this and Landed. In the Treasury Department's Treasury Secretary which is a really important prestigous job when you look, back at. The people, who've had that job for. Hank Paulson Bob Rubin Tim Geithner I, mean the, following in their, footsteps? That's really something it's, often about though you know controlling economic policy right but in some. Cases? His Treasury, Secretary is different from what we've seen in the past right he's conceited You. Know some responsibilities and he's taken on some others well I mean that that's the thing, when when. You look, at the people in the. Treasury secretaries that people consider to be, great they, re people that, were? Able to largely sort, of dictate economic policy to the bosses I e the US president. In? This case Mnuchin say he. Didn't say a whole. Lot toss be said I think the president listens to me. They sometimes he agrees sometimes he doesn't it he disagrees but I think that's a lot, different from Bob Rubin who, whose whose, economic policies were called Ruben. Makes people think he was largely responsible for. The economic prosperity during the Clinton years Hank Paulson. Really Bush let him handle the response. To to the financial crisis point, Bush wasn't very popular and you know if he'd gone. To, congress and ask for things they probably would have said you know beat it and guidance case he had a lot of influence, with Obama so I think that's sort of irony you can you can sort of ride. Into Washington we know what Trump wind up The secretary. Of the treasury but then you have. To deal with the president who Even even even nuisance as he doesn't. Always listen to them and that's that's been very clear in the last eighteen months the other interesting thing that that comes through in your, story and has become apparent is. That while Mnuchin is of Wall Street in name he is not of Wall Street in. The same. Way of the guys you mentioned were Paulson was CEO of, Goldman Sachs Mnuchin did it did a. Tour at, Goldman Sachs is dad worked there but he was a hedge fund guy you. Know he was a movie producer LA very much a part until he doesn't command it. Feels like this. Same gravitas or doesn't convey. The same, gravitas Jason to me hasn't let's face it he hasn't as Treasury. Secretary I mean this is the guy. That a lot of people know the guy they, saw the picture with his wife. Louisa Lytton his third wife who who's an, actress they were holding the dollar bills this last November With. His signature on it and she was pouting for, the camera and she had a. Black black so In those, pictures went viral that an AP photographer took one commentator said look bond. Villains You know Mnuchin you considered a bad way to, deflect it but I just think that's not what you would. Have seen Bob Rubin do Hank Paulson so so, I mean that's at the same time he's also been very He's he's he's almost as the guy that. Trump can always count on to defend. Them in situations where no one else will are very few very few people will either good, examples when, you know when Trump, basically, said there were very, fine people on both, sides after the you know. The demonstrations in Charlottesville Between neo-nazis and counter protestors which. Left? One person dead and Larry Summers former, another? Former Treasury Secretary he called Steven Newsome may be the you know. The the most biggest sycophant in cabinet history and Treasury Secretary is generally do not come out and slam the sitting successors. Right well it's interesting, to that part of his success or his longevity right is not kind of outshining the president. Right, and, not talking to the press a lot and the president does I think you're right in the story that he does listen to has. Gotten the president of back down on. Some things the other thing though I think with the Treasury Secretary is how the world sees, us a, little bit about that Well that's that's one of the things the things that have to remember about the treasury secretaries that along with. Being in charge of, managing the national dad and doing sort of domestic economic policy the taxes and things like that The the IRS is part of the treasury, department you know he's an awesome Involve economic sanctions and stuff like that but there's. Sort of the you know the main person overseeing economic diplomacy around the world so people around the world are sort of looking to to the to. The Treasury, Secretary because he represents the world's largest economy and free for decades, you know the US has basically, been the leader. In global economic policy, guy met the Royal. Bank and things things like that so so he's he he, represents America globally when we, when it. Comes to when it comes to economics you wrote about Treasury Secretary Steven, Mnuchin he's, been there for a while is that the point of the story the longevity what I think, about our readers and our listeners? Who are going to go through this story what, is the, important takeaway here I think part of it is. Sort of, despite you know This guy's, weaknesses are. Foibles I mean you know we said it before about the you know, the may, be lacking Simpson gravitas and at times being someone who looked the Washington Post you know Dana, Millbank call them boot a bootmaker? Despite the fact that that a lot of people, know him You know defend Trump at all At all, costs despite, maybe maybe you know Putting your own. Personal credibility. At risk thank you so much thank. You you're listening to Bloomberg BusinessWeek coming up Carol president Xi of China has. Made a lot of both promises radicalizing poverty how that's. Actually being executed is raising. Some big questions we'll get into that story this is Bloomberg The art and you can.

Coming up next