Military Resistance 15C6
Donald Trump Isn’t Even Pretending To Oppose Wall Street Anymore:
“That Populist Smokescreen Is Long Gone Now”
“It’s Not Just The Presence Of Ex-Bank Executives That Matters; It’s The Policy Menu Oriented To Wall Street’s Wishes”
“Banks Have Celebrated Since Trump’s Election”
March 15 2017 by David Dayen, The Intercept
The continuity of Wall Street’s dominant role in American politics — regardless of what party sits in power or how reviled the financial industry finds itself across the country — was perhaps never more evident than when Jake Siewert, now a Goldman Sachs spokesperson, on Tuesday praised the selection of Jim Donovan, a Goldman Sachs managing director, for the No. 2 position in the Treasury Department under Steve Mnuchin, himself a former Goldman Sachs partner.
“Jim is smart, extraordinarily versatile, and as hard-working as they come,” Siewert gushed. “He’ll be an invaluable addition to the economic team.”
The punch line?
Siewert was counselor at the Treasury Department to Timothy Geithner, as well as a White House press secretary under Bill Clinton.
The ubiquity of Goldman Sachs veterans across numerous presidencies throughout history, both Republican and Democratic, has been well documented.
But Donald Trump sold himself as something different, an economic nationalist determined to rankle Wall Street.
He even ran campaign ads savaging bankers like Goldman CEO Lloyd Blankfein for their role in a “global power structure.”
That populist smokescreen is long gone now.
Mnuchin and Donovan are just two of five Goldman expats in high-level positions on Trump’s team.
Steve Bannon spent a limited time at Goldman Sachs, but White House assistant Dina Powell, who headed the bank’s philanthropic efforts, and National Economic Council director Gary Cohn, Goldman’s former president, had higher-ranking positions for a longer period.
Jay Clayton, Trump’s nominee for the Securities and Exchange Commission, was a partner for Goldman’s main law firm, Sullivan and Cromwell.
White House Chief of Staff Reince Priebus reportedly blocked Donovan from Treasury initially, amid fears of an image problem with too many “Goldman guys.” But Donovan got the post anyway.
Other big banks are represented inside team Trump as well.
Several expats of Mnuchin’s OneWest Bank, which repeatedly brutalized homeowners during the foreclosure crisis, have been rumored for key spots at the banking regulators.
The same day as Donovan, Trump announced the nomination of David Malpass as treasury undersecretary for international affairs. Malpass was the chief economist for Bear Stearns right before the investment bank imploded. He literally wrote an opinion piece called “Don’t Panic About Credit Markets” for the Wall Street Journal in August 2007, noting, “Housing and debt markets are not that big a part of the U.S. economy.”
But it’s not just the presence of ex-bank executives that matters; it’s the policy menu oriented to Wall Street’s wishes.
After dalliances with unorthodox proposals for a Republican, Trump has settled into an agenda of tax cuts and deregulation — particularly for the financial industry.
Cohn laid out the new paradigm in an interview with the Wall Street Journal last month, promising lighter supervision and even lower capital requirements for the financial sector. J. Christopher Giancarlo, Trump’s choice to run the Commodity Futures Trading Commission, which handles derivatives regulations, hijacked a federal advisory panel to recommend abandoning limits on commodity speculation, of the kind pursued by big banks like Goldman Sachs.
Donovan is expected to play a major role in tax policy, which will be overwhelmingly tilted to benefiting the wealthy, despite claims from Mnuchin that the rich will see “no absolute tax cut.”
Even Trump’s flailing health care proposal is really little more than a large tax cut for the wealthiest Americans, financed by cuts to the low-income Medicaid program.
Even in areas where populist sentiment was seen as pre-eminent, Trump has reportedly succumbed to the Wall Street advance. A dramatic piece in the Financial Times described a “civil war” within the White House over trade, pitting Trump’s hard-liners like Bannon and trade policy adviser Peter Navarro against the likes of Cohn. It stated that Navarro was being sidelined, with Cohn taking a larger role in the negotiations over NAFTA, and with foreign leaders working through the National Economic Council rather than Navarro in trade talks.
AFL-CIO official Thea Lee said in the story, “It appears the Wall Street wing … is winning this battle.”
At the NEC, Cohn hired Andrew Quinn, a chief negotiator for the Trans-Pacific Partnership, to coordinate international trade and development. A stewing Breitbart News called Quinn “the enemy within.”
Not enough has happened on trade to declare the winner of this internecine battle; indeed, the Financial Times reported that Trump took Navarro’s side in a recent Oval Office meeting. But in confirmation hearings Tuesday, Robert Lighthizer, Trump’s pick for U.S. trade representative, praised his predecessor Michael Froman, architect of the TPP (and himself a former Citigroup executive), arguing that some of that work could be used in constructing a successor to NAFTA.
Lighthizer also vowed tough enforcement of trade rules but said little about tariffs or the kinds of disruptive policies Trump touted in the campaign, which Wall Street disfavors.
Banks have celebrated since Trump’s election,
composing the lion’s share of the “Trump bump” in stock prices. Goldman Sachs shares have risen from $181.92 on Election Day to around $250 today, an increase that accounts for as much as one-fifth of the total rise in the Dow Jones Industrial Average over that period.
Not only do Goldman executives benefit, but so do their alumni: Cohn received nearly $300 million in severance from Goldman after moving into government. He’s vowed to recuse himself from anything “directly” affecting his former company, but that doesn’t necessarily apply to tax and regulatory policies affecting the entire financial sector.
“Banks Have Celebrated Since Trump’s Election”
The ubiquity of Goldman Sachs veterans across numerous presidencies throughout history, both Republican and Democratic, has been well documented. But Donald Trump sold himself as something different, an economic nationalist determined to rankle Wall Street. He even ran campaign ads savaging bankers like Goldman CEO Lloyd Blankfein for their role in a “global power structure.”
That populist smokescreen is long gone now.
Mnuchin and Donovan are just two of five Goldman expats in high-level positions on Trump’s team. Steve Bannon spent a limited time at Goldman Sachs, but White House assistant Dina Powell, who headed the bank’s philanthropic efforts, and National Economic Council director Gary Cohn, Goldman’s former president, had higher-ranking positions for a longer period. Jay Clayton, Trump’s nominee for the Securities and Exchange Commission, was a partner for Goldman’s main law firm, Sullivan and Cromwell.
White House Chief of Staff Reince Priebus reportedly blocked Donovan from Treasury initially, amid fears of an image problem with too many “Goldman guys.” But Donovan got the post anyway.
Other big banks are represented inside team Trump as well. Several expats of Mnuchin’s OneWest Bank, which repeatedly brutalized homeowners during the foreclosure crisis, have been rumored for key spots at the banking regulators.
The same day as Donovan, Trump announced the nomination of David Malpass as treasury undersecretary for international affairs. Malpass was the chief economist for Bear Stearns right before the investment bank imploded. He literally wrote an opinion piece called “Don’t Panic About Credit Markets” for the Wall Street Journal in August 2007, noting, “Housing and debt markets are not that big a part of the U.S. economy.”
But it’s not just the presence of ex-bank executives that matters; it’s the policy menu oriented to Wall Street’s wishes.
After dalliances with unorthodox proposals for a Republican, Trump has settled into an agenda of tax cuts and deregulation — particularly for the financial industry. Cohn laid out the new paradigm in an interview with the Wall Street Journal last month, promising lighter supervision and even lower capital requirements for the financial sector. J. Christopher Giancarlo, Trump’s choice to run the Commodity Futures Trading Commission, which handles derivatives regulations, hijacked a federal advisory panel to recommend abandoning limits on commodity speculation, of the kind pursued by big banks like Goldman Sachs.
Donovan is expected to play a major role in tax policy, which will be overwhelmingly tilted to benefiting the wealthy, despite claims from Mnuchin that the rich will see “no absolute tax cut.” Even Trump’s flailing health care proposal is really little more than a large tax cut for the wealthiest Americans, financed by cuts to the low-income Medicaid program.
Even in areas where populist sentiment was seen as pre-eminent, Trump has reportedly succumbed to the Wall Street advance. A dramatic piece in the Financial Times described a “civil war” within the White House over trade, pitting Trump’s hard-liners like Bannon and trade policy adviser Peter Navarro against the likes of Cohn. It stated that Navarro was being sidelined, with Cohn taking a larger role in the negotiations over NAFTA, and with foreign leaders working through the National Economic Council rather than Navarro in trade talks. AFL-CIO official Thea Lee said in the story, “It appears the Wall Street wing … is winning this battle.”
At the NEC, Cohn hired Andrew Quinn, a chief negotiator for the Trans-Pacific Partnership, to coordinate international trade and development. A stewing Breitbart News called Quinn “the enemy within.”
Not enough has happened on trade to declare the winner of this internecine battle; indeed, the Financial Times reported that Trump took Navarro’s side in a recent Oval Office meeting. But in confirmation hearings Tuesday, Robert Lighthizer, Trump’s pick for U.S. trade representative, praised his predecessor Michael Froman, architect of the TPP (and himself a former Citigroup executive), arguing that some of that work could be used in constructing a successor to NAFTA. Lighthizer also vowed tough enforcement of trade rules but said little about tariffs or the kinds of disruptive policies Trump touted in the campaign, which Wall Street disfavors.
Banks have celebrated since Trump’s election, composing the lion’s share of the “Trump bump” in stock prices. Goldman Sachs shares have risen from $181.92 on Election Day to around $250 today, an increase that accounts for as much as one-fifth of the total rise in the Dow Jones Industrial Average over that period.
Not only do Goldman executives benefit, but so do their alumni: Cohn received nearly $300 million in severance from Goldman after moving into government. He’s vowed to recuse himself from anything “directly” affecting his former company, but that doesn’t necessarily apply to tax and regulatory policies affecting the entire financial sector.
AFGHANISTAN WAR REPORTS
Insurgents Threaten Farah Province:
“Security Forces In Farah Are Faced With Lack Of Equipment And Weapons”
“A Big Part Of The Forces Guard Projects Run By A Qatari Company”
“They Are Not Taking Any Action Even When Fired On By The Taliban”
March 14, 2017ToloNews
The security status of Farah province in the country’s west has changed from an insecure to a fully war-hit province, a report by TOLOnews reveals.
Except for Khaki Safed, Gulistan and Bakwa districts - which are main strongholds of the Taliban - seven other administrative areas, including the central city of the province, are insecure and war-hit.
Officials in Farah admitted they are more concerned about maintaining government offices in every district of the province than ending Taliban’s dominance in many parts of the province.
“The war is not a war of weapons and gunpowder, it is an intelligence war, a cultural war. Sometimes you will see that the game is bigger than this. It means that the war has become regional, beyond the country’s borders. It means that the origins of the conflict have roots outside the country,” Farah governor Mohammad Asif Nang said.
Security forces in Farah are faced with lack of equipment and weapons. A big part of the forces guard projects run by a Qatari company. The Arab Sheikhs go hunting in the insecure district of Jawin, the report says.
It reveals that Arab Sheikhs from Qatar visit Farah once in a year and spend one month in the province where they are protected under tight security by Afghan forces.
The Arab Sheikhs operate in areas bordering Iran where they hunt and distribute food to villages. The Arabs erect their tents in Chakarta region in Jawin district which shares border with Iran every year between February and March.
TOLOnews’ findings reveal that in this period, 150 police force members ensure the Qatari Sheikh’s safety. Sources say that $500 USD is given to the police force members as a so-called gift at the end of the mission.
“I am not aware of the reports, we will certainly investigate the issue. We sent a delegation to Farah in winter aimed at further strengthening our forces there,” spokesman for Interior Ministry Sediq Sediqqi said.
Besides police, an army unit has been deployed in southeastern part of Farah city to ensure the security for an agricultural farm and a zoo that belongs to Qatari Arabs.
This farm has been built on 1.6 hectare of land in an area between a big base of army and the base of Crisis Response Unit (CRU).
Date trees and rare animals and birds are kept there.
The entire military base near Farah-Bakwa road is occupied by maintaining the security of the highway and army members have not interfered.
“It is only for ensuring the safety of the zoo. If something happens, they go to the unit and take action against it. Army forces have not come out of their base so far. They are at the top of the mountain.
“They Are Not Taking Any Action Even When Fired On By The Taliban”
“They are not taking any action even when fired on by the Taliban,” Mohammad Husain, a commander of the CRU told TOLOnews.
The Ministry of Defense is also unaware of the matter, as is the Ministry of Interior.
“We should ask about the accuracy of the report. We should obtain information and talk to army Corp commander. The information has to be exact, then we will inform you,” the Defense Ministry spokesman Dawlat Waziri said.
The Qatari plans are implemented by an agricultural company, Al-Gharafa Foundation, the report says.
The company has reportedly committed to invest at least 30 to 40 million USD in agriculture and livestock in Farah. Overall, it has vowed to spend at least $100 million USD on different projects in the province.
Construction of 800 meters of runway for Farah Airport which will cost $5 million USD. A terminal for the airport which will cost $905,000 USD.
Reconstruction of a big mosque in Farah city which will cost $835,000 USD. The construction of two schools in Farah city worth $514,000 USD and two health centers with the cost of $489,000 USD, are some of the projects.
“In past two years, we have not seen activity by other institutions except Al-Gharafa Foundation,” Jamila Amini, head of Farah Provincial Council said.
Meanwhile, the Qatari projects have led to mixed reactions by Farah residents and officials.
“Arabs have their own political issues with Iran. They implement projects in remote areas like Chakarta which shares a border with Iran. I cannot accept this as assistance. They distribute one bag of rice and flower to the people. This is not help,” said Mohamamd Rasul Barikzai, work manager at Labor and Social Affairs Directorate in Farah.
TOLOnews tried to get comment from Al-Gharafa Foundation’s officials about but was told they have gone to Qatar. TOLOnews also wanted to talk to the head of the company but the efforts were not successful.
Earlier, officials of the company rejected political bids for their projects. Farah governor Mohammad Asif Nang has said the Qatar Sheikhs investment in Farah is effective for preventing the smuggling of animals to Iran and is crucial for promoting agriculture in the province.
In response to concerns by Iranians about infiltration of Arabs into Afghanistan’s bordering areas, he said Iran thinks about regional trade and its benefit in Afghanistan more than any other issue. “Iran needs money. Farah is a short way to Iran because the trade between Afghanistan and Iran as well as its trade with Central Asian countries has not started yet,” Nang said.