Trump picks Scott Bessent to serve as treasury secretary

[BumRushDaShow]

Source: NBC News

Nov. 22, 2024, 6:26 PM EST


President-elect Donald Trump on Friday asked Scott Bessent, a top fundraiser to his campaign, to serve as secretary of the Treasury Department, two sources familiar with the matter confirmed to NBC News.

If confirmed, Bessent will helm the fiscal policies for an economy that weathered high inflation in recent years, an issue that remained top of mind for many voters who helped send Trump back to the White House in the election earlier this month.

Trump’s pick will be tasked with implementing any tax cuts that a Republican-controlled Congress may pursue. And with Trump proposing aggressive tariffs on imports from countries spanning the globe, the new Treasury Department chief will have to manage relationships with global finance ministers who may choose to retaliate with tariffs of their own.

The Cabinet-level job is to steer federal fiscal policies set by Congress and the White House. The secretary is also the executive branch’s top go-between with the Federal Reserve, a traditionally autonomous institution that sets monetary policies, such as determining interest rates and steering economic conditions at a broader level. That could be a delicate task in the incoming Trump administration, which is likely to put unprecedented political pressure on the central bank.

Read more: https://www.nbcnews.com/politics/donald-trump/trump-picks-scott-bessent-serve-treasury-secretary-rcna180171

[sakabatou]

1. Dump's government is going to be even MORE corrupt than last time

[turbinetree]

2. Next up and live at 5 will be the moment that the crime boss gets his ring kissed ..................

[mahatmakanejeeves]

3. From Reuters:

https://www.reuters.com/world/us/trump-prepares-name-bessent-treasury-secretary-bloomberg-reports-2024-11-22/

FROM FINANCE TO DC

Bessent, 62, primarily lives in Charleston, South Carolina with his husband and two children. He grew up in the fishing village of Little River, South Carolina, where Bessent has said his father, a real estate investor, experienced booms and busts.

Bessent worked for noted short seller Jim Chanos in the late 1980s and then joined Soros Fund Management, the famed macroeconomic investment firm of billionaire George Soros. He soon helped Soros and top deputy Stanley Druckenmiller on their most famous trade - shorting the British pound in 1992 and earning the firm more than $1 billion.

In 2015, Bessent raised $4.5 billion, including $2 billion from Soros, to launch Key Square Group, a hedge fund firm that bets on macroeconomic trends. Key Square's main fund gained about 31% in 2022, according to media reports, but firm assets have declined to approximately $577 million as of December 2023, according to a regulatory filing.

[FakeNoose]

4. Does anyone know if he's as corrupt as Steve Mnuchin?

[BumRushDaShow]

5. Or Hank Paulson?

[KPN]

6. So how many billionaires does that make on his proposed cabinet and senior advisor positions thus far?

Obvious who the fat asshole is pandering to, is it not?

The fact that any of them are interested in even key Executive Branch positions is kind of a testament to their level of concern regarding growing public awareness of the vast and growing income -- as well, therefore, as just about everything else of meaning -- equality existing in America today. Best to get a strangle hold on the controls to keep the masses in their place.

How does it feel to be among the masses?

By the way, that question goes out to MAGAts as well -- despite the fact that incognizance impedes their ability thus far to develop a basis to even ponder it.

[IbogaProject]

7. Top cabinent office in the line of sucession

So this office is extra serious.

[Dem2theMax]

8. Big error in this article. I fixed it.

WRONG

'The Cabinet-level job is to steer federal fiscal policies set by Congress and the White House.'

CORRECT

'The Cabinet-level job is to steer Federal funds into Trump's pocket.'

[mathematic]

9. Probably the most qualified pick in his entire cabinet.

The fact that he's worked closely with Soros is kinda funny. He's gay, too, so I'm sure the "drain the swamp" types are going to be upset with this pick.

Bessent understands macro economics, international finance, etc. If anybody has the credibility to talk Trump out of disastrous tariffs, it'll be Bessent. He's certainly more qualified than Mnuchin.

I know of no scandals or corruption issues with him so I'm not sure why people are saying he's corrupt.

[BumRushDaShow]

10. It's not so much whether he is corrupt or not

but whether he "follows orders". Otherwise we'll watch what typically happens to those who "disobey" -

[mathematic]

11. True enough. At the end of the day all these picks must implement Trump's agenda.

I do think as long as the headline econ news is positive, Trump will be hands off. His team will certainly have priorities. Trump will demand a tariff regime, which is on Commerce to implement. I expect that will be administered corruptly, granting exceptions to favored groups.

What I really see happening is that Bessent, and others, will come up with a scheme that they pitch as tax cuts plus tariffs that are revenue neutral with business tax cuts offseting tax increases from tariffs. There will be lost productivity due to less trade but they'll "project" greater growth due to lower business tax. Republican will pretend the numbers work out and the business conservatives will hope that the tax cuts are enough to counteract the tariffs. It's all nonsense but the American economy is actually pretty resilient and Republican priorities can contribute to both inflation and deflation so it's not easy to predict how it's going to shake out. I really do think Bessent is well equipped to judge it, even if he'll be constrained by Trump's agenda.

[JohnnyRingo]

12. What show is he on and who did he assault?

Must be something on NewsMax.
Seems to be the way he's doing it. next up... Press Secretary Bill O'Reilly

[Yavin4]

13. Trump won't mess with the money.

Wall Street wanted this pick.