Gary Cohn: "The Fed Is Doing A Good Job"; Trump "Respects The Powers Of The Fed"

Tyler Durden's picture

Former Goldman president, and current White House chief economic advisor - as well as the person who supposedly is engaged in a bitter fued with Peter Navarro over the shape of future US trade policy - Gary Cohn appeared on Fox News Sunday, and spoke at length to Chris Wallace about some of the key economic policy changes to be implemented.

First, he touched on Obamacare repeal, saying that the administration will do "whatever it takes" to get the bill passed, setting a high bar for expectations from Trump who is still expected to meet significant challenges from House and Senate republicans.

Cohn then touched on Trump's vision to protect the country, saying the Obama administration under-invested in the military the past eight years. "Unfortunately, we have no alternative but to reinvest in our military and make ourselves a military power once again," Cohn said. Cohn said Trump met over the last several weeks with generals from the Army, Navy, Air Force and Marines to talk about the military's preparedness. He said it has been disappointing to hear what these generals have had to say. Cohn conceded that if funds are used to reinvest in the military, cuts need to be made elsewhere in order ensure a balanced budget without creating a further deficit.

"It's no different than every other family in America that has to make the tough decision," Cohn said. "When they need to spend money somewhere, they have to cut it from somewhere else. These are tough decisions, but the president has shown he is ready, willing and able to make these tough decisions."

Finally, touching on a topic that until recently at least appeared to be dear to Trump's, Cohn - speaking in his best former Goldman COO voice - said that the Federal Reserve "has been doing a good job" and the Trump administration respects its independence, even if the U.S. central bank raises interest rates this week.

He said that Trump administration will keep working to reduce barriers to job creation no matter what the Fed does on interest rates.

"The Federal Reserve is an independent agency and they operate as such. They have their economic data, which they look at and they are trying to always modulate economic growth with inflation, with the work force," Cohn said. "I think the Federal Reserve has been doing a good job in doing that. The Fed will do what they need to do. And we respect the powers of the Fed."

It remains to be seen if he will also respect them after 2-3 rate hikes, when the market finally wakes up to the rate hike cycle and Yellen's realization she needs to hike in order to cut once the official recession begins, in the process slamming the stock market which both Trump and Cohn have previously confirmed is a "barometer" of the administration's policies. For now Trump has been happy to take credit for the all time highs in the S&P, but what will he say once stocks start sliding, the dollar surges crushing exports, and Trump finally realizes that he needs looser, not tighter, policies to implement his economic vision? We don't know, but a twitter Feud between @RealDonaldTrump and the @FederalReserve was certainly among our most vocal desires of things to see in 2017. It may soon come true.


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saveUSsavers's picture



philipat's picture

In other words "I have a major interest in Goldman Sachs which is a major shreholder in The Fed, which follows our direction accordingly". So leave it alone.

remain calm's picture

As long as my brothers at GS continue to do real well by stealing money fom the peasants then yes she is doing a good job

BigFatUglyBubble's picture

I'd say GREAT job!!!

Mazel Tov!

MarkD's picture

Trump is draining the swamp to fill the lake

kavlar's picture
kavlar (not verified) MarkD Mar 12, 2017 9:39 PM

You got it right dude.

Mano-A-Mano's picture
Mano-A-Mano (not verified) kavlar Mar 12, 2017 9:40 PM

The thieves at the Fed stole $30 TRILLION in 2008. Yeah Great Job! Yeah, Trump loves the Fed!

techies-r-us's picture
techies-r-us (not verified) Mano-A-Mano Mar 12, 2017 9:41 PM

Trump just wants his cut this time, when they fake another crisis a la 2008.

kavlar's picture
kavlar (not verified) techies-r-us Mar 12, 2017 9:42 PM


BullyBearish's picture

Let's be fair...there's a lot of noise rolling around...let's just judge trump against this list:

1. Pardon Edward Snowden and Julian Assange as a sign he WELCOMES whistle blowers and putting the PEOPLE'S business in the LIGHT

2. Begin to revoke the fed's charter by putting Ron Paul in charge of a special investigation of fed malfeasance

3. Revoke israel's special exemption from foreign lobbying registration and fully audit AIPAC with an intention to uncover bribery and espionage

4. Immediately indict Bill and Hillary Clinton and others from the Clinton Foundation on charges of corruption, espionage, and theft

5. Rescind all future payments/allotments to the Kingdom of Saudi Arabia and israel until they are in compliance with international law and human rights standards

6. Cease saber rattling against Iran and Russia and work toward peaceful, complementary accommodations

7. Draw down the 600 plus U.S. military bases around the world and bring the Americans HOME


8. Initially shift 30% of the current military budget to domestic infrastructure needs with a mandate of further reductions of 10% per year


How's He Doing?

kavlar's picture
kavlar (not verified) BullyBearish Mar 12, 2017 9:55 PM

Great freakin list.

BullyBearish's picture

You must watch this, it goes to the heart of their power and it is ALL based on CONTINUING the fed...


xythras's picture
xythras (not verified) BullyBearish Mar 13, 2017 5:03 AM
He even respects the Obama moles left in his admin.

Is Trump becoming a PUSSY?... 

For god sake, how lame can you be IF FOX needs to step in and ADVISE you to purge the fucking moles and ge rid of Deep State leftists.

VIDEO: Sean Hannity Urges President Trump “To Drain The Swamp” and Purge the Deep State



caconhma's picture

Trump is a fraud, a buffoon, a liar, and a failure. Do you really think an honest man could be elected  a US President?

It is a bizarre when Trump's US national security head Flynn was a Paid Foreign Agent working for Turkey. So much for US Deep State usefulness and competence! 

Do not judge a man by his words by rather by his deeds. And here, it is the perfectly clear who Trump is. 

jeff montanye's picture

you and others bring up good points.  president trump needs to make decisions that mirror what he campaigned on.  we don't need more money for the military.  we need less and we need fewer wars.  spend that money at home building things not overseas destroying things.  of course these war losing generals are going to want more money, doesn't everybody?  screw goldman sachs and arrest the banksters.

these are not the people who supported you and who elected you mr. president.  fuck them and get back to making america great again, not destroying it the way the three, four, however many evil men who had the post before you did.  it didn't work before; it's not going to work now.

Troy Ounce's picture


I downvoted you because it seems it is not what you say it is.

Paul Kersey's picture

Trump "Respects The Powers Of The Fed"

I believe that's called 'capitulation'.

"the action of surrendering or ceasing to resist an opponent or demand."

flicker life's picture
flicker life (not verified) Paul Kersey Mar 13, 2017 5:34 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

manofthenorth's picture







MarkD's picture

Will never happen...... Trump needs the circus to continue in order to expand his empire. It's the reason he is in this. Do folks still really believe he wants to maga?

Ballin D's picture

I'd be more concerned if Tyler didn't twist news related to DJT as bad as CNN does. I'll wait till Trump does or says something to confirm this. He campaigned on the principle that the fed had failed and has continued to be consistent with pre campaign promises on other fonts

MarkD's picture

Trump will do what those in the swamp tell him to do...... thus making them even more powerful (turning a swamp into a lake)

He is just a flip floppin bozo looking to better his lifestyle. Eventually the trumpsters will catch on.


kavlar's picture
kavlar (not verified) MarkD Mar 12, 2017 9:39 PM

Couldn't agree more with you MarkD.

auricle's picture

Depressing to watch this guy speek. The MIC is under funded? The military is massively over funded! If you stopped wasting money on militarism and redirected those funds to defense then we would have a massive surplus that could be spent on rebuilding our country. Cohn should be fired. 

SubjectivObject's picture

Fucking Cohnhead.

Can't Trump speak for himself on this?

BigFatUglyBubble's picture

No, he's too busy tweeting about FOX and Friends and Arnold on celebrity apprentice.  He will just cryptically hang an Andrew Jackson portrait in the oval office to buy more political leverage while his squid friends sack the treasury.

HRClinton's picture

No more Butter. Time for Guns.

Who could have seen this coming? 

"All Debt is good, but new debt is Double Plus Good", Gary tells me.

HRClinton's picture

Rationalize it, if you must.

But as more time goes by, it looks like

You got schlonged.

Tired of Winning? 

Putrid's picture

I have information flows from the FED. I can confirm that

"Behind closed doors, the FED chairs are terrified."

Even though the anti-war faction has seized the Oval Office the most likely result remains War. So if the Reset is going to happen as planned by the BIS, the sooner the better in my opinion. Fuck it!

It's the sheer scale of the Crisis that is hard to fathom. And there'll be no recovery by the way, none, so you had better factor that into your preparations.

Good Luck,

Edit: And for the sake of clarity; the Fed chairs are terrified of the geopolitical consequences of the FIAT Dollar Ponzi failing. I mean; can you imagine? There'll be ethnic cleansing of burdensome sub-groups almost everywhere. And then the dictators and hard men.

old naughty's picture

"Behind closed doors, the FED chairs are terrified."


Of coz they're...but not at what you claimed.

They're terrified coz they don't know what the master (who is the REAL CHAIR) is up in his (note the small letters) other sleeve.

and believe it or not, the master is him-SELF (note the cap letters, means all STS) terrified at the speed of awakening of some of us humans.


As to the Don, he's a "wild card".

And don't forget what the Economist Cover 2017 "forecasted" !? 

OldPost's picture

Just enjoy the show... on Wednesday when the Debt ceiling needs to be raised and the Dems and Reps in congress who loathe Trump refuse to budge, so his infrastructure plans can't be born... The master Bankruptcy play throws it's Trump card and America defaults on it's debt owed to everybody including the Fed...looks like a classic set up to me..Mouthpiece says how much he respects the Fed in reality it's just a chess move...

crossroaddemon's picture

Funny shit. Seriously, I'm doubled over!

Fucking told you so.

BigFatUglyBubble's picture

They will twist things around; justify it as Trump playing quantum 3d chess and will win the long game.  That's really how bad the hypnosis is.  

Billy the Poet's picture

That is not the opinion of this Trump voter. Try again to read my mind and get back to me.  I find such talents to be fascinating.

auricle's picture

Can someone review Trumps anti NWO speech and tell me why the likes of Cohn is in Trump's administration? Now stating that Trump fully supports the Fed?


Billy the Poet's picture

Whom specifically did you tell and what did you say? Folks have known all along that the lesser of evils was somewhat evil. It's obvious and no revelation.

crossroaddemon's picture

I spent the whole of last year telling you guys that the new boss was going to be the same as the old boss. Are you done yet? Ready to give up on politics and figure out what a workable next step might be?

Billy the Poet's picture

I posted a lot of anti-Trump stuff myself. Things like,"If you expect a billionaire TV reality star to save you then you're crazy." Is that the kind of stuff you were saying to "us guys?"

I ended up voting for Trump. A few thousand Pennsylvanians like me put Trump over the top. And you don't have a clue why that happened.

crossroaddemon's picture

No, I don't know why you voted for Trump. I get why the sheep I'm surrounded with got suckered in by some jesus figure promising to get rid of those big bad Mehicans, but I don't know why anyone with a brain is lending legitimacy to a system that extracts our labor in the service of capital and denies us participation in power.

Billy the Poet's picture

You could always ask. Beats guessing wrong and defaming folks in the process.

Billy the Poet's picture

I like the hats. And as I said at the time:


Blow this fucker up.

The elites will not stop until they kill us all. Do I trust Trump? Of course not but let's get this party started.

Farqued Up's picture

You are wasting your energy dealing with this petty stuff that Trump can't control. If what I'm reading is half accurate, arrests are going full blast, the military and the intelligence agencies are behind Trump. So where is the problem? The orgs that elitists occupy, namely the CFR, the Bilderbergers, yada, yada, are the sources of our problems. If they broke the laws, they will be dealt their desserts. Don't despair, they are scattering like cockroaches in the kitchen when the lights come on, the ones trying to cart a load off will be squashed.

Surely, we can understand that the Cabal controls the now defunct MSM that are under gag orders to report nothing. Trump is fighting the Republicans, if they were aboard the Dimcraps could be steamrolled. I am going to hide and watch it unfold and be content in knowing that every Jew in Israel is not a racist Zionist. Their leaders are, but so are ours, hell, even my Scot-Irish Southern Protestant kinfolk are die hard fools that have been guthooked on the Great Chosenite Myth. Patience NOW!

Putrid's picture

Americans need a brain reset. A Depression ought to do it.

Steroid's picture

Let's see what he says after the collapse.

knukles's picture

"It's Obama's Fault."

LetThemEatRand's picture

"Too much bank regulation thanks to Obama and Congress wouldn't let us fix the system in time."

knukles's picture

Triumph of Wall Street Part 2.  Wealth through Chaos.