Whether the Trump presidential campaign ultimately succeeds remains to be seen, but when it comes to one thing - the best self-promotion money can buy - the Donald has succeeded beyond his wildest dreams. In fact, earlier today the person who many say is more influential than even the Fed Chair (courtesy of Goldman's intricate network of alumni strategically placed at all central banks around the globe ,and certainly at the NY Fed), and therefore far more important than the US president, Goldman's CEO Lloyd Blankfein himself spent time commenting on Trump's campaign at length.
Earlier today Blankfein spoke at the Wall Street Journal’s “Viewpoints” executive-leadership series [6]in Midtown Manhattan, where he devoted a substantial amount of time discussing Donald Trump’s "surprising appeal as a presidential candidate" highlighting that the "real-estate developer and reality-television star may have tapped into voters’ longing" for more dealmakers in Washington. "And then Trump comes along and talks the language of dealing."
That, or perhaps voters' longing for a Washington which is not in Wall Street's pocket?
Blankfein also noted that "nobody who listens to him thinks he’s ideologically stuck on the most extreme position."
The Goldman exec also noted that Trump's candidacy may signal voters are ready to support politicians who are willing to compromise and "get the best deal for my set of positions."
Again, that or voters are ready to reject any establishment politicians who have shown time and again they will promise everything just to turn around and pander to special interest, lobby groups, and - you guessed it - Wall Street.
Which is not to say Trump is necessarily different: where Trump does excel in is creating an aura of "otherness" which has so far served him well.
In any event, that the extent of Goldman's CEO compliments toward Trump. Blankfein, a Democrat, the WSJ comically adds "stopped well short of endorsing Mr. Trump’s run" adding that "some of Mr. Trump’s statements, the Wall Street executive said, are “wacky.”
Unlike many other commentators who have decided to write off trump prematurely despite his still commending lead in the polls, Blankfein "went back to the early 1800s when an unconventional candidate named Andrew Jackson won the presidency."
“What must people have been thinking when he got elected?” he said of Jackson, an “unkempt and noisy” populist from the woods who ended the line of establishment candidates in the nation’s highest office. “Could that be happening now?
“We’re being kind of dismissive of things. But people must’ve dismissed that.”
When asked if he could live with Mr. Trump in the White House, Mr. Blankfein demurred: “I didn’t say that.”
Blankfein's biggest nightmare? "The image of Trump "with his finger on the button blows my mind," he added, drawing laughter from the audience."
Surely a far scarier prospect for Blankfein and his peers is coming to Washington after the next crash and demanding another bailout, and coming back empty handed.
Finally, what is unsaid above is the tension between how Wall Street executives approach and react to Trump. Blankfein was perhaps one of the first to opine one way or the other. What is more interesting will be to see whether Trump's support running on the platform of "a candidate without third party financial backing" and not accountable to anyone will be impaired (or boosted) if Wall Street opines either too critically, or alternatively fawningly of him.
That is a bridge that will be crossed early next year when the primary fight is fast and furious.
For now, we sit back and prepare for the next GOP debate tonight which should provide an entertaining warm up interlude before tomorrow's grand spectacle when it will be all about Janet Yellen.
