March 9 -- Contrary to the hyperventilation from major U.S. media, which claim the resignation of Gary Cohn is more evidence of the chaotic and dysfunctional character of President Donald Trump's presidency, a Washington insider described it is a major defeat for the City of London/Wall Street financial elite which have dominated U.S. economic policy for decades. Further, he said, he is delighted by the news, as it opens the possibility that Trump can get back to the economic themes that helped him win the 2016 election. In particular, he pointed to restoring Glass Steagall banking separation, and the prospect for a "LaRouchian approach" to infrastructure development. Cohn, he added, has been the inside operative for those bankers and neo-liberal financial titans who fear Trump could follow the economic program outlined by LaRouche. Reading between the lines of the anti-Trump media, it becomes evident that this is the real reason Cohn's departure is causing so much angst on Wall Street.
Cohn, who served as the Chair of the National Economic Council, resigned in opposition to the tariffs on steel and aluminum imports announced by Trump earlier in the week. The New York Times on March 6 identified Cohn as the "strongest voice for free trade in Trump's inner circle," writing that, though a Democrat, he "served as a proxy for the business wing of the Republican Party" -- a reference to the fact that among Cohn's closest allies in the fight to prevent Trump from reversing the free trade policies of his predecessors, Bush and Obama, are House Speaker Paul Ryan and Senator Orrin Hatch, the chairman of the Senate Finance Committee. Both Ryan and Hatch are Republicans.
More direct in its coverage, the Capitol Hill daily Politico began its article on Cohn's departure, "Wall Street is losing its main man in the White House."Read More