Archive for the ‘Donald Trump’ Category

The president who golfed too much (it’s not Donald Trump) – Washington Post

By Matthew Algeo By Matthew Algeo April 21 at 7:36 PM

In his first 88 days in office, President Trump went golfing 14 times an average of once every 6.3 days. At that rate, hell end up golfing far more frequently than President Barack Obama, who golfed once every 9.5 days and whom Trump often criticized for spending too much time on the links.

Golf is always a risky undertaking for a president. Trump might want to consider the case of the first golfing president: William Howard Taft, with whom Trump shares some striking similarities.

By his own admission, Taft was addicted to golf. He played so often during the 1908 presidential campaign that his predecessor and political mentor, Theodore Roosevelt, urged him to give up the game. Roosevelt, who despised golf, told Taft he had received literally hundreds of letters from people complaining about Taft playing a rich mans game.

But Taft was unrepentant and disputed the notion that golf was a rich mans pursuit, writing: I know that there is nothing more democratic than golf; that there is nothing which furnishes a greater test of character and self-restraint, nothing which puts one more on an equality with ones fellows, or, I may say, puts one lower than ones fellows, than the game of golf.

Taft was a bad golfer he rarely broke 100 but his love of the game was absolute. He called it a splendid form of exercise. Taft, who was famously obese, credited the game for putting him in the splendid physical condition necessary for the strenuous work of the campaign.

The election results seemed to vindicate Taft: He soundly defeated the Democratic nominee, William Jennings Bryan. He also continued to golf throughout his presidency, frequently slipping out of the White House to sneak in an afternoon round at the Chevy Chase Club. In August 1909, he golfed on 20 of the months 31days. Taft, whod been reluctant to run for president in the first place, began to seem disengaged from the job.

As a president, a popular joke went, Taft is an excellent golfer.

Like Trump, Taft was confronted by a great schism within the Republican Party. Roosevelt came to believe that Taft was too conservative and decided to challenge him for the 1912Republican nomination. This ended the two mens long friendship.

That summer, Roosevelt went to the Republican convention in Chicago to lobby delegates while Taft stayed back in Washington and golfed at Chevy Chase. Taft still won the nomination, but his seeming indifference was widely criticized. President Taft played golf while the Republican party was being roasted and Nero of old fiddled while Rome burned, a Seattle newspaper noted. Is this history repeating itself?

Roosevelt, of course, ran as a third-party candidate in the 1912 election against Taft and the Democratic nominee, Woodrow Wilson. Tafts golfing became a campaign issue. One of Roosevelts surrogates, Kansas Gov. Walter Stubbs, claimed that Taft preferred golf to work. The Wichita Beacon, a pro-Roosevelt newspaper, observed: It is said that Taft plays better golf than politics. And he generally loses at golf.

Still, Taft refused to give up the game he loved. He would golf, even if it cost him votes. Between July 4 and Election Day, a span of 125days, he golfed at least 34 times once every 3.6 days. The game helped Taft cope with the pressure of the campaign, as well as the collapse of his friendship with Roosevelt.

Like Trump, Taft was fanatical about golf. Like Trump, he seemed to take little joy in the presidency and find relief on the links. Like Trump, he was overweight yet extolled the physical benefits of the game. Like Trump, he was confronted by a recalcitrant faction within his party.

Wilson was elected president on Nov. 5, 1912. Roosevelt finished second.

Taft came in third, winning just two states (Utah and Vermont). The next morning, he got up early and went golfing.

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The president who golfed too much (it's not Donald Trump) - Washington Post

Paris, Donald Trump, General Motors: Your Friday Briefing – New York Times


New York Times
Paris, Donald Trump, General Motors: Your Friday Briefing
New York Times
The 11 French presidential candidates spoke on television on Thursday night. They were told of the gun attack in Paris during the program. Credit Pool photo by Martin Bureau. (Want to get this briefing by email? Here's the sign-up.) Good morning.

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Paris, Donald Trump, General Motors: Your Friday Briefing - New York Times

Donald Trump’s ‘fake it until you make it’ strategy on healthcare won’t work – CNN

Except, not really.

Here's what we actually know about attempts to resuscitate the health care law that failed to even make it to a floor vote in the GOP-controlled House last month:

2. The changes being discussed involve the curtailing or, at the least, re-jiggering of one of the most popular elements of Obamacare: Prohibiting insurance companies from discriminating against people with pre-existing conditions.

3. Outside of a very small group of negotiators, the new and improved bill is a mystery to members of Congress who are expected to be briefed on it over the weekend.

4. Congress must pass a government funding bill next week or watch the government shut down -- a result that would be a catastrophe for Republicans in power.

None -- and I mean NONE -- of those things would lead me or any veteran Congress-watcher to conclude that Trump's optimism about the "really, really good" plan that that "people are liking" a lot is based in anything close to political reality.

I get what Trump is up to here. He's trying to fake it until he makes it. If I say the bill is getting way better and that lots of people like it, I'll create a self-fulfilling prophecy and build some actual momentum for the legislation when Congress comes back next week.

It's not the worst strategy and it's born, of course, from Trump's experience as a developer and reality TV star. Create your own reality and then exert pressure to bend other people to believe it. And, if it doesn't work, declare victory and move on.

The problem for Trump is that Congress doesn't work like a business you are the boss of or a reality TV show that, um, you are the boss of. The House is essentially comprised of 435 small businessmen and women, all of whom view themselves as the boss of their own fiefdoms.

Faking it until you make it doesn't work on this crowd. Especially when, like Trump, your approval ratings are mired in the low 40s -- and are even lower in many of the country's swing districts where Republicans need to win to hold onto their House majority in 2018.

Trump simply lacks the political leverage at the moment to turn his happy talk into actual results. No member of Congress worried about their chances of winning next November is going to take a rushed vote on a health care bill they have barely even seen but that fiddles with the pre-existing condition clause -- or any of the other popular elements of Obamacare.

Trump may declare victory no matter what happens in Congress next week. But that won't change the fact that simply saying the health care bill is "better and better and better" doesn't make it true.

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Donald Trump's 'fake it until you make it' strategy on healthcare won't work - CNN

Opinion: A rich Gary Cohn got even richer by working for Donald Trump – MarketWatch

Donald Trumps chief economic adviser, Gary Cohn, pocketed somewhere between $47 million and $235 million by selling his Goldman Sachs stock earlier this year.

The sum was massively fattened as a result of the Goldman Sachs GS, -0.55% stock boom that has followed Trumps election victory.

And it also included somewhere between $4.5 million and $22.5 million that Cohn, the investment banks former president, saved by cashing out just before Goldmans recent stumble.

You can file this under Swamp, Draining of.

Oh, yeah, and Cohn also saved millions more, thanks to a massive tax break, courtesy of his new job at the Trump administration.

Thats Donald Trump for you. Making America Great Again, one Wall Street millionaire at a time.

Government documents

Documents provided to MarketWatch by the federal governments Office of Government Ethics show that Cohn sold his stock between January and March of this year, in a series of transactions, at an estimated average price of $240.

That represented a huge gain in the stock price since Trumps election victory. Early last November, when the stock market expected Hillary Clinton to win, Goldman traded for just $180.

Read: Should Wall Street fear a government shutdown? Heres how stocks fared during past closures

By amazing good fortune, Cohn also managed to cash out just before Goldmans recent stumble, which has taken the shares down to $218.

Nice work.

We dont know the exact figures, incidentally, because the government documents provide only ranges for the value of each transaction.

Lucky man

Cohn is presumably the beneficiary of good fortune, and not of anything nefarious. He sold because he was required to when he joined the administration. The transactions would presumably have been handled by his brokers.

But, as they like to say, its better to be lucky than to be good.

And if you think this is the end to Cohns luck, think again.

Joining the Trump administration is turning into some of the smartest financial planning in history.

When Cohn took the job, the Goldman Sachs board gave him a big, fat, sloppy golden goodbye on the way out the door, and accelerated his future stock and option awards.

And when he sold the stock, he got a wonderful, glorious tax break on his capital gains.

An ordinary schmuck cashing out his company stock would have to hand over 20% of the long-term gains, and up to 43.6% on any short-term.

Cohn? Er ... zero percent.

No kidding.

Tax break for the rich

A special break, available to rich people picked to join the government, lets them cash out and defer their capital gains taxes ... well, possibly forever. All they have to do is sell their stock to avoid conflicts of interest and then invest the proceeds in diversified funds.

In other words, it lets them convert a risky, concentrated portfolio into a more stable, diversified one without having to pay any of those icky taxes first.

Those, as we all know, are for the little people.

Yes, Cohn has to pay income taxes on those parts of his rewards deemed income. And he, or his heirs, will eventually have to pay taxes on capital gains when, or if, these diversified funds are sold.

Taxes will also be owed when their kids and grandkids inherit the fortune unless the Republican Party succeeds in abolishing inheritance tax, as it says it wants to.

Deja vu

Wall Street tycoons, incidentally, have begun a sly misinformation campaign to persuade you that this tax deferral is really no break at all, because taxes have to be paid eventually. Sure. Try telling the IRS you dont want to pay your taxes until some distant day in the future, possibly after youre dead, and see what they say.

Gary Cohns windfall recalls a previous Goldman honcho. Hank Paulson was able to cash out his entire stake in the bank just before the financial crisis when he joined the Bush administration as Treasury secretary. Once in office, by an amazing coincidence, his actions just happened to help the bank.

Some people say history doesnt repeat itself, it rhymes. Phooey. When it comes to money and politics, I say it repeats itself. Tell me Im wrong.

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Opinion: A rich Gary Cohn got even richer by working for Donald Trump - MarketWatch

Mark Cuban just coined a brilliant term to describe Donald Trump – CNN

"I call it political chemotherapy. One of my friends who I always thought was very smart said, Mark, I voted for politicians my entire life. He's in his 50s. Do you know what the definition of insanity is? Doing the same thing over and over expecting (sic) the same results. So I voted for Donald Trump. Is he poisonous in a lot of respects? Yeah. He's our chemotherapy. We hope he's going to change the political system."

"Political chemotherapy." That is a brilliant way to think about Trump.

Here's why: It was clear that even as Donald Trump swept to an electoral college victory on November 8, there were lots and lots of doubts about him even among those who voted for him.

How could Trump have possibly won given that people didn't like or trust him to be president? Again, the exit poll tells the story. Thirty nine percent of voters said the most important character trait for a candidate was that he or she "can bring change"; Trump won that group 82% to 14%.

People knew Trump wasn't ready for the job. That he might do the job poorly. And they didn't care. Or, more accurately, they cared more about sending someone different to Washington than they did about who that person was and what damage he might do.

To extrapolate from Cuban's metaphor: Voters believed that politics was so sick that the only treatment left to fix it was also one that had the potential to kill it.

What's not clear -- at least to me -- is how Trump's version of political chemotherapy is affecting the body politic. His approval ratings are lower than any modern president at this time in a presidential term. Our divisions seem more cemented, not less so. He continues to stretch the bounds of truth and political propriety.

It's possible of course that the patient will get sicker because of this treatment before he/she begins to recover. It's too soon to know that.

But what's for sure is that Trump's "political chemotherapy" is producing some very, very concerning results at the moment.

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Mark Cuban just coined a brilliant term to describe Donald Trump - CNN