Robert Reich. (photo: Steve Russell/Getty)
30 November 16
rump ran as a populist but will govern as an oligarch. For Treasury Secretary he’s naming private-equity investor and former Goldman Sachs executive Steven Mnuchin.
When campaigning Trump frequently blasted Wall Street’s big banks — Goldman Sachs in particular — and promised to reinstate the Glass-Steagall Act that once separated retail and investment banks. He repeatedly claimed the system is rigged, that hedge fund managers are “getting away with murder,” that he’d “tax Wall Street," that Hillary Clinton was too cozy with the banks, and that her vice presidential nominee Tim Kaine was “owned by the banks.” He closed his campaign with an ad bashing Goldman Sachs.
Now he’s opting for someone who was deeply involved in running the bank that was at the heart of the subprime housing bust that led to the bailout of the Street.
Trump is well on the way to having the wealthiest cabinet in memory. Last week he named Michigan billionaire Betsy DeVos his pick for education secretary. He’s also expected to nominate industrialist billionaire Wilbur Ross to lead the Commerce Department. Goodbye, populism. Hello, oligarchy.