The potential stock market plunge promulgated by the liberal press last week in reaction to news that the president’s top economic adviser Gary Cohn would exit the White House just never materialized.
What resulted was an outbreak of uninformed, uneducated panic — or perhaps a planned permeation of the predetermined promoted panic is a better way to put it.
By all accounts, Cohn, an accomplished guy from Goldman Sachs, is a decent enough fellow. He’s obviously bright and seems rather cunning and smart, but he isn’t an economic god.
No one person is irreplaceable on the Trump administration’s team except the president, especially when it comes to economics.
The fact that Cohn essentially was asking to be fired by not going along with President Trump’s tariff policy in favor of his own elitist global position is antithetical to good economics.
So despite pocketing $600-plus million in tax-free compensation upon exiting Goldman by serving as National Economic Council director for 14 months, Cohn perpetually had one foot out the door. He went into professional petulance mode over a disagreement in policy with his boss and got himself fired.
The fact is most people never know who the chief economic wonk of an administration actually is. During previous administrations, 99 percent of Americans did not know who Alan Krueger or Gene Sperling were. Nor did they know who Ben Bernanke was before he became Fed chief.
So there was no “Cohn Collapse.” The market has rallied 2.4 percent since the March 5 announcement.
There are numerous capable national economic advisers out there. If it were up to me, I’d go with Larry Kudlow or someone who helped develop the president’s tax cut plan before Cohn even entered Trump Tower for his walk to the gold elevators.
But I’m not the boss, and I’m OK with that.