Like Cohn, Kudlow worked for decades in the financial sector, rising to become chief economist at Bear Stearns before pivoting to punditry in the 1990s. But unlike Cohn, Kudlow is an extremely doctrinaire supply-sider, almost to the point of parody.
It is only a very slight exaggeration to say that Kudlow thinks every major social problem can be solved by cutting tax rates on corporations and the rich. He’s also an ardent free trader, a point of sharp contrast with the president, whose protectionist tendencies helped spur Cohn to leave.
At the same time, Kudlow’s long history of (often failed) prognostications has perhaps given him an ability to shift with the winds, which could be an invaluable asset in a White House helmed by a mercurial president.
Source: Larry Kudlow, Trump’s new top economic adviser, explained – Vox
Many former Illinois companies are now settled in other states, leaving behind the state’s continuing financial turmoil. Illinois has about $9.1 billion in unpaid bills, about $239 billion in adjusted net pension liabilities and $37.4 billion in bonds, to name a few.
These debts compelled legislators to push up business and property taxes, force the state’s credit status to near junk and lock horns during political struggles, according to the Illinois comptroller’s office, the Commission on Government Forecasting & Accountability and Moody’s Investor Services.
Source: Companies Want Out of Illinois | Best States | US News
Larry Kudlow’s familiarity with being on camera is believed to be viewed as an asset in the White House, as Cohn – along with Office of Management and Budget Director Mick Mulvaney, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross – have been regulars on cable news programs ever since the president took office.
But his appearances on CNBC are in some ways a double-edged sword.
Source: Kudlow Emerges as ‘Leading Contender’ for Cohn’s Job | The Report | US News
Trump also turned partisan, saying Gov. Jerry Brown, a Democrat, “does a very poor job running California. They have the highest taxes in the United States. The place is totally out of control. You have ‘sanctuary cities’ where you have criminals living in the sanctuary cities.”
State Democratic leaders fired back. “It’s official,” said Lt. Gov. Gavin Newsom, who is running for governor, in an online video timed for Trump’s arrival.
“Donald Trump finally worked up the nerve to visit California, bringing his fear-of-everything agenda with him. Let’s get real, Donald Trump’s border wall is a monument to idiocy. A 1,900-mile waste of taxpayer money that – news flash – is impossible to complete.”
Governor Brown wrote on Twitter, “[B]ridges are still better than walls. And California remains the 6th largest economy in the world and the most prosperous state in America. #Facts.”
Source: Trump’s Travel Highlights His Divisive Nature | The Report | US News
The strike garnered national attention, and with the narrative largely homing in on the plight of teacher pay, it served to galvanize teachers in other states who’ve been calling for similar upgrades to the teaching profession – sometimes for an entire decade with little to nothing to show for it.
“I really felt like God just spoke to my heart and said, ‘You’re going to advocate for teachers and kids and that’s what you’re going to do with your life,'” she says.
But Shawna Mott-Wright says she hasn’t seen a pay raise in 10 years.
Source: Teachers Look to West Virginia as a Model for Future Pay Strikes | The Report | US News
.. now some analysts and investors are questioning how much further the sector can rise as they watch loan growth, rising credit losses and worry about an acceleration in the pace of Federal Reserve interest rate hikes.
“To propel the bank stocks from here you need more of the same. You need additional signs of regulatory reform. You’d also need to see higher interest rates and more in the way of loan growth,” said Jeff Morris, head of U.S. equities at Aberdeen Standard Investments in Boston.
“In loan growth we haven’t seen much acceleration since the tax plan and the banks themselves aren’t talking about seeing a real acceleration in loan growth.”
Source: Ten years after JPMorgan/Bear Stearns deal banks may have already seen biggest gains
.. sometimes, as the old saying goes, where you stand depends on where you sit. Pompeo will find some regions more complex as secretary of state than he did as director of the Central Intelligence Agency. Pompeo will inherit a Department of State that views the Iran agreement as one of its key legacy successes; his staff will be challenging his hardline views.
One pending question is the fate of Rex Tillerson’s senior policy adviser Brian Hook. Even as Tillerson was being fired Tuesday Hook was hurrying to Vienna for meetings with European allies in the hopes of coming up with new measures to placate Trump.
Alone among Tillerson’s inner circle, Hook has not announced his resignation and appears intent on staying on. If Pompeo keeps him, Hook can be expected to offer dissenting views.
State is riddled with vacancies, and Pompeo will have a chance to exert his control over the organization by filling them with allies.
Source: Commentary: The pros – and cons – of Pompeo as secretary of state
An official who supervised the FBI’s Section 215 warrantless phone surveillance program revealed by Edward Snowden in 2013 says he warned then-Director James Comey it was woefully ineffective in catching terrorists and needed to be modified.
Retired Special Agent Bassem Youssef, the chief of the FBI’s Communications Analysis Unit, said in an exclusive interview with The Hill that no action was taken by Comey in response to the concerns he raised.
Source: FBI supervisor warned Comey in 2014 that warrantless surveillance program was ineffective | TheHill
Equifax Canada said Monday that the country’s consumers owed $1.821 trillion as of the fourth quarter of 2017, a new high that was up 1.3 per cent from the previous quarter and six per cent from a year earlier.
The Swiss-based BIS said in its report that some credit-related indicators “point to vulnerabilities in several jurisdictions,” and added that Canada was one of those that had stood out, with both its credit-to-GDP gap and debt service ratio “flashing red” under the group’s color-coded scheme.
The credit-to-GDP gap is the difference between the credit-to-GDP ratio and its long-term trend, while the debt service ratios track interest and principal payments compared to income.
Source: Canadian consumer debt hits new high amid watchdog warnings | Financial Post
At the top of the list is the government’s plan to combine the insurance and banking regulators into one agency, according to the proposal introduced at the annual session of the rubber-stamp parliament.
China is in the midst of a battle against financial risk, as credit in the world’s second largest economy has exploded since the financial crisis a decade ago.
Source: China unveils shake-up of bank regulation to rein in credit spree | Business | The Guardian