Bullish on Wall Street: “Charging Bull,” a bronze statue by Arturo Di Modica at nearby Bowling Green, Manhattan.
Among President-elect Donald J. Trump’s new best friends is Wall Street. Trump has chosen Goldman Sachsers Steven Mnuchin for secretary of Treasury and Wilbur Ross for Commerce. Remember when Trump was the flip side of Bernie Sanders’ “Wall Street bad” mantra. Uh-huh.
Now some libs are gleeful at what they see as Trumpet’s betrayal of the Rust Belters. But having shared the desperation of the jobless, I find schadenfreude to be a useless emotion.
Besides, are we really surprised? The rich gravitate to the rich the way the beautiful marry the handsome, PhDs congregate and healthy people avoid the sick. (Because they might be contagious, don’t you know.)
Anyhoo, I’m not among those who are too excised – that means you, Sen. Elizabeth Warren – about Wall Streeters in the cabinet. Presidents always appoint people from the Street, because, let’s face it, very few commanders in chiefknow anything about money. That’s why George Washington tapped Alexander Hamilton for first secretary of the Treasury. You need the guy – or gal – who knows, as Hamilton did, that “Power without revenue is a mere bauble.”
Among those who understand this is our current president, and history will judge Barack Obama kindly for the way he heroically pulled us back from the economic brink in 2009. Whatever an American president’s party or personal philosophy, the realization when he takes office that he’sresponsible for the well-being and safety of 325 million souls – to say nothing of his obligation to the rest of the free world – must be sobering. He quickly learns to make his peace with the Street.
Such détente presupposes that it’s a boulevard of broken dreams. But Wall Street is no more evil than the internet or sex or anything else. It’s a tool, a means to an end. Wall Street is the miner’s pension, the secretary’s 401K plan, the retiree’s second home, the entrepreneur’s startup and every billionaire’s pet charity.
Without Wall Street, I would’ve never been able to care for my aunt during dementia’s long twilight, save her house when a tree fell on it or publish my first novel, “Water Music.” Wall Street rescued me at a time in my life when I needed rescuing, and I’ll never forget that.
The Street isn’t evil. But that doesn’t mean that some of its denizens haven’t exploited others for their own profit. Wall Street can and should be the tide that lifts all boats – but it won’t be if everyone gets giddy with deregulation. We need to put some brakes on as we soar to Dow 20,000, otherwise we’ll be plummeting like it’s 2008.
And that’s why along with the Goldman Sachers we need Elizabeth Warren, the persistent Peppermint Patty of our saga.
And why I’ll be keeping an open eye – to go along with my open mind.