https://www.politico.com/news/magazine/2025/04/13/scott-bessent-trump-spending-00286211
How is Treasury Secretary Scott Bessent’s reputation and effectiveness compromised by the incompetence of the Senior Counselor for Trade and Manufacturing, Director of the National Economic Council and Secretary of Commerce (and POTUS)? Or is he ruining his reputation all by himself?
We all thought this guy was great but he’s looking like a fool—is it him or the people surrounding him?
He’s said a lot of gibberish in the 30 days:
- Americans who are ready to retire "don't look at the day-to-day fluctuations" in the stock market
- "Most Americans don't have all their investments in the stock market"
- Those with 401(k)s are typically in a 60/40 investment strategy that's "only down 5 or 6 percent this year"
- "The market consistently underappreciates Donald Trump"
- China would "pay for the tariffs because their business model is exporting their way out of this inflation"
- China "will eat any tariffs that go on"
- "We get these short-term market reactions from time to time" (after $6 trillion market value loss)
- Rejected recession concerns despite JP Morgan forecasting a recession following Trump's tariff announcements
- The U.S. economy needs a "detox"
- "The market and the economy have just become hooked, and we've become addicted to this government spending"
- "It's Main Street's turn" after Wall Street's 40-year wealth accumulation
- "It's Main Street's turn to drive investment"