The Secretary of Treasury gets to deal with the U.S. government’s debt. Who the hell would want that job? From M.N. Gordon at economicprism.com:
Scott Bessent should have kept his mouth shut. He also should have kept his money in his pocket.
The billionaire had a good thing going. He was leading a charmed life managing his hedge fund Key Square Group and preserving historic pink mansions in Charleston with his husband and their kids. But that was before he threw his money and support behind Donald Trump’s election campaign.
In return, President-elect Trump nominated Bessent to be Secretary of the Treasury. Maybe that was Bessent’s plan all along. If so, there’s a good chance he’ll come to regret it.
This week Bessent faced his confirmation hearing with the Senate Finance Committee. He said he wants to be the steward of Trump’s economic agenda that will “unleash a new economic golden age.”
In the runup to the confirmation hearing Bessent found himself in Senator Elizabeth Warren’s cross hairs. Warren, if you didn’t know, has a plan for everything. In fact, at last count, she has 81 plans for big government solutions posted to her website.
These plans are long and extensive and range from “Affordable Higher Education for All” to “We Need a Blue New Deal for our Oceans” and everything in between.
On Sunday, January 12, Warren wrote Bessent a 31-page letter with 185 footnotes. Inside the letter, she asked 180 questions and demanded that Bessent provide written responses to them prior to confirmation.
