The general sentiment from the Federal Reserve, the media and economists is that things are good; the economy has recovered. It might seem contrarian to disagree, but Roosevelt Fellow J.W. Mason makes some worthwhile arguments in his report, “What Recovery? The Case for Continued Expansionary Policy at the Fed.” He shows that output in 2016 remains well below pre-recession expectations and says the Fed should maintain expansionary policies if it hopes to nurture an economy that "promotes investment, raises wages and increases workforce participation."
Treasury Secretary's Wife Boasts of Couple's Wealth
Treasury Secretary Steve Mnuchin's wife, Louise Linton, received backlash from Instagram followers after posting a photo of Mnuchin and her getting off a government airplane after a day trip to Kentucky. The post made several references to her designer clothes: "Great #daytrip to #Kentucky! #nicest #people #beautiful #countryside #rolandmouret pants #tomford sunnies #hermesscarf #valentinorockstudheels #valentino #usa.” A woman from Oregon responded, "Glad we could pay for your little getaway. #deplorable." Linton angrily replied, "@jennimiller29 cute! Aw!!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country?” The rant continues, “Pretty sure the amount we sacrifice per year is a lot more than you’d be willing to sacrifice if the choice was yours. You’re adorably out of touch.” Linton has since deleted the Instagram post and made her account private.
What Advisory Firms Can Learn From HBO's CEO
In a question-and-answer session with Goldman Sachs, HBO CEO Richard Plepler shared how the company continues to put out successful programming. And its advice that wealth management firms can use when it comes to growth: return to your original essence. Refocusing on what differentiated a firm in the first place is a path to continued success. Plepler said that after "The Sopranos" and "Sex and the City," HBO liked being at "the top" and became arrogant. To right the ship, he said, "Let's go back an remind ourselves how we got here in the first place." Even when it comes to inorganic growth, boutique investment banks and M&A consultants agree that ensuring cultural and identity fits are critical to successful deals.
