YouSaid · the spoken record

Michael Feroli

lines on the record
6
first
2017-03-10
most recent
2017-03-10
sittings or episodes
1
sources
podcast

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  1. “In terms of the things that they want to get done, we were talking about tax reform, wanted to do that for years. They got it done, right? In some way they get it done. Beyond that, there are also some things that they've wanted to get done for a long time that seem to be going just about nowhere. As an example, how about entitlement reform? Remember that one? We haven't talked a lot about that recently. So I think there are other aspects of the kind of longer-term Republican agenda that just, at least at the moment, are basically off the table. You have congressional Republicans looking at the Trump administration as a way to get some things done. But ultimately, that focuses on where is there overlap between the traditional Republican agenda and the Trump agenda? Because not in all cases are they the same thing.”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT

  2. “Now, it does seem as though you've got this opportunity for the Senate and House Republicans who haven't had a Republican president that they could work with that just seems so compelling. They've got a lot of things they want to get done. And Speaker Ryan and his team and the majority leader, the Senate, Senator McConnell, they have this window of opportunity the early part of the administration to get some things done that they've long wanted to do. Even if the White House is a little bit unorthodox, a little unconventional, aren't they going to seize that opportunity or the politics too difficult for them?”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT

  3. “One of the things I've said to clients is that in the last six weeks, people have met Trump and Trump's met Washington. And meeting Washington is dealing with these institutions and getting things done no matter what president it is, whoever it is, a reformer, establishment figure, is enormously difficult. And even when you have both houses of Congress but you don't have a Senate majority of 60. And that kind of patience for statecraft is something Trump's going to have to either learn happily or not. But I think that's going to be a big challenge.”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT

  4. “Is going to happen, but also expect that it's going to take longer and probably be smaller than what at least was initially expected. And then a lot of these other things, infrastructure and some other things that people have been interested in, we may see a little bit of that, but that's not what's going to really be driving things.”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT

  5. “I generally say that if you were to break out the importance among clients of all of these different issues, a lot of it boils down to the tax cut in the end. And whether you call it a reform versus a cut, that's really the key. And so if we think about, as an example, our equity market call for the year, our equity strategist David Costin is basing a lot of that view on the idea you've got a lot of enthusiasm right now, but based on our view, you're going to have a tax cut that's probably a bit smaller and a bit later than what people have been expecting. And I'll say, if you just look at the chronology of this right after the election, there was a discussion about this is going to be a 2017 tax cut. Now it's clearly a 2018 tax cut. Maybe it gets enacted by the end of this year, but it's going to be mainly a 2018 thing. Who knows? It could be a 2018-2019 story ultimately. And so I think the way that I basically tell people to position is expect that this...”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT

  6. “What we say is that ultimately the Trump administration has to figure out how to take two or three very popular agenda items and make it successful while being unconventional and being successful means working in a conventional way through Congress. And I think the growing pains here are being seen. So if I had to say that what the bottom line is going to be, it is the agenda is significantly delayed and on the tax front more narrow. The politics of the ACA are very treacherous and could end up coming back to bite them and that the D-REG agenda will precede apace when the nominees are put in place but that too will be delayed.”

    2017-03-10 · Goldman Sachs Exchanges · Rhetoric Meets Reality in Washington · IDENTIFIED FROM THE TRANSCRIPT