Mar 22, 2017

Trump needs a "no" man

J. Scott Applewhite / AP

In the West Wing, the single biggest mistake President Trump has made is not elevating someone who can and will say "no" to him, and make it stick.

  • One discouraged confidant, worried that the Russia investigation will be a long-term problem, emailed Axios: "DJT has been sort of brilliant at times about navigating things. But... he was never held accountable by anyone."
  • The N.Y. Times' Tom Friedman wrote a memo to Trump's War Cabinet this morning, urging the "five adults with the most integrity in the Trump administration" to act as Trump's parents.
  • The Daddy for today is burly economic adviser Gary Cohn, according to the juiciest (and last) paragraph of an account by the N.Y. Times' Thrush and Haberman: "In a recent meeting in the Oval Office, Mr. Cohn was speaking when Mr. Trump interrupted him. 'Let me finish,' Mr. Cohn interjected ... Trump, unaccustomed to ceding the floor, let him make his point."

No one else does that. Frank Bruni writes in his N.Y. Times column today, "Tweeting Toward Oblivion," that Trump's demons are winning: "He can tweet, or he can govern. ... Trump is no victim. He's the luckiest man alive — or has been, until now." This is the week that it either runs out — or the series gets extended.

Go deeper

Scoop: Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Photo: Mark Wilson/Getty Images

Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."

Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.

The Fed may be setting the table for 2020 rate cuts

Illustration: Sarah Grillo/Axios

The Fed looks to be laying the groundwork to lower U.S. interest rates this year, just as they did in April 2019 before cutting rates in July, September and October.

Why it matters: A Fed rate cut makes taking on debt more attractive for U.S. consumers and businesses, helping to juice the economy, but also puts the central bank in a weaker position to fight off a potential recession.

Morgan Stanley to buy E*Trade in a $13 billion deal

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Morgan Stanley is planning to buy E*Trade Financial Corp. in a $13 billion all-stock deal, the Wall Street Journal reports, with plans to acquire the company known for helping everyday Americans manage their money.

Why it matters: The deal, which would be the largest by a major American bank since the financial crisis, signals Morgan Stanley‘s desire to bulk up in wealth management.