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Daily Mail
23-04-2025
- Entertainment
- Daily Mail
Jennifer Lopez's ex has a teen daughter who is starting to look just like the glamorous singer
Jennifer Lopez has an ex who has a daughter that is starting to look like the Let's Get Loud singer. On Tuesday the 55-year-old beauty's former fiancé shared a photo of his teen girl. With her hair back, Quay aviator sunglasses and gold hoop earrings on and a similar pout, she looked more like JLo's daughter than JLo's very own daughter Emme Muniz. In other words, Jenny From The Block has found her doppelganger. The cute image was shared to Instagram and showed her famous dad next to her while in a car. The ex is Alex Rodriguez and his kid is his daughter Ella. She turned 17-years-old on April 21. The post was a tribute to the girl's birthday: 'Happy Birthday to my beautiful daughter Ella. ❤️You bring so much light to my life and I am so proud of you in every way!' Last year A-Rod had a message to share shortly after news broke Lopez had filed for divorce from Ben Affleck. The former pro MLB player - who was engaged to Jennifer from 2019 to 2021 - shared a quote he once uttered himself to his Instagram Stories. 'You either go one way or the other. You might as well be the one deciding the direction,' the post, which was originally shared by the account the read. The quote was shared shortly after the world learned Lopez had filed for divorce from Ben after two years of marriage. Lopez reignited her romance with Affleck after splitting from Rodriguez in 2021. Rodriguez was initially linked with with superstar entertainer in 2017, and the one-time couple announced their engagement in March of 2019 before calling things off in April of 2021. 'We have realized we are better as friends and look forward to remaining so. We will continue to work together and support each other on our shared businesses and projects,' they said in a statement announcing their split. 'We wish the best for each other and one another's children. Out of respect for them, the only other comment we have is to say is thank you to everyone who has sent kind words and support.' Rodriguez is now dating personal trainer Jaclyn Cordeiro. In 2022 Rodriguez praised Lopez during an appearance on the Martha Stewart Podcast. 'Here's what I will tell you about Jennifer - and I was telling some of my colleagues here the other day - she's the most talented human being I've ever been around,' the New York City-born star told Stewart. The three-time baseball MVP called Lopez the 'hardest worker' and 'the greatest live performer in the world that's alive today.' Rodriguez said that he and Lopez ' had a great time' in their relationship and 'more importantly, we always put the kids front and center in everything we do,' as he is father to daughters Natasha, 19, and Ella, 16, with ex-wife Cynthia Scurtis, 51. The quote was shared shortly after the world learned Lopez had filed for divorce from Ben after two years of marriage; see in 2023 Lopez filed for divorce from Affleck on Tuesday. The superstar was engaged to Hollywood actor Ben in the early 2000s before breaking up and while the pair famously reconciled in 2021, they have now split up again after two years of marriage. According to documents obtained by TMZ, the Jenny From the Block singer filed legal docs in L.A. County Superior Court without an attorney. The date of separation is listed as April 26, 2024, but the day on which J. Lo filed for divorce is in fact the second anniversary of the second ceremony they held in Georgia, which followed their initial wedding service in Las Vegas just two months before that. According to TMZ, the Waiting For Tonight hitmaker 'does not say in her docs whether there's a prenup', although sources have claimed to the outlet that there is 'no prenuptial agreement' to begin with. The couple has been rumored to have called it quits for some time now, but Jennifer - who has twins Max and Emme with ex-husband Marc Anthony and is stepmother to Ben and Jennifer Garner's kids Violet, Seraphina, and Samuel - has not addressed anything to do with their supposed split, and just mere months ago insisted that there was a 'real, true love' between the pair. She told the Metro newspaper: 'I wrote This Is Me... Then when Ben and I fell in love 20-something years ago. 'As fate would have it, we came back into each other's lives. And on the 20th anniversary of This Is Me... Then, I announced that I would do This Is Me... Now. It was inspired by the surreal miracle that had happened. 'Him coming back into my life and the two of us reuniting in a way that we never expected that was the inspiration for even going in the studio. The album just poured out of me. 'It was just something organic and beautiful, but it was definitely inspired by getting this incredible second chance at real, true love.' Jennifer Lopez and Ben Affleck's relationship timeline: From the early 2000s until now 2001 Ben Affleck and Jennifer Lopez first met on the set of their film Gigli in December 2001. The movie, upon its eventual release two years later, won seven Razzies and was branded 'unwatchable' by some critics. It garnered $7.2m in the box office against a reported $55m budget. Yet all was not lost, as the film brought Bennifer closer together. SEPTEMBER 2002 While they were yet to know about their looming box office failure, Bennifer were in front of the camera once more in 2002 as they reunited to shoot the 2004 movie Jersey Girl. The movie was where their love was cemented and the couple's romance was born. Their name was in fact born on-set, as Jersey Girl director Kevin Smith said: 'Bennifer' is trending. 'It's a name I first gave the kids during 'Jersey Girl' pre-production, before the world found out they were dating... 'I'd later drop the name in an interview with the @nytimes. Shortly thereafter, it appeared in the article and then entered the vernacular.' 2002 ONWARD The duo made their red carpet debut at the premiere of her movie Maid In Manhattan. From red carpet appearances to Juicy Couture tracksuits, they soon became one of the world's most photographed couples thanks to their Hollywood good looks and glamorous style. NOVEMBER 2002 Ben popped the question to Jennifer with an eye-popping 6.1-carat pink solitaire diamond from Harry Winston during a visit to see his family in Boston - leading to a delighted surprise. She described the proposal, saying: 'It's just a blanket, a quilt of rose petals, all over the whole entire house. So many candles, and vases, bouquets. 'And my song I'm Glad was playing... I walk in and I was just like overwhelmed. I wasn't expecting it, and I was just like 'Oh my God.'' Ben then revealed his mother Christopher Anne Boldt helped him with the proposal, after which Jennifer said: 'I just started sobbing. Crying. I was like 'Oh! My God!'' She went on: 'I had cried a lot over sadness over the years. And for the first time in my life, I cried incredible purging tears of happiness... 'It was the most cleansing feeling and the most wonderful feeling I had ever had.' Later that month, Ben appeared in Jennifer's Jenny From The Block music video including one scene - designed to look like a stealth paparazzi video - showing the actor caressing her famous derriere. Not content with a video cameo, Jennifer dedicated her sensual and gushing track Dear Ben from her third studio album This Is Me... Then to her husband-to-be. SEPTEMBER 2003 Days before their highly-publicized wedding, the couple astounded fans when they announced a postponement due to increasingly feverish media attention. Their statement read: 'Due to the excessive media attention surrounding our wedding, we have decided to postpone the date... 'When we found ourselves seriously contemplating hiring three separate 'decoy brides' at three different locations, we realized that something was awry... 'We began to feel that the spirit of what should have been the happiest day of our lives could be compromised. 'We felt what should have been a joyful and sacred day could be spoiled for us, our families and our friends.' JANUARY 2004 The couple confirmed their split with a simple statement. Jennifer's representative announced: 'I am confirming the report that Jennifer Lopez has ended her engagement to Ben Affleck. 'At this difficult time, we ask that you respect her privacy.' 2004 - 2005 Later that year, Jennifer sought comfort in her longtime friend, Marc Anthony, explaining: '[I wanted to] find someone who could make me feel loved and wanted in my loneliest hour... 'Thinking back, maybe deep down I knew that this was a Band-Aid on the cut.' She married the singer that June and went on to have twins with the star in 2008. She divorced Marc in 2014. Ben meanwhile wed actress Jennifer Garner in 2005 and they share three children, Violet, 15, Seraphina, 12, and Samuel, 9. The couple split in 2018. 2012 Ben made it clear that they very much remained friends, when he told The Hollywood Reporter: 'We don't have the kind of relationship where she relies on me for advice but we do have the kind of relationship where there'll be an e-mail saying, 'Oh, your movie looks great'... 'I remember when she got American Idol. I said, 'This was really smart. Good luck.'' 'I respect her. I like her. She's put up with some stuff that was unfair in her life, and I'm really pleased to see her successful.' 2014 Two years later, Jennifer told Huffington Post: 'I would do it all over again, I think. I really would. Even the relationship part. 'I just feel like everything is part of your story and your journey and is meant to be and helps you grow if you're willing to look at it, and I'm willing to look.' 2016 On making their relationship work, Jennifer detailed why things struggled for the pair. She said: 'I think different time different thing, who knows what could've happened, but there was a genuine love there, We didn't try to have a public relationship... 'We just happened to be together at the birth of the tabloids, and it was like, 'Oh my God.' It was just a lot of pressure.' APRIL 2021 After being proposed to in 2019, Jennifer unexpectedly called off her engagement to MLB star Alex Rodriguez in April. 'We have realized we are better as friends and look forward to remaining so. We will continue to work together and support each other on our shared businesses and projects,' read a statement the pair released at the time. Shortly after, Ben was seen arriving at Jennifer's home in a white Escalade SUV that is said to belong to the Hustlers star. He was later seen being dropped off by the singer's security. They had also reportedly enjoyed several meet-ups at the the Hotel Bel-Air around the same time. TMZ reported that Affleck had reached out to J-Lo via email while she was in the Dominican Republic shooting her rom-com Shotgun Wedding earlier this year. The pair are said to have continued communicating until Jennifer wrapped up filming in late April, with numerous sources stating that they were 'just friends.' MAY 2021 Ben whisked his former flame Jennifer away on a private jet this past weekend for a romantic getaway trip to a luxury ski resort in Montana, where the actor is understood to own a chalet. In exclusive pictures obtained by the former couple appeared relaxed and at ease around one another as they sat side-by-side in an SUV, with the Good Will Hunting star in the driver's seat, amid rumors he's been spending time at the singer's LA mansion on multiple occasions. In pictures of the pair arriving back to LA, both Ben and Jennifer looked dressed for comfort as they stood close together while exiting the private plane following the short trip, where they had packed a considerable amount of luggage. Sources claimed to E! that the pair spent 'about a week' together at the club, and they 'were alone' during their stay. Following their getaway, Jennifer made several trips to Los Angeles to spend time with Ben, before the Academy Award-winner jetted off to Miami, Florida to spend time at Lopez's home. During his stay in Miami, Ben was seen hanging out on Jennifer's balcony smoking cigarettes before joining the superstar for a gym session. Sources told In Touch that Ben and Jen 'looked madly in love' during their gym date and 'were clearly picking up where they left off in their relationship years ago. The insider added: 'They even shared a kiss on the gym floor and were super playful with each other between sets.' May 31, 2021 - Rekindled romance CONFIRMED After weeks of speculation and sources claiming the pair had taken their friendship to a 'romantic' level, Ben and Jennifer confirmed the news for themselves during a romantic date night in West Hollywood. During the outing, Jennifer and Ben had their arms wrapped around one another while waiting to be seated at Wolfgang Puck's new restaurant located at the swanky Pendry hotel The 51-year-old On The Floor singer had her head nestled into the 48-year-old Academy Award-winner's neck as he held her closely with one arm. JUNE 2021 Jennifer sparked rumors that she may relocate from Miami to the West Coast for Ben when she was seen touring school in the LA area for her twins Max and Emme, 13. A source told The Sun at the time that Lopez was 'looking towards LA' and that her Miami house reminds Lopez too much of her ex and Los Angeles is perfect for a fresh start as it's convenient for her TV work and photoshoots, which more often take place on the west coast. In the meantime, Jennifer hunkered down in her $28million mansion in LA and enjoyed several visits to Ben's Brentwood home throughout the month. He also seen leaving her Bel Air abode on several occasions. Proving their rekindled passions, Jennifer and Ben were spotted kissing one another on June 15 as they attended JLo's sister Lynda's 50th birthday dinner in Malibu. Also present were Max and Emme, who Ben was seen bonding with during the family gathering at Nobu restaurant. SUMMER 2021 Further blending their families, Ben and Jennifer decided to enjoy a day out at Universal Studios Hollywood ahead of the Fourth Of July holiday. The couple, who walked with arms wrapped around one another, were joined by Lopez's twins, as well as Affleck's nine-year-old son Samuel. They would then jet out of Los Angeles to celebrate the Fourth Of July in the Hamptons, along with Lopez's daughter Emme and a pal. On Thursday, July 15, Ben was spotted driving his girlfriend around as he helped her on her 'hunt for a mega-mansion' in Los Angeles, according to TMZ, further fueling rumors that she plans to relocate to be closer to the actor. JANUARY - MARCH 2022 With their rekindled relationship moving from strength to strength, Ben and Jennifer began their 'hunt for a mega-mansion' in the Los Angeles area. They were photographed on a number of occasions checking out sprawling properties across the city. In late March, TMZ reported that the happy couple are 'in escrow' on a massive $50M mansion with 10 bedrooms and 17 bathrooms in swanky Bel Air On March 23, Ben supported his pop star girlfriend at the iHeartRadio Music Awards in Los Angeles, where she was honored with the coveted Icon Award. He was seen sitting in the audience with Jennifer's daughter Emme, 14, and his young son Samuel, nine. APRIL 2022 Following days of speculation - after she was seen with a huge sparkler on her finger - Jennifer confirmed that she was engaged to Ben for the second time in their relationship. She confirmed the news in a newsletter shared to her official website on Friday, April 8, which included a touching video that showed her getting emotional as she gawked at her engagement ring. Earlier in the day, just hours before the news broke, Ben and Jennifer was captured touring real estate spaces in Santa Monica. The On The Floor singer was NOT wearing her engagement ring at the time. JULY 16, 2022 Jennifer and Ben tied the knot in Las Vegas on July 16, 2022 which was three months after becoming engaged again and 20 years after the actor first got down on one knee. The Selena actress, 52, confirmed they said 'I do' on her newsletter On The JLo, where she shared details of their intimate wedding held at the Little White Wedding Chapel. The newsletter was signed 'Mrs. Jennifer Lynn Affleck' and included candid selfies of the newlyweds and video of the couple preparing for their special day, including one of Ben getting ready inside the chapel's bathroom and photos of in her wedding dress. 'We did it. Love is beautiful. Love is kind. And it turns out love is patient. Twenty years patient,' she wrote in her post. Newlywed bliss! The newsletter was signed 'Mrs. Jennifer Lynn Affleck' and included candid selfies of the newlyweds and video of the couple preparing for their special day, including one of Ben getting ready inside the chapel's bathroom 'Exactly what we wanted. Last night we flew to Vegas, stood in line for a license with four other couples, all making the same journey to the wedding capital of the world. Behind us two men held hands and held each other. In front of us, a young couple who made the three hour drive from Victorville on their daughter's second birthday—all of us wanting the same thing— for the world to recognize us as partners and to declare our love to the world through the ancient and nearly universal symbol of marriage. 'We barely made it to the little white wedding chapel by midnight. They graciously stayed open late a few minutes, let us take pictures in a pink Cadillac convertible, evidently once used by the king himself (but if we wanted Elvis himself to show, that cost extra and he was in bed). 'So with the best witnesses you could ever imagine, a dress from an old movie and a jacket from Ben's closet, we read our own vows in the little chapel and gave one another the rings we'll wear for the rest of our lives. They even had Bluetooth for a (short) march down the aisle. But in the end it was the best possible wedding we could have imagined. One we dreamed of long ago and one made real (in the eyes of the state, Las Vegas, a pink convertible and one another) at very, very long last. 'When love is real, the only thing that matters in marriage is one another and the promise we make to love, care, understand, be patient, loving and good to one another. We had that. And so much more. Best night of our lives. Thank you to the Little White Wedding chapel for letting me use the break room to change while Ben changed in the men's room. Mr and Mrs: JLo shared details of their special day and signed the statement from 'Mrs. Jennifer Lynn Affleck' Here comes the bride! JLo did several twirls as she showcased her white dress VIP! Jennifer's 14-year-old Emme looked thrilled to be attending the nuptials 'They were right when they said, 'all you need is love'. We are so grateful to have that in abundance, a new wonderful family of five amazing children and a life that we have never had more reason to look forward to. Stick around long enough and maybe you'll find the best moment of your life in a drive through in Las Vegas at twelve thirty in the morning in the tunnel of love drive through, with your kids and the one you'll spend forever with. Love is a great thing, maybe the best of things-and worth waiting for.' The content included a video of Ben preparing for their nuptials inside the chapel's pink bathroom. 'And this was my wedding changing area!' Ben, wearing a white suit, declared as he held the camera up to a scratched-up mirror. Big day: The A-lister took a selfie before a scratched-up mirror as he prepared for his special day Could be more glamorous! Affleck showed off the pink bathroom he was getting ready in Jennifer, however, had more luxurious accommodations. She wore a chic yet simple chic dress with her hair styled in waves as she got glammed up inside an elegant bathroom. 'I feel amazing, excited,' Jennifer said before doing several twirls in her dress. The bride appeared to be wearing two different white dresses in her post - the sleeveless frock and a more traditional lace garment which flashed some cleavage. She tucked a veil into her cascading waves. The couple collectively known as 'Bennifer' obtained a marriage license in Clark County, Nevada on Saturday and exchanged vows in a 'super small' ceremony. Jennifer will also be taking Affleck's last name. The Clark County Recorder's Office shows the pop star will be changing her name to 'Jennifer Affleck.' The marriage certificate, however, has yet to be filed. Marriage officiants have 10 calendar days to submit the certificate to their office for filing, according to the Clark County Clerk's Office. Marital bliss: Lopez shared a shot of herself lying in bed to her Instagram Story on Sunday and added the Barbra Streisand track Sadie, Sadie in the background AUGUST 2022 Ben and Jennifer tied the knot for a second time in a breathtaking wedding ceremony at his $8.9 million Georgia 'plantation' mansion surrounded by family, friends and A-List celebrities in August of 2022. The celebrity couple known as 'Bennifer,' wowed the audience with Lopez wearing a stunning white, Ralph Lauren couture gown complete with long train and veil, while Affleck looked sharp in complementary white and black tuxedo. Photographs shot from above showed the picture-perfect A-listers embracing one another through smiles at a waterside jetty, outside their enormous mansion, and while walking along a snowy white altar set up especially for the day. Ben and Jennifer tied the knot for a second time in a breathtaking wedding ceremony at his $8.9 million Georgia 'plantation' mansion surrounded by family, friends and A-List celebrities in August of 2022 The pair's happy reunion came 20 years after they first dated and got engaged, only to call-off their wedding in fall 2003, blaming excessive media attention. The couple was followed down the aisle after their nuptials by close friends and family, including their children from Jennifer's third husband Marc Anthony, as well as Affleck's first wife Jennifer Garner. Garner was notable for her absence, with Affleck's brother Casey also declining to attend after saying he had prior parental commitments in Los Angeles. The former A-list couple was pictured in LA in November of 2023 AUGUST 2024 Jennifer filed for divorce from Affleck on August 20, 2024 after speculation swirling around the relationship dominated the Hollywood headlines in the months leading to the filing. Jennifer filed divorce docs to end her marriage to Affleck without an lawyer in Los Angeles County Superior Court, with insiders revealing there's 'no prenuptial agreement' between the pair, as she did not mention one in legal papers. Jennifer listed the separation date in court docs of April 26, 2024 in the legal documents, filed on the two-year anniversary of their nuptials at Affleck's Georgia estate. JANUARY 2025 Jennifer told the court in legal docs filed January 6, 2025 that she and Ben had reached a settlement following mediation the prior autumn. Jennifer and Ben told a judge in the case they decided to forego spousal support for both sides, with Jennifer dropping Affleck from her legal name.
USA Today
17-04-2025
- Entertainment
- USA Today
'Gossip Girl' star Michelle Trachtenberg died from diabetes complications
'Gossip Girl' star Michelle Trachtenberg died from diabetes complications Show Caption Hide Caption 'Gossip Girl' actress Michelle Trachtenberg dead at 39 Actress Michelle Trachtenberg, known for her role in "Gossip Girl," was found dead in a New York City luxury apartment building by the NYPD. She was 39. Nearly two months after Michelle Trachtenberg's death at 39 years old, officials have issued a ruling on her cause of death. On Wednesday, New York City's Office of Chief Medical Examiner released a statement announcing the cause and manner of the "Gossip Girl" actor's Feb. 26 death as complications of diabetes mellitus. The manner was determined to be natural. The office previously said in February that the cause and manner were "undetermined." Trachtenberg was found dead in a New York City luxury apartment building at 8 a.m. Feb. 26, a spokesperson for the New York Police Department previously confirmed to USA TODAY. Upon arriving at her unit, officers found a 39-year-old woman unconscious and unresponsive; EMS officials responded to the scene and found the actress dead. Michelle Trachtenberg tributes: Blake Lively, Kenan Thompson, more stars mourn actress The New York City-born star started her career at 3 in television commercials and rose to fame as a child star. She later found success in television and movie roles throughout the aughts and beyond. Trachtenberg was a 2000s TV mainstay with memorable roles in "Gossip Girl," "Harriet the Spy" and "Buffy the Vampire Slayer." What is diabetes mellitus? There are several categories of diabetes, including Type 1, Type 2, gestational diabetes, Neonatal diabetes and maturity-onset diabetes of the young. Diabetes mellitus, the full name for the disease characterized by inadequate control of glucose levels in a person's blood, affects around 38 million people in the U.S., according to the Centers for Disease Control and Prevention. This equates to around one in 10 people, and approximately one in five people do not know they have the chronic illness. Type 1 diabetes is an autoimmune disease that "occurs when some or all of the insulin-producing cells in the pancreas are destroyed," Harvard Medical School's website explains. In the absence of insulin, "sugar accumulates in the bloodstream rather than entering the cells" and causes "excessive urination and dehydration" and also causes tissue damage. The CDC estimates that between 5-10% of people with diabetes are diagnosed with Type 1. People of all ages can receive a diagnosis, and there are no known prevention methods. Type 2 diabetes is characterized by insulin resistance, meaning cells resist "the normal effect of insulin, which is to drive glucose in the blood into the inside of the cells," per Harvard Health Publishing. This causes glucose to build up in the blood. Type 2 diabetes, which affects around 90-95% of diabetes patients, can also develop at any age. Risk factors for developing Type 2 diabetes include family history, having prediabetes or gestational diabetes, being over the age of 45 and being overweight or having obesity. Contributing: Jay Stahl, USA TODAY
USA Today
18-03-2025
- Entertainment
- USA Today
Jesse Colin Young, Youngbloods frontman and 'Get Together' singer, dies at 83: Reports
Jesse Colin Young, Youngbloods frontman and 'Get Together' singer, dies at 83: Reports Jesse Colin Young, the former Youngbloods frontman known for the hit song "Get Together," has died, according to reports. He was 83. Young died Sunday, a representative confirmed with NPR and People. Young's wife, Connie Young, confirmed he died at his home in Aiken, South Carolina, with Rolling Stone. Young "left a unique mark on the intersecting worlds of folk, blues, jazz, country, and rock & roll," the statement to People read. He "immortalized the ideals of the Woodstock generation with 'Get Together,' an international hit that called for peace and brotherhood during the turbulent 1960s." USA TODAY has reached out to Young's rep for comment. Badfinger guitarist Joey Molland dead at 77, remembered as a 'friend' to all The New York City-born singer and guitarist – with Jerry Corbitt, Lowell "Banana" Levinger and Joe Bauer – fronted the 1960s-70s era rock band. "Get Together," the iconic call for love and peace written by Chet Powers, was the group's only hit. The group disbanded in 1972, with Young moving on with a solo career that "mixed socially conscious lyrics with top-tier guitar skills and gorgeous vocals," according to the statement. He briefly retired in 2012 due to his diagnosis with chronic Lyme disease. What are the symptoms of Lyme disease? It's a broad range. That year, the bassist told Wicked Local, part of the USA TODAY Network, about the "struggle" he felt after going undiagnosed for two decades, saying at the time that his health goes "up and down." "I lived in the (San Francisco) Bay Area, on the edge of Point Reyes National Seashore, so I had a 150,000-acre backyard," he said. "I used to walk it every day – full of ticks. The Lyme disease wasn't discovered for another 20-some years after that. From 1967 on, I was walking in the woods all the time. It's been treated for only the last two years." Young emerged out of retirement to release a live project and one final album, "Dreamers," in 2019.
Yahoo
12-03-2025
- Business
- Yahoo
One man stood between Trump and a recession. Now he's gone.
Lately, on Twitter/X/whatever you want to call it these days, there's been a noticeable uptick in nostalgia for Steven Mnuchin, the treasury secretary during President Donald Trump's first term. "Come back Steve Mnuchin I miss you Steve Mnuchin," one user wrote in early March. "Steve Mnuchin was the best Trump 1 cabinet member. It almost makes up for suicide squad," wrote another. "Mnuchin was probably the most competent cabinet appointment of the last 3 administrations and I'm not sure it's particularly close," wrote another. "Mnuchin didn't do anything mental and now he's viewed with nostalgia," wrote another. Mnuchin's four years in the administration were busy: He shepherded through the tax cut bill in 2017, warning before the legislation's passage that stocks would crash if it didn't get the go-ahead. When COVID-19 swept in, he was instrumental in striking a deal with Congress to deliver economic relief. Throughout his tenure, he kept everybody calm about the debt ceiling. On a lighter note, he and his super-beautiful wife, Louise Linton, posed for photos with the sheet of dollar bills that got them compared to James Bond villains — an outrage that seems quaint in this day and age. In Trump 1.0, the New York City-born financier served as a sort of Wall Street whisperer in the White House. Mnuchin was the guy who reassured markets everything was going to be all right. He was one of the adults in the room, a serious person whose presence emanated seriously good outcomes, business-wise. (He's so serious, in fact, that he's always Steven, never Steve, and will correct people if they screw it up.) With the markets currently in meltdown mode, largely thanks to Trump, Mnuchin (or a Mnuchin type) is someone many on Wall Street would very much like to have back. They'd like a Mnuchin-esque Money Dad to come tuck them in at night and tell them not to worry about big bad tariffs or a potential recession hiding underneath the bed. In the absence of such a figure, investors are facing a Trump 2.0 who isn't as concerned about their feelings — or, more importantly, holdings — as they'd hoped. He's listening to Silicon Valley a lot more than he is Wall Street, to the extent he's listening to anyone. Sure, Trump's got a new Wall Street-attached treasury secretary, hedge funder Scott Bessent, but investors are still figuring out how to measure him. He just defended tariffs by saying cheap goods aren't part of the American dream. In the internet's collective imagination, Steven Mnuchin would never. Wall Street's approach to Trump has long had an element of wishful thinking to it. Yes, the president likes to tell people their stocks are going to go up, and of course, the Republican Party's bent toward low taxes and deregulation is something the business community favors. But the thing about Trump is that he says and believes a lot of things, and not all of his ideas are music to investors' ears, especially lately. The Trump administration's order of operations this time around may not be so favorable to the stock market or economy in the short term. He's focused on tariffs and has been announcing, delaying, and reinstating them at a breakneck pace. When he was elected, many observers believed tariffs were largely going to be a negotiation tactic. Six weeks into his presidency, it's becoming clear he means business, even if the exact details of said business remain TBD. "We're in a different environment in Trump 2 than Trump 1, and I think one of the differences is that there's more broad agreement on the use of protectionist policies, even by the so-called Wall Street voices," Josh Lipsky, the senior director of the Atlantic Council's GeoEconomics Center, said. "In the first administration, they didn't even start talking about tariffs seriously until a year in." As markets have started to flash warning signs about the tariff whiplash, the Trump administration's response has been a bit of a shrug. In his address to a joint session of Congress last week, the president acknowledged tariffs would cause a "little disturbance" but said, "We're OK with that." In a subsequent interview with Fox News, he wouldn't close the door on a possible recession, saying, "I hate to predict things like that." Bessent recently told CNBC that maybe the economy is "starting to roll a little bit" and predicted a "detox period" as the government slows its spending. After Trump's recession hedge, Commerce Secretary Howard Lutnick said there won't be a recession in America — but Lutnick's also been tasked with trying to explain the daily flip-flops on tariffs, which seems to have undercut Wall Street's faith in his pronouncements. Besides tariffs, Trump is looking to move fast on immigration and deportations, another check in the negative column for many businesses. The same goes for the chaos DOGE is creating. Oh, and did I mention there's perhaps a government shutdown on the horizon? "What's happening now is you've got animal spirits meeting up with the realities of policy on the ground," Gregory Faranello, the head of US rates trading and strategy for AmeriVet Securities, said. "If you look at the total pool and bucket of everything that's going on right now, it's uncertainty." The uncertainty probably won't last forever, but right now, it's got a lot of people on edge. The S&P 500 is down by 5% since the start of the year, and the Dow by 3%. Many smart people did not expect to be in "don't-look-at-your-401(k)" territory this early in Trump's second term, if at all. "Capricious policies are likely to freeze any kind of capital investment or business activity," said Jack Ablin, the chief investment officer and founding partner of Cresset Capital. "And that's problematic in an economy that appears to be slowing." It's not necessarily the case that Trump 2.0 doesn't care at all about Wall Street; he just seems to care about a lot of other things more. The White House contends that while tariffs, for example, might be a pain in the near term, they're necessary to revamp the economy over the long haul. Trump 2.0 is "much more holistic on what they're looking at to define success," Keith Lerner, chief market strategist at Truist Wealth, said. Bessent seems quite focused on the bond market and 10-year Treasurys, specifically, believing lower bond yields might help boost the housing market. He has characterized tariffs as a "one-time price adjustment" and brushed off concerns about inflation in his defense of the administration's trade strategy. "I guess the question is, OK, holistically, you have a 7% decline in the stock market. From their perspective, that may be OK relative to these other things which are priorities for them and will make the US economy more competitive," Lerner said. "The question that no one knows is what's the pain threshold?" The assumption has long been that the markets would check Trump's worst impulses (or a Mnuchin-like figure who would hammer home what's going on in the markets). Right now, the checkpoint isn't clear. Bessent seems to be aligned with the president's protectionist stance, and Wall Street doesn't find him to be a particularly soothing force. "The Street is not comfortable yet with Bessent and Lutnick, and that's been an overhang and issue for the markets in the near term," Dan Ives, an analyst at Wedbush Securities, said in an email. After the stock market's meltdown on Monday, the White House released a statement from an unnamed official arguing that Wall Street fears aren't necessarily reflective of what's happening in the real economy. "Want to emphasize that we're seeing a strong divergence between animal spirits of the stock market and what we're actually seeing unfold from businesses and business leaders, and the latter is obviously more meaningful than the former on what's in store for the economy in the medium to long term," the official said. But many businesses are not having a good time trying to decipher all the policy uncertainty. The problem with opening the door to a small recession or adjustment period is that once a downturn has begun, there's no control over what happens. "Recessions are their own beasts," Kevin Gordon, a senior investment strategist at Charles Schwab, said. "They could take on a pretty strong position in terms of changing the trajectory of the economy. So it's certainly something I'd say be careful what you wish for." Despite the upheaval, Wall Street still has things to be excited about in the Trump administration — but the sugar high is wearing off a bit, and some less favorable realities are setting in. For one thing, some of the thrilling stuff the administration is expected to deliver is not that thrilling — namely, the tax bill. Many of the provisions in Trump's 2017 tax bill are set to expire this year. Trump and the GOP-led Congress are highly likely to pass a new bill to extend most of them. For corporations and individuals, the extension is good in the sense that their tax bills won't go up. But it's not as great as it was in 2017 when they got a massive new cut. Keeping the 2017 law is "just extending the status quo," Gordon said, "so there is no additional stimulus that comes from that." It's kind of like buying a second pair of the same pants you like because they fit well and are durable — they're nice to have, but they don't deliver the same little burst of endorphins you got when you discovered the first pair. And the tax cut legislation is still months away. In the meantime, investors are being hit with daily headlines about all the less-business-friendly stuff Trump wants to do. It's like having to pay a bunch of medical bills while waiting for that pair of pants to get delivered. "I think the sequencing is definitely important," Gordon said. "You're front-loading all of the tariffs and immigration risks this time, and you don't necessarily get the added juice from the fiscal side. I would argue you get none of it." This belated Mnuchin mania is the manifestation of broader anxieties about the Trump administration and a recognition that this time really is different. Trump is moving faster and breaking things quicker. He feels like he has a mandate. He's bringing more true believers with him. Remember that supposed "committee to save America" of people surrounding Trump to rein him in back in 2017? They are not invited to the party this time. "Scott Bessent has Wall Street experience, but he doesn't seem particularly comfortable in how he talks about what it is that the administration's trying to achieve. What is the nonpartisan basis for it? What is the sort of substantive case?" said Skanda Amarnath, the executive director of Employ America, an economic advocacy group. "Everyone who's currently picked is really indexing even further on loyalty, but that does come at the expense of being credible in an economic markets context." To be sure, there's some rose-colored glasses stuff going on with the way many people think of Trump 1.0, at least money-wise. The S&P 500 was up for most of his first term, but it wasn't a smooth ride; the index ended 2018 down by 6.24%. The US had a mild manufacturing recession in 2019. Many people in Trump's first administration were just as loyal to the president as those in the second administration. And ultimately, he was always the one in charge. It's not like Steven Mnuchin or Gary Cohn or Rex Tillerson were running around willy-nilly doing whatever to make sure the Dow was up for the day. Like everyone in human history, Mnuchin's record is mixed (and would get vastly different scores, depending on who you ask). He reportedly pushed for Trump to select Jerome Powell for Federal Reserve chair, whom many in finance and economics would agree was a sound choice. When the economy spiraled because of the pandemic, he was a key negotiator in getting legislative support across the finish line. He also advocated for a tax bill that added to the deficit and disproportionately benefited corporations and the wealthy. And you have to admit that posing with the sheet of dollars was a little gauche, even if anyone in their right mind would have done the same thing. "He was pragmatic," Amarnath said. "He also had a certain credibility with the markets and political actors on the other side of the aisle" The good news, all you Mnuchin heads, is he may be gone, but not forgotten. Back in November, he told Reuters that while he wasn't planning on joining the new Trump administration, he's "happy to advise from the outside." So, Steven, maybe call Scott. Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy. Read the original article on Business Insider
Yahoo
12-03-2025
- Business
- Yahoo
Wall Street is getting cut out of Trump 2.0
Lately, on Twitter/X/whatever you want to call it these days, there's been a noticeable uptick in nostalgia for Steven Mnuchin, the treasury secretary during President Donald Trump's first term. "Come back Steve Mnuchin I miss you Steve Mnuchin," one user wrote in early March. "Steve Mnuchin was the best Trump 1 cabinet member. It almost makes up for suicide squad," wrote another. "Mnuchin was probably the most competent cabinet appointment of the last 3 administrations and I'm not sure it's particularly close," wrote another. "Mnuchin didn't do anything mental and now he's viewed with nostalgia," wrote another. Mnuchin's four years in the administration were busy: He shepherded through the tax cut bill in 2017, warning before the legislation's passage that stocks would crash if it didn't get the go-ahead. When COVID-19 swept in, he was instrumental in striking a deal with Congress to deliver economic relief. Throughout his tenure, he kept everybody calm about the debt ceiling. On a lighter note, he and his super-beautiful wife, Louise Linton, posed for photos with the sheet of dollar bills that got them compared to James Bond villains — an outrage that seems quaint in this day and age. In Trump 1.0, the New York City-born financier served as a sort of Wall Street whisperer in the White House. Mnuchin was the guy who reassured markets everything was going to be all right. He was one of the adults in the room, a serious person whose presence emanated seriously good outcomes, business-wise. (He's so serious, in fact, that he's always Steven, never Steve, and will correct people if they screw it up.) With the markets currently in meltdown mode, largely thanks to Trump, Mnuchin (or a Mnuchin type) is someone many on Wall Street would very much like to have back. They'd like a Mnuchin-esque Money Dad to come tuck them in at night and tell them not to worry about big bad tariffs or a potential recession hiding underneath the bed. In the absence of such a figure, investors are facing a Trump 2.0 who isn't as concerned about their feelings — or, more importantly, holdings — as they'd hoped. He's listening to Silicon Valley a lot more than he is Wall Street, to the extent he's listening to anyone. Sure, Trump's got a new Wall Street-attached treasury secretary, hedge funder Scott Bessent, but investors are still figuring out how to measure him. He just defended tariffs by saying cheap goods aren't part of the American dream. In the internet's collective imagination, Steven Mnuchin would never. Wall Street's approach to Trump has long had an element of wishful thinking to it. Yes, the president likes to tell people their stocks are going to go up, and of course, the Republican Party's bent toward low taxes and deregulation is something the business community favors. But the thing about Trump is that he says and believes a lot of things, and not all of his ideas are music to investors' ears, especially lately. The Trump administration's order of operations this time around may not be so favorable to the stock market or economy in the short term. He's focused on tariffs and has been announcing, delaying, and reinstating them at a breakneck pace. When he was elected, many observers believed tariffs were largely going to be a negotiation tactic. Six weeks into his presidency, it's becoming clear he means business, even if the exact details of said business remain TBD. "We're in a different environment in Trump 2 than Trump 1, and I think one of the differences is that there's more broad agreement on the use of protectionist policies, even by the so-called Wall Street voices," Josh Lipsky, the senior director of the Atlantic Council's GeoEconomics Center, said. "In the first administration, they didn't even start talking about tariffs seriously until a year in." What's happening now is you've got animal spirits meeting up with the realities of policy on the ground. As markets have started to flash warning signs about the tariff whiplash, the Trump administration's response has been a bit of a shrug. In his address to a joint session of Congress last week, the president acknowledged tariffs would cause a "little disturbance" but said, "We're OK with that." In a subsequent interview with Fox News, he wouldn't close the door on a possible recession, saying, "I hate to predict things like that." Bessent recently told CNBC that maybe the economy is "starting to roll a little bit" and predicted a "detox period" as the government slows its spending. After Trump's recession hedge, Commerce Secretary Howard Lutnick said there won't be a recession in America — but Lutnick's also been tasked with trying to explain the daily flip-flops on tariffs, which seems to have undercut Wall Street's faith in his pronouncements. Besides tariffs, Trump is looking to move fast on immigration and deportations, another check in the negative column for many businesses. The same goes for the chaos DOGE is creating. Oh, and did I mention there's perhaps a government shutdown on the horizon? "What's happening now is you've got animal spirits meeting up with the realities of policy on the ground," Gregory Faranello, the head of US rates trading and strategy for AmeriVet Securities, said. "If you look at the total pool and bucket of everything that's going on right now, it's uncertainty." The uncertainty probably won't last forever, but right now, it's got a lot of people on edge. The S&P 500 is down by 5% since the start of the year, and the Dow by 3%. Many smart people did not expect to be in "don't-look-at-your-401(k)" territory this early in Trump's second term, if at all. "Capricious policies are likely to freeze any kind of capital investment or business activity," said Jack Ablin, the chief investment officer and founding partner of Cresset Capital. "And that's problematic in an economy that appears to be slowing." It's not necessarily the case that Trump 2.0 doesn't care at all about Wall Street; he just seems to care about a lot of other things more. The White House contends that while tariffs, for example, might be a pain in the near term, they're necessary to revamp the economy over the long haul. Trump 2.0 is "much more holistic on what they're looking at to define success," Keith Lerner, chief market strategist at Truist Wealth, said. Bessent seems quite focused on the bond market and 10-year Treasurys, specifically, believing lower bond yields might help boost the housing market. He has characterized tariffs as a "one-time price adjustment" and brushed off concerns about inflation in his defense of the administration's trade strategy. "I guess the question is, OK, holistically, you have a 7% decline in the stock market. From their perspective, that may be OK relative to these other things which are priorities for them and will make the US economy more competitive," Lerner said. "The question that no one knows is what's the pain threshold?" The problem with opening the door to a small recession or adjustment period is that once a downturn has begun, there's no control over what happens. The assumption has long been that the markets would check Trump's worst impulses (or a Mnuchin-like figure who would hammer home what's going on in the markets). Right now, the checkpoint isn't clear. Bessent seems to be aligned with the president's protectionist stance, and Wall Street doesn't find him to be a particularly soothing force. "The Street is not comfortable yet with Bessent and Lutnick, and that's been an overhang and issue for the markets in the near term," Dan Ives, an analyst at Wedbush Securities, said in an email. After the stock market's meltdown on Monday, the White House released a statement from an unnamed official arguing that Wall Street fears aren't necessarily reflective of what's happening in the real economy. "Want to emphasize that we're seeing a strong divergence between animal spirits of the stock market and what we're actually seeing unfold from businesses and business leaders, and the latter is obviously more meaningful than the former on what's in store for the economy in the medium to long term," the official said. But many businesses are not having a good time trying to decipher all the policy uncertainty. The problem with opening the door to a small recession or adjustment period is that once a downturn has begun, there's no control over what happens. "Recessions are their own beasts," Kevin Gordon, a senior investment strategist at Charles Schwab, said. "They could take on a pretty strong position in terms of changing the trajectory of the economy. So it's certainly something I'd say be careful what you wish for." Despite the upheaval, Wall Street still has things to be excited about in the Trump administration — but the sugar high is wearing off a bit, and some less favorable realities are setting in. For one thing, some of the thrilling stuff the administration is expected to deliver is not that thrilling — namely, the tax bill. Many of the provisions in Trump's 2017 tax bill are set to expire this year. Trump and the GOP-led Congress are highly likely to pass a new bill to extend most of them. For corporations and individuals, the extension is good in the sense that their tax bills won't go up. But it's not as great as it was in 2017 when they got a massive new cut. Keeping the 2017 law is "just extending the status quo," Gordon said, "so there is no additional stimulus that comes from that." It's kind of like buying a second pair of the same pants you like because they fit well and are durable — they're nice to have, but they don't deliver the same little burst of endorphins you got when you discovered the first pair. And the tax cut legislation is still months away. In the meantime, investors are being hit with daily headlines about all the less-business-friendly stuff Trump wants to do. It's like having to pay a bunch of medical bills while waiting for that pair of pants to get delivered. "I think the sequencing is definitely important," Gordon said. "You're front-loading all of the tariffs and immigration risks this time, and you don't necessarily get the added juice from the fiscal side. I would argue you get none of it." This belated Mnuchin mania is the manifestation of broader anxieties about the Trump administration and a recognition that this time really is different. Trump is moving faster and breaking things quicker. He feels like he has a mandate. He's bringing more true believers with him. Remember that supposed "committee to save America" of people surrounding Trump to rein him in back in 2017? They are not invited to the party this time. Remember that supposed "committee to save America" of people surrounding Trump to rein him in back in 2017? They are not invited to the party this time. "Scott Bessent has Wall Street experience, but he doesn't seem particularly comfortable in how he talks about what it is that the administration's trying to achieve. What is the nonpartisan basis for it? What is the sort of substantive case?" said Skanda Amarnath, the executive director of Employ America, an economic advocacy group. "Everyone who's currently picked is really indexing even further on loyalty, but that does come at the expense of being credible in an economic markets context." To be sure, there's some rose-colored glasses stuff going on with the way many people think of Trump 1.0, at least money-wise. The S&P 500 was up for most of his first term, but it wasn't a smooth ride; the index ended 2018 down by 6.24%. The US had a mild manufacturing recession in 2019. Many people in Trump's first administration were just as loyal to the president as those in the second administration. And ultimately, he was always the one in charge. It's not like Steven Mnuchin or Gary Cohn or Rex Tillerson were running around willy-nilly doing whatever to make sure the Dow was up for the day. Like everyone in human history, Mnuchin's record is mixed (and would get vastly different scores, depending on who you ask). He reportedly pushed for Trump to select Jerome Powell for Federal Reserve chair, whom many in finance and economics would agree was a sound choice. When the economy spiraled because of the pandemic, he was a key negotiator in getting legislative support across the finish line. He also advocated for a tax bill that added to the deficit and disproportionately benefited corporations and the wealthy. And you have to admit that posing with the sheet of dollars was a little gauche, even if anyone in their right mind would have done the same thing. "He was pragmatic," Amarnath said. "He also had a certain credibility with the markets and political actors on the other side of the aisle" The good news, all you Mnuchin heads, is he may be gone, but not forgotten. Back in November, he told Reuters that while he wasn't planning on joining the new Trump administration, he's "happy to advise from the outside." So, Steven, maybe call Scott. Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy. Read the original article on Business Insider
