Latest news with #SemaforWorldEconomySummit
Time of India
2 days ago
- Business
- Time of India
Steve Bannon praises Trump as a sophisticated businessman, says Scott Bessent is a safe pair of hands
Did Musk's plan work? Bannon attacks Musk's tech ideas Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Steve Bannon, ex-White House chief strategist, spoke at the Semafor World Economy Summit in April. He praised Donald Trump, calling him a 'very sophisticated businessman', as per also praised Scott Bessent, the Treasury Secretary, calling him a 'safe pair of hands.' He said Bessent deeply understands capital markets and 'tells the truth even if you don't like it.' Bessent has 30 years of experience in the supported Bessent during a power fight with Elon Musk over who would become the IRS commissioner. Musk's pick only lasted three days before getting replaced by Bessent's choice. Bannon said if Howard Lutnick had gotten the job, it would've been a 'disaster.' Bannon backed Trump's economic populism and new tariff strategies, saying Trump has good instincts, as stated in the report by Elon Musk tried to change the government through the Department of Government Efficiency (DOGE).Musk said he would save $2 trillion and make the government smaller. But his plan caused chaos and backlash. It didn't work out, and now he's out of said Musk didn't understand how big and complex the federal government is. He said if you want to stop waste, you have to look at the Pentagon and defense spending. Bannon also said Musk never showed clear proof of the budget cuts DOGE claimed to make, as per added, 'None of this makes sense,' and asked for details on what fraud Musk found. Bannon went further and called Musk's Neuralink project 'satanism with a brain chip.' He also said, 'Elon was always evil,' and called him a 'techno-feudalist', as stated in the report by Business claimed Musk's goal is to take over the future of humans using tech. Bannon sees himself as someone fighting for 'human-centered governance' while Musk wants a tech-run world. This shows that there's a big personal and political rivalry between Bannon and Musk, both trying to be powerful in Trump's said Musk's government plan failed and called his tech ideas called Trump a smart businessman with strong instincts on the economy.
Mint
3 days ago
- Business
- Mint
Citadel's Ken Griffin warns of Trump tariffs 'taking a toll' on US economy: Here's what the billionaire said
Hedge fund billionaire Ken Griffin, one of Wall Street's most prominent Republicans, expressed frustration about President Donald Trump's 'anti-growth' tariff agenda and its impact on U.S. economic growth at Thursday's 2025 Forbes Iconoclast Summit. Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It's hurting America's standing in the world and eroding the nation's brand. 'The United States was more than just a nation. It's a brand. It's a universal brand, whether it's our culture, our financial strength, our military strength …. America rose beyond just being a country,' Griffin said Wednesday at the Semafor World Economy Summit in Washington. 'It was like an aspiration for most the world. And we're eroding that brand right now.' Griffin, founder of one of the largest hedge funds in the world, said that traders are concerned about parking their investments in the United States — particularly US Treasury bonds — because Trump's tariffs have destroyed faith that America will remain a trusted and rational actor in global financial markets. 'Unfortunately, the last few months have been characterized by a set of policy decisions that have rendered a great deal of uncertainty, have called into question American exceptionalism,' Griffin, founder of the Citadel hedge fund and market maker Citadel Securities, told Forbes editor-at-large and Iconoclast founder Maneet Ahuja. Griffin said his firm cut in half its estimates of 2025 growth since Trump took office, explaining the tariffs have 'taken their toll already on our economy.' 'The administration's attempts to use tariffs comes at a dear price to the U.S. economy and comes at a dear price to the U.S. consumer,' added Griffin. 'Why are we aspiring to be the nation of the lowest cost and lowest paid workforce in the world? That makes no sense to me,' Griffin quipped about Trump's push to onshore manufacturing of low-cost goods. Griffin said that shows Trump and his advisers have their work cut out for them to right the perceived wrongs of the damaging trade war.
Yahoo
4 days ago
- Business
- Yahoo
Steve Bannon Says 'President Trump Is A Very Sophisticated Businessman,' Calls Scott Bessent 'Safe Pair Of Hands'
Former White House chief strategist Steve Bannon had high praise for both President Donald Trump and Treasury Secretary Scott Bessent during his appearance at the Semafor World Economy Summit in April, calling Trump a "very sophisticated businessman" and describing Bessent as a "safe pair of hands." The comments come amid growing scrutiny over Elon Musk's attempts to overhaul the federal government through the Department of Government Efficiency. "Scott is a safe pair of hands that understands capital markets deeply," Bannon said. "He's done this for 30 years. He has a very strong sense of what markets need to hear. I may not like it, but he's telling me the truth—that's Scott Bessent." Don't Miss:Invest where it hurts — and help millions heal:. Bannon, who hosts 'Bannon's War Room' podcast and remains a MAGA movement influencer, backed Bessent during a high-profile clash with Musk over control of the Internal Revenue Service commissioner appointment. The power struggle ended with Bessent's preferred candidate replacing Musk's pick after only three days. "If [Commerce Secretary] Howard Lutnick had been, it'd have been an unmitigated disaster," Bannon said. As for Trump, Bannon reiterated his confidence in the president's strategic instincts. "President Trump is a very sophisticated businessman," he said, countering critics who questioned Trump's embrace of economic populism and new tariff strategies. Musk's time in government seems to be over now, but it started with ambitious promises—cutting $2 trillion in spending and slashing bureaucracy—but ended in chaos and backlash. His attempts to move fast and break things clashed with Washington's entrenched norms and legal limits. Trending: Maximize saving for your retirement and cut down on taxes: . Bannon believes Musk failed to grasp the scale and complexity of the federal government. "You have to go to the Pentagon," Bannon said at the summit, arguing that real waste and abuse can't be tackled without understanding defense spending. He questioned Musk's failure to produce transparent accounting for DOGE's claimed budget cuts. "None of this makes sense," he added. "We need to know exactly what he found as far as fraud goes." Bannon's criticism of Musk didn't stop at budget cuts or federal dysfunction. In an interview with Business Insider in April, Bannon took aim at Musk's Neuralink project, calling it "satanism with a brain chip." "Elon was always evil. He's a techno-feudalist. We are on the side of the human being,' Bannon told Business Insider, accusing Musk of pushing a "techno-feudalist" agenda designed to hijack the future of humankind. Bannon's remarks reflect a deeper ideological and personal feud between the two men, both vying for influence in Trump's orbit. While Musk has tried to reshape government with disruptive tech-centric policies, Bannon has positioned himself as a defender of traditional, human-centered governance. Read Next: Here's what Americans think you need to be considered 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Steve Bannon Says 'President Trump Is A Very Sophisticated Businessman,' Calls Scott Bessent 'Safe Pair Of Hands' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Jeff Bezos Saved $6.2 Billion In Taxes Since 2017 — Experts Say Trump's Proposed Hike Won't Touch Capital Gains Loophole
Amazon (NASDAQ:AMZN) founder Jeff Bezos saved $6.2 billion in taxes since 2017. According to an April report by the Institute for Policy Studies, Athena, and PowerSwitch Action. The capital-gains break that produced that haul may dodge President Donald Trump's latest plan to hike levies on America's biggest paychecks. Trump reportedly asked House Speaker Mike Johnson (R-LA) to craft a 39.6% bracket for annual incomes above $2.5 million, according to the New York Times. However, specialists argue the move nicks salaries while leaving stock-driven fortunes—where billionaires stash most wealth—largely untouched for now and again. Don't Miss: Maximize saving for your retirement and cut down on taxes: . Invest where it hurts — and help millions heal:. Sarah Anderson, program director at the progressive Institute for Policy Studies, said during an April 24 briefing that Bezos would have owed the Treasury $6.2 billion had capital gains been taxed like wages under the 2017 Tax Cuts and Jobs Act, a law set to expire next year. Her team tallied roughly $36.7 billion in Amazon share sales fueling that savings. 'I'm not a big fan of doing that,' Johnson told Fox News on April 15, rejecting the proposed tax hike, adding, "We're the Republican Party and we're for tax reduction. Populist pressure is also rising outside Capitol Hill. Former White House chief strategist Steve Bannon at the Semafor World Economy Summit on April 23 that the current tax regime is "not sustainable" and insisted any fix "has to be tax increases on the wealthy," sparking a critical response from anti-tax groups. Trending: "It's largely symbolic," said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, adding the bracket tweak "won't have a significant revenue effect and certainly not a significant effect on inequality," he told Fortune. The reason is simple math. Bezos' official paycheck in 2019 was $81,840 while he ran Amazon. Meta Platforms (NASDAQ:META) CEO Mark Zuckerberg opted for a symbolic annual salary of $1, and Tesla (NASDAQ:TSLA) CEO Elon Musk waived his salary entirely. Their fortunes come from shares that enjoy a 20% long-term gains rate and can sit untaxed if never sold. Keeping that concession would also widen Washington's budget hole. According to an April analysis by the Bipartisan Policy Center, extending the remaining 2017 tax cuts could swell deficits by around $4.1 trillion over a decade. Skepticism is already surfacing in the Senate. Finance Committee Chair Mike Crapo (R-ID) told radio host Hugh Hewitt on May 9 he is "not excited about the proposal," reflecting wider GOP unease. Read Next:How do billionaires pay less in income tax than you?. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Jeff Bezos Saved $6.2 Billion In Taxes Since 2017 — Experts Say Trump's Proposed Hike Won't Touch Capital Gains Loophole originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
09-05-2025
- Health
- Yahoo
White House health adviser says weight loss drugs are being ‘pushed' on American children
A White House health adviser on Friday slammed pediatricians' recommendation of weight loss drugs to treat obesity among children. Calley Means, a central figure in US Health and Human Services Secretary Robert F. Kennedy Jr.'s 'Make America Healthy Again' movement, said drugs like Ozempic shouldn't be the 'first line of defense for 12-year-olds' in treating obesity before dietary interventions — and shouldn't be funded by government programs. 'Ozempic is being pushed on American children,' Means said at the Semafor World Economy Summit. The Food and Drug Administration has not approved the specific use of Ozempic for children, but it has approved Wegovy — which is made by the same company and contains the same active ingredient — for patients 12 years and older. Whether or not Medicaid covers Wegovy depends on state laws. The American Academy of Pediatrics released guidelines in 2023 recommending physicians offer the medication to adolescents 12 years and older for obesity treatment, among other recommendations. The thrust of the guidelines, CBS News reported, was that 'waiting doesn't work' and that 'children struggling with obesity should be evaluated and treated early and aggressively, including with medications for kids as young as 12 and surgery for those as young as 13.' Means, a key figure in the White House's MAHA Commission, has been a vocal critic of the food and health care industries, calling them fundamental reasons for rising rates of chronic disease, and slamming agencies like the Health and Human Services for failing to promote solutions that address the underlying causes. He's also been one of the architects of the MAHA movement, which has been skeptical of weight loss drugs, vaccines, food dyes, and seed oils, citing some claims that scientists and public health experts have raised concerns about. The boundaryless pools of money that defined finance in the last 20 years are retreating, and capital is becoming a national resource to be protected. Public and private markets seem set to converge: Where they meet — and which firms stake out territory — could determine finance's winners over the next decade. Read more in The Semafor View ->
