"It's a Ponzi scheme," a Wall Street
executive told me, dismissing the idea that a multi-trillion dollar tax cut for multinational corporations would trickle down throughout the economy and also pay for itself. It's a view that's widely shared among the bankers, hedge-fund managers, traders, and quants whose job it is to determine, with Vulcan accuracy, how the Republican tax bill that passed the House yesterday will actually affect the markets. It's also more than a little ironic, given that the plan was spearheaded by two former senior partners of Goldman Sachs turned Trump shills--Gary Cohn and Steve Mnuchin--a pedigree that has done little to reassure Wall Street
veterans who worry that the White House
may accidentally nuke the economy in the name of "tax reform." "Will this be the first tax cut in American history that actually results in a recession?" the executive asked.