Will politics trump economics?

by Larry Hatheway | February 7, 2017

Originally published at CNBC | February 7, 2017

President Donald Trump has inherited an economy that is in much better shape than his predecessor did eight years ago. Nonetheless the new president has ambitious plans for his first 100 days in office. Just how much can he achieve and what will be the likely impact on capital markets?

The “first 100 days” is a term frequently used in U.S. politics to measure the initial accomplishments of a new president. It dates back to 1933 when former president Franklin D. Roosevelt used the term to describe the first 100 days of the 73rd U.S. Congress. Roosevelt’s objectives were not very different from Trump’s – both men came to power with a pledge to make the U.S. great again.

Roosevelt’s attempts to address the Great Depression resulted in 15 new bills being passed during his 100 days. These collectively formed the foundation of his “New Deal” and included the abandonment of the Gold Standard and the implementation of the Glass-Steagall Act, separating the banking and securities industries. Continue Reading.

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Filed Under: Economics

About the Author

Larry Hatheway

Larry Hatheway has over 25 years’ experience as an economist and multi-asset investment professional. He is co-founder, with Alexander Friedman, of Jackson Hole Economics, a non-profit offering commentary and analysis on the global economy, matters of public policy, and capital markets. Larry is also the founder of HarborAdvisors, LLC, an investment advisory firm catering to family offices and institutional clients worldwide.

Previously, Larry worked at GAM Investments from 2015-2019 as Group Chief Economist and Global Head of Investment Solutions, where he was responsible for a team of 50 investment professionals managing over $10bn in assets. While at GAM, Larry authored numerous articles on the world economy, policy-making, and multi-asset investment strategy.

From 1992 until 2015 Larry worked at UBS Investment Bank as Chief Economist (2005-2015), Head of Global Asset Allocation (2001-2012), Global Head of Fixed Income and Currency Strategy (1998-2001), Chief Economist, Asia (1995-1998) and Senior International Economist (1992-1995). Larry is widely recognized for his appearances on Bloomberg TV, CNBC, the BBC, CNN, and other media outlets. He frequently publishes articles and opinion pieces for Bloomberg, Barron’s, and Project Syndicate, among others.

Larry holds a PhD in Economics from the University of Texas, an MA in International Studies from the Johns Hopkins University, and a BA in History and German from Whitman College. Larry is married with four grown children and resides with his wife in Redding, CT, alongside their dog, chickens, bees, and a few ‘loaner’ sheep and goats.

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