President Donald Trump offered some insight into why he added some Wall Street billionaires to his cabinet during a rally in Iowa Wednesday night.
“So somebody said, ‘Why did you appoint a rich person to be in charge of the economy,” Trump said to a group of his supporters at the U.S. Cellular Center in Cedar Rapids. “I said, ‘Because that’s the kind of thinking we want … because they’re representing the country. They don’t want the money.”
“And I love all people — rich or poor — but in those particular positions, I just don’t want a poor person,” Trump continued. “Does that make sense? If you insist, I’ll do it — but I like it better this way.”
Trump’s reasoning appeared to contradict previous rhetoric on which he ran his presidential campaign.
“I know the guys at Goldman Sachs. They have total, total control over [Ted Cruz],” Trump said in South Carolina during the 2016 primary election. “Just like they have total control over Hillary Clinton.”
“I know the people on Wall Street … I’m not going to let Wall Street get away with murder,” Trump also said at a 2016 campaign rally in Iowa. “Wall Street has caused tremendous problems for us.”
Trump received criticism after he appointed many former executives with ties to Wall Street, including Goldman Sachs executive Steven Mnuchin as Treasury Secretary, Goldman chief operating officer Gary Cohn as chief economic advisor, and Goldman managing director James Donovan as deputy Treasury Secretary.
“And they had to give up a lot to take these jobs,” continued Trump. “When you get … the president of Goldman Sachs … having him represent us, he went from massive paydays, to peanuts. But these are people that are great, brilliant business minds, and that’s what we need.”
“We can’t have the world taking advantage of us anymore,” said Trump.
You can watch his speech here »
Get the latest Goldman Sachs stock price here.
Here’s the video.
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