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Gary Cohn
@Gary_D_Cohn
Vice Chairman @IBM, Former NEC Director
Manhattan, NY
Joined December 2019
Posts
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    Congrats to President-elect @JoeBiden and Vice President-elect @KamalaHarris. I wish them great success in leading our country. With over 145M votes cast, both campaigns should be applauded for getting an unprecedented number of citizens engaged in the democratic process.
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    Is it time to start discussing the need for a date when the economy can turn back on? Policymakers have taken bold public health & economic actions to address the #coronavirus, but businesses need clarity. Otherwise they will assume the worst and make decisions to survive.
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    We need to make clear that the disconnect between the stock market and small businesses is real. The stock market only reflects the performance of the largest businesses, who increase their market share every time another small business closes.
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    This is not 2008. Then every bank had a similar portfolio - mortgages - and home prices were falling. SVB has a very unique balance sheet. And unlike 2008, banks today are very highly capitalized and operate with significant regulations. The SVB matter is a classic run on a bank.
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    The stock market continues to reflect big businesses increasing their market share during #COVID19. If a small business closes, a larger business fills the void. We need to contemplate what this means for Main Street USA going forward. Is this really the future we want?
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    While the #ParisAgreement may be far from perfect, it is the best available option to tackle one of the greatest issues of our time. I am happy to see the U.S. reentering this agreement and asserting global leadership.
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    We added over 379k jobs in Feb. 465k private sector jobs. The economy is showing recovery — consumers are returning. 10-year rates over 1.6%. The risk now is misdirected stimulus.
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    I am honored to be joining @IBM as Vice Chairman. IBM is one the world’s most important companies, providing technology that helps organizations be agile and resilient in unpredictable times.
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    My advice to policymakers in Washington? You can’t overreact to this situation. You must make decisions quickly & throw as much $ as you can at the situation. If you make mistake of throwing too much $ in a public health crisis, that's a good problem to have. #CNBCPathForward
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    I really want to be optimistic. We all obsess on the equity market, but we need to get the municipal and credit markets fixed before we can recover.
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    1/ Lots of talk about potential fiscal stimulus packages that unfortunately seem more political than productive. Govt must spend on COVID-19 containment & prevention. Additional fiscal stimulus doesn’t make sense unless it’s going to help those economically hurt by #coronavirus
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    Today's vaccine news is incredibly promising, but it's a long-term solution that will take time to implement. Workers & businesses who were suffering yesterday are still suffering today. Congress needs to act now & provide stimulus to help workers & businesses in the short-term.
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    The 2017 tax bill jump-started the economy 2 years ago, creating millions of jobs. We continue to see real wage growth for the lowest-paid workers & the best unemployment rate in 50 years. Former CEA Chair Kevin Hassett & I share the hard data in the WSJ.
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    THREAD: Looks like WH & Congress are properly considering #COVID19 impact on small businesses. They have 2 major costs: staffing & real estate. W/ consumers needing to stay home & little or no revenue coming in, paying employees & property bills quickly becomes unsustainable.