Ex-Fed Chair Volcker: Trump administration not on a constructive track

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Former Federal Reserve Chairman Paul Volcker told Bridgewater co-chief investment officer Ray Dalio, in a podcast video released on Tuesday, he is unhappy with the Trump administration’s handling of domestic issues as well as trade talks with China, as it is hurting the US’ long-term prosperity, Reuters reports.

Key Quotes:

“We have not been on a constructive track.” 

“I think that’s fair to say.”

“We rammed through a massive tax bill. Whatever you think about that tax bill, it shouldn’t have been rammed through Congress without any debates at midnight on Dec. 31.”

“The true test of good government is its ability to administer” which “we lapse in.”

“It sounds terrible but I respond more favorably to what the president of China is saying than the president of the United States.”

“The president of China, at least, says he’s looking forward to a harmonious relationship over time…But looking for peaceable outcomes, where we are all threats and demands, so it’s a different story being told.”

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