Steven Eisman [born 1962] is an American businessman and investor renowned for predicting and profiting from the U.S. housing market collapse during the 2007-2008 financial crisis. His early education was at Yeshiva schools, followed by a Bachelor of Arts degree from the University of Pennsylvania in 1984, magna cum laude, and a Juris Doctor from Harvard Law School in 1987, with honors.
| Eisman, by all appearances, offered the best take on President Donald Trump’s current tariff war when he joined as a guest on CNBC’s Fast Money. The host asked, “What do you make of this market here?” Eisman replied that what he makes of it is that most of the talking heads on television are in “hysterics.” www.cnbc.com/video/2025/04/07/united-states-in-best-possible-position-to-negotiate-trade-says-big-short-trader-steve-eisman.html The issue is that everybody in our social class took Economics 101, and we were all taught the same thing, “Trade is good, tariffs are bad, and trade wars are terrible.” Eisman said the president of the United States doesn’t seem to accept that paradigm, which many people find “extremely jarring.” Former President Bill Clinton pushed in 1994 the North American Free Trade Agreement [NAFTA], a trade agreement between Canada, Mexico, and the United States designed to eliminate tariffs and other trade barriers. Clinton then advocated for China to enter the World Trade Organization [WTO], that deals with trade rules between nations aiming to ensure trade flows smoothly and predictably. Clinton, according to Eisman, made two arguments: 1) Free trade would improve GDP growth and 2) would create a lot of jobs. He was right on the former and dead wrong on the latter. Some parts of this country have been devastated over the last 25 years because of free trade; they didn’t just lose their jobs … they lost their towns. President Trump believes that Free Trade is great, but GDP isn’t just a number; it’s people, and parts of this country have suffered terribly. America has the freest markets globally, and the president wants to keep it that way. “The United States,” said Eisman, “is in the best position to negotiate towards that goal because only 11% of U.S. GDP comprises exports. It’s the lowest percentage of any country on planet Earth.” In Europe, every country has more than 30% exports, except for Germany, which has over 40%. Mexico and Canada are over 35%. China, if you factor in all the stuff that they do through Vietnam and Cambodia, is at 30%. Mexico and Canada hold no cards for negotiation, and Europe is not in much better shape. Eisman said everyone who lost their jobs and towns is cheering for Trump. Why? They voted for him. “One thing I find incredibly admirable about Trump is that he is one of the few politicians of my lifetime who does what he says he will do. He has told you that he’s been going to do this for years, and now he’s gone and done it.” President Trump follows the fine example of former President Harry S. Truman, who said, “I never did give anybody hell. I just told the truth, and they thought it was hell.” Steve Eisman has been married to Valerie Feigen since 1989. Marisa Tomei portrayed Valerie in the 2015 American biographical comedy-drama film The Big Short under the name Cynthia. Mrs. Feigen, who worked for J.P. Morgan, said of her husband, “Even on Wall Street, people think he’s rude and obnoxious and aggressive!” ‘Rude and obnoxious’ would not be a by-product of Eisman’s Yeshiva education, which focused on studying the Torah. Solomon offers guidance and wisdom in the essentials of communication in Proverbs 15, verses 1, 2, and 4 [NIV]: “A gentle answer turns away wrath, but a harsh word stirs up anger. The tongue of the wise adorns knowledge, but the mouth of the fool gushes folly. … The soothing tongue is a tree of life, but a perverse tongue crushes the spirit.” Jewish Hebrew scholar Michael V. Fox has this to say about verse 2, “The wise do not merely speak the truth bluntly, they give it elegant form. Fine speech is an essential ingredient of wisdom,” and verse 4, “The theme of fine and gentle speech continues from verses 1-2. The expected opposite of the ‘tongue’s balm’ is speech that is harsh, insulting, depressing, or irritating.” As to where the Trump tariffs are heading, we’ll give the last word to Secretary of Treasury Scott Bessent: “For the last four decades, since I began my career in Wall Street, Wall Street has grown wealthier than ever before. And it can continue to grow and do well. [However, for the next four years,] the Trump agenda will focus on Main Street. It’s Main Street’s turn. It’s Main Street’s turn to hire workers, it’s Main Street’s turn to drive investment, and it’s Main Street’s turn to restore the American Dream.” x.com/secscottbessent/status/1910000578198986822?s=42 As to the process, Winston Churchill’s famous quip fits here: “Democracy is the worst form of government, except for all the others that have been tried.” Thankfully, Gideons and Rahabs have entered the public square. David Lane American Renewal Project |
