Gary Cohn, former director of the National Economic Council under President Donald Trump during his first term, is the current vice chairman of IBM. He spoke at the Mortgage Bankers Association annual event in Las Vegas.
Cohn said that while so many of the challenges to the economy, like the shutdown and tariffs, might not have had a huge impact yet, if they continue, they almost certainly will.
“We understand some of the issues that are out in the economic environment today,” Cohn said. “They could change quickly. You know, the whole government shutdown issue so far has had no effect. The whole tariff issue has so far had no effect. The whole government deficit spending issue has had no effect. I think each of us put to ourselves would tell you, it’s impossible to go on forever and have each of these issues have no effect.”
Kimber White of the National Association of Mortgage Brokers highlights growing strain on housing markets as the US government shutdown stalls USDA loans and disrupts flood insurance. He warns extended delays could have lasting financial repercussions.https://t.co/tbW0ZpMC5J
— Mortgage Professional America Magazine (@MPAMagazineUS) November 5, 2025
Lawrence Summers, former Treasury secretary under President Bill Clinton, and former director of the National Economic Council under President Barack Obama, also expressed concerns about where the economy was headed in the same panel at the MBA event.
“In summary, pretty good, more room for it to get worse and for it to get better, starting from where we are now,” Summers said. “And in terms of reading the economy, if you only looked at the spending and output statistics, you wouldn’t be able to understand at all why the Fed was cutting rates.