As a seasoned crypto investor with over two decades of experience in traditional finance and banking, I find Caitlin Long’s insights both insightful and timely. Her recommendations to the Department of Government Efficiency (DOGE) are well-reasoned and align with my own observations on the need for more efficient government spending and less regulatory red tape.
As an analyst, I’m sharing my perspective on the recommendations made by Caitlin Long, CEO of Custodia Bank, to the Department of Government Efficiency (DOGE), in light of Elon Musk’s proposal to reduce at least $2 trillion from the U.S. federal budget. Musk, in alignment with Republican presidential candidate Donald Trump and approximately two dozen other speakers, voiced these suggestions during a rally held at Madison Square Garden in New York City.
Custodia CEO Calls for DOGE and Elon Musk to Move Fast
On October 28, Caitlin Long, CEO of Custodia Bank, posted on X, following Elon Musk’s prediction that at least $2 trillion could be saved from the alleged $6.5 trillion being squandered by the Biden-Harris administration. During the Trump rally at MSG, Musk expressed his concern stating, “Your money is being wasted. We aim to relieve you of governmental burden and financial strain.
Trump proposed that he’d request Elon Musk to lead a cost-cutting initiative within the administration, which they would call the Department of Streamlined Governance (DSG). This nickname is inspired by the digital currency, Dogecoin, that Musk is fond of.
Long recommends DOGE founding members Howard Lutnick and Musk to also keep an eye on federal employees and regulations terrorizing businesses like Custodia. She said “The regulatory abuse has been staggering,” She added that the Department of Government Efficiency needs to move fast as the Democrats will push for the US Senate majority in 2026.
For the DOGE team’s ambitious plans to stand strong and not be undone by future changes in leadership, they should act swiftly.
Long warned that Musk’s DOGE will face one problem after slashing federal spending is economic depression as the US government spending is 23% of the US GDP. She thinks the government inaccurately views growing spending to GDP. “It’s the wrong measure & they’ll need to explain why,” Custodia Bank CEO added.
She suggests two things:
- stop focus on GDP that ignores the amount of B2B or supply chain spending,
- start measuring economic performance instead by “gross output,” which includes B2B spending.
Caitlin Long suggested an opportunity for the Department of Government Efficiency lies in shifting focus from GDP growth as a measure of the economy. By reducing government spending, it inevitably decreases GDP. However, the more significant aspect is that when capital and jobs are shifted to the private sector, business-to-business activities will expand, which is where the actual economic growth occurs.
DOGE Price Gains Over 4%
In the past day, the price of Doge increased by over 4%, reaching its current level at about $0.143. Earlier today, it hit a low of $0.136 and peaked at $0.145. The heightened trading activity suggests a significant spike in trader interest, as the volume has climbed approximately 90% within the past 24 hours.
The price rallied 40% this month amid Musk’s DOGE developments and posts. The crypto community eyes DOGE rally to $1 after Donald Trump’s win.
— Elon Musk (@elonmusk) October 28, 2024
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2024-10-28 11:12