NO, that's full of violations.
Here is a somewhat related thread:
This is the bare minimum I would do:
It sounds like this basement area is NOT finished.
This is a basement...I would get a length of 12/3 with ground (CU) romex
and run it from the top of your panel up to the ceiling and directly
overhead of your tablesaw. Put jbox and appropriate receptacle at
the end of the run. Wire up the receptacle with the red, black and
bare ground; cap off the white wire.
No, go back to the panel and terminate the cable safely.
I deenergize panel, connect bare ground first, then connect black
and red wires to a double pole 20A breaker. Cap off the white wire and
label where it goes. Reenergize panel.
Test the circuit. Hopefully, your tablesaw cord will reach the
receptacle in the overhead. Let us know.
Perhaps you could get away with a 12/2 with ground and re-identify
the white wire. I'll let others reply about that.
To answer your question about braided wire...
You can use "stranded" wire but it must be approved for your
use, extension cord is NOT approved to be connected to a CB.
THWN stranded is a generally approved wire type, I use it sometimes
for difficult bends/pulls.