James Talarico: “Trickle-down economics is not a theory, it’s theft. They have been stealing from the American people, stealing the wealth we created. It’s why everything sucks right now. It’s why everyone is so angry. We have an affordability crisis because we have a corruption crisis. We don’t have a government of, by and for the people, we have a government of, by and for the billionaires”
NEW: Former US Army Secretary Dan Driscoll reportedly met with Trump to inform him that the Iran war was making it impossible to achieve foreign-policy goals, Trump talked exclusively about his ballroom in response, causing Driscoll to resign believing the admin was “doomed.”
On the Ankit Gupta issue today
It is deeply concerning that someone of his education and stature, a Harvard graduate and partner at @ycombinator, would feel totally free to openly express outright contempt for the so-called flyover country, 85% of the lower 48 of American citizens.
He retains enormous influence over which founders receive funding and which hiring practices are normalized, and through his work and organization can have policy effects reaching up to the national level.
His disgusting bigotry reinforces the stereotype that he, his family, and others like him have brought with them from their home countries an immutable, irrefutable generational tribal, ethnocentric, discriminatory mindset.
Gupta and his racist ideas, as well as his advocates and supporters, must be denounced in the strongest possible terms.
🚨Jeffrey Sachs: The War on Russia & Iran Is Breaking the West
‼️Sorry, boys, but China is matchingyou and advancing you in most areas and doing it open source and undercutting you.
⚠️⚡️Very serious retrenchment that could come in
a long period of stock market decline or it could come in a crash, depending.
📑Nothing, zero, that the Trump administration is doing has any positive bearing on any of that reality for the majority of Americans.
That's number one.
Second, fiscal policy.
We have been in the era of tax cuts since the 1980s.
Ronald Reagan, this is going back a long time ago, 46 years ago, showed that it was politically successful to promise tax cuts.
Since that time, both parties have basically been on a tax cut binge, and this has led to a U.S. debt, which is now $40 trillion, is now we which is now $40 trillion, is now well above 100% of GDP.
The part of that that's publicly owned rather
than intragovernmental is at about 100% of GDP.
And the interest costs are rising because interest rates are rising.
Third reality, the rest of the world understands this.
So they are diversifying out of the US dollar and out of dollar foreign exchange reserves.
Our interest rates are rising.
Our 30-year bond rates, which have reached about 5.3 percentage points, is now at a high for the last 20 years.
And those interest rates will continue to rise.
Final point, the stock market has soared in the last 10 years, basically on the AI valuations, the so-called Magnificent Seven.
The U.S. stock market valuation is a ...
The U.S. stock market valuation is around 240% of US GDP.
That's not impossible if the US were to have super fast future growth and huge profits and all the rest.
But it is historically completely out of line with any kind of historical norm.
To my mind, it adds up to a mega financial bubble.
I add one more point.
This massive AI valuation, which is like the dot-com bubble that we had before and other bubbles that we had before, is not only so out of line with historical norms, but is predicated on the idea that it's America's Magnificent Seven that will rule the world.
Whereas I was just in China two weeks ago.
Sorry, boys, Sorry, boys, but China is matching you and advancing you in most areas and doing it open source and undercutting you.
And there was a story yesterday about how Anthropic with its excellent version five models can't get customers now because they're turning to free open weight Chinese models.
So all of this, Glenn, to my mind, points to a massive financial revaluation sometime in the next few years.
A very serious one, a very serious retrenchment that could come in a long period of stock market decline
or it could come in a crash, depending.
But I think one of the things that Trump has done is to stoke the bubble.
He's basically a bubble maker.
He's a showman.
He wants the whole government apparatus to raise financial wealth.
That's his metric.
He wants the Fed to do that.
He wants Bessent to do that by these bizarre Treasury interventions in the bond market.
And he wants to do that through his showmanship and his bravado.
And I think a lot of the bravado that we run the world
is basically the bravado to underpin a financial bubble.
And as that bravado increasingly is met with derision in the rest of the world, the United States is setting itself up for a massive financial reversal.
And it won't be pretty.
You know, I'm a monetary economist.
That's my training and my practice for 46 years.
That claim is absurd because there's nothing that keeps the world stuck to the dollar.
And that's increasingly true because the technology, the means of alternative payment systems, the actual implementation of alternative payment systems like the Chinese interbank payment system, the SIPS, absolutely mean that what Bessent says is preposterous.
And so that's just another point of they're talking,
they're talking their bubble and the bubble's going to burst.
To completely eliminate the RODE mic theory, all they gotta do is present us with the mic, and then play the recording for us.
If they play it and the mic continued recording after the incident, it wasn’t the mic.
If it cuts off, it was the mic.
If the Deparment of War is paying people to attack @RealCandaceO then everything @realstewpeters@jonaaronbray said about Charlie Kirk being blown up with a RODE microphone in a military operation is true and accurate energetic systems in Tennessee was blown up to cover evidence.
Tucker points out that what is happening now in America is very similar to what happened at the end of the Soviet Union….
Did you know when the Soviet Union collapsed most of the state owned companies and resources ended up being owned by wealthy Jews?
It’s called the rape of Russia. And it continued until Vladimir Putin came to power…
The same thing is happening here. Why do you think the Trump admin and Howard Lutnick are so brazenly running crypto scams, and shorting tariffs out in the open?
It’s a cash grab as the empire falls…
🤦♂️The FBI gave her the bomb and the gun and the funds to spend at Home Depot. The government literally encouraged and enabled this terrorist plot in order to foil it. One day they’ll have to admit this how the J5/J6 pipe bomb happened as well. H/T @KyleSeraphin
I don't know what it says, but it says something that data centers and Big Bend are the first two things that have ever put Abbott on his heels. Uvalde didn't make him about face like this.
Y’all remember when some fed said I was a clown and ran a terrible campaign?
Because I only got 18% of the vote for Ohio governor in less than 5 months with only $130k raised from individuals against a billionaire endorsed by everyone.
Yeeeaaahh….