Ultimately, Daniels decided to tell a reporter about the affair during a telephone interview in 2011 because Trump — at the time a reality television star who had flirted with running for president in 2012 — had made comments criticizing people in the pornography business, the transcript said.
.. She is also quoted as saying she felt newly guilty about the encounter at the golf tournament after having a child.
“At the time, I didn’t think that much about it,” Daniels is quoted as saying. “But now that I have a baby that’s the same age that his was at the time. … I feel bad. It didn’t occur to me at the time.”
.. In an interview with the Associated Press in Jerusalem on Monday, Vice President Pence said he would not “comment on the latest baseless allegation against the president.”
Money man: Robert Mercer
Reclusive U.S. billionaire Robert Mercer
helped Donald Trump win the
presidency. But what is his ultimate goal?Bannon’s relationship with Robert Mercer is cited in a remarkable lawsuit brought by David Magerman, a former employee of Mercer’s hedge fund, Renaissance Technologies. On its surface, the lawsuit is a wrongful dismissal complaint against Mercer. But at its heart, it is an indictment of Mercer’s character and reputation that draws together his political views, his connections to Bannon and Trump and racist comments Mercer allegedly made to Magerman directly.
.. “I have a lot of respect for Bob Mercer. I think he’s a very intelligent person, a very thoughtful person,” Magerman told me recently. But he quickly added, “If the world knew what he was trying to do, they wouldn’t stand for it.”.. He’s fond of talking about the time, years ago, when a colleague he was visiting summoned a helicopter to his estate to whisk them into Manhattan.There was no life-or-death reason for the extravagance, not even a business emergency. They were just going to a dinner, he says, and his friend rented the chopper to avoid the bother of traffic. From the helicopter, Magerman saw his fellow citizens travelling along a thin ribbon of perfectly good highway below.
.. “Either you are in awe of the grandeur of commuting, taking a two-hour drive and turning it into a helicopter ride, or you can just be, like, disgusted by the waste.” As though there were even a sliver of doubt, Magerman added, “I was in the latter category.”
It wasn’t just the waste that gnawed at him — it was the trespass of a moral principle. The helicopter commute was an example of something that, if everyone did it, would obviously be wrong. ”10,000 people can’t be flying helicopters from their backyard,” he said.
.. Magerman calls that helicopter trip “extra-societal” and “outside the realm of normal behavior,” words that also fit what he believes is wrong with Mercer’s relationship to the president. Magerman thinks Mercer has bought special access to impose “extra-societal” views on the Trump administration.
.. “The ultra-wealthy of today differ from the ultra-wealthy in past eras in that they have, a lot of them, no stake in the infrastructure of society,” Magerman said. He’s seen that their wealth does not depend on the health and stability of the country. In fact, they get rich on volatility and instability.
.. Mercer is not a finance guy; he is a computer scientist. But his research developing speech translation programs through pattern recognition can apparently also be used to discover obscure patterns in the financial markets and make an enormous fortune
.. Instead of poring over prospectuses and profit and loss statements, they apply their sciences to the data that affect markets. It’s called quantitative analysis, and they themselves are known as “quants.”
.. Medallion has pumped out annualized returns of almost 80 per cent a year, before fees.” Even in a bad year, it churns out more than 20 per cent returns.
.. “The people I worked with were great scientists. I mean, we could have solved a lot of important and interesting problems if we’d worked on different things. Instead, we made hundreds of millions of dollars,
.. The problem that Renaissance Technologies faced trying to predict market behaviour is, he said, essentially the same problem that Cambridge Analytica faces in voter analysis and persuasion.
.. Data analysts are largely skeptical that Cambridge Analytica could have had a decisive impact on the 2016 U.S. election or the Brexit referendum, but Magerman brushes that off with a reminder that so-called experts were also skeptical that computer algorithms could predict financial markets.
.. , “Bob thinks the less government the better. He’s happy if people don’t trust the government. And if the president’s a bozo? He’s fine with that. He wants it all to fall down.”
.. They didn’t get rich by providing the goods, services and infrastructure that bring people into direct contact with their community and its interests — they got rich in financial markets, making money for the sake of it.
.. But the real shrinking of the role of government has been in Trump’s choice of cabinet members, whose aim seems to be to assail the policy goals of their departments.
Thus, the
- secretary of energy is someone who once campaigned to get rid of the Energy Department; the
- Secretary of Education has advocated against the public schools system; the
- Environmental Protection Agency director has a record of repeatedly suing the EPA; and the
- Attorney General has a reputation for opposing the expansion of civil rights.
Other departments are reportedly withering from neglect, as key positions are filled by unqualified people or not filled at all.
.. his daughter Rebekah was part of the transition team that helped Trump choose his cabinet.
.. Was it all worth it?
“It’s like, was having surgery worth it?” Magerman says. “I mean, it was necessary. There was a disease that I thought, like, maybe I had a scintilla of a cure for.”
What Happens to Bannonism After Bannon?
The President single-handedly turned the book from a racy tell-all that would have enthused the Beltway and media crowds into a must-have consumer product—the literary equivalent of a new iPhone
.. Not only did Trump put out a lengthy statement on Thursday bashing Steve Bannon, his former senior adviser, for coöperating with Wolff on his “phoney” book, his lawyers sent a letter to the publisher, Henry Holt, demanding that it halt publication. From that moment on, every self-respecting Trump hater in the country simply had to buy a copy.
.. a separate denunciation of Bannon from his longtime financial sponsor, the hedge-fund heiress Rebekah Mercer, who is a part-owner of Breitbart, the scrappy Web site that Bannon turned into a platform for Trump and the alt-right. “My family and I have not communicated with Steve Bannon in many months and have provided no financial support to his political agenda, nor do we support his recent actions and statements,” Mercer said
.. “Bannon is resisting. He’s quite like Trump in this respect: he views any apology or admission of error as a sign of weakness.”
.. Trump thought the Mercers were as odd as everybody else thought. He didn’t like Bob Mercer looking at him and not saying a word; he didn’t like being in the same room as Mercer or his daughter. These were super-strange bedfellows—‘wackos’ in his description.”
.. not the demise of his ambitions to transform the G.O.P. into a nationalist/protectionist party modelled on the European right but the opening of a new front. Freed from the constraints of being inside the Administration, Bannon would be able to recruit candidates, raise money, and take down members of the Republican establishment.
.. Trump, in Bannon’s view, was a chapter, or even a detour, in the Trump revolution, which had always been about weaknesses in the two major parties
.. Trump was just the beginning.”
You Cannot Be Too Cynical About the Republican Tax Bill
The rush to enact the tax bill was designed to mask — as a break for the middle class — what is in fact a $1.4 trillion package of benefits for key donors and lobbyists, the richest members of Congress, President Trump, his family and other families like his.
.. The speed from introduction to passage — seven weeks, with no substantive hearings — effectively precluded expert examination of the legislation’s regressive core, its special interest provisions and the long-term penalties it imposes on the working poor and middle class through the use of an alternative measure of inflation — the “chained CPI.”
.. The primary authors of the report — Ari Glogower, David Kamin, Rebecca Kysar, and Darien Shanske — describe the legislation as “a substantial blow to the basic integrity of the income tax” that will “advantage the well-advised in ways that are both deliberate and inadvertent.”
.. The most serious structural problems with the bill are unavoidable outcomes of Congress’s choice to preference certain taxpayers and activities while disfavoring others — and for no discernible policy rationale.
These haphazard lines are fundamentally unfair and inefficient, and invite tax planning by sophisticated taxpayers to get within the preferred categories.
.. The game is clear: Don’t be an employee, instead be an independent contractor or partner in a firm.” The ability to make this shift is available primarily to the well-paid.
.. It means that old property can still get the benefit of expensing, but only if it is sold to another party. If the original owner holds it, they have to depreciate according to the old rules; if they sell it to another party, then suddenly the full cost is eligible for expensing
.. It appears that the buyer of the asset could even lease it back to the existing owner, so that the property doesn’t even have to go anywhere.
.. create new incentives to shift tangible assets (and jobs) abroad. Given President Trump’s relentless message about U.S. jobs, it is incomprehensible to me that we are about to pass something that has this effect without any kind of meaningful discussion of the issue.
.. lower and middle-income families, who are especially dependent upon inflation-indexed deductions, credits, and bracket thresholds, will feel the impact increasingly as time goes on.
.. In the long term, Hemel argued,
this is a very subtle way to increase taxes on the lower and middle classes and then use those revenues to pay for a massive tax cut for corporations.
.. the shift to chained CPI — a less generous, slower-growing measure of inflation than the one currently in use — would not only result in a tax increase over time, it would set a precedent for Republicans who would like to use the same method to pare back so-called entitlement programs like Social Security and Medicare. It is, in effect, a backdoor method of reducing benefits for the elderly and the disadvantaged without public scrutiny or debate.
.. offers little redress to workers who have grown to believe that the country’s tax law thicket advantages those with power, political connections and lawyers on retainer.
.. (2) Carried interest provision. When Trump was careening around in his populist candidate mode, he promised to end it. Here is one campaign promise that he “somehow” failed to redeem when the clear and available chance presented itself.
(3) Restriction on state and C local tax deduction — consciously vindictive imposition of double taxation on citizens of certain Democratic states
.. (4) Expanding the standard deduction but financing the cost of so doing by repealing the personal exemptions is a bit of a bait and switch maneuver. Some people might be worse off.
(5) In a bill in which 100s of billions of dollars were sloshing around to provide steep tax cuts for already wealthy and highly prosperous corporations and pass through businesses, the Republicans could only find the will to raise the refundable portion of the child care tax credit from $1000 to $1400. Rubio wanted it to be raised to $2000 and his Republican brethren refused to even meet him halfway. Pitiful.
.. (6) Deduction for extraordinary medical expenses — retention of this deduction did not even get the five-year sunset window applied to all the other individual tax provisions, two years only. Vicious.
.. How well does this procedure stand up to the requirements Senator Ben Sasse specified in his maiden Senate speech on Nov. 3, 2015? In it, Sasse argued that the Senate was failing in its responsibility to fully air and debate the important issues before the county, calling for what he called “a cultural recovery inside the Senate”:
.. Good teachers don’t shut down debate; they try to model Socratic seriousness by putting the best possible construction on arguments, even — and especially — if one doesn’t hold those positions.
.. How could nearly every Republican representative — and all 52 Republican senators — support the tax bill? The best answer may be the most cynical: because it benefits key leaders, their friends, their heirs and their donors.
.. it is difficult to conclude that the motivations of its sponsors are either benevolent or somehow in the best interests of the country. More likely it is hypocrisy and venality mixed up into one awful bill.