If I hear another lecture from Fred Smith and his fellow billionaires on trickle-down tax cuts and the “benefits to the United States economy, especially lower and middle class wage earners”, I’m going to lose it.
If I hear another lecture from Jay Powell and his fellow centimillionaires and decamillionaires at the Fed on trickle-down monetary policy and the “benefits to the United States economy, especially lower and middle class wage earners”, I’m going to lose it.
What’s the boomer world?
It’s a world where our current President is an on-the-make billionaire, and our most recent former President seems hell-bent on becoming one. A world where lawyers from Citadel write our securities regulations, and VPs from Boeing run our Defense Dept. A world where corporate managers can become billionaires – not by innovation or risk-taking – but by stock-based comp at scale. A world where asset managers can become billionaires – not by invention or outperformance – but by asset-gathering at scale.
It’s a world that has been systematically hollowed out for decades, through
- narrative capture of monetary policy,
- trade policy,
- antitrust law,
- mass media and the
- tax code.
“Yay, trickle-down economics!”
It’s a bipartisan thing. It’s a Zeitgeist thing.
And the 2017 Tax Cuts and (LOL) Jobs Act was just the latest smiley-face punch in the gut.
Worried about losing your freedom to a redistributive State? I think you’ve already lost it.
Just not in the direction you thought.
Jared and the Saudi Crown Prince Go Nuclear?
There are too many unanswered questions about the White House’s role in advancing Saudi ambitions.
Jared Kushner slipped quietly into Saudi Arabia this week for a meeting with Crown Prince Mohammed bin Salman, so the question I’m trying to get the White House to answer is this: Did they discuss American help for a Saudi nuclear program?
Of all the harebrained and unscrupulous dealings of the Trump administration in the last two years, one of the most shocking is a Trump plan to sell nuclear reactors to Saudi Arabia that could be used to make nuclear weapons.
Even as President Trump is trying to denuclearize North Korea and Iran, he may be helping to nuclearize Saudi Arabia. This is abominable policy tainted by a gargantuan conflict of interest involving Kushner.
Kushner’s family real estate business had been teetering because of a disastrously overpriced acquisition he made of a particular Manhattan property called 666 Fifth Avenue, but last August a company called Brookfield Asset Management rescued the Kushners by taking a 99-year lease of the troubled property — and paying the whole sum of about $1.1 billion up front.
Alarm bells should go off: Brookfield also owns Westinghouse Electric, the nuclear services business trying to sell reactors to Saudi Arabia.
Saudi swamp, meet American swamp.
It may be conflicts like these, along with even murkier ones, that led American intelligence officials to refuse a top-secret security clearance for Kushner. The Times reported Thursday that Trump overruled them to grant Kushner the clearance.
This nuclear reactor mess began around the time of Trump’s election, when a group of retired U.S. national security officials put together a plan to enrich themselves by selling nuclear power plants to Saudi Arabia. The officials included Michael Flynn, Trump’s national security adviser, and they initially developed a “plan for 40 nuclear power plants” in Saudi Arabia, according to a report from the House Oversight and Reform Committee. The plan is now to start with just a couple of plants.
As recently as Feb. 12, Trump met in the White House with backers of the project and was supportive, Reuters reported.
No one knows whether Prince Muhammed will manage to succeed his father and become the next king, for there is opposition and the Saudi economic transformation he boasts of is running into difficulties.
Trump and Kushner seem to be irresponsibly trying to boost the prince’s prospects, increasing the risk that an unstable hothead will mismanage the kingdom for the next 50 years. Perhaps with nuclear weapons.