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برچسب: Economy

  • As Global Economy Imploded, Trump’s Cash Register Was Going Ka-Ching

    As Global Economy Imploded, Trump’s Cash Register Was Going Ka-Ching


    Investigative reporters at the New York Times–Eric Lipton, Theodore Schleifer, and Zoltan-Youngs, with assistance from Maggie Haberman– were watching the busy scene at Mar-a-Lago during the brief period when Trump announced draconian tariffs on other economies (but not Russia, North Korea, Belarus or Cuba), but before his decision to postpone the tariffs for 90 days. Trump demonstrated that he could rattle the global economy with a statement, then shift gears a few days later. What fun he must have had! He knew he could crater the stock markets and he knew that he could make it soar.

    In between times, Mar-a-Lago was enriching Trump and his PACs.

    The financial market meltdown was underway when President Trump boarded Air Force One on his way to Florida on Thursday for a doubleheader of sorts: a Saudi-backed golf tournament at his family’s Miami resort and a weekend of fund-raisers attracting hundreds of donors to his Palm Beach club.

    It was a fresh reminder that in his second term, Mr. Trump has continued to find ways to drive business to his family-owned real-estate ventures, a practice he has sustained even when his work in Washington has caused worldwide financial turmoil.

    The Trump family monetization weekend started Thursday night, as crowds began to form at both the Trump National Doral resort near Miami International Airport, and separately at his Mar-a-Lago resort 70 miles up the coast.

    Mr. Trump landed on the edge of one of the golf courses in a military helicopter — just in time for a dinner at Doral. The next day, LIV Golf, the breakaway professional league backed by Saudi Arabia’s sovereign wealth fund, was scheduled to hold a tournament at the course for the fourth time.

    On Thursday at Mar-a-Lago, hundreds of guests gathered for the American Patriots Gala, a conservative fund-raiser that featured Homeland Security Secretary Kristi Noem and President Javier Milei of Argentina, who told his supporters back home that he was hoping to catch up with Mr. Trump while there, seemingly unaware that Mr. Trump was double-booked at two of his family properties that night.

    And that was just the weekend’s lead-up.

    Mr. Trump ordered a new set of global tariffson Wednesday from the White House using his trademark Sharpie pen, a version of which is on sale at Mar-a-Lago for $3.

    The announcement set off one of the largest market crashes in American history, erasing $5 trillion in market value from companies in the S&P 500 in just two days. Mr. Trump has said his policy would reverse what he calls unfair trade practices, and that eventually the “markets are going to boom.”

    On Friday, as markets continued to tumble, thousands of golf fans visited Doral, as did Eric Trump, Mr. Trump’s son, and Yasir Al-Rumayyan, the governor of Saudi Arabia’s $925 billion sovereign wealth fund. Mr. Al-Rumayyan is also the chairman of LIV Golf, and was there to see its stars compete.

    “It is a nice club,” Mr. Al-Rumayyan said as he walked around the golf course watching the players tee off.

    LIV Golf — a venture intended to lift the Saudi profile worldwide even as it has burned through hundreds of millions of dollars of state funds — is styled as a daylong party, with club music pumping out of speakers lining tournament courses and machines dispensing wine and large beers. On Friday, fans watched a bit of golf and danced on the edges of the course. Others in MAGA hats walked around smoking cigars.

    In short, the economic turbulence seemed far away.

    “You are all looking a little too stiff!” said Matt Rogers, a LIV Golf announcer, as he yelled into a microphone, blasting his message across the greens as the first group of golfers on Friday prepared to play with dance music blaring in the background. “You need to turn this up! This is LIV Golf.”

    Every room at the 643-room Trump Doral, including the $13,000-a-night presidential suite, was sold out through the weekend. Not a seat could be found at the BLT Prime steakhouse bar, where a porterhouse steak cost $130.

    “This is the perfect venue,” Eric Trump said as he strolled the golf course Friday.

    He had driven his father in a golf cart from the military helicopter to the resort dinner the day before, as the festivities over the big moneymaking weekend were getting underway.

    The president spent much of Friday at yet another Trump family venue, Trump International Golf Club, not far from Mar-a-Lago, sending out social media messages during the day, including, “THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE.” [Had he already decided to pause the tariffs?]

    By Friday night, the center of attention had shifted back to Mar-a-Lago, as Mr. Trump held another in a series of $1 million-a-head dinners at his private club in Palm Beach.

    Since he was elected in November, Mr. Trump has hosted at least four of the fund-raisers, including one in December, two in March and the one Friday night, with a fifth planned for April 24.

    The fund-raisers unfold in similar ways, according to people who have attended them.

    Roughly 20 people gather around a candlelit table with big white flowers in the club’s “White and Gold Room” after a photo session. Mr. Trump speaks, then listens to the guests discuss their businesses, one by one. In just an hour or two, he can raise as much as $20 million — a great return on his time investment, associates say.

    Attendees at some of the post-election dinners at Mar-a-Lago hosted by MAGA Inc., one of Mr. Trump’s fund-raising political action committees, have included the casino owner Miriam Adelson, the sugar magnate Pepe Fanjul and James Taiclet, the chief executive of Lockheed Martin, the world’s largest military contractor, along with representatives from the cryptocurrency and energy industries.

    On Friday, Ronald S. Lauder, the cosmetics heir, and Steve Wynn, the former casino executive, both billionaires, were among the guests at the Mar-a-Lago fund-raiser, according to two people briefed on the matter. They spoke on condition of anonymity because they were not authorized to discuss the event.

    The dinners have been just the start. Mar-a-Lago remains a popular site for Republicancandidates to host their own fund-raisers, Federal Election Commission records show. It is not clear to some Republicans why Mr. Trump has been raising money so aggressively, according to eight people involved in conservative fund-raising who have kept track of his efforts. Never before has a president ineligible for re-election vacuumed up so much money for a super PAC.

    Some of Mr. Trump’s associates believe it is prudent to fund-raise when the money is available, as corporate interests and others seek to get access to the president or make amends for perceived slights, people close to him acknowledge.

    The packed agendas at the two Trump venues recalled the constant buzz and spending by lobbyists, members of Congress and foreign leaders at Trump International Hotel in Washington before the Trump family sold its lease after Mr. Trump’s first term.

    In addition to the Saudi sovereign wealth fund, top sponsors of the Doral golf tournament included Aramco, the Saudi oil company; Riyadh Air, the airline owned by the sovereign wealth fund; and TikTok, the Chinese-owned social media company whose fate Mr. Trump is helping to decide, according to a large billboard outside one of the event’s party tents.

    Mr. Trump’s merchandise shops — there are at least three of them at Doral — were also doing swift business, selling everything from a $550 Trump-branded crystal-studded purse to $18 Doral-branded paperweights made in China. The store clerk said that he did not know if new tariffs on imported products would mean price increases.

    Fans in the crowd said that they had traveled from as far as South Africa to attend the event. Some purchased special tickets that cost as much as $1,400 to enter exclusive party areas with free drinks and food — tickets that were sold out as of Saturday.

    In interviews, tournament attendees and others said that they did not mind the disconnect between the Wall Street meltdown and the events at the Trump properties.

    “The sky is falling every day,” said Mike Atwell, a Key Largo, Fla., restaurant owner who was attending the LIV event with his wife enjoying lunch and drinks. “When you are happy, you drink. When you are sad, you drink. It all works out.”

    Tyrell Davis, a 39-year-old entrepreneur spending Saturday afternoon in Palm Beach, said that he admired Mr. Trump for focusing on his own businesses while also implementing tariffs that he believed would benefit Americans. 

    Mr. Davis said that the United States had given away money to other countries for years while not investing in American cities, and that it only made sense Mr. Trump would continue to bolster his own businesses while in office.

    “It’s all about business and money,” Mr. Davis said. “That’s what it’s all about. America is a business. It’s a corporation.”

    On Saturday, as the tournament continued at Doral, Mr. Trump showed up at yet another family golf course, in Jupiter, Fla., which is holding its own, more modest tournament.

    Good news was announced by the White House staff: “The president won his second round matchup of the senior club championship today in Jupiter, Fla., and advances to the championship round on Sunday.” Reporters and photographers were prohibited from watching him play, and were held down the street at a coffee shop.

    As Mr. Trump returned to Mar-a-Lago, one of his political committees sent out an offer to his followers: They could buy a signed replica of his executive order changing the name of the Gulf of Mexico to the Gulf of America. The minimum contribution was $50. “I want you to have a PIECE OF HISTORY in your home,” Mr. Trump said in the solicitation.

    The White House then announced that there would be no more public events on Saturday.





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  • The New York Times: Trump Is Swinging a Wrecking Ball at the U.S. Government and the Global Economy

    The New York Times: Trump Is Swinging a Wrecking Ball at the U.S. Government and the Global Economy


    David Sanger wrote an article in the New York Times about Trump’s “Experiment in Recklessness.” His plan is no plan at all. His approach is no more than “burn-it-down-first,” figure what to do later. His article appeared on Wednesday, before Trump announced a 90-day pause in his incomprehensible plan to tax every nation–even uninhabited islands–but exempt Russia, Belarus, North Korea, and Cuba. Even desperately impoverished Lesotho–where the average pay is $5 a day–was subject to Trump’s tariffs.

    Our government is run by a cabal of people who are either evil or stupid or both. Probably both. People will die and are dying now because of their actions. Government agencies are being ripped apart. A generation of scientists has been ousted from important jobs in the government and in universities, where their federal grants have been terminated. All federal efforts to address climate change have been cancelled.

    Where Trump goes, chaos , destruction and death go with him.

    Sanger writes:

    As the breadth of the Trump revolution has spread across Washington in recent weeks, its most defining feature is a burn-it-down-first, figure-out-the-consequences-later recklessness. The costs of that approach are now becoming clear.

    Administration officials knew the markets would dive and other nations would retaliate when President Trump announced his long-promised “reciprocal” tariffs. But when pressed, several senior officials conceded that they had spent only a few days considering how the economic earthquake might have second-order effects.

    And officials have yet to describe the strategy for managing a global system of astounding complexity after the initial shock wears off, other than endless threats and negotiations between the leader of the world’s largest economy and everyone else.

    Take the seemingly unmanaged escalation with China, the world’s second largest economy, and the only superpower capable of challenging the United States economically, technologically and militarily. By American and Chinese accounts, there was no substantive conversation between Mr. Trump and China’s top leader, Xi Jinping, or engagement among their senior aides, before the countries plunged toward a trade war.

    Last Wednesday, Mr. Trump’s hastily devised formula for figuring out country-by-country tariffs came up with a 34 percent tax on all Chinese goods, everything from car parts to iPhones to much of what is on the shelves at Walmart and on Amazon’s app.

    When Mr. Xi, predictably, matched that figure, Mr. Trump issued an ultimatum for him to reverse the decision in 24 hours — waving a red flag in front of a leader who would never want to appear to be backing down to Washington. On Wednesday, the tariff went to 104 percent, with no visible strategy for de-escalation.

    If Mr. Trump does get into a trade war with China, he shouldn’t look for much help from America’s traditional allies — Japan, South Korea or the European Union — who together with the United States account for nearly half of the world economy. All of them were equally shocked, and while each is negotiating with Mr. Trump, they seem in no mood to help him manage China.

    “Donald Trump has launched a global economic war without any allies,” the economist Josh Lipsky of the Atlantic Council wrote on Tuesday. “That is why — unlike previous economic crises in this century — there is no one coming to save the global economy if the situation starts to unravel.”

    The global trading system is only one example of the Trump administration tearing something apart, only to reveal it has no plan for how to replace it.

    State Department officials knew that eliminating the U.S. Agency for International Development, the nation’s premier aid agency, would inevitably cost lives. But when a devastating earthquake struck central Myanmar late last month and took down buildings as far away as Bangkok, officials scrambled to provide even a modicum of help — only to discover that the network of positioned aid, and the people and aircraft to distribute it, had been dismantled.

    Having dismantled a system that had responded to major calamities before, they settled on sending a survey team of three employees to examine the wreckage and make recommendations. All three were terminated from their jobs even while they stood amid the ruins in the ancient city of Mandalay, Myanmar, trying to revive an American capability that the Department of Government Efficiency — really no department at all — had crippled.

    Secretary of State Marco Rubio was unapologetic about the paltry American response when he talked to reporters on Friday: “There are a lot of other rich countries, they should also pitch in and help,” he said. “We’re going to continue to do our part, but it’s going to be balanced with all of the other interests we have as a country.”

    Similarly, there was no plan for retrieving a Maryland man who was wrongfully deported to a notoriously dangerous Salvadoran prison, a move a judge called “wholly lawless” and an issue the Supreme Court is expected to take up in the next few days. A Justice Department lawyer in the case was placed on administrative leave, apparently for conceding that the man never should have been sent to the prison.

    Mr. Trump has appeared mostly unmoved as the knock-on effects of his policies take shape. He has shrugged off the loss of $5 trillion in the value of the American markets in recent days. Aboard Air Force One on Sunday night, he said: “Sometimes you have to take medicine to fix something.”

    To finish reading the article, click here. It should be a gift article.

    Friends, we are in a whole lot of trouble. Trump is not a businessman. He played one on TV. He is a performer. He is in way over his head. He called Elon Musk a “genius.” Musk called Trump’s trade advisor Peter Navarro “a moron.” Trump allowed Musk to tear almost every federal agency apart, destroying vital programs and firing essential personnel.

    We have to push back as hard as we can. Trump and his minions have retreated on some of their stupid actions (like purging Harriet Tubman and the Jnderground Railroad of its role in helping slaves escape). Little victories like this should encourage wider protests against the chaos that Trump has unleashed. Is he doing it for Putin’s benefit? Does he suffer from dementia?

    RESIST! PROTEST! STAND UP AND BE COUNTED!



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