A CURIOUS MIX OF BRITISH FOLK MUSIC AND AMERICAN POLITICS
This Sunday, Andrew Ross Sorkin — one of the most trusted financial reporters of our time — discusses his new book, “1929,” which examines the market crash a century ago and explores whether history is about to repeat itself during the presidency of Donald Trump.
The episode airs Sunday Oct 12
Source: CBS News
May 12, 1969 bus crash killed Fairport Convention drummer Martin Lamble and severely injured other members of the group.
As the summer of 1969 approached, the future looked bright for Fairport Convention, as their second album, What We Did on Our Holidays, expanded the band’s audience with a more rock-inflected version of their folk sound. But an awful tragedy nearly destroyed the band just as all their hard work was starting to pay off.
In the early morning hours of May 12, as the group traveled back from a celebratory gig in Birmingham shortly after wrapping up work on their next album, their van veered off the road — and in the aftermath of the crash, Fairport Convention would never be the same. The wreck killed drummer Martin Lamble, who was just 19 at the time, as well as fashion designer and magazine columnist Jeannie Franklyn, who’d been dating guitarist Richard Thompson. Thompson suffered a broken shoulder and bassist Ashley Hutchings was sent to the hospital with assorted serious injuries, while guitarist Simon Nicol, who’d been sleeping on the floor of the vehicle when it went off the road, escaped with a concussion.
“Our road manager and sound guy, Harvey Bramham, did most of the driving although I’d do a bit to relieve him. On this particular gig, he’d been feeling peaky all day, quite unwell,” explained Nicol in a post on the Fairport Convention website. “I had a bad migraine so I wasn’t in a seat; I was stretched out on the floor with a blanket over my head trying to sleep off this terrible headache. When I woke up, the van was doing things which didn’t involve the wheels being in contact with the ground: when it stopped moving, I was the only one left. All the gear had gone out of the back and all the people had gone out through the windows and doors.”
With the release of their next album mere weeks away, the members of the group had to decide whether they could even carry on as a unit. “That was a big watershed, I think. In the aftermath, we thought a lot about what to do, whether to call it a day. It had been fun while it lasted but it took a definite effort of will to continue,” recalled Nicol. “It had given us a lot but now it had taken away a lot: was it worth it if it was going to cost people their lives?”
“We were totally fractured, in more ways than one,” Hutchings told the Guardian. “It seemed like I was in hospital for months. When I woke up at the side of the M1, I thought I’d lost my sight. As it was, it was just that both eyes were terribly cut and bruised, and eventually, that improved. But I had a broken nose, broken cheekbone, a lot of head injuries, a broken pelvis, a bad ankle injury. All of those things took a long time to heal. People were asking us about the future, but we couldn’t conceive of planning one.”
“We were very traumatized,” added Thompson. “And there was this feeling: ‘Should we carry on? Has the stuffing been knocked out of us?’ But eventually, we made a conscious effort. We got together and said, ‘Yes, we are carrying on.'” As Nicol put it, “We all felt psychologically traumatized as well as being damaged physically. But by the time Ashley’s face was back together and Richard’s bones were healing, we’d decided to rebuild the band and carry on.”
While Fairport Convention handled the last few bits of work to prepare their third LP, Unhalfbricking, for its July 1969 release, DJ John Peel hosted a benefit concert featuring Family, Pretty Things, and Soft Machine on May 25 to raise money for Lamble and Franklyn’s families. While they soldiered on, the pall of the accident continued to loom; as Hutchings later told the Guardian, he can’t even look at the cover of Unhalfbricking without thinking about the tragedy. “My memory of it is bound up with the terrible car crash. On the back cover we’re all eating around a table. The shirt and the leather waistcoat I’m wearing are what I had on when the crash happened. I can clearly remember them being bloodstained,” he explained. “You don’t forget things like that.”
In fact, although the group soon found a new drummer in Dave Mattacks and rebounded to create one of their most successful albums with Liege & Lief later that year, Hutchings was on his way out of the band. “I believe the crash hung over the band in unseen ways,” mused Nicol. “I think it was one of the unspoken reasons for the next big change, when Ashley decided to leave the band later that year after we had recorded Liege & Lief and relaunched the band to some fanfare and acclaim. Whatever the upfront reasons about musical differences and wanting to concentrate on traditional material, I think the accident was the underlying reason why Ashley felt he couldn’t continue with us.”
Fairport Convention’s lineup would continue to change quite a bit over the years, but aside from a hiatus between 1979-’85, they’ve continued to tour and record steadily — and although Nicol is the only original member left, he wouldn’t mind seeing the Fairport name continue after he’s gone. “I’d like Fairport to become the first band to be like a male voice choir, carrying on through changes of personnel but retaining its identity,” he wrote on the band’s site.
“After all, no one bats an eyelid about a brass band playing on long after all the original members are gone. Why shouldn’t there be a Fairport Convention in fifty or a hundred years?”
Source: The Day Fairport Convention’s Bus Crashed, Killing Martin Lamble
April 4, 2025
The stock market rout continued today. As expected, China announced retaliatory tariffs in response to those President Donald Trump announced on Wednesday. Chinese leaders say they will impose a 34% tariff on all U.S. goods imported into China next Thursday. Apparently, Trump did not think China would respond to his tariffs, and tried to sound as if he was still in control of the situation.
Trump is spending a long weekend in Florida, where he is attending the LIV golf tournament at his Doral club. But at 8:25 this morning, he reposted on his social media channel a video in which the narrator claimed that Trump is crashing the markets on purpose. The video claimed that legendary investor Warren Buffet “just said Trump is making the best economic moves he’s seen in over fifty years.” It went on to explain how “the secret game he’s playing” “could make you rich.” Buffett’s conglomerate Berkshire Hathaway quickly denied Buffett had said any such thing as the video claimed. “All such reports are false,” it said. In March, Buffett called tariffs “an act of war, to some degree.”
Then, about an hour before the U.S. markets opened, Trump posted on his social media channel: “CHINA PLAYED IT WRONG, THEY PANICKED—THE ONE THING THEY CANNOT AFFORD TO DO!” About twenty minutes later, he posted: “TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!”
When the markets opened, they plummeted again. During trading today, the Dow Jones Industrial Average fell 2,231 points, or 5.5%, on top of the 1,679 points it fell yesterday. The S&P 500 fell 5.97% following the 4.84% it lost yesterday. The Nasdaq Composite dropped a further 5.8% after yesterday’s drop of nearly 6%. Oil prices also fell sharply despite the fact that Trump had exempted the U.S. energy industry from tariffs, as traders anticipate lower economic growth and thus less demand for gasoline, diesel, and jet fuel.
Twenty-five minutes before the market closed, Trump posted: “ONLY THE WEAK WILL FAIL!”
After-market trading continued downward.
Federal Reserve Chair Jerome Powell said today that Trump’s tariffs are “highly likely” to increase inflation and risk throwing people out of work. Economists at JPMorgan now place the odds of global recession at 60% unless the tariffs are ended.
Natalie Allison, Jeff Stein, Cat Zakrzewski, and Michael Birnbaum of the Washington Post reported how Trump came to impose the tariffs. After aides from a number of different government agencies came up with options for Trump to review, he decided instead on a different option, one that has drawn ridicule because it is crude and has nothing to do with tariffs at all. He reached the amounts of tariff levies by dividing the trade deficit of each nation (not including services) by the value of its imports and then dividing the final number by 2.
The reporters note that Trump didn’t land on a plan until less than three hours before he announced it, and made his choice with little input from business or foreign leaders. Neither Republican lawmakers nor the president’s team knew what Trump would do. “He’s at the peak of just not giving a f*ck anymore,” a White House official told the reporters. “Bad news stories? Doesn’t give a f*ck. He’s going to do what he’s going to do. He’s going to do what he promised to do on the campaign trail.”
While right-wing media and Republican lawmakers have worked hard to spin the economic crisis sparked by Trump’s tariffs, Financial Times chief data reporter John Burn-Murdoch used charts on social media to show that Americans are not happy. Consumers give Trump’s economic plan the worst ratings of any administration’s economic policy since records began. He has had the same impact on economic uncertainty as the global coronavirus pandemic did. Almost 60% of Americans expect the economy to deteriorate over the next year, and they are very worried about job losses.
Burn-Murdoch noted that despite the attempt of right-wing media to hide the crisis, more than half of Americans have heard unfavorable business news coverage of the government’s policies. While MAGA continues to approve of Trump, he’s rapidly losing support among the rest of the coalition that put him into office.
The administration apparently doesn’t care much more about the law than it does about the reactions to the tariffs that are crashing the economy. Today, U.S. District Court judge Paula Xinis ordered the government to bring back to the United States no later than 11:59 p.m. on April 7 a legal resident it mistakenly sent to a notorious prison for terrorists in El Salvador. On Monday, administration lawyers told the court that the government had swept up Kilmar Abrego Garcia because of an “administrative error” but that it could not bring him back because he was outside the reach of American laws.
Priscilla Alvarez and Emily R. Condon of CNN note that in a hearing about the case, Xinis said that Abrego Garcia, who was in the U.S. legally and was not charged with any crimes, was arrested last month “without legal basis” and was deported “without justification of legal basis.” “This was an illegal act,” Xinis said. “Congress said you can’t do it, and you did it anyway.”
Trump’s deputy chief of staff, Stephen Miller, responded to the judge’s order by calling Xinis a “Marxist judge” who “thinks she’s president of El Salvador.” The White House responded to the judge’s order by saying, “We suggest the Judge contact President Bukele [of El Salvador] because we are unaware of the judge having jurisdiction or authority over the country of El Salvador.”
Legal analyst Steve Vladeck responded that while a U.S. federal court cannot order the Salvadoran government to release Abrego Garcia, the U.S. government should be able to secure his release. If it can—and in this case it should be able to—the court can order it to do so.
If that were not the case, the administration could simply get rid of anyone it wanted to by sending them to a prison outside the jurisdiction of the United States and then claiming it had no way to get them back.
Tonight, as the economy is in turmoil, Trump is speaking at a $1 million-per-person candlelight fundraising dinner at the Trump Organization’s Mar-a-Lago property for the super PAC, MAGA Inc., that supports Trump. By law, MAGA Inc. can’t coordinate with Trump’s campaign organization, so the invitations for the dinner say that Trump is simply a guest speaker and is not asking for donations.
The terrible storms in the middle of the country continue. Authorities have issued flash flood emergencies in parts of Missouri, Texas, and Arkansas, and heavy rains are also expected in Kentucky.
Finally, four soldiers who died when their military vehicle sank in a deep swamp in Lithuania during a training exercise came home to Dover Air Force Base, in Dover, Delaware, today. Their recovery took about 200 U.S., Polish, Estonian, and Lithuanian personnel a week and required drones, search dogs, Navy divers, and ground-penetrating radar, as well as 70 tons of sand and gravel.
“We consider US soldiers in Lithuania as our own,” the Lithuanian Defense Ministry said after thousands of people joined Lithuanian president Gitanas Nausėda and other dignitaries in a dignified departure ceremony of the soldiers from Lithuania. “The farewell ceremony once again demonstrated our society’s solidarity, respect, and gratitude to the Americans.”
April 3, 2025
Trump’s announcement last night that he was placing high tariffs on countries around the world came after the stock market closed, but it drove stock futures dramatically downward. Overseas, global markets also plunged. Today, before the stock market opened, Trump posted on his social media site: “THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”
Fittingly, it was former Trump lawyer Rudy Giuliani who rang the bell opening the stock market today. Giuliani represented Newsmax, the right-wing media channel with ties to Trump. As soon as the market opened, stocks fell straight down. By the end of the day, the Dow Jones Industrial Average had dropped 1,679 points, falling about 4%, its biggest fall since the coronavirus pandemic took hold in 2020. The S&P 500 fell 274 points, or 4.8%. The Nasdaq Composite fell more than 1,050 points, or almost 6%. The losses wiped out about $2 trillion.
Trump justified the tariffs by declaring that the U.S. is in the midst of a national emergency, but this afternoon he left the White House for a long weekend in Florida, where his private Doral resort outside of Miami is holding the first domestic golf tournament of the season of LIV Golf, which is financed by the sovereign wealth fund of Saudi Arabia.
Trump’s tariffs are not an economic policy. Tariffs are generally imposed on products, not on nations. By placing them on countries, the White House was able to arrive at its numbers with a nonsensical formula that appears to have been reached by asking AI how to impose tariffs—a suggestion so outlandish that I dismissed when I saw it last night, but economist Paul Krugman today identified it as being a likely possibility. CNBC’s Steve Liesman said: “Nobody ever heard of this formula. Nobody has ever used this formula. So I’m sorry, but the conclusion seems to be the president kind of made this up as he went along….”
Today, former treasury secretary Lawrence Summers posted: “It’s now clear that the [Trump] Administration computed reciprocal tariffs without using tariff data. This is to economics what creationism is to biology, astrology is to astronomy, or RFK thought is to vaccine science. The Trump tariff policy makes little sense EVEN if you believe in protectionist mercantilist economics.”
Editor of The American Prospect David Dayen notes that there is no apparent policy behind the tariffs, no thought, for example, as to whether it is even possible for the U.S. to ramp up the kind of domestic manufacturing Trump claims to want. While Commerce Secretary Howard Lutnick told CBS, “You’re going to see employment leaping starting today,” in fact, both automaker Stellantis and appliance manufacturer Whirlpool announced layoffs because of the tariffs.
Josh Marshall of Talking Points Memo points out that building and establishing a new plant in the U.S. will take a minimum of three to five years even if investors are inclined to support one, but Victoria Guida reported in Politico that corporate executives are saying they cannot invest in manufacturing until they can project costs, and Trump is far too unpredictable to enable them to do that with any confidence.
Dayen writes that Trump’s tariffs are essentially sanctions on the rest of the world. His behavior is, Dayen says, “no different from a mob boss moving into town and sending his thugs to every business on Main Street, roughing up the proprietors and asking for protection money so they don’t get pushed out of business.” Dayen notes that Treasury Secretary Scott Bessent argued last year for using the extraordinary power of the U.S. economy to force other countries to do as the U.S. wants, creating a U.S. sphere of influence through economic pressure.
Extending the comparison to a mob boss, Dayen notes that “protection money” could take many forms: “curbing migration, taking in more U.S. farm exports or weapons systems, reducing industrial capacity in China and forcing more consumption, buying long-dated U.S. debt on the cheap, siding with a war strategy against Iran, literally anything the White House wants.”
Trump’s son Eric appeared to confirm that the tariffs are a shakedown when he posted: “I wouldn’t want to be the last country that tries to negotiate a trade deal with [Trump]. The first to negotiate will win—the last will absolutely lose. I have seen this movie my entire life.…” Foreign affairs journalist David Rothkopf was more graphic: “These aren’t tariffs,” he wrote. “They are a horse’s head in the bed of (almost) every world government and business leader.” Hedge fund manager Bill Ackman suggested that if a government refused to negotiate with Trump, that country’s major companies should deal directly with Trump, exempting that company’s products from tariffs in exchange for a new factory or some other investment Trump wants.
Trump is overturning the past 80 years of global trade cooperation in order to concentrate power in his own hands. Congress began to take down the tariff walls of the late nineteenth and early twentieth centuries when it passed the 1934 Reciprocal Tariff Act enabling the president to lower the high tariff rates Republicans had established with the 1930 Smoot-Hawley tariff. That tariff had worsened the Great Depression. With the turn away from tariff walls and toward international cooperation, global trade has fostered international cooperation and created the rising prosperity of the twentieth century.
“The global economy is fundamentally different today than it was yesterday,” Canada’s prime minister Mark Carney said today. “The system of global trade anchored on the United States…is over. Our old relationship of steadily deepening integration with the United States is over. The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services is over. While this is a tragedy, it is also the new reality.”
Ending systems of global free trade dovetails with the idea of getting rid of the international rules-based order created after World War II. After that horrific war, world leaders decided to create a system of international institutions, like the United Nations and the North Atlantic Treaty Organization (NATO), to provide ways in which countries could protect their sovereignty and work out their differences without going to war.
Trump’s threats against other countries, including Greenland, an autonomous territory of NATO ally Denmark, are a direct rejection of those principles. That rejection reinforces the Trump regime’s embrace of Vladimir Putin’s Russia, which invaded Ukraine first in 2014 and again in 2022 and is trying to justify grabbing Ukrainian territory. Under Trump, the U.S. is siding with Russia rather than Ukraine in this war in a stunning rejection of the institutions and principles that have stabilized the globe since World War II.
Putin is now threatening NATO countries, prompting them to prepare for defense. “We are not at war,” NATO Secretary General Mark Rutte said recently, “but we are certainly not at peace either.”
Some of those advocating tariff walls and forcing our allies to maintain their own defense suggest that creating a U.S. sphere of influence is the best way to counter a rising China, but there is no doubt that the concept of such spheres caters to the worldview of Russian and Chinese leaders. As scholar of authoritarianism Timothy Snyder points out, weakening the U.S. and its allies also benefits Russia by increasing Russia’s power relative to other countries, making it easier to establish the multipolar world Russia wants.
The Trump administration is also undermining post–World War II democracy at home. Last night, Senator Chris Murphy (D-CT) identified Trump’s tariffs as “a tool to collapse our democracy. A means to compel loyalty from every business that will need to petition Trump for relief.” Murphy pointed to Trump’s shakedown of prominent law firms, four of which he has attacked with executive orders. He also pointed to Trump’s attacks on universities, withholding government funding until their administrators bow to MAGA’s ideological demands.
Sarah D. Wire of USA Today reported that earlier this week the Institute for Museum and Library Studies was effectively closed, and over the past two days the administration told libraries across the country that grants awarded last year have been terminated. Today the administration cut federal grants for arts and humanities across the country: museums, archives, historic sites, educational projects, and so on—all defunded. It also cut this year’s funding for National History Day, a popular history program in schools that is already underway.
On Tuesday, the Department of Health and Human Services slashed jobs and programs in the Centers for Disease Control and Prevention (CDC), even as measles continues to spread and two Louisiana infants have died of whooping cough. Today, news broke that the Federal Emergency Management Agency (FEMA) is implementing a hiring freeze even as flash floods and tornadoes just today have killed at least seven people in the Midwest to the mid-South.
The plan, as Vice President J.D. Vance explained in a 2021 interview, is to destroy the current government, business, educational, cultural, and scientific pillars of the United States in order to replace them with a new system, although there is tension between the Project 2025 wing of MAGA and the technocrats’ wing over whether that new system will be a theocracy or a technocracy. In either case, it will be an authoritarian government in which power and money concentrate in a very few hands.
The administration’s crusade against the state of Maine shows what this looks like. After Maine governor Janet Mills told Trump the state would follow state and federal law rather than bow to his demands, acting Social Security Administration commissioner Leland Dudek canceled contracts permitting Maine parents to apply for Social Security numbers for their newborns from the hospital and for Maine families to report deaths from funeral homes. Told such a change would risk identity theft and wasteful spending, Dudek told the agency to do it anyway in order to punish Mills.
After an outcry, Dudek backtracked, but yesterday the Secretary of Agriculture, Brooke Rollins, announced she was freezing federal funds for Maine educational programs. The Trump administration would stand against “a leftist social agenda,” Rollins wrote.
The problem for Republicans is that while the sort of inflammatory language Rollins used has been a staple of the party for decades, the MAGA agenda itself is not popular. Only about 4% of voters who knew about Project 2025 wanted to see it enacted, and billionaire Elon Musk, who runs the “Department of Government Efficiency” that is slashing through government programs, is so unpopular that his support for a candidate in Tuesday’s Wisconsin Supreme Court election actually appeared to have hurt, rather than helped, that candidate.
Now party members have to deal with the fact their president has tanked the economy by enacting what the National Review says is likely the largest peacetime tax hike in U.S. history. Now countries around the globe are imposing reciprocal tariffs on the U.S. while also negotiating their own trade agreements that cut out the U.S. Those agreements are not only for products like soybeans, but also for weapons, a development the administration is protesting.
Republican members of Congress could stop Trump at any time. In the case of tariffs, they could simply reassert their constitutional power to manage tariffs. If they choose not to and the economy doesn’t recover and thrive as Trump keeps promising, voters can be expected to hold them, as well as him, to account.
Right now Republican leaders appear to be hoping that Trump’s attempt to extort other countries will work and the tariffs will be short lived. But their enthusiasm for that strategy seems to be well under control.
Today, Bill Ackman resorted to defending the tariffs by posting: “Sometimes the best strategy in a negotiation is convincing the other side you are crazy.”