“We will have a crash… I just can’t tell you when.”
Stocks on Wall Street have rallied in recent months, but author Andrew Ross Sorkin sees a crash coming. The question is: when will the bubble pop, and how much will the market slump when it does?
A CURIOUS MIX OF BRITISH FOLK MUSIC AND AMERICAN POLITICS
Stocks on Wall Street have rallied in recent months, but author Andrew Ross Sorkin sees a crash coming. The question is: when will the bubble pop, and how much will the market slump when it does?
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 16, 2025
MAGA world is performing over-the-top outrage over a photo former Federal Bureau of Investigation director James Comey posted on Instagram, where he has been teasing a new novel. The image shows shells on a beach arranged in a popular slogan for opposing President Donald J. Trump: “86”—slang for tossing something away—followed by “47”, a reference to Trump’s presidency.
Using “eighty-six” as either a noun or a verb appears to have started in the restaurant industry in the 1930s to indicate that something was out of stock. It is a common term, used by MAGA itself to refer to getting rid of somebody…until now.
MAGA voices are insisting that this image was Comey’s threat to assassinate the president. Trump got into the game, telling Brett Baier of the Fox News Channel: “that meant assassination. And it says it loud and clear…. [H]e’s calling for the assassination of the president…that’s gonna be up to Pam and all of the great people…. He’s a dirty cop.” Trump’s reference to Attorney General Pam Bondi and law enforcement paid off: yesterday, Homeland Security Secretary Kristi Noem said that the Department of Homeland Security and the Secret Service are investigating Comey. He showed up voluntarily at the FBI headquarters in Washington, D.C., today for an interview.
In the past day, Trump’s social media account has also attacked wildly popular musical icons Bruce Springsteen and, somewhat out of the blue, Taylor Swift. Dutifully, media outlets have taken up a lot of oxygen reporting on “shellgate” and Trump’s posts about Springsteen and Swift, pushing other stories out of the news.
In his newsletter today, retired entrepreneur Bill Southworth tallied the times Trump has grabbed headlines to distract people from larger stories, starting the tally with how Trump’s posts about Peanut the Squirrel the day before the election swept like a brushfire across the right-wing media ecosystem and then into the mainstream. In early 2025, Southworth notes, as the media began to dig into the dramatic restructuring of the federal government, Trump posted outrageously about Gaza, and that story took over. When cuts to PEPFAR (the President’s Emergency Plan for AIDS Relief) and the U.S. Agency for International Development threatened lives across Africa, Trump turned the conversation to white South Africans he lied were fleeing “anti-white genocide.”
Southworth calls this “narrative warfare,” and while it is true that Republican leaders have seeded a particular false narrative for decades now, this technique is also known as “political technology” or “virtual politics.” This system, pioneered in Russia under Russian president Vladimir Putin, is designed to get people to vote an authoritarian into office by creating a fake world of outrage. For those who do not buy the lies, there is another tool: flooding the zone so that people stop being able to figure out what is real and tune out.
The administration has clearly adopted this plan. As Drew Harwell and Sarah Ellison of the Washington Post noted in early March, the administration set out to portray Trump as a king in order “to sell the country on [Trump’s] expansionist approach to presidential power.”
The team set out not just to confront critics, but to drown them out with a constant barrage of sound bites, interviews with loyalists, memes slamming Democrats, and attack lines.
“We’re here. We’re in your face,” said Kaelan Dorr, a deputy assistant to the president who runs the digital team. “It’s irreverent. It’s unapologetic.” The White House brought right-wing influencers into the press pool, including at least one who before the election was exposed as being on the Russian payroll. Trump spokesperson Steven Cheung, who before he began to work for Trump was a spokesperson for the Ultimate Fighting Championship, said their goal was “FULL SPECTRUM DOMINANCE.”
Dominating means controlling the narrative. That starts with perceptions of the president himself. Trump’s appearances have been deeply concerning as he cannot follow a coherent thread, frequently falls asleep, repeatedly veers into nonsense, and says he doesn’t know about the operations of his government. Yesterday, after journalist S.V. Date noted that the administration has posted online only about 20% of Trump’s words, Cheung told Date “You must be truly f*cking stupid if you think we’re not transparent.”
The White House also pushed back dramatically against a story that appeared in Business Insider Monday, comparing Donald Trump Jr. to former president Joe Biden’s son Hunter. The White House suggested it would take legal action against Business Insider’s German parent company.
Controlling the narrative also appears to mean manipulating the media, as Russians prescribed. Last month, Jeremy Kohler and Andy Kroll of ProPublica reported that Trump loyalist and political operative Ed Martin, now in charge of the “Weaponization Working Group,” in the Department of Justice, secretly seeded stories attacking a judge in a legal case that was not going his way. Martin has appeared more than 150 times on the Russia Today television channel and on Russian state radio, media outlets the State Department said were “critical elements in Russia’s disinformation and propaganda ecosystem,” where he claimed the Democrats were weaponizing the court system. Now he is vowing to investigate Democrats and anyone who criticizes the administration.
As Trump’s popularity falls, Trump’s political operators have spent in the “high seven figures,” Alex Isenstadt of Axios says, to run ads in more than 20 targeted congressional districts to push lawmakers to get behind Trump’s economic program. “Tell Congress this is a good deal for America,” the ad says. “Support President Trump’s agenda to get our economy back on track.”
In their advertising efforts, Musk’s mining of U.S. government records is deeply concerning, for the treasure trove of information he appears to have mined would enable political operatives to target political ads with laser precision in an even tighter operation than the Cambridge Analytica program of 2016.
The stories the administration appears to be trying to cover up show a nation hobbled since January 20, 2025, as MAGA slashes the modern government that works for ordinary Americans and abandons democracy in order to put the power of the United States government into the hands of the extremely wealthy.
Trump vowed that high tariffs on goods from other countries would launch a new golden era in the United States, enabling the U.S. to extend his 2017 tax cuts on the wealthy and corporations, some of which expire at the end of this year. But his high tariffs, especially those on goods from China, dramatically contracted the economy and raised the chances of a recession.
His constant monkeying with tariff rates has created deep uncertainty in the economy, as well as raising concerns that at least some of his pronouncements are designed to manipulate the market. Today, Walmart announced it would have no choice but to raise prices, and the Michigan Consumer Sentiment Index dropped to its second lowest reading on record.
Trump insisted earlier that other countries would come begging to negotiate, but now appears to have given up on the idea. “It’s not possible to meet the number of people that want to see us,” he said, announcing today that he will simply set new rates himself. During the 2024 presidential campaign, Trump argued that other countries would pay high tariff duties, helping the U.S. Treasury to address its high deficits at the same time the wealthy got further tax cuts.
Over the course of this week, Republicans tried to push through Congress a measure that they have dubbed “One, Big, Beautiful Bill,” a reference to Trump’s term for it. The measure extended Trump’s tax cuts at a cost to the nation of about $4.6 trillion over ten years and raised the debt ceiling by $4 trillion. At the same time, it cut Medicaid, the Supplemental Nutrition Assistance Program, and a slew of other programs.
The Republicans failed to advance that bill out of the House Budget Committee Friday afternoon. Far-right Republicans complained not that it cut too much from programs Americans rely on, but that it cut too little. Citing the dysfunction in Washington, D.C. and the uncertain outlook for the American economy, Moody’s downgraded the credit rating of the country today from AAA to AA1.
Since Trump took office, the “Department of Government Efficiency” also claimed to be slashing “waste, fraud, and abuse” from government programs, although actual financial savings have yet to materialize. Instead, the cuts are to programs that help ordinary Americans and move money upward to the wealthy. News broke today that cuts of 31% to the enforcement wing of the Internal Revenue Service will cost money: tax evasion among the top 10% of earners costs about $700 billion a year.
The cuts were driven at least in part by the ideological extremism of Russell Vought, director of the Office of Management and Budget. Vought was a key author of Project 2025, which calls for decimating the federal government.
Vought talked about traumatizing federal workers, and has done so, but the cuts have also traumatized Americans who depend on the programs that DOGE tried to cut. Cuts to the U.S. Agency for International Development (USAID) meant about $2 billion less in contracts for American farmers, while close to $100 million worth of food that could feed 3.5 million people rots in government warehouses.
Cuts to the Federal Aviation Administration have left airports without adequate numbers of air traffic controllers. After two 90-second blackouts at Newark Liberty International Airport when air traffic controllers lost control with airplanes, yesterday the air traffic controllers at Denver International Airport lost contact with planes for 2 minutes.
Cuts to a program that funds the healthcare of first responders and survivors of the September 11 World Trade Center terror attacks are leaving thousands of patients unclear whether their cancer treatments, for example, will be covered. Yesterday, acting administrator of the Federal Emergency Management Agency (FEMA) David Richardson told staff that FEMA is not prepared for hurricane season, which starts on June 1, and will work to return responsibility for the response to emergencies to the states. A document prepared for Richardson and obtained by Luke Barr of ABC News said: “As FEMA transforms to a smaller footprint, the intent for this hurricane season is not well understood, thus FEMA is not ready.”
Yesterday, news broke that Homeland Security Secretary Kristi Noem has been in talks with the producers of the reality show Duck Dynasty for a new reality show in which immigrants compete against each other in cultural contests to win the chance to move their U.S. citizenship applications ahead faster. It is made-for-TV, just like so many of the performances this administration uses to distract Americans from the unpopular policies that are stripping the government of benefits for ordinary Americans and moving wealth upward.
Such a show might appeal to confirmed MAGA. But it is a profound perversion of the American dream.

May 13, 2025
While President Donald Trump’s billionaire sidekick Elon Musk has said he is pulling back from his work with the “Department of Government Efficiency,” he is with Trump today in Saudi Arabia, along with representatives from leaders from some of the biggest companies in the United States. The business executives are looking for Saudi investments.
Jason Karaian of the New York Times notes that the Saudis are looking to diversify their oil-dependent economy and are now the world’s largest investors in artificial intelligence, or AI. In addition to Musk, the AI entrepreneurs in today’s entourage include, as Karaian reports, “Sam Altman, the chief executive of ChatGPT parent OpenAI; Jensen Huang, the leader of the advanced chipmaker Nvidia; Ruth Porat, the chief investment officer of Alphabet, Google’s parent company; and Andy Jassy, the chief of Amazon, which is a major provider of cloud-computing services.” Cyber experts note that DOGE’s mining of Americans’ personal data under Musk has given him access to a treasure trove of verified information for his own company xAI. Karaian notes that xAI is in the process of raising money that could bring the value of the firm to $120 billion.
After the promise of $600 billion in Saudi investment in the U.S., including a $20 billion investment in AI and energy infrastructure to support it, Trump today promised Saudi crown prince Mohammed bin Salman, known as MBS, $142 billion in state-of-the-art defense and security equipment from dozens of U.S. defense firms.
Musk’s turn from DOGE back to AI is revealing not just in providing evidence that his primary interest all along was not in “waste, fraud, and abuse” but in collecting government data about the American people. It is not likely a coincidence that the administration fired Librarian of Congress Carla Hayden last Thursday and Register of Copyrights Shira Perlmutter on Saturday. Both Hayden and Perlmutter have questioned the unauthorized use of copyrighted material to train AI.
White House spokesperson Karoline Leavitt explained Hayden’s firing by saying “[t]here were quite concerning things that she had done at the Library of Congress in the pursuit of [diversity, equity, and inclusion] and putting inappropriate books in the library for children,” but the Library of Congress collects according to a list of principles to enable it to perform research for members of Congress and to keep a record of the American people. It is not a lending library. In order to conduct research at the Library of Congress, researchers must be at least 16 years old.
Musk powers his AI from a massive supercomputer in Memphis, Tennessee. As Dara Kerr of The Guardian reported last month, the Southern Environmental Law Center discovered that Musk had quietly moved at least 35 methane-powered generators—enough to power a city—to the plant to help power the supercomputer he calls “Colossus,” which powers his chatbot “Grok.” Those generators are unpermitted and are major producers of carcinogens and other toxins. After the company assured Memphis mayor Paul Young that only 15 of the generators were on, thermal imaging showed at least 33 running.
The supercomputer is in a historically Black neighborhood with a history of industrial pollution and higher rates of cancer and asthma than other Memphis neighborhoods. When residents spoke out against the supercomputer, a group calling itself “Facts Over Fiction” but without any other identifying information spread flyers claiming the turbines are “specially designed to protect the air we all breathe.” They also claimed that the Environmental Protection Agency and the county health department regulate the generators, but both agencies told Kerr that they had not issued permits for their use at the Memphis plant.
In March, Musk bought another property in Memphis to expand the plant by a million square feet.
With Musk turning back to his business interests, the task of cementing DOGE’s cuts into law is falling to Trump’s director of the Office of Management and Budget, Russell Vought. Vought is a Christian nationalist who was a key author of Project 2025, the blueprint for a second Trump presidency. Project 2025 called for slashing the federal government that Christian nationalists think is undermining Christianity.
It said the federal government must “decentralize and privatize as much as possible” and leave “the great majority of domestic activities to state, local, and private governance.” That destruction could be accomplished by an extraordinarily strong president, who would refuse to accept the law that Congress had the final say in appropriations and programs and would “impound” congressionally appropriated funds in order to slash programs he didn’t want.
This plan was so unpopular that only four percent of Americans who had heard of Project 2025 before the 2024 presidential election wanted to see it enacted. Opposition to it was so strong that, as a candidate, Trump ran away from it, claiming he had nothing to do with it. But Ken Thomas, Scott Patterson, and Lindsay Wise of the Wall Street Journal report that Vought “has served as Musk’s lower-profile partner on DOGE” and has been putting the plans in Project 2025 into place. The sweeping cuts to public services and to government agencies are straight out of the Project 2025 playbook.
If anything, those plans are even less popular now than they were last summer when they were only hypothetical. In the past three months, Americans have discovered that cuts to the government invariably affect programs they like as well as those they think are superfluous.
And yet cuts are on the menu in the House, where Republicans have been pulling together a measure to enact Trump’s agenda in what he calls “one big, beautiful bill.” Lisa Mascaro of the Associated Press reported that at least 11 committees have been working on their pieces of the bill, but the pieces produced by the Ways and Means, Energy and Commerce, and Agriculture committees have been the most closely watched.
Those committees released their plans over the past few days, beginning with the Committee on Energy and Commerce late Sunday night. Together, they call for extending the 2017 Trump tax cuts that benefit primarily the wealthy and corporations. This has been Trump’s top priority. According to the nonpartisan Congressional Budget Office, extending those cuts will add at least 4.6 trillion to the national debt over the next ten years. Such increased spending makes it imperative to increase the debt ceiling, which caps how much money the Treasury can borrow. The Committee on Ways and Means calls for raising that ceiling by $4 trillion.
At the same time that it funnels money upward, the proposed bill also cuts programs that benefit ordinary Americans. It cuts funding for climate initiatives passed by Congress in the 2022 Inflation Reduction Act. It cuts the Supplemental Nutrition Assistance Program (SNAP) that 42 million Americans rely on. And, despite Trump’s repeated promises not to touch Medicaid, the program that provides healthcare for poorer Americans, the plan calls for cuts to Medicaid. The CBO estimates that the cuts will take away healthcare from at least 10.3 million Americans over the next decade.
As Mike Lillis and Emily Brooks of The Hill note, Republicans are taking a mighty gamble by pairing tax cuts for the richest Americans with cuts to Medicaid, SNAP, and clean-energy tax credits. Each of those programs is popular among Republican voters, Lillis and Brooks note; a KFF poll from March found that 77% of Americans, including 64% of Republicans, have a positive view of Medicaid. Ninety-seven percent of Americans believe that Medicaid is important in their community. Republican lawmakers are gambling that voters will be willing to lose services in exchange for putting Trump’s agenda into law.
But it will not be an easy sell. When the House Energy and Commerce Committee began the process of debating and amending their section of the bill today—the section of the bill that outlines the cuts to Medicaid—committee chair Brett Guthrie (R-KY) explained that the proposed cuts were designed to “stop the billions of dollars of waste, fraud, and abuse in the Medicaid program” and are “all commonsense policies that will return taxpayer dollars to middle-class families.”
Attendees who hoped to protect Medicaid, many of them in wheelchairs, disagreed. They began to chant “no cuts to Medicaid” and “waste, fraud, and abuse, my ass.” Activist Julie Farrar told Ben Leonard and Hailey Fuchs of Politico that there were about 90 people there from the disability rights organization ADAPT. They were, she said, “fighting literally for our survival right now.”
It is against the law to protest inside congressional buildings. U.S. Capitol Police arrested 25 people and removed others.