The second election of Donald Trump to the White House is a major win for his billionaire backers, a mix of legendary private equity underwriters (PEU) and storied "live forever" tech founders. Jim Chanos noted same on X:
The greatest trick the Devil ever performed is convincing pundits like this that a ticket with a Wharton-educated RE developer who lives in Palm Beach, and a Yale Law-educated venture capitalist, both advised by Wall St/Silicon Valley billionaires, is not the elite Establishment!
The political Red Team may control both chambers of Congress, which means they'll have lots of energy to enact their budget concerns. Flash back a mere three months:
Republican leaders are coming under pressure from conservatives to take federal deficits and the debt more seriously than they did during Trump’s prior term.
Red Team Tech God Elon Musk believes the people who just voted Trump in office need "economic hardship." How's that for a thank you? Elon is aligned with the PEU legends in wanting more tax cuts for his ungodly riches. Carlyle co-founder David Rubenstein told CNBC this morning that according to the market, "deficits don't matter."
Rubenstein located Carlyle in Washington, D.C. for the express purpose of corrupting government officials (non-lobbying lobbyist) and gaining access to Uncle Sam's wallet.
The PEU movement is now global. Just last week in Riyadh, Saudi Arabia:
Carlyle Chairman and Future Investment Initiative Institute Secretary of the Board, David Rubenstein discussed the rising influence of the Global South, technological disruptions, and the need for novel economic systems to support sustainable global progressElon Musk appeared by videoconference at the same event.
“Going Forward, we need AI that loves humanity, which is why xAI was created. It seeks the best interests of humanity” promoting a future where these technologies serve to uplift and enhance the human experience.
Refill the federal coffers? A resounding chorus of cognac tinged "Blasphemy!"
I vote for the American economic hardship that involves taxing billionaires. Queue that one up and leave the federal employee alone.
Politicians Red and Blue love PEU and increasingly, more are one. So, my wish is not going to happen.
Trump raises his thin scepter (that makes his hands look bigger), "Enact the tax cuts!" The Musks and Rubensteins nod appreciatively. And their net worth adds another zero at the end.
Update 11-9-24: ProPublica's piece revealed Trump tried to cut support for the working man during his first term in office. Voters expecting Trump to "stick it to the man" may just find "that man" is in the mirror.
