Maher Gets Trump "All In" Treatment

Comedian Bill Maher dined with President Trump in late March at the White House and shared his experience on his show, "Real Time with Bill Maher."  

Trump needed someone to say he is a real person, even likable after upending the global economy (like an infantile deity throwing blocks around).  Maher called Trump gracious and inquisitive.  

Donald J. Trump is an entertainer and can put on the charm when it behooves him.  Flashback to June 2024 when candidate Trump courted the Silicon Valley's gang of four, the "All In Podcast." 

 

Three of the four hosts are immigrants and yet to be deported.  Trump picked JD Vance as his running mate based on advice from the TechGods.  The message was Donald's not deranged, even likeable.

Similarly, Maher noted:

“A crazy person doesn’t live in the White House. A person who plays a crazy person on TV a lot lives there, which I know is fucked up. It’s just not as fucked up as I thought it was.”

What if it's the opposite, the "crazy person on TV a lot" played a sane person for a few hours for entertainment purposes?

Everybody likes Trump, admit it!  Sure, Donald is familiar, like Archie Bunker was familiar.  Every person raised in a dysfunctional household can wear Trump like a wool sweater in Death Valley in late July.  It makes you sweat, itch and generally uncomfortable.   You can't wait to remove it, for it to go away. 

Right off Maher showed Trump that he was not usurpable by having Donald sign a list of insults he'd leveled at Bill Maher over the years.  Now that we've acknowledged both of us have "said things" about the other, let's dine.  

Trump knows how to host.  That skill is second only to firing people and he has that covered with Musk's AI employee eliminator.  He gave entertainer Bill Maher a "nice dinner and quality time" and in return the comedian made room for Trump's humanity after he'd done the inhumane (upended the global economy) after the inhumane (stealing from the poor to give to the rich).

Trump's laugh may not have been fake but nearly everything else may have been.  Especially as The Trump Store in Trump Tower is full of goods, none made in America.  My wise friend wrote:

If he believed in his MAGA storyLINE just on principle he would not have a store selling FOREIGN manufactured goods. 

The whole charade is about him creating Leverage for himself using the consumer and our military as his strong arm for payment. The wannabe gangster never had the muscle to engage in extortion, his gig has always been fraud, deception, bankruptcy , DEBT, and cooking the books.

This Apple exemption and other high tech basically weakens his whole premise. So he created all this chaos for whom? So he could say he saved the bond market after breaking it? Narcissism at its best.

"Make America Great Again" by selling MAGA merch made in a foreign country.  Bill Maher may want to check the label of his Trump merch from the White House "blowjob office."

Trump-a-Nom-ics

Trump II, the digital Caligula's pursuit of third world economic strategies is having an impact.  Bloomberg headlines show concerns of economic breakage.  

Pablum (my recent nickname for Trump) became a fan of tariffs in the late 70's and early 80's when Japanese cars were cheaper and of higher quality.  Trump thought import taxes would be a way to protect U.S. car makers from "unfair competition."  

Those of us who lived through that period were grateful to buy gas efficient, well made and affordable Hondas or Toyotas.  Their high quality came from the teachings of an American, Dr. W. Edwards Deming.  He helped Japanese industry rebuild after World War II.  He taught a comprehensive system of management based on "profound knowledge."  His quotes include:

"Management of a system therefore requires knowledge of the interrelationships between all the components within the system. And of the people that work in it."

"Learning is not compulsory; it’s voluntary. Improvement is not compulsory; it’s voluntary. But to survive, we must learn."

"Management is prediction."

Trump's savage whims go against system thinking, learning and hinder prediction.  That is why corporate CEOs have blown back mightily.  

Trump's staff of "yes men" and "demure women" puckered up in their latest cabinet meeting.  "Adulation is Job One" in Pablum's White House.

The Donarch wants to take us back to a time when management ignorance/arrogance was widespread and needed protection.  Is he running a protection racket?  

"Shakedown" may be his essential truth (very small "t").

Update:  Warren Buffett denied endorsing Trump's tariffs.  Blackstone's Jon Gray warned:

"fluctuating markets could expose the unintended consequences of counterparty risks and leverage in the financial system"

Sounds like spring 2008 when Carlyle Capital Corporation collapsed under the weight of heavy leverage and Bear Stearns imploded due to high leverage and lack of liquidity (when short term loans used to finance operations completely dried up).

Credit and lots of it is required for companies to build new high tech, automated factories in the U.S.  Company stock is one possible funding source.  Volatility hurts the predictability of equity to add manufacturing capacity.  

When the big money boys no longer trust each other to honor their debts, things seize up.  Are high tariffs the equivalent of an economic pussy grab?  They are both shocking and appalling.

Update 4-12-25:  Canadian Prime Minister Mark Carney noted:

“The system of global trade anchored on the United States … is over.  The 80-year period when the United States embraced the mantle of global economic leadership … is over. While this is a tragedy, it is also the new reality.''

Chaos at Trump's Core

Trump II, the digital Caligula delivered chaos to senior citizens on Social Security before tanking global markets.  

The "raising revenue" vs. "negotiating tactic" ambiguity is resolving in the direction of new free and fair trade deals.  That leaves Congress to backfill any revenue holes that have opened up.  The Red Team hates raising revenue.

My wise friend wrote:

Funny thing,, everybody tells you give him a chance, give him some time. Don't judge him by his past. But knowing what you know and knowing his past and knowing he does not stand by anything he says ever EVER how do you leave yourself exposed to believing him now when he doesn't give a **** what he said and you are left holding the bag. I don't understand people. I hope the market shuts 'em down

Dylan Rattigan and Tom Sosnoff called Trump II's economic gyrations "destabilization at its finest and it's executed at its worst....It's all about manipulation.  It's all about one person's ego.....Trump has gamified the market and can move it on a single tweet."

"On a global scale we are a laughingstock and we've been exposed."

The world will move on without the United States whenever and wherever possible.  Seniors don't have that option.

Update:  Axios reported:

Trump buckled under tremendous, mounting-by-the-minute pressure from CEOs ... friends ... GOP senators ... the markets ... and bond prices.

Regarding tariff exemptions Trump noted how he'll "decide":

Instinctively, more than anything else," Trump said. "You almost can't take a pencil to paper. It's really more of an instinct, I think, than anything else."

Yes, the ole Trump "savage whim." 

Update 4-11-25:  Just a general comment on Trump II, the digital Caligula from Jesse:

The lawlessness of this Administration and defiance of the Constitution and rule of law is not surprising, but the way in which few in government do or say anything is. This will end in tears.

Code Hawker: Buy DJT

Which thing with a Trump name on it did the President hawk this morning?  DJT, the ticker symbol for Trump Media & Technology Group.  Over the last three months DJT insiders sold 2 stocks for every 1 they bought.  The latest insider to sell was Eric Swider, the man who's Digital World Acquistion birthed "DJT" via SPAC.

DJT popped before the big announcement that Pablum (my nickname for Trump) had paused his "reciprocating saw" tariffs for 90 days on all countries but China.

Swider has a new venture alongside Trump Media President Devin Nunes.  It's a $180 million Cayman Islands SPAC that intends to roll up crypto and defense firms.

They hope to make the Ugland House respectable again.  It was a featured address in the Panama Papers.  Ugland houses tens of thousands of corporations.  How do they fit in that one building?

Physical proximity should help Renatus Tactical and International SPAC Management get to an actual public offering, but space can be tight inside even a big P.O. Box.

Who might oversee the deal to ensure U.S. investors are getting proper information about a prospective business deal?  Two former DJT shareholders, Pam Bondi and Kashyap Patel, occupy the highest law enforcement positions in the land.  

If they haven't finished unloading their conflicts of interest, this Pablum (Trump) induced rally could be their opportunity.  The world has seen how Trump II, the digital Caligula can crater things.

Update:  Earlier today Trump II ordered the "Just Us" Department to investigate Miles Taylor and Chris Krebs.  He used presidential proclamations to enact revenge on two of his former aides.  Pam Bondi and Kash Patel would be the instruments of DJT's retribution.

Pablum (Trump) said he thought Miles Taylor "is guilty of treason."  Miles disagreed, saying:

“Dissent isn’t unlawful. It certainly isn’t treasonous. America is headed down a dark path. Never has a man so inelegantly proved another man’s point.”

My wise friend wrote about today's market rebound, post Trump "pause":

The market was oversold, the bond market was falling off a cliff, bad things were happening in dark markets, his billionaire donors were falling all over themselves, 75 countries did not call, China said "F you", so he needed a 90 day pause so his constituents could sell the **** out of their long portfolios.  All without saying this ain't working. The market didn't understand.  I thought the market was all knowing? These people are not serious.

Clearly, we are subject to the savage whims of one man, even as the financial predatory class slathers Trump's toes. 

Update 4-10-25:  My wise friend wrote:

DJT is the product of no accountability. Unlike other debtors, people with bankrupted ideas usually get stopped for a long time. Credit window closes, takes a long time to rebuild. Drives your future behavior. DJT missed that class. He does fake WELL, i.e. reality show. 

In other words, When you get to drive through a wall your whole life and survive each time You think you are invincible. The wall he's driving towards is a DEBT wall. 9 trillion high. That's the one his billionaire comrades are worried about because that affects them. Buybacks, stock options, extend and pretend. Credit. Is there any eject button in this clown car?

They also added:

It's not just that the Trumps are in the crypto biz. They're running crap-coin pump and dumps, receiving eight figure payoffs from the industry's sketchiest players and have an open payment rail for bribery 

Trump Tariffs: A Real Circus

Trump II, the digital Caligula has not clarified the purpose of his excessive tariffs.  Is it to raise revenue or a negotiating tactic?  Does the Trump budget need that $6 million over ten years to extend and improve tax cuts for billionaires?  My wise friend wrote:

This whole tariff business is all about shifting the blame and the tax offset from the elite. Trump just tweeted from his bully pulpit all of this is because Asia has been taking advantage of us.  And they should have done what HE told them. I wonder If he is trying his best to make it difficult for people of the Asian cultures to live here in the same way the War of Terror made it difficult for people of Middle East Heritage, i.e. put the target on someone else's back. 

Meanwhile, the elite are backing off with Stanley Druckenmiller adamantly opposing high tariffs and supporting lower ones (@ 10%). Well Stanley sometimes there's no exit from a TRUMP purchase, you know private markets and all.

Bill Ackman throws his vitriol on Howard Lutnick telling the world he loves financial havoc because Howard owns a bond FIRM. Oh, how the strong grow weak through a declining P and L, shrinking AUM and the spinning blade of leverage. How's that song? Hush now Billy don't you cry, daddy's going to buy you a CAR load of SPY.

Everything that's happening today is the result of the bailouts and the monetization of the entire United States of America. The layer of interest expense on every industry and sector goes into prices at the expense of labor. Financial engineering . This affects the pricing of the entitlements.  Stanley Druckenmiller and his ilk point to as the downfall of sustaining the social contract.. 

How convenient to point to these things that keep middle to lower income families sustainable. I guess they did not realize the federal budget sent money to the states to help the workers at Walmart, subsidize the low wages with food stamps and health care? 

The transfer of wealth to the financial sector is a direct result of this layer. a WRAP FEE on America. Meanwhile there's no way in Hell we are going to get rid of the IRS and tax receipts and substitute tariff income, unless we abandon the 50% of the population Trump says he's going to save? Good luck with that.

Trump scolded citizens concerned about their disappearing retirement account.  He did so from his 18 hole golf trip.

Trump II ravaged Trump I for not taking this action in his first term with his "should have been done decades ago" rant.

The confusion over revenue vs. negotiation seems to have been purposefully generated by the Trump team.  

Red Team megadonor Ken Langone joined fellow billionaires Ackman and Druckenmiller in opposing Trump's excessive tariffs.  CNBC reported Langone:

"..called the 46% import duties on Vietnam “bullshit” and describing the 34% tariff rate on China as “too aggressive, too soon.”  

“I don’t understand the goddamn formula.  I believe [Trump’s] been poorly advised by his advisers about this trade situation — and the formula they’re applying."

Langone should know Trump does not have advisors as that requires listening.  The Donarch has staff that are supposed to execute his savage whims to a "T"rump.

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China. 

Treasury Chief Scott Bessent tilted toward the negotiating tactic side.

Bessent said he was not calling it a "trade war." He also said "it's about bad actors," and that China is "the biggest source of the U.S. trade problems."

 Update 4-11-25:  Blackstone's Jon Gray warned:

"fluctuating markets could expose the unintended consequences of counterparty risks and leverage in the financial system"

Sounds like spring 2008 when Carlyle Capital Corporation collapsed under the weight of heavy leverage and Bear Stearns imploded due to high leverage and lack of liquidity (when short term loans used to finance operations completely dried up).

Credit and lots of it is required for companies to build new high tech, automated factories in the U.S.  Company stock is one possible funding source.  Volatility hurts the predictability of equity to add manufacturing capacity.  

When the big money boys no longer trust each other to honor their debts, things seize up.  Are high tariffs the equivalent of an economic pussy grab?  They are both shocking and appalling.

Navarro: "Enough Work for Robots & People"

Trump II's manufacturing renaissance will provide "enough work for robots and people," according to Peter Navarro, Senior Counselor for Trade and Manufacturing.  

Navarro blamed other countries for hollowing out U.S. towns but those countries did not buy the companies which closed plants and sent jobs overseas.  Private equity underwriters (PEU) and corporate CEOs shuttered them.  Many PEUs are in Congress and Trump's cabinet and neither is a new development.  

Twisted Trump:  The people who sent American jobs overseas are the beneficiary of Trump's prior and new tax breaks.  They've enjoyed preferred "carried interest" taxation over the whole period they exported U.S. jobs and hollowed out small towns.

Peter suggested the "media calm down and not panic people."  Commerce Chief Howard Lutnick's mother may not be concerned about her retirement account after Trump's "reciprocating saw" tariffs cut $6.4 trillion in stock market value, but many rely on that money for daily living and cannot afford a huge hit.  In another interview Navarro said Trump tariffs would raise $6 trillion over ten years.

Twisted Trump:  The loss in market value in two days is more than the revenue projected from tariffs over ten years.    

Is this part of the deal TechGods struck with Trump II, the digital Caligula, and Vice President J.D. Vance, a Peter Theil disciple?   TechGod strategy: 

1. JD Vance, one of their own, installed as VP candidate
2. Contributed gobs of money to Trump II
3. Used their online influence to steer voters toward Trump/Vance lever
4. Got another one of their own (Elon Musk) inside government to push adoption of their tech and slash headcount
5. Government takes a portion of "the savings" to buy additional TechGod tech offerings
6. Use tariffs to incentivize corporations to build new high tech manufacturing plants, with robotic equipment purchased from TechGod companies.

Navarro asked that people "Trust in Trump."  How can people trust someone obsessed with constant adulation and retribution (when adulation is inadequately offered or worse yet, completely absent)?

Peter tossed out the rosy future "50,000 on Dow" and "Rising real wages."   His final sales pitch was "We did it before."  That was nowhere near this scale, Mr. Navarro.  

Our retirement accounts have taken a massive hit to fuel robot manufacturing in the U.S., which I expect will need to be further subsidized at the federal, state and local level.    

Politicians Red and Blue love PEUs and their insufferable TechGod brethren.   Shortly after his coronation Trump announced the $500 billion Stargate project in conjunction with OpenAI CEO Sam Altman.    Stargate plans to build 20 massive data centers with the first one under construction in Texas.  It didn't take long for Trump kids Don Jr and Eric to form American Data Centers with Dominari Holdings (which offices in Trump Tower).  

Stargate's first data center is the former Lancium site (bitcoin mining) in Abilene, Texas.  I reported on its development in 2021.  In 2024 the project shifted focus from bitcoin mining to AI.  

Ninety miles south the City of San Angelo, Texas plans to sell land to SkyBox Data Centers.  It's not clear at this time if it will be part of Stargate.  The mix of energy production and cheap land has West Texas in a sweet spot.

The Trump boys' American Data Centers did the opposite of Lancium.  They shifted from AI to bitcoin mining in their recent deal with Hut8.   The result is American Bitcoin where Eric is Chief Strategy Officer.  The switch came just in time as tariffs stand to restrict bitcoin mining equipment which is made mostly in Asia.  Not many executives call Trump II "Dad".  

Back to the TechGods and their dalliance with Trump.  OpenAI's Sam Altman is invested in "Tools for Humanity" which offers the Orb, Worldcoin, World ID, World App and World Chain.  In Altman's future AI and robots are so pervasive that a device is needed to prove your humanity.

I'd rather live in a world where non-humans have to disclose their status.  As far as I am concerned TechGods are the tools.

Just as elected officials laid down for the social media giants, they are catering to the next generation of digital predators.  

Tariffs are designed to give robots work.  That's the Twisted Trump takeaway.

Update 4-8-25:  Fortune future says:

First Peter, then Howard.  Which Trump disciple is next?

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China.

Trump's Grand Two Days While Market Imploded

Trump II, the digital Caligula announced his "reciprocating saw" tariffs on Wednesday.  That saw cut $6.4 trillion in stock market value over the next two trading days.

During that historic stock market implosion Trump announced the Trump Gold Card which allows noncitizens to "buy permanent residency with green card privileges and a pathway to citizenship."

Trump said he would buy the first one.  On who's behalf?  He did not say.  

South African TechGods enabled Trump with massive campaign donations and mobilized the Techiverse to install the Donarch.  In return, one of theirs is currently remaking the government using the corporate takeover playbook.  

Elon Musk, who I recently nicknamed "Doink" is nearing the end of his DOUGEBAG leadership/non-leadership.  Trump received the moniker "Pablum" which is spot on for his tariff "construction" and ever shifting rationales.  

Ferrying "Pablum" around the golf course was son Eric, the new Chief Strategy Officer for American Bitcoin which conducts bitcoin mining.  It's also targeting the government's strategic bitcoin reserve "development and monetization."   I bet his dad can help with that. 

Yes, while your retirement fund melted like a "wet witch" Trump II was developing $5,000,000 products for his non-citizen peers and supporting the Saudi Public Investment Fund's golf franchise, LIV Golf.  

Son-in-law Jared Kushner's Affinity Partners manages billions in Saudi PIF money.  Other Middle Eastern sovereign wealth funds committed funds to Affinity in the past year.  

Our "Tariffer in Chief" defended his actions on his social media site.  

MY POLICIES WILL NEVER CHANGE.  

ONLY THE WEAK WILL FAIL!

"Reciprocal" tariffs that are not based in reality.  Callousness to the real financial losses of little people.  Significant family business conflicts.  Didn't his people say fraudsters SCREAM THE LOUDEST?  

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China.

Saudi sponsored golf was not a hit, even at a Trump course with Trump in attendance:

The numbers are in for LIV Golf's major broadcast TV debut and they aren't good. Sunday's final round, aired on Fox and featuring some of LIV's biggest names in the hunt — Sergio Garcia, Bryson DeChambeau and Phil Mickelson — garnered an audience of just 484,000 viewers.

Will Trump tariffs kill LIV Golf?

Trump Sons Target Strategic Bitcoin Reserve

Trump II, the digital Caligula's tariff regime and weakening dollar could help recent Trump family cryptocurrency ventures.  Trump's elder sons shifted from AI data centers to Bitcoin mining on Monday, two days before their Dad shocked the world with his excessive tariff announcement.

The boys locked up Bitcoin mining capacity prior to Trump II shaking up that industry's supply chain.

A Dominari Holdings SEC filing stated:

Dominari Holdings Inc. (Nasdaq: DOMH) today announced that American Data Centers Inc. (“ADC”) and Hut 8 Corp, (“Hut”) partnered to form American Bitcoin Corporation. As previously announced, ADC was a wholly owned subsidiary of Dominari, but became an independent company, whose members include Donald J. Trump Jr., Eric Trump, Dominari and other industry professionals in the AI space. In partnership with Hut, American Bitcoin Corp., will focus on industrial-scale bitcoin mining and strategic bitcoin reserve development and monetization.

Yet another high tech/crypto venture dependent on Uncle Sam's wallet which their highly conflicted Daddy controls.  

Update 4-5-25:  Eric Trump owns 966,138 shares of Dominari Holdings as of 2-18-25.  Dominari offices in Trump Tower on the 22nd floor.  

Dominari noted that it would be fifteen days late filing their 2024 financial results with the SEC due to the firm's rapid growth during the year.

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China.

Update 4-11-25:  Just a general comment on Trump II, the digital Caligula from Jesse:

The lawlessness of this Administration and defiance of the Constitution and rule of law is not surprising, but the way in which few in government do or say anything is. This will end in tears.

Libation Day: The Aftermath

It turns out Trump II's tariff analysis had all the rigor of a DOUGEBAG savings.  Every business channel is eviscerating its construction.

“[It is] quite an extraordinary calculation after months of work behind the scenes,” said Jim Reid, the global head of macro research at Deutsche Bank. “[It] didn’t add much confidence on there being an in-depth strategic implementation plan.”

Economic experts noted that estimating tariffs and the cost of unfair trade is difficult but they expected better than dividing the U.S.'s trade deficit with that country by the value of imports from that same country.  Trump II is characterizing our buying more from outside the country than those countries buy from us as "ripping us off."  As Sarah Eisner of CNBC said, "The U.S. does not grow coffee.  We don't grow bananas."

So why would Trump II, the digital Caligula push such a draconian economic policy?  One, Trump needs revenue, even the kind that evaporates under examination, to give his billionaire buddies their extended and improved tax cuts.  These are the same billionaires, many private equity underwriters (PEU) who sent jobs overseas under both Red and Blue White Houses.  Trump blamed the receiving nations, as erroneous as his tariff calculation.

"For decades, our country has been looted, pillaged, raped and plundered by nations near and far. ... Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories and foreign scavengers have torn apart our once beautiful American dream."

Looted, pillaged, raped and plundered by the very people getting Trump's massive tax cuts.  PEU legendary founders stole the jobs, ransacked affiliate factories and sucked the American dream into their personal coffers.  Virginia Governor Glenn Youngkin knows as he sent thousands of jobs to China while at The Carlyle Group.  The greed and leverage boys have something new to sell you.  

Two, Trump II, the digital Caligula's billionaire buddies want their PEU products in your 401(k).  A shock to the retirement account balance may foster their consideration.  It may even steer people away from a study showing major stock indexes beat alternatives over time

Three, Trump II, the digital Caligula is in the dollar alternative business, cryotocurrencies, and a shock to the dollar's value could open people to the Trump family personal currency option ($TRUMP, Official Melania, Bitcoin (American Bitcoin), TMTG's TruthFi (crypto ETFs) & World Liberty Financial).

Trump said on the campaign trail that his tariffs would "bring down prices."  It's on tape.

Baron knows how to find the clip with his father's clearly stated promise.  He's a genius at that stuff.

Be sure to watch the clip before your next voting opportunity when you vote your pocketbook. 

Update 4-4-25:  Not being listened to for your expertise is common under Trump II, the digital Caligula.  At least one high up in the Trump cabinet may be ready to pull the rip cord.  A couple months of Pablum (my new nickname for Trump) is a couple of months too many from a direct report perspective, especially one trying to advise on tariffs.  

Canada's new prime minister noted:

“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.”

Update 4-5-25:  Infamous Wall Street trader "Einstein" said of Trump's reciprocal tariff analysis:

And the formula they used for these numbers to measure the trade deficit, it’s like ‘apples, oranges, a couple of cashews, divided by ten, times four’ — none of it makes any sense.”

If only Einstein were a "very stable genius."

Jim Cramer offered his disappoint in the analysis:

They “screwed it up and … they did it in a totally ill-advised way.”

Update 4-6-25:  Yet another assessment of the Trump tariff "calculation":

"The problem is the execution of it," RSM chief economist Joe Brusuelas told Yahoo Finance on Friday. "That nonsensical introduction of the formula. It's the loss of credibility on the part of the administration, the loss of confidence of markets in them — that's what's causing this."

Lots more Trump nonsense to come.  Conservative think tank AEI found the problem with the formula which caused tariffs to be overstated.  AEI calculated that tariffs over the minimum 10% should be 25% of the amount Trump is imposing.

Hedge fund investor Doug Kass characterized Trump's speech as "Liberation (From All Logic) Day."  In a reply to Bill Ackman, Kass noted "the Administration's trade and fiscal policy - which has turned out to be reckless, ill-conceived, dangerous, feckless and fatuous."  

Update 4-7-25:  An Australian newspaper encouraged the world to move on without the U.S.

The Trumpists are not even right-wing or conservative in the normal sense, just tribal, recklessly macho and inept.

Corporate chiefs are not happy about the tariffs and their extremely negative financial impact, however they are reticent to speak up.

"They don’t want to be the lightning rod," he said. "Then it becomes personalized to them."

Executives afraid t speak up about a critical situation for fear of retaliation?  Neither is leadership.

Let me get back to my libation...

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China.  I'll toast to that!

Tariff Running Man

It's a big day for two of the biggest manipulators of fear, violence and money to induce behavior.  Trump II, the digital Caligula, will announce his giant new tax plan by implementing additional tariffs on imported goods.  His version of Running Man airs at 4:00 pm from the Rose Garden.  Trump wants to bring back Tariff Runners, a greatly expanded black market enabled by his family's digital currency holdings.  If billionaires can give millions to avoid taxes, what can corporate chiefs do to avoid tariffs.  Maybe not bring their goods in through official channels and use an anonymous financial instrument.  Trump practically invited them to do so by dismantling regulatory enforcers and pardoning a gaggle of fraud convicts.

Fellow manipulator Elon Musk is wondering why his millions ($) did not garner his desired outcome in Wisconsin.  Enough Cheeseheads recognized the South African Carpetbagger who's treating government employees like their auto parts manufacturing peers.  "No job for you."

At least Elon didn't tell Wisconsinites to envision they were voting with a bomb strapped to their head or that they needed to sleep in the voting booth for their vote to count.

Independent voters are realizing they were conned in that last election by the master of cons, funded by another master of cons.  They voted for a decent economy doing better and action to bring down inflation.  Trump seems intent on accelerating an economic descent while sending prices soaring across the board.  

Tariffs are taxes and they will be avoided at all costs by the billionaire private equity underwriters (PEU) and their fellow TechGods, which sponsor both political teams.  For decades this billionaire PEU class exported jobs to Asia under the widespread approval of politicians Red and Blue.  Highly unpopular PEU preferred "carried interest" taxation remains firmly in place after both parties used its elimination as a campaign slogan.

Tariff Running Man starts today.  Who loves Trump and who does he love, besides Elon?

Place your bets!!!!

Update:  You want people in front of the "click bait" social media and not protesting.  Elon folded X into xAI, while Trump II's Truth Social filed for him to unload his shares.

Trump gets more financial freedom while saddling others with misery.  That's exciting for our Fraudster in Chief.  It's worth a kiss and maybe some tongue.

The Great Announcer did his thing in the Rose Garden and Dow Futures plummeted.  CNBC reported:

“What was delivered was as haphazard as anything this administration has done to date, and the level of complication on top of the ultimate level of new tariffs is worse than had been feared and not yet priced into the market,” said Art Hogan, chief market strategist at B. Riley Wealth Management.

Another Savage Whim from the Great Usurper.

For many, it's Libation Day....

My wise friend wrote:

It's interesting you use the term running man. I think of him as a burning man. Burns everything down like a bust out. He'll do anything to enrich himself and everyone else pays. We knew his history, he has revealed himself many times, and yet the people of this country invited him back into the White House. Did you see yesterday's interview with Kid Rock? Every other head of state throughout the world has to be thinking what a clown show.

My response:

Trump's much more of a burning man as you so ably point out. Everyone was waiting for the big announcement so I chose an announcer proxy in Damon Killian. Had a little fun with it. Some of my stuff sticks better than others....and some stinks greater than others. Interesting that Trump can sling any crap against the wall and many people buy it. 

Saw Kid Rock's White House outfit, a la Elon. It takes hubris in spades to denigrate the sanctity of the Oval Office.

Who loves you and who do you love?  It's time to start RUNNING.....

Update 4-9-25:  Trump paused his "reciprocating saw tariffs" for 90 days for every country except China.

Update 4-11-25:  Just a general comment on Trump II, the digital Caligula from Jesse:

The lawlessness of this Administration and defiance of the Constitution and rule of law is not surprising, but the way in which few in government do or say anything is. This will end in tears.

SkinTECH Failure: Luxury Covering

The Business of Fashion reported the resignation of CaaStle's founder and CEO Christine Hunsicker.  CaaStle provides clothing rental logistics services for high end brands.  A letter sent by the CaaStle board stated that Hunsicker:

had given some investors “misstated financial statements and falsified audit opinions, as well as capitalisation information that understated the number of company shares outstanding,” the letter said. 

“The company is facing a severe and immediate liquidity problem,”

Having Caa in the company's name should have been a warning given Moody's ratings considers Caa1 "judged to be of poor standing and are subject to very high credit risk."  Forget the sorry name, what does the company actually do?  

Crunchbase reports:

CaaStle is focused on developing systems and methods for managing data associated with wearable items in a clothing subscription service. This includes creating electronic platforms for transactions and inventory sharing, as well as user interfaces for electronic interactions. They are also working on garment size recommendations and optimizing wearable item selection. Additionally, CaaStle is exploring image analysis for apparel and electronic recommendation engines for apparel subscriptions. These efforts aim to enhance the efficiency and user experience of their Clothing as a Service model.

What happens if skintech CaaStle does not get another liquidity injection from Bill Ackman?  

Who gets the keys to the CaaStle?  Maybe nobody, as in the case of fintech Synapse.  Marc Andreessen fled from that stinking corpse all the way to Washington, D.C. where he joined the "government as a SERVE US billionaires" model.  

Update 4-2-25:  Axios reported the depths of Hunsicker's financial chicanery:

Hunsicker last year told prospective investors that CaaStle generated $519 million in 2023 revenue. According to audited financials that the company sent this weekend to shareholders, the actual revenue figure for the year ending Sept. 30, 2023 was only $15.7 million. 

Prospective investors also were told that fiscal 2022 revenue was $278 million, when it actually was $19.7 million. Projections for 2024 and 2025 revenue were $793 million and around $1 billion, respectively. Hunsicker also claimed that 2023 EBITDA was $91 million and virtually flat in 2022. The audited financials don't specifically include EBITDA, but do show a combined $135 million net loss for the two fiscal years. 

Prospective investors were told that CaaStle had hundreds of millions of dollars in cash as of mid-2024. If so, that's a heck of a trick. It ended Sept. 2023 with less than $1 million in cash and around $3 million in total assets, and then raised just under $60 million in subsequent funding.

Hunsicker co-founded other skintech companies which are now fleeing from her dung filled representations.  If Marc Andreessen can skate Synapse's debacle, surely Hunsicker can arrange something.

Trump's Instant "T" Frustrates PEU Leaf Readers

Private equity underwriters (PEU) hired high level tea leaf readers over the last few decades.  They include:

The Carlyle Group - Admiral James Stavridis (a regular on CNN)

KKR - General David Petraeus

Apollo - David Krone, former Chief of Staff Senator Harry Reid

These talented seers of the future were aided by PEU founders, legendary for their ability to influence government policy.  

Trump II's tariff gyrations have flummoxed PEU Legends and their high paid strategists.  "T" is for tariff and it's very hard to read the leaves if they remain in the mind of one man, especially one known for his savage whims.

The greed and leverage boys thought they'd be shopping affiliates in an economy with accelerating growth and increasing capital flows into the U.S. because "our tech is the world's future."  That is not happening.

Oddly, PEUs may gain new affiliates via their private credit offerings, getting the keys to other PEU's affiliates unable to keep up with interest payments.  

PEU Libation Day may involve exchanging their sponsor's name, creditor eats wiped out equity owner.  Those tea leaves are somewhat readable.

Otherwise, the world awaits the decrees of the Savage Whimmer.  Libation may be in all our futures.

Update 4-4-25:  Trump truly savage whimmed the U.S. economy with his grossly excessive tariffs.  Wall Street spent the last two days imploding.

ZeroHedge ran a piece that does an outstanding job of illuminating numerous PEU dilemmas.  PEU siphoning of captive insurance company assets could jeopardize insurers as tariffs attack corporate earnings, cash flow and ability of PEU affiliates to pay sponsor management fees and interest on sponsor laden debt.

PEU Water: Sign of the Thames

Thames Water will sell to KKR, a private equity underwriter (PEU) according to the BBC.  The debt bloated utility will stiff some creditors as part of the deal. 

KKR will become the second financial barbarian to own Thames Water.  Macquarie Asset Management held the British water utility from 2006-2017.  Macquarie knows how much it siphoned from Thames Water through deal fees, annual management fees, dividends/special distributions and liquidity recapitalizations (debt for dividend).   

Montanans can advise Londoners of the perils of PEU water utility ownership.  The Carlyle Group purchased Mountain Water which supplied water for the City of Missoula.  That sage resulted in surprise sales and loads of litigation.  (PEU Report did many posts on Carlyle's treatment of Mountain Water.)

Macquarie Asset Management settled with the SEC on another matter in September 2024.  Their statement reads:

This legacy matter is not consistent with how we do business. We have already undertaken and are focused on completing additional remedial steps to address the issues identified in the investigation, with clients the priority.

So Thames Water's prior owner has had shady episodes.  They are in the rear view mirror.  What's ahead with KKR?

KKR Private Equity Conglomerate LLC is set up to invest in companies outside the U.S.   Investors have pumped in nearly $10 billion to date (SEC filing).  The most recent K-PEC annual report stated:

The Company operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will be considered a publicly traded partnership and will not meet the qualifying income exception, which would result in the Company being treated as a publicly traded partnership and taxed as a corporation, rather than as a partnership. In such case, the members would then be treated as shareholders in a corporation, and the Company would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Company would be required to pay income tax at corporate rates on its net taxable income. 

K-PEC has two KKR PEUs as co-chairman, Peter Stavros and Nathanial Taylor.  In another small world revelation the 10-k stated:

Stavros was with GTCR Golder Rauner from 2002 to 2005, where he was involved in the execution of numerous investments in the health care sector.

GTCR sold LifeCare Hospitals to The Carlyle Group just weeks before Hurricane Katrina struck New Orleans turning lifesaving facilities into death traps.  Twenty four patients died in the LifeCare unit within Memorial Hospital (owned by Tenet Healthcare).  That got no mention in President George W. Bush's Lessons Learned report and brother Jeb landed a spot on the Tenet Healthcare Board of Directors.  

Having survived a river-flooded 725 bed hospital in Virginia and worked hard to evacuate a Texas Gulf Coast hospital before then record Hurricane Gilbert, I was particularly sensitive to the plight of those flood victims.  Seeing politically connected PEUs get no mention provided the impetus for my blogging and PEU Report.  

Politicians Red and Blue love PEU and increasingly, more are one.  Elected officials had decades to eliminate PEU preferred "carried interest" taxation and did not, despite the public's loathing of this unfair tax break that helped grow millionaires into billionaires.

Water is life, too much is death and just as the fish has no concept of water, most of us do not know we live in a PEU milieu.

Pablum Pardons "Jiggery-Pokery" Pack

Trump II, who I recently nicknamed Pablum, pardoned a number of convicted fraudsters this past week in his "Just Us" Financial Criminals campaign. The list includes Trevor Milton (Nikola), Carlos Watson (Ozy Media), Devon Archer (defrauded Ogala Sioux) and former state representative Brian Kelsey (election finance cheating). 

The Digital Caligula also pardoned four people convicted of effectively running a money laundering operation by ignoring federal requirements. All four were with BitMEX Crypto Exchange.

My wise friend wrote:

In a world where fraud is the currency, Price is the only thing Holding the Structure.

Lose control of price and you lose control of the structure. CUI BONO? Those defining their wealth by the last marginal buyer. 

Isn't this what private equity does as they eat the structure from the inside through debt transactions.  What's holding the collection of sellable organs (cadaver) together?  Less regulation, Less crime, More fraud.

Extend, Pretend, Lend, Send (offshore, safe from re-appropriation).

There may be a DC Universe inspiration to Trump's pardon frenzy. 

Lex Luthor summons a group of other super-criminals: Cheetah, Star Sapphire, The Shade, Copperhead, and Solomon Grundy, for one purpose: to destroy the League.

"Trevor, Carlos and Devon" sound sinister enough.  The "BitMEX Crypt" gang is a solid criminal moniker. I'm not sure "Brian" will make the criminal mastermind cut. He may need to remain in Tennessee.

Trump is not building crime fighting capacity, he is unraveling it at breakneck speed.  We need someone to foil the "Just Us" Fin-Crims League's plans.  It's forming and the fraud will soon be storming.

Update 4-11-25:  Just a general comment on Trump II, the digital Caligula from Jesse:

The lawlessness of this Administration and defiance of the Constitution and rule of law is not surprising, but the way in which few in government do or say anything is. This will end in tears.

Musk Sells to Musk: xAI Gobbles X

Elon Musk's xAI bought Elon Musk's X for $45 billion.  Musk somehow had time to arrange the deal while running six companies and heading the Department of Ungodly Greedy Executives Biased Against Government (DOUGEBAG).  

This deal occurred within a wider AI context.

Tech giants are reshaping finance and intellectual property law to "deliver on AI's promise."  Google founder Eric Schmidt revealed how AI companies steal copyrighted information to train their models, settling with aggrieved parties after becoming financially successful.

Don't count on Uncle Sam to level the playing field between information creators and usurpers/appropriators.   That enforcement beat has been shuttered.

Musk sold his social fabric-ripping X to his machine generated, empathic AI company, which is doing how much government business?  How might any merger costs be passed on to Uncle Sam?  What kinds of tax benefits does Elon get from Elon selling to Elon?  Rest assured, we will never know.

The deal is an all stock deal between two private companies, reminiscent of a private equity underwriter (PEU) selling an affiliate from one fund to another.  Such deals free up cash to pay earlier investors, even entice them to roll over their money.  So who's rolling and who's getting rolled in this deal?  Musk's PEU sales team knows.

It turns out xAI can analyze credit.  Did the parties in this deal use xAI for that purpose?

It's hard to see because there is nothing transparent about xAI gobbling up X.  

How would xAI value X (its new appendage) or the combined companies?  Would it use:

Mark to market for comparable assets

Mark to model

Mark to fantasy

Mark to AI hallucination

Probably all of the above in a monte carlo analysis.  

To close, give credit where credit is due, except when it is copyrighted material scooped up by voracious AI.  

Remember, there's a lot of anus in there.

But Eric Schmidt never told us that....

I look forward to seeing the picture where self-medicating Elon shakes hands with employee-abusing Elon to close the X/xAI deal.

Special PEUport on DOUGEBAG

Fox News did a special report this evening on what I call DOUGEBAG, the Department of Ungodly Greedy Executives Biased Against Government.  It was Elon and the seven C-Suiters.

Musk is CEO, Chairman or major investor in six companies with very forgiving Boards of Directors, given the time he has spent leading DOUGEBAG.  Fox tried to push the "public company standard" but DOUGEBAG is running the private equity underwriter (PEU) playbook.  

Half of the crew eviscerated Twitter after Musk took it private.  All of these guys are on the private side and on loan to DOUGEBAG.  Musk has one public company, the rest are privately owned.

Employee ratings for some of the DOUGEBAGS include:

Energy Company CEO -"70 hour weeks, minimal notice of MANDITORY overtime, extremely minimal pay" 

PEU Operating Executive - "is the most egotistical person I've ever met and is seemingly incapable of making good decisions. Because of the constant changes and layoffs, productivity is at an all-time low." 

Healthcare PEU - "This is a greed-driven company that is preying on our nation’s most vulnerable and poorest people."

A Musk private company - "You will always have 80% of what you need, and the goal posts constantly move.  Zero consideration for work life balance.  Overtime is scheduled naturally and is expected.  Wasted time during every shift.  Extremely inefficient processes Very chaotic work environment with little accountability.  Lots of mandatory overtime with little flexibility.  Often very unsafe.

Boring company - "Horrible safety, safety department is non existent.  Very political culture.  Management demands but does not return.  Team did not have a lead on day or night shift for six months.  Can be fired at a moments notice for non-communicated expectations.  Very few experienced engineers.  No work-life balance. Was told "I worked 3 months without seeing my family, what's the issue with you." Stock options are ISUs that you have to purchase.

It turns out the reasonable PEU executives are anything but.

Update 3-28-25:  The Daily Beast titled their piece on the Special PEUport:

Update 4-2-25:  As courts discern what DOUGEBAG actually is, it appears Musk soon may be leaving Trump's inner sanctum.  

Update 4-3-25:  If Trump II, the digital Caligula would simply put down his golf clubs DOUGEBAG could claim $26 million in savings in just 69 days.