My wise friend offered as Trump floated an executive order for private equity and crypto legislation worked its way through the belly of Congress:
The whole system is a farce. The only thing this charade has shown is money makes the laws and there are outside forces guiding all our policies, whether they be good or bad for the populace.
The whole economy has become a pass through casino where the various crime groups collect their Vig on the cumulative total Pyramid. Everything is a derivative of a derivative. The real economy is dwarfed by their fictionalized notional price. The more unsound the policy, The greater the reward to themselves.
Politicians Red and Blue love PEU (private equity underwriters) and their new TechGod/CryptoBro brethren.
Money from nothing...crypts for fee.
Update: The House passed both the Genius Act and Clarity Act with support from politicians Red and Blue. The Genius Act goes to the President for signature, despite his numerous conflicts of interest.
Conflicts of interest are so yesterday. They went out with Jeffrey Epstein, Trump's former bestie.
Cue the underage dancing girls...it's time for celebration!
Update 7-20-25: WSJ reports that plaintiff's lawyers are ready to sue private equity firms for excessive fees on behalf of retirement account holders.
Carlyle has a Luxembourg fund with secondary PEU stakes and plans to bring a similar offering to the U.S.
Update 7-22-25: JP Morgan is considering making loans backed by Bitcoin and Ethereum. Warren Buffett said in 2018:
Bitcoin is “probably rat poison squared” during Berkshire Hathaway’s annual shareholder meeting in 2018 and predicted a “bad ending” for the cryptocurrency.Update 8-1-25: After meeting with Trump's former lawyer and Assistant Attorney General Ghislaine Maxwell, Epstein's henchwoman, was moved to a cushier federal prison in Bryan, Texas.
