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More Holiday Cheer



I think that may be the grossest post he’s ever written and that’s saying something. He ‘s this close to just spitting out the “N” word. I thoroughly expect it to happen.

Having said that, I expect the first draft was done by Stephen Miller. Trump doesn’t know about terms like “reverse migration” or “denaturalization” and he’s not one to talk about western civilization. That’s Stephen. The “retard” stuff and the crude racism, however, is all him.

Anyway, he’s had quite a holiday weekend:

REPORTER: Officials say the suspect in the DC shooting was vetted and it came up clean

TRUMP: He went cuckoo. He went nuts. There was no vetting

REPORTER: Actually, your DOJ IG just reported that there was thorough vetting of Afghans who were brought into the US. So why do you blame Biden?

TRUMP: Are you stupid? Are you a stupid person? You’re just asking questions because you’re a stupid person

More:

The Oligarchs Are In Charge

Their paeans to peace are hot air but their intentions are clear:

Three powerful businessmen—two Americans and a Russian—hunched over a laptop in Miami Beach last month, ostensibly to draw up a plan to end Russia’s long and deadly war with Ukraine.

But the full scope of their project went much further, according to people familiar with the talks. They were privately charting a path to bring Russia’s $2 trillion economy in from the cold—with American businesses first in line to beat European competitors to the dividends. 

At his waterfront estate, billionaire developer-turned-special envoy Steve Witkoff was hosting Kirill Dmitriev, head of Russia’s sovereign-wealth fund and Vladimir Putin’s handpicked negotiator, who had largely shaped the document they were revising on the screen. Jared Kushner, the president’s son-in-law, had arrived from his nearby home on an island known as the “Billionaire Bunker.” 

Dmitriev was pushing a plan for U.S. companies to tap the roughly $300 billion of Russian central bank assets, frozen in Europe, for U.S.-Russian investment projects and a U.S.-led reconstruction of Ukraine. U.S. and Russian companies could join to exploit the vast mineral wealth in the Arctic. There were no limits to what two longtime adversaries could achieve, Dmitriev had argued for months: Their rival space industries, which raced one another during the Cold War, could even pursue a joint mission to Mars with Elon Musk’s SpaceX.

For the Kremlin, the Miami talks were the culmination of a strategy, hatched before Trump’s inauguration, to bypass the traditional U.S. national security apparatus and convince the administration to view Russia not as a military threat but as a land of bountiful opportunity, according to Western security officials. By dangling multibillion-dollar rare-earth and energy deals, Moscow could reshape the economic map of Europe—while driving a wedge between America and its traditional allies.

Dmitriev, a Goldman Sachs alumnus, had found receptive partners in Witkoff—Trump’s longtime golfing partner—and Kushner, whose investment fund, Affinity Partners, drew billion-dollar investments from the Arab monarchies whose conflict with Israel he had helped mediate. 

[…]

“Russia has so many vast resources, vast expanses of land,” Witkoff told The Wall Street Journal, describing at length his hopes that Russia, Ukraine and America would all become business partners. “If we do all that, and everybody’s prospering and they’re all a part of it, and there’s upside for everybody, that’s going to naturally be a bulwark against future conflicts there. Because everybody’s thriving.”

I have no idea if Witkoff believes that drivel but it doesn’t matter. He’s going to get his, no matter what. The grift is unprecedented in world history and illustrates that we are now fully in the grip of a global oligarchy with a fascist political arm.

There’s more:

In the days after Alaska, a European intelligence agency distributed a hard-copy report in a manila envelope to some of the continent’s most senior national security officials, who were shocked by the contents: Inside were details of the commercial and economic plans the Trump administration had been pursuing with Russia, including jointly mining rare earths in the Arctic. 

Witkoff has worked closely with Vice President JD Vance and Secretary of State Marco Rubio. But Trump’s special envoy for Ukraine, former Lt. Gen. Keith Kellogg, has been all but frozen out of serious talks, and last week said he is leaving the government.

To understand the story behind the administration’s Russia negotiations, The Wall Street Journal spoke to dozens of officials, diplomats, and former and current intelligence officers from the U.S., Russia and Europe, and American lobbyists and investors close to the administration. The picture that emerges is a remarkable story of business leaders working outside the traditional lines of diplomacy to cement a peace agreement with business deals.

Don’t worry MAGA. I’m sure you’ll benefit from all this too. Maybe you’ll get to keep social security and Medicare, which is really generous. Kind of like Ukraine getting to keep Kiev.

Major energy investors are in on the deal, meeting with Russian state owned energy companies with quite a few Trump donors at the head of the line. Natch.

Puck’s Julia Ioffe goes into the last week or so’s chaotic 28-point plan talks, pointing out just how inept these Masters of the Universe actually are:

In Washington—at least among the bipartisan crowd that, like most Americans, still backs Ukraine—people are alarmed. One foreign-policy insider pointed out that Ukraine, which is now arguing over a 600,000-troop limit on its military, “has been forced to negotiate against itself and make preemptive concessions.”

Others are simply confused. “Has there been anything else since this morning?” said Rep. Don Bacon, Republican of Nebraska, given the sundry peace plan drafts in circulation. Still, Bacon told me, what he had read most recently was an improvement over the original leaked draft. “It’s disgraceful that the U.S. would submit a proposal to give up Ukrainian territory and give up Ukrainian sovereignty,” he said. “It angered me to no end. And it embarrasses me as a Republican.” Bacon viewed the original 28-point plan as “Witkoff run amok,” and was reassured that Rubio seemed to be caught off guard by it as well. “I trust him,” he said. “I don’t think he’d give away the store.”

Bacon believes that the U.S. isn’t effectively using its leverage. After all, Trump could be sending Ukraine more weapons and dialing up the sanctions on Russia, then pushing for bigger concessions from the Russians. In short, Bacon said, Trump could be telling Putin, “If you want territory, let them into NATO. If not, then leave Ukrainian territory. Tough, but that’s the choice!” And the United States could insist on it.

“I don’t want Neville Chamberlain’s name in the same sentence as the president’s in the history books,” Bacon continued. “That’s where we were headed Thursday. And I told that to the White House.” Asked how the White House responded, Bacon said, “They say it’s just negotiating.”

Speaking of Neville Chamberlain, at least he was genuinely idealistic, if cripplingly naive, about the need for peace at all costs. “Peace” is obviously just Trump’s schtick in order to get a prize he can display proudly down at Mar-a-lago with his various golf championships he “won” at his golf courses. The big score is all the money he’ll make for Javanka and the boys along with his good buddies like Lutnick and Witkoff.

Trump knows about nothing but his daddy’s real estate business and licensing deals for cheap ties and nasty perfume. The crypto stuff he’s into now is way beyond his Ken. Because of his personality defect, limited bandwidth and sociopathic tendencies he does not have the capacity to understand anything more complicated and this term his henchmen have validated his belief that he can run the entire world through this myopic little worldview. It’s unleashed this global oligarchy that is going to lead to catastrophe. Ioffe adds:

Why would that be???

I assume it could be stopped with a strong pushback from political actors, perhaps competition with other global actors, and the clear ineptitude of these people who believe they are much more intelligent and competent than they really are. But I don’t have a lot of faith that it will. This really feels like a runaway train right now and I have no idea where it ends up.

I think it might be a good idea to re-read “The March of Folly.” There’s also a movie on Netflix right now that’s pertinent, called “Munich, The Edge of War” with Jeremy Irons as Neville Chamberlain. As I said, at least he was genuinely idealistic. Trump is just a greedy moron surrounded by fascists and oligarchs. Sadly, I suspect the motives don’t much matter in the end. The people who seek world domination will use any advantage they have.

Sinking Like A Stone

 President Donald Trump’s job approval rating has fallen five percentage points to 36%, the lowest of his second term, while disapproval has risen to 60%. The latest decline follows three months of stability, with 40% to 41% of Americans expressing approval of his handling of the presidency. His prior second-term low point in approval was a statistically similar 37% in July, and his all-time low was 34% in 2021, at the end of his first term after the Jan. 6 attack on the Capitol.

Both Republicans’ and independents’ ratings of Trump have worsened significantly since last month. Republicans’ approval has fallen seven points to 84%, while independents’ has slipped eight points to 25%. Republicans’ rating is the lowest of Trump’s second term, while independents’ is the worst in either term. Trump’s prior low point among independents, 29%, was last recorded in July and, prior to that, was only seen once before, in August 2017.

Meanwhile, Democrats’ rating of the president remains mired in the low single digits (3%).

And yest he is undeterred.

Scrambled Eggs For Brains

This is literally insane

How’s the White House’s supply of antacids holding up?

Trump to pardon ex-Honduras president convicted of drug trafficking

Donald Trump has said that he will pardon the former president of Honduras, Juan Orlando Hernández, who was convicted of drug trafficking charges in a US court last year.

The US president said Hernández had been “treated very harshly and unfairly” in a social media post announcing the move on Friday.

Hernández was found guilty in March 2024 of conspiring to import cocaine into the US, and of possessing machine guns. He was sentenced to 45 years in prison.

Senate committee vows ‘vigorous oversight’ in killing of boat strike survivors

The head of the Republican-led Senate Armed Services Committee has pledged “vigorous oversight” after a Washington Post report that Defense Secretary Pete Hegseth gave a spoken order to kill all crew members during the first U.S. strike against suspected drug smugglers in the Caribbean earlier this year.

A live drone feed showed two survivors from the original crew of 11 clinging to the wreckage of their boat following the initial missile attack on Sept. 2, The Post reported on Friday afternoon. The Special Operations commander overseeing the operation then ordered a second strike to comply with Hegseth’s directive, according to two people with direct knowledge of the operation, killing both survivors. Those people, along with five others in the original report, spoke on the condition of anonymity because of the matter’s sensitivity.

LIVE: Donald Trump says Venezuela airspace now closed as tensions surge

  • US President Donald Trump declares the airspace above and surrounding Venezuela should be considered “closed in its entirety” in the latest escalation of tensions between the two countries.
  • The US president’s statement comes as Trump’s administration piles pressure on Venezuela with a major military deployment in the Caribbean that includes the world’s largest aircraft carrier.

He really wants that Nobel Peace Prize, doesn’t he? Somebody get the net!

If you’re more upset about Democrats reminding members of the military NOT to commit war crimes than you are about Republicans using the military TO commit war crimes, then congratulations, because you are an idiot, an asshole, and you’re in a fucking cult.

JoJoFromJerz (@jojofromjerz.bsky.social) 2025-11-29T13:25:40.171Z

* * * * *

Is this a private fight, or can anyone join?

No King’s One Million Rising movement 
50501 
May Day Strong
Freedom Over Fascism Toolkit
The Resistance Lab
Choose Democracy
Indivisible: A Guide to Democracy on the Brink 
You Have Power
Chop Wood, Carry Water
Thirty lonely but beautiful actions
Attending a Protest Surveillance Self-Defense

Is Your U.S. Citizenship At Risk?

It is if you were naturalized

By Grand Canyon National Park – Naturalization Ceremony Grand Canyon 20100923mq_0555, Public Domain, https://commons.wikimedia.org/w/index.php?curid=43347142 (Public domain).

Pod Save America’s Jon Favreau on Friday spent more time on Friday on one item I mentioned in passing from Donald Trump’s Thanksgiving night rants: denaturalization.

Favreau tweeted:

People aren’t focused enough on the word “denaturalize” here

The President says that he will revoke the *citizenship* of Americans who weren’t born here if he and @StephenM determine decide they need to go.

Denaturalization is a rare and legally difficult process that Miller and white nationalists like Nick Fuentes have been pushing to “supercharge” the process for years now.

But as Trump makes clear by citing the number 53 million – which includes foreign-born CITIZENS – any American who wasn’t born here is now, at least in the eyes of the government, at risk of deportation.

Xenophobia on steroids

Yes, Trump, Stephen Miller, and their Project 2025 accomplices want to “adjust” the U.S. population through mass deportations. They mean to keep the “wrong” people from diluting the political strength of the shrinking white-Christian majority. Mark Steyn’s “It’s the Demography, Stupid” sounded this alarm in the Wall Street Journal back in 2006. He wrote of how the Muslim birthrate in Europe threatened western civilization and let white-Christian America read between the lines for what demographic change would mean here.

As slippery slopes go, this one is motor oil on teflon. America was still in its post-September 11 moral panic over Islam in 2006. Mexicans and other brown-skinned immigrants were only temporarily eclipsed as the demographic bogeymen. Not to worry, Lou Dobbs was already mentioning illegal immigration in most of his shows, backed up on Fox News by Bill O’Reilly and by Glenn Beck on CNN. Xenophobia had an audience among Real Americans™.

Trump began his first term trying to ban Muslim visitors and immigrants from the U.S. He has since taken his xenophobia beyond brown-skinned Latinos and Muslims. The gilded fan of racehorse theory now want so declare any non-native-born Americans not to be real citizens. (Tough break for Ted Cruz, notes one X user.) Trump means to ethnically cleanse the country of them too:

Trump declared his intent to “remove anyone who is not a net asset to the United States” (including the stray European), to “denaturalize migrants who undermine domestic tranquility,” and to “deport any foreign national who is a public charge, security risk, or non-compatible” with Western (read: white) civilization. Trump declared a program of “REVERSE MIGRATION” (read: ethnic cleansing).

Ron Brownstein adds (brackets mine):

Per @pewresearch 46% of US foreign born are naturalized citizens. They are 13% of workforce & per @AP Votecast were 7% of voters (which would translate into 11 [million] voters) Trump not only threatens to denaturalize them but says they’re mostly on welfare or criminals, mentally ill

This represents a kind of “patriotic” fundamentalism. (It’s not enough for Christian fundies that you accept Jesus as your savior. If you don’t subscribe to their sect’s particular set of beliefs, you go to hell on a technicality, heathen.) Trump not only wants to eliminate the birthright citizenship guarantee in “All persons born or naturalized in the United States,” he now wants to eliminate the naturalized part as well. Under Trump and Miller, America will be purged and purified.

Give them time and they’ll try to abolish the 15th Amendment too.

* * * * *

Is this a private fight, or can anyone join?

No King’s One Million Rising movement 
50501 
May Day Strong
Freedom Over Fascism Toolkit
The Resistance Lab
Choose Democracy
Indivisible: A Guide to Democracy on the Brink 
You Have Power
Chop Wood, Carry Water
Thirty lonely but beautiful actions
Attending a Protest Surveillance Self-Defense

Vibes

Who needs reality?

I guess I’m glad to hear that we are not the only country in the grips of irrationality:

When Shabana Mahmood, Britain’s Home Secretary, announced restrictive new measures last week aimed at cracking down on legal immigration, she used dire language to bolster her case.

“The pace and scale of migration in this country has been destabilizing,” she said in a speech to Parliament. She warned of “unprecedented levels of migration in recent years” and vowed that with her new policies: “That will now change.”

In fact, it already has.

Official data released Thursday showed that net migration to Britain fell sharply in the 12 months leading up to June, to 204,000 people, down from the previous year’s total of 649,000.

Those numbers continue a downward trend in Britain. Net migration — the number of people who arrived, minus the number of people who left — almost halved in 2024, the result of tougher rules announced at the end of the previous Conservative government, and of changes in global migration patterns.

Overall, net migration to Britain has now plunged by almost 80 percent since its peak of nearly a million people in 2023.

I guess it takes a while for change to sink in. But the result is that everyone reacting to something that’s already over and the policies are counterproductive. The UK may end up getting that clown Nigel Farage as a PM which is almost as bad as electing Trump.

“Kill Them All”

I feel sick:

The longer the U.S. surveillance aircraftfollowed the boat, the more confident intelligenceanalysts watching from command centers became that the 11 people on board were ferrying drugs. Defense Secretary Pete Hegseth gave a spoken directive,according to two people with direct knowledge of the operation. “The order was to kill everybody,” one of them said.

A missile screamed off the Trinidad coast, striking the vessel and igniting a blaze from bow to stern. For minutes, commanders watched the boat burning on a live drone feed. As the smoke cleared, they got a jolt: Two survivors were clinging to the smoldering wreck.

The Special Operations commander overseeing the Sept. 2 attack — the opening salvo in the Trump administration’s war on suspected drug traffickers in the Western Hemisphere — ordered a second strike to comply with Hegseth’s instructions, two people familiar with the matter said. The two men were blown apart in the water.

Hegseth’s order, which has not been previously reported, adds another dimension to the campaign against suspected drug traffickers. Some current and former U.S. officials and law-of-war experts have said that the Pentagon’s lethal campaign — which has killed more than 80 people to date — is unlawful and may expose those most directly involved to future prosecution.

The alleged traffickers pose no imminent threat of attack against the United States and are not, as the Trump administration has tried to argue, in an “armed conflict” with the U.S., these officials and experts say. Because there is no legitimate war between the two sides, killing any ofthe men in the boats “amounts to murder,” said Todd Huntley, a former military lawyer who advised Special Operations forces for seven years at the height of the U.S. counterterrorism campaign.

Even if the U.S. were at war with the traffickers, an order to kill all the boat’s occupants if they were no longer able to fight “would in essence be an order to show no quarter, which would be a war crime,” said Huntley, now director of the national security law program at Georgetown Law.

Hegseth has always been a huge fan of war crimes. He’s the guy who persuaded Trump to pardon war criminals in his first term. (He did it eagerly.)

I guess enough Americans think murderous sociopaths are fine leaders as long as they don’t have to pay a few more cents for eggs that they wanted to put them back in power. No one should be surprised by any of this.

We’ve never been perfect, far from it. Slavery, Jim Crow, all of it should have been a clue. But I think we’re seeing now that it’s such an indelible part of our national character that any progress we think we have made will be erased once we get a taste of blood. And we are so powerful now that I wonder if the only answer will be for the entire world to band together in opposition. That possibility seems very remote right now.

The American people can stop it. But it’s going to take courage and commitment similar to what the original revolutionaries mustered to extricate themselves from their king. They’ll have to see that there’s even more at stake than “affordability.” I’m still hopeful that they will. What choice do we have?

Black Friday

The old fashioned kind

Paul Krugman says it’s time to sober up:

On Sept. 15, 2008 Lehman Brothers failed. Within weeks the whole U.S. financial system was caught in the downward spiral of a massive bank run, on a scale not seen since the 1930s. Yet there was an important difference from the 1930s bank runs: in 2008, the panic mainly resulted in flight from “shadow banks,” nonbank institutions that performed bank-like functions. Conventional banks were largely immune from the 2008 panic because deposit insurance and federal regulations – a consequence of the 1930s bank runs – protected them.

While the U.S. economy was already in recession when Lehman fell, the financial crisis pushed it off a cliff into a deep recession. Despite frantic efforts to stabilize the financial markets, including large bailouts and huge lending by the Federal Reserve, America lost 6 million jobs in the year following Lehman’s fall. Total employment didn’t return to pre-recession levels until 2014. The share of prime-working-age adults with jobs remained depressed until the late 2010s:

The clear lesson of 2008 is that effective financial regulation is essential. For three generations after the great bank runs of 1930-31, America avoided “systemic” banking crises — crises that threaten the whole financial system, as opposed to individual institutions. This era, which Yale’s Gary Gorton calls the Quiet Period, was the result of New-Deal-era protections — especially deposit insurance — and regulations that limited banks’ risk-taking.

But post 1980, finance was increasingly deregulated. In particular, the government failed to extend bank-type regulation to shadow banks that posed systemic bank-type risks. And the crisis came.

In a way, the laxity that made the 2008 crisis possible was understandable. By the 2000s nobody in government or the financial markets remembered what a real financial crisis was like. And no, watching “It’s a Wonderful Life” on Christmas Day doesn’t count.

But here we are in 2025, and 2008 wasn’t that long ago. Many of us still have vivid memories of the gut-wrenching panic that gripped the world when Lehman fell. Yet Donald Trump’s allies and cronies are now moving rapidly to dismantle the precautionary regulations introduced after 2008 to reduce the risk of future financial crises. I say “allies and cronies” advisedly. There’s no indication that Trump himself has any idea what’s happening on his watch. But key players in Congress, within the administration, and, alas, at the Federal Reserve, are apparently determined to make a 2008 rerun possible.

The MAGA war on financial stability is being waged largely on two fronts. First, there’s an ongoing effort within some parts of the Federal Reserve to drastically weaken bank supervision — oversight of banks to prevent them from taking risks that could threaten the financial system.

The Fed has multiple roles: in addition to setting interest rates, it also has primary responsibility for bank supervision.

The Fed is supposed to be quasi-independent, and so far it has preserved its interest-rate-setting independence in the face of intense pressure by Trump to cut rates. Yet a Trumpian agenda is attempting to overtake the Fed’s bank supervision operations. In June, Michelle Bowman, a Trump appointee, became the Fed’s vice-chair of supervision. She is in the process of reducing staffing at the Fed’s supervisory and regulatory unit by 30 percent, while hiring new staffers drawn from the banking industry.

Bowman is expected to substantially loosen capital requirements. Capital requirements – requirements that a bank’s shareholders put a significant amount of their own money at risk to fund loans, and not just depositors’ money – are a critical component of reducing risk throughout the banking sector. Bowman has also sent out a memo sharply curtailing the ability of Fed staff to issue warnings about what they consider risky bank practices.

While it’s impossible to predict the precise effect of any of these moves, Bowman’s actions will clearly increase the banking industry’s profits in the short run while increasing the risk of another financial crisis – a risk that will inevitably fall on taxpayers’ shoulders, as they did in 2008.

The second front of MAGA’s war on financial stability is on behalf of the crypto industry. The Trump administration and its allies in Congress — including, I’m sorry to say, a number of Democrats in this case — are moving to promote wider use of crypto. In particular, the GENIUS Act (gag me with an acronym), passed in July, aims to promote stablecoins. And the fact is that stablecoins are effectively an alternative, weakly regulated and poorly supervised form of banking.

What are stablecoins? They’re privately issued tokens supposedly fixed in value at one dollar. They are, in effect, sort of a digital version of the bank notes that circulated during America’s private banking era in the 19thcentury — an era in which gold coins were the only official U.S. currency, with paper money consisting of notes issued by private banks that promised to redeem these notes for gold or silver on demand. The most famous of these bank notes was the $10 “Dix” note issued by the Citizens’ Bank of Louisiana, which may have given the South its nickname:

Private banking had many serious problems: private banks frequently collapsed, thereby losing depositors’ money. Without effective government supervision, private banks could issue notes without the resources to honor their promise to redeem those notes on demand. Indeed, there was a proliferation of “wildcat banking” — establishing banks in remote locations “where the wildcats roamed,” thus making it difficult for noteholders to present their notes for redemption.

How do stablecoins compare with 19th century private banking? One fact rarely mentioned about the stablecoin industry is that it’s dominated by two big issuers, Tether and USDC, with the rest consisting of a grab-bag of minor coins that collectively are much smaller than either:

Source

Tether has attracted the most scrutiny, in large part because it has, as The Economist puts it, become “money launderers’ dream currency.”

Leaving aside its role in facilitating global crime and viewing it as in effect a bank, how sound is Tether? On Wednesday S&P Global Ratings issued a scathing report, questioning the quality of Tether’s assets and noting that the company is highly secretive, giving outsiders no good way to assess its claims to be financially stable.

But aren’t government regulators keeping an eye on Tether? Um, no. Tether isn’t a U.S. company. It’s headquartered in and overseen by El Salvador, whose authoritarian ruler Nayib Bukele is best known in financial circles for his expensive, failing attempt to force Salvadorans to use Bitcoin as currency. El Salvador’s prudential guidelines for Tether are very lax, and how much faith do we have that even these weak rules are being enforced?

How did Tether respond to S&P’s assessment? With conspiracy theories, accusing S&P of being a tool of the “traditional finance propaganda machine.”

In short, as far as I can tell, Tether is a 21st century version of a wildcat bank, issuing tokens while deliberately making it hard for anyone to know whether it has the resources to honor them. And it’s not an outlier — it’s most of the industry.

Does Tether satisfy the rules of the GENIUS Act? No. This means that in principle, once the act is fully implemented, Tether won’t be able to issue its coins in the United States. The company has floated the idea of issuing a separate coin that does obey GENIUS rules, but that hasn’t happened yet.

Maybe other stablecoins will emerge that do honor U.S. rules. But there are worrisome loopholes in those rules that are likely to make stablecoins risky. And anyway, with resources and staff for financial supervision being slashed, how will these rules be enforced? A special source of concern is the worry that stablecoins will draw money out of conventional bank deposits into institutions that will, at best, be less well regulated.

Why are Trump and his allies undermining financial stability? There may be an element of free-market dogma. But as always with this administration, you shouldn’t underestimate the importance of simple corruption. Tether is closely connected with the financial firm Cantor Fitzgerald, formerly run by Howard Lutnick, Trump’s secretary of commerce. On joining the government, Lutnick left his role at Cantor Fitzgerald — and handed it over to his sons.

This post is already long, so I’ll stop with a warning: Along with its many other sins, the Trump administration is doing its best to make a future financial crisis more likely. I hope the Democrats are paying attention and won’t let themselves be seduced by Wall Street and, worse, the blandishments of the crypto bros. Because if they don’t, they could set themselves for a 2008-type crash during a Democratic administration. And we can guess who will get the blame.

It’s the corruption. We are awash in it and it’s getting worse every day.

The People Are Awake

Thanksgiving 2024 was one of the most dreary holidays we’ve had for many a year. It may have even been worse than the 2016 holiday, when half the country was in a state of stunned disbelief that Donald Trump had won the presidency. This time, though, we knew what we were in for — and that made it even worse.

Trump had been impeached twice, inspired an insurrection, convicted of 34 felonies, found liable for sexual abuse of journalist E. Jean Carroll and guilty of massive fraud. He was indicted for conspiring to overturn the results of the 2020 election in Georgia, and then he was indicted again for stealing classified documents. And yet Americans voted him back into the presidency? The turkey, dressing and pumpkin pie all tasted like dust that no amount of wine or cider could wash away. 

When Republicans lose an election nowadays, they just say it was rigged and pretend they won anyway. Somehow, they apparently find that soothing. Democrats, on the other hand, don hair shirts and self-flagellate for months, ensuring that voters of all political stripes see they loathe themselves even more than the GOP does. 

The good news is that after three seasons of remorse and penance, over the past month or so Democrats have broken out of their funk and are coming to grips with the reality of another three years of Trump.

Like the president himself, the Trump train, which looked like high-speed rail during the first few months of his second term, is slowing down. And it’s a much more rickety machine than it first appeared. 

Over the past few weeks the Republicans have lost the argument — if not the process — on the government shutdown. Despite the best efforts of Trump, House Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., Congress voted almost unanimously for the Justice Department to release the Epstein files. Trump failed to persuade the Senate to eliminate the filibuster and his “health care plan” has been rejected by the House’s MAGA caucus. Now, a contingent of congressional Republicans are rebelling against his proposed sell-out to Russia and his staunch ally, Rep. Marjorie Taylor Greene, R-Ga., defied him and then announced her resignation, prompting whispers that she’s just the first of many House Republicans who are considering leaving Congress before the 2026 midterms — and possibly even prompting a shift in the majority. 

Despite his extravagant campaign promises, Trump’s economy is still in the doldrums, largely because he choked off the crisp recovery that was underway when he took office with his tariff agenda. His anti-immigrant policiesImmigration and Customs Enforcement raids and warmongering in the Caribbean are cruel; his corruption is flagrant and his obsession with renovating and decorating the White House is downright bizarre. His personal vengeance project is an embarrassment to all involved. 

For months, the media was mesmerized by Trump’s theatricality. Democrats in Washington, obsessed as they were with their compulsive navel gazing, were paralyzed. But that seems to be over now — and it’s largely due to ordinary Americans seeing the threats posed by Trump more clearly than the party’s leadership and successfully pushing back. 

The latest polling breaks down along typical lines, with Republicans mostly backing Trump and Democrats pretty much unanimously rejecting him. But instead of the similar breakdown you usually find among Independents, who generally lean 50-50, a substantial majority of them are now siding with the Democrats. A recent CBS/YouGov poll found that a whopping 76% disapprove of Trump’s handling of the economy, while 24% approve. 

Those numbers reflect a very serious erosion in support for Trump and Republicans, and it’s doubtless contributed to his approval rating sinking below 40%. This decline has occurred despite a massive propaganda effort by the White House to present the president’s first year as successful on every front — including this week’s ludicrous claim that he has the highest poll numbers of his career. He is actually at the weakest point in his presidency.

Americans are rejecting Trump’s policies across the board. He’s drastically underwater on the economy, immigration, inflation and trade, all supposedly his strong suits, and people are blaming him — and not former President Joe Biden — for all of it. While most Republicans love the cruel ICE raids in Democratic-led cities, large majorities of Democrats and Independents disapprove, and it’s personal to many of them. Most people, too, are well aware that Trump is using law enforcement to target his political enemies.

But we don’t have to read the polls to know that Democrats and Independents see what’s happening. In June, the “No Kings” protests brought out five million people nationwide, and the subsequent marches and rallies on Oct. 18 saw 7 million turn out in the largest protest in U.S. history.

As anyone who perused the many clever protest signs could see, there were many reasons why Americans turned out. But the common message was contained in the name of the protest itself: People don’t like the authoritarian methods Trump and the GOP are employing to get their way. The protests demonstrated that millions see the president as a clear and present threat to American democracy and our system of government. 

These aren’t the only signs that the stakes are setting in for people. As historian Heather Cox Richardson wrote in her newsletter this week, there is a burgeoning consumer protest movement as well. In response to Trump’s appointment of Tesla CEO Elon Musk to take his famous chainsaw to the federal government, average folks organized “Tesla Takedowns” at the company’s showrooms to persuade people not to buy his cars. The results were major brand damage and sinking stock prices. ABC’s suspension of Jimmy Kimmel, following pressure from Federal Communications Commission chairman Brendan Carr and Trump himself, proved that consumers have the kind of clout that can move a giant corporation — Disney in this case — to defy the administration’s attempts to crackdown on free speech. The loss of subscribers and again, brand damage, was substantial. 

Richardson recounted the history of successful consumer movements, particularly those run by women in the years before they were allowed to vote. Her conclusion? These movements have teeth — and they work. Richardson mentioned the upcoming “We Ain’t Buyin’ It!” campaign scheduled for Black Friday through Cyber Monday. Its organizers are urging people to pause their shopping at Target, Amazon and Home Depot from Nov. 27 to Dec. 1 in an effort to protest what they call “corporations enabling the Trump Administration’s abuses of power.” 

Finally, there were the overwhelming victories of Democrats in the recent elections. In a normal political environment, off-year elections have limited value in predicting the following year’s midterms. But this year, in this abnormal time, something interesting happened.  Young people and Latinos who had voted for Trump in 2024 swung back to Democrats in droves, from the big marquee races to local school boards. 

This comes as a huge relief. The most disorienting and disheartening aspect of the Trump restoration has been the idea that so many of our allies would support Donald Trump after all we knew about him. Today, I think we can see that many of them realize they made a mistake and are prepared to help save America from the creeping authoritarianism we are witnessing.

Just as it should be in a democracy, the people are inspiring the Democratic establishment to follow them. And that’s something to be thankful for.

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