Tag: finance
Stephen Miller

Is Funding Freeze A 'Media Hoax' -- Or A 'Gift To Terrorists'?

Stephen Miller, President Donald Trump’s White House deputy chief of staff, is under fire after appearing repeatedly to attempt to whitewash the Office of Management and Budget memo that ordered a funding freeze on “all Federal financial assistance, and other relevant agency activities that may be implicated by the executive orders, including, but not limited to, financial assistance for foreign aid, nongovernmental organizations, DEI, woke gender ideology, and the green new deal.”

The OMB memo, which was not publicly rolled out but rather discovered by journalist Marisa Kabas, appears to have led to the shuttering on Tuesday of the Medicaid portals in all 50 states. There were also reports that in addition to the Medicaid portal, the portal for SNAP, the Supplemental Nutrition Assistance Program formerly known as “food stamps,” also went down on Tuesday, along with other sources or recipients of federal funding.

Miller declared that the massive nationwide concern and confusion were a media creation.

“I can’t help it if left-wing media outlets published a fake news story that caused confusion,” he told CNN’s Jake Tapper. The confusion, Miller insisted, was a “false story” that was “created by the media.”

Later on Tuesday Miller doubled down, declaring on social media, “Welcome to the first dumb media hoax of 2025. OMB ordered a review of funding to NGOs, foreign governments and large discretionary contracts. It explicitly excluded all aid and benefit programs. Leftwing media outright lied and some people fell for the hoax.”

OMB was forced to issue an explainer Tuesday after media outlets accurately reported what the OMB memo stated. But some say that the FAQ was an opportunity for OMB to backtrack after massive, nationwide anger, fear, and confusion — which was somewhat quieted after a federal judge issued a temporary partial pause on the OMB memo.

Rep. Seth Magaziner (D-RI) responded to Miller’s remarks, writing: “They are back-tracking because we spoke up. Good. But make no mistake: their OMB memo ordered a freeze of *all* grants. The Medicaid and SNAP portals went dark. Head Start providers couldn’t draw funds. This was not a coincidence. It was their plan. And they screwed up bigly.”

Despite Miller’s repeated claims that the memo was clear and did not affect a wide array of federally-funded programs, The Boston Globe reported that “Children’s Friend, a Head Start program in Rhode Island, said it was unable to draw down $500,000 for this week’s payroll,” and “Open Door Health, an LGBTQ+ health clinic, said it could not access its federal funds on Tuesday.”

Rep. Magaziner also posted a list of organizations that he says are being blocked from receiving funding by the Trump Department of Homeland Security. “This is a gift to terrorists and our adversaries across the world. Trump needs to stop this madness and resume funding now,” Magaziner, the Homeland Security Ranking Member for Counterterrorism, wrote:

Outrage at Miller’s remarks calling the massive public upset and confusion over OMB’s memo a “dumb media hoax” was extensive.

“Completely false. Your first lie of the year. Payment Management Services (PMS), through which states get Medicaid funds from the federal government, had a banner saying payments were stopped because of Trump’s order. Stop lying,” wrote MSNBC columnist Rotimi Adeoye, whose bio says he is a former congressional aide and advisor for the ACLU Voting Rights Project.

“Sure there are dumb media hoaxes but if you accidentally turn off Medicaid people notice,” observed Matt Stoller, a political commentator, author, and the research director of the American Economic Liberties Project.

Reprinted with permission from Alternet.

With 'Memecoin,' New Trump Presidency Reworks An Old Con

With 'Memecoin,' New Trump Presidency Reworks An Old Con

Right before his inauguration, Donald Trump issued a $TRUMP meme coin featuring a defiant him pumping his fist after an assassination attempt. Shortly after their release, the market capitalization for $TRUMP coins passed $5 billion.

Oracle of Omaha Warren Buffett once called bitcoin "rat poison squared." Jamie Dimon, chief at JPMorgan Chase, noted that "it's got no intrinsic value," adding, "I remember when Beanie Babies were selling for $2,000 a pop."

Beanie Babies. Back in the 1990s, crowds pushed their way into toy stores to get in on Beanie Babies. TV hucksters would claim that a $1,500 investment in a Beanie Baby today could be worth $75,000 in 10 years.

What were Beanie Babies? They were cute animal dolls, basically pieces of fabric stuffed with plastic pellets. Most anyone with a sewing machine could make a Beanie Baby replicant. To protect against copies, creator Ty Warner had heart-shaped Ty tags attached to each. (Though tags were counterfeited as well.)

To drive up the prices of a $5 toy, Warner worked the psychology of scarcity through limited supplies and selective distributions. Bitcoin promoters likewise argue that the limited supply of the cryptocurrency maintains the investment's value.

Bitcoin's price is fueled by the Greater Fool Theory — that the fool who buys it needs only find a bigger fool to pay more for it than he did. That's how Beanie Baby mania worked.

"Is Trump's bitcoin embrace the biggest 'pump-and-dump' ever?" Economists Jeffrey Funk and Gary Smith, writing for MarketWatch, ask that question. Could Trump be pushing up crypto's value to unheard-of levels with the intention of dumping it at a high price and leave the greater fools holding the bag? And my question, could some billionaire pals be in on it?

Trump has been scamming the little guys for decades. In 1995, he got his fans to bail out his collapsing Atlantic City empire by selling them $140 million in Trump casino stock. (He had convinced them that he was a financial genius.) The investors were cleaned out.

Trump's army of lawyers are protecting him against a possible crash in the value of $TRUMP meme coins. The contract's small print strictly limits class action suits — and states that the coins are "NOT INTENDED TO BE ... AN INVESTMENT OPPORTUNITY, INVESTMENT CONTRACT, OR SECURITY OF ANY TYPE."

But to muddy that idea for the rubes, the Trump memes website notes they are "freely tradeable on the blockchain." Buyers can thus pretend to be crypto bros, as the ads show, lounging at the pool, as perfect female bodies sun in the background.

People who bought Trump Bibles or Trump sneakers, never mind the price, at least had a Bible or sneakers to show for it. As for those who regard the $TRUMP coins merely as a memento of the Great God Trump, something to pass down to their heirs — they could be OK.

Crypto ringmasters, meanwhile, love Trump's vow to deregulate. Also his extravagant promises to have the Treasury Department — that is, the taxpayers — buy billions of dollars of the cryptocurrency for a "Bitcoin Strategic Reserve." It would supposedly be used to pay off the national debt.

"How would the U.S. government buying bitcoin at inflated prices pay off America's debt?" Funk and Smith ask.

Crypto is a crazy volatile investment. In 2022, the value of bitcoin plunged 80% from its high after the collapse of the FTX crypto exchange. If inflating the price of crypto is part of a Trump scheme, we can assume the players will have dumped it in time for any crash. The greater fools would suffer: That's their lot. But please, please leave we taxpayers out of it.

Reprinted with permission from Creators.

Snark Won't Save Us From Trump And His Grifting Henchmen

Snark Won't Save Us From Trump And His Grifting Henchmen

Put on your slicker and turn up your hood, because I’m about to rain on the commentariat parade that has spent the day stomping on Kimberly Guilfoyle, she of the recent break-up with Donald Trump Jr. and subsequent appointment to be our ambassador to the birthplace of Democracy, the country of Greece. Substack columns and Democratic-leaning blogs have had what we used to call a field day making fun of Guilfoyle herself and the supposition that Don Jr. went to his father and asked him to give her something to do that would take her as far away as possible from Palm Beach and Washington D.C.

“Greece begs Guilfoyle to stay in U.S. We can hear her from here,” Andy Borowitz said on Substack, where he now publishes. “So he breaks up with her and ships her off to Greece? I smell a Hallmark Movie” read one post on X.

It’s hard to resist being snarky about Guilfoyle when Trump’s announcement of her appointment includes absurd praise of her “extensive experience and leadership in law, media, and politics along with her sharp intellect,” when the sum total of her actual experience is having been the host of a Fox News talk show. Guilfoyle expressed her thanks on Instagram say, “As ambassador, I look forward to delivering on the Trump agenda, supporting our Greek allies, and ushering in a new era of peace and prosperity.”

Evan Hurst writing on Wonkette, in a withering take-down of Guilfoyle’s appointment, wrote, “Thank God, our long-running war against Greece is coming to an end!”

I confess that my own tastes in commentary often run to snark and ridicule of political figures with whom I disagree and of whom I am contemptuous. Kimberly Guilfoyle is one such figure. Others have recently included Kash Patel, Matt Gaetz, Lindsey Graham, Mitch McConnell and many, many more. Each are laughable in their own unique ways, and I have launched snarky arrows at each of them repeatedly.

An absurd character such as Guilfoyle is far too easy of a target, but she and others like her are what Donald Trump is giving us.

In the election of Donald Trump to a second term in the White House, we have reached a point where snark and ridicule, while fun, are reaching their limits. Some of Trump’s appointments have indeed been laughable. Others, however, are sinister and represent threats to the way that this country has traditionally been governed: with a seriousness of purpose that measures up to the task at hand, no matter the department of government or the issues faced here and abroad.

Donald Trump was not that kind of president in his first term, and he shows every sign of going even more outside the norms of American governance this time around. In fact, with his appointments of right-wing bomb throwers and business cronies, Trump appears to be systematically forming a government that he will systematically loot for his own monetary advantage. He has appointed billionaires to oversee and regulate industries and sectors of the economy in which they hold major investments. Trump and his sons recently established their own crypto trading firm, World Liberty Financial, in which a Chinese crypto entrepreneur has invested $30 million, of which $20 million is estimated will accrue to Donald Trump personally, given the structure of his ownership in the business. Trump’s other son, Eric, has made no secret of his father’s interest in allowing crypto to be traded virtually without regulation, and plans have even been announced to have the U.S. Treasury create a so-called “strategic reserve” of crypto currencies in the amount of $100 billion or more. Investment by the U.S. government in anything is sure to send its value up, this increasing the value of whatever Trump’s crypto holdings are.

The chances for insider trading are off the charts with Trump’s appointment of Paul Atkins as Securities and Exchange Commissioner. Atkins is the CEO of a consulting business that has large crypto clients and is known to be an advocate for what Trump, in his appointment message, called “digital assets.”

“Digital assets,” for those keeping score, are what you get when you take real dollars that you can deposit in banks and use to buy things like food and cars and houses, and instead you buy a so-called “wallet” which contains nothing more than bits of code that is secret, the access to which is secret, the value of which is secret, and which is valued by a market with few boundaries or rules that protect investors against fraud and abuses like ponzi schemes. This description of what crypto amounts to is snarky, but the potential damage to what crypto can do to our economy and to the people who buy its bits and “wallets” is real.

Let us sum up our situation this way: the political and economic and humanitarian life of this nation is already in deep peril, and Donald Trump has not even been inaugurated yet. Snark can help us deal with what we face, but it isn’t going to save us from a man with no morals and criminally defective judgement who will soon have our nuclear codes in the room with him at all times. We can make fun of his hair and makeup, we can speak of the absurdity of his lies, we can point to his conflicts of interest and his obvious greed, we can make a list of the crimes he has already committed and been indicted for and been convicted of, but we must take seriously this man and his array of compatriots and fellow travelers and co-conspirators in the schemes we know he has in mind to carry out over the four years of his presidency. And I will never be able to resist the snark that will flow like the current of the Delaware River every time I consider the fools and knaves who have been thrust upon us.

We will soon live in a time when Donald Trump and his MAGA followers have their hands on the levers of power. We can deploy snark and ridicule to help us untangle ourselves from the dilemma Democracy has given us, but just making ourselves feel good is not enough. Facts leave bite marks. Reason deployed in the service of good has moral and practical power. This is not the end of history. It is the beginning of a profound struggle to ensure that the ideals upon which this country was founded, in the words of Abraham Lincoln, will not perish from this earth.

Lucian K. Truscott IV, a graduate of West Point, has had a 50-year career as a journalist, novelist, and screenwriter. He has covered Watergate, the Stonewall riots, and wars in Lebanon, Iraq, and Afghanistan. He is also the author of five bestselling novels. You can subscribe to his daily columns at luciantruscott.substack.com and follow him on Twitter @LucianKTruscott and on Facebook at Lucian K. Truscott IV.

Reprinted with permission from Lucian Truscott Newsletter.


Trump Urges Federal Probe Of Rumors He'll Sell Truth Social Shares

Trump Urges Federal Probe Of Rumors He'll Sell Truth Social Shares

Donald Trump on Friday broke his post-election silence on his failing Truth Social platform, issuing threats against unnamed people who he said were trash talking his company.

"There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump wrote in the TruthSocial post. “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities. Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!"

It was the first real comment he's made on his Truth Social feed since his victory on Tuesday. The few other posts he sent were merely images of newspapers announcing his win.

Trump's Truth Social stock price has fallen precipitously since the company went public in March.

Initially, the stock was trading around $60 when the company first went public. It's now trading at around $30, up from the nose-dive it took in September amid reports that Trump was eligible to start trading his own shares and possibly cash out on the failing platform.

The fact that Truth Social is trading at anything of value is confounding, as the site has barely any users and lost $19 million in the third quarter alone, Axios reported.

Now that Trump will take office again, it’s unclear whether he’ll put his shares in a blind trust to avoid flouting ethics rules. Of course, Trump has no ethics and did not put his companies in a blind trust the first time around, so it’s unlikely he’ll do so now.

Also absurd is that Trump said in his post the "truth is an important part" of his win.

Trump is a notorious liar.

CNN fact-checker Daniel Dale wrote an article ahead of Trump’s win titled “Donald Trump’s campaign of relentless lying,” in which he implored media organizations to cover Trump’s lies more often.

“For the third consecutive presidential election, the Republican presidential nominee is running a relentlessly dishonest campaign for the world’s most powerful office,” he wrote. “Wildly exaggerating statistics, grossly distorting his opponent’s record and his own, regularly just plain making stuff up, Trump is lying to American voters with a frequency and variety whose only precedent is his own previous campaigns.”

In fact, during Trump’s first round, the Washington Post tracked over 30,000 misleading statements.

“If you met someone at a bar who told you 25 things that weren’t true, that would be one of the first things you told other people about this encounter,” Dale wrote. “Trump telling the American people 25 things that aren’t true in a rally speech should be one of the first things media outlets tell their readers and viewers about the speech. Maybe then Trump would care a bit more about being corrected.”

Here’s hoping the media takes Dale’s warnings seriously.

Former President Donald Trump

Donald TrumpFormer President Donald TrumpTrump Wants Everyone To Know He's Ready For His Perp Walk

Reprinted with permission from Daily Kos.

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