Monday, July 22, 2024

So Who Are Showering The Trump PAC With Money?

I work all night, I work all day to pay the bills I have to pay
Ain't it sad?
And still there never seems to be a single penny left for me
That's too bad
In my dreams I have a plan
If I got me a wealthy man
I wouldn't have to work at all, I'd fool around and have a ball
Money, Money, Money Songwriters: Benny Goran Bror Andersson / Bjoern K. Ulvaeus

Try Musk.

Try venture capitalists Marc Andreessen and Ben Horowitz.

Try Winklevoss twins, Doug Leone of Sequoia Capital and Palantir Technologies co-founder, Joe Lonsdale the managing partner at 8VC, a US-based venture capital firm.

The bottom line on why they support Trump is the bottom line!

You know how in 2017 Trump gave massive tax cut to the rich? The Center on Budget and Policy Priorities (CBPP) writes,
As this debate unfolds, policymakers and the public should understand that the 2017 Trump tax law:
  •     Was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC). As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.
  •     Was expensive and eroded the U.S. revenue base. The Congressional Budget Office (CBO) estimated in 2018 that the 2017 law would cost $1.9 trillion over ten years, and recent estimates show that making the law’s temporary individual income and estate tax cuts permanent would cost another roughly $400 billion a year beginning in 2027. Together with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), the law has severely eroded our country’s revenue base. Revenue as a share of GDP has fallen from about 19.5 percent in the years immediately preceding the Bush tax cuts to just 16.3 percent in the years immediately following the Trump tax cuts, with revenues expected to rise to an annual average of 16.9 percent of GDP in 2018-2026 (excluding pandemic years), according to CBO. This is simply not enough revenue given the nation’s investment needs and our commitments to Social Security and health coverage.
  •     Failed to deliver promised economic benefits. Trump Administration officials claimed their centerpiece corporate tax rate cut would “very conservatively” lead to a $4,000 boost in household income. New research shows that workers who earned less than about $114,000 on average in 2016 saw “no change in earnings” from the corporate tax rate cut, while top executive salaries increased sharply. Similarly, rigorous research concluded that the tax law’s 20 percent pass-through deduction, which was skewed in favor of wealthy business owners, has largely failed to trickle down to workers in those companies who aren’t owners. Like the Bush tax cuts before it, the 2017 Trump tax cut was a trickle-down failure.
And these tax cuts are schedule to end next year! And that has the billionaires worried! They might have to pay taxes!

They are flooding the conservative PAC with money! Tons of money!
The Bay Area has long been, and remains, a hippie-dippie bastion of Democrats who voted overwhelmingly for Hillary Clinton in 2016 and Joe Biden in 2020. But there’s a small, powerful sect of Silicon Valley billionaires who are carving a path for the maybe-Trumpers and the MAGA-curious in the tech world.

Elon Musk explicitly endorsed Trump over the weekend and, according to The Wall Street Journal, inked a nine-figure donation promise to a new pro-Trump political action committee called America PAC. David Sacks, the billionaire tech investor, co-hosted a fundraiser last month at his San Francisco home and spoke at the Republican National Convention on Monday. Other contributors to America PAC include the Winklevoss twins, Doug Leone of Sequoia Capital and Palantir co-founder Joe Lonsdale, according to Federal Election Commission filings.

In the last election cycle, the few Trump backers who existed in the Valley largely kept their support under the radar. Their numbers are still small, but they’re no longer hiding, and their wallets are open.
Their bottom line is their pocketbooks… but isn’t that what the Robber Barons always did, stuffed the politicians pockets with dollar bills? Do you remember what Trump promised is the oil tycoons would donate to his PACs?  Trump pledged to scrap President Biden’s policies on electric vehicles and wind energy, as well as other initiatives opposed by the fossil fuel industry if they donate to his PACs.
 
Money, money, money
Must be funny
In the rich man's world
Money, money, money
Always sunny
In the rich man's world
Aha
All the things I could do
If I had a little money
It's a rich man's world
It's a rich man's world

The CNN article goes on...
“A mythology has been marketed by partisans suggesting a non-existent surge of tech titans abandoning the Democratic party support in a rush to support the Trump/Vance campaign. The truth is that most leading tech figures do not support Trump/Vance and those prominent ones who do, were there years ago as well,” Jeffrey Sonnenfeld, dean for leadership studies at the Yale School of Management, told CNN.

And for the ones you might have heard of, most likely, it’s not a sudden fervor for the far right’s Christian extremism or a predilection for red baseball caps. Instead, they’re looking out for the bottom line.

The two biggest pain points for people in tech have been the Biden administration’s record on antitrust enforcement and its attitude toward crypto, Adam Kovacevich, CEO of Chamber of Progress, a center-left tech policy group, told me.
It is their bottom line… fascism! They don’t care what it does to the nation, it their pocketbooks that they care about. How dare the Democrats try to break up their companies and tax us more!
In other words: It’s not that the billionaires love Trump, it’s that they really don’t like Lina Khan, President Joe Biden’s top antitrust crusader; or Gary Gensler, the Wall Street cop who’s made no secret of his hostility toward digital assets.
It’s mine! Screw everyone else!

You see the problem is…
“The American government is now far more hostile to new startups than it used to be,” they wrote in a recent blog post, which cited regulatory agencies using “brute force investigations, prosecutions, intimidation, and threats to hobble new industries.” They also lamented the Biden administration’s proposed tax on unrealized capital gains, which they said would “absolutely kill” startups and the venture capital industry.
 
Have you noticed that these hedge fund milk the companies that they buy up dry? Look at the Hartford Courant that was bought up be a hedge fund, no more local reports for the town news, no more political reporters for shady deals that the politicians are doing.
Investors may want to start imagining a red broom sweeping a parking lot when plotting their portfolio into November's presidential election, say some experts.

In other words, prep for a fall Republican sweep.

"I think it is [a sweep]," Stifel chief Washington policy strategist Brian Gardner told Yahoo Finance executive editor Brian Sozzi on his Opening Bid podcast (video above), should President Joe Biden step aside and former President Trump continue to gain goodwill following his near assassination.

A Republican sweep could be defined as Trump winning the White House again and the Republicans controlling both the House and Senate.
That would be our death knell! The Republicans would be in all their glory with Project 2025.
There is now plenty of curiosity about how markets could fare under a second Trump presidency in light of the wild few weeks in the political news cycle.

[…]

A Republican sweep could be defined as Trump winning the White House again and the Republicans controlling both the House and Senate.

"I think the chances of Republicans winning the Senate were always pretty good," continued Gardner. "And the situation coming out of the debate a couple of weeks ago with President Biden is probably going to tamp down Democratic enthusiasm and turnout, and that could hurt some Senate candidates. I think the House was always a little bit more in question. There was a legitimate scenario, a reasonable scenario where Democrats could flip the house even if Trump won. I think that's becoming less realistic."
We have to get off our butt and campaign for Harris!

Can you imagine if a Republican said that Trump is too old to run… they would be cashiered out of the party! When Liz Cheney spoke out against Trump attempted coup the Republican party wants to court marshals her! Forbes reports that,
Trump leads Biden by 3 points in RealClearPolitics’ poll tracker, a 1.5-point swing in Trump’s favor since the debate, and he leads by 3.2 points in FiveThirtyEight’s poll tracker, a 3-point increase from June 27 and a 1.3-point jump since in a single week.

Trump is up by four points in both of Morning Consult’s weekly registered voter surveys, which noted a two point increase materialized after the attempted assassination on Trump last weekend (Trump was also in the spotlight for the GOP convention this week, though polls have not captured voters’ sentiments after his Thursday night speech).

Trump led Biden 52%-47% among likely voters in a CBS News/YouGov survey conducted July 16-18, despite leading by just two points (50%-48%) in the first week of July.

Signs that Trump was expanding his lead appeared shortly after his debate with Biden, as a New York Times/Siena College survey and a Wall Street Journal survey conducted after the debate both found Biden trailed Trump by six points.

Trump leads Biden by three points in Pennsylvania—a state Biden essentially has to win to beat Trump—and Trump trails Biden by just three points in Virginia after losing by 10 points in 2020, according to a New York Times/Siena poll taken July 9-12.

An ABC News/Ipsos/Washington Post poll released last week found Biden and Trump are tied among registered voters, and Trump has a one-point lead if Robert F. Kennedy Jr. is an option, also a better-than-usual showing for Biden following the June 27 debate.

However, that poll also shows 67% think Biden should withdraw from the race, while 85% say Biden is too old to serve as president, up from 81% in April and 68% just over a year ago.

Among Biden supporters, 54% say he should drop out and 81% say he’s too old for another term, according to the ABC News/Ipsos/Washington Post poll.
All those polls are within the margin of error but the news media make it sounds like Trump is slaughtering the Democrats. The Week writes,
Many of the national polls currently show Trump in the lead over Biden (though this is not exclusively the case, as was seen in recent polling in Pennsylvania that put Biden solidly ahead of Trump in the state). But the recent back-and-forth on this data begs the question: How accurate are political polls?

As recent years have proved, polling is often, sometimes heavily, incorrect. Case in point: Polling generated by HuffPost on Election Day 2016 concluded that Hillary Clinton had a 98% chance of beating Trump. While the polls that year were dramatically wrong, most polling throughout the 2020 election cycle correctly predicted that Biden would defeat Trump. So given that polling accuracy has been on both sides of the coin, how much trust should the public place in polls?

[…]

Heavy criticism has been levied at polls in recent years, particularly in the last few rounds of presidential elections. Even in 2020, when most polls correctly predicted Biden's victory, "national surveys of the 2020 presidential contest were the least accurate in 40 years," Politico reported.
The poll takers don’t want to admit that they are no longer accurate. I know I don’t answer poll takers calls, and those that do are usually pro-candidate so that lie to the poll takers.

Did you see Trump rambling speech at the Republican convention? Trump was rambling all over the place and making up facts but he is never called out on it! Here is a Canadian paper had to say,
Donald Trump’s rambling disaster of a speech did something no one could have predicted: Give Democrats hope
The new, reformed man Trump had purportedly become didn’t show up on stage Thursday night, writes the Star’s Richard Warnica.
Toronto Star
July 19, 2024


There was only one thing Donald Trump could do Thursday night to truly shock the world. He had presided all week over the most ebullient Republican convention in 40 years. His opponents were in complete disarray. He had even survived an assassin’s bullet. He was all set up for the most triumphant moment of his political career. And then he stepped on stage and did the one thing no one, absolutely no one, expected him to do: He bored everyone in the room.

On the final night of the Republican National Convention in Milwaukee, Trump droned on for over an hour and a half. He spoke in a weird stage whisper. He was like an actor given only one note: put them all to sleep.

While the British media Independent said,
Reacting to the speech as it ended, a former adviser to Obama said the bizarre, boring speech was “the first good thing to happen to Democrats in weeks”.
While the U.S. media reporting on the speech said, Forbes wrote in another article,
At more than 90 minutes, Trump’s speech was the longest acceptance speech by a Republican nominee since the 1950’s, and it was packed with exaggerations and false statements, according to CNN fact-checker Daniel Dale, who detailed 22 lies the former president told, calling it “a remarkably dishonest acceptance speech.”
 How can you trust a candidate who lie, lies, lies all the time?

Money, money, money
Must be funny
In the rich man's world
Money, money, money
Always sunny
In the rich man's world
Aha
All the things I could do
If I had a little money
It's a rich man's world
It's a rich man's world

I’m still voting for the Democrats and not the rich man con-artist!
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