Liz Truss lasted 49 days as Prime Minister. For context, that's less than 20% of the time that Kevin McCarthy lasted as speaker. And yet she - like him - thinks she has some wisdom to offer from that experience. (TL;DR: she's learned nothing.) washingtonpost.com/opinions/2025/…
As I said on the floor earlier this week, mediocre businesses hate competition for the same reason mediocre politicians hate DEI. Because they can't win in a meritocracy. But economic growth depends on competition - in labor and energy markets.
Under Bessent's watch, investors have fled US equities and treasuries for other countries. Saying that he should pro-growth is fine. But you should praise him (or Brexit supporters) for it in the same way you praise me for my ability to win the NBA slam dunk contest.
Watching the Senate cloture vote on the (highly misnamed) Genius Act and keep thinking back to a conversation I had with a Senior official in the Biden WH 4 years ago. I asked him what he thought about crypto and he said “how do you define money?” Thread:
1. It was a very Socratic process, but goes to the heart of the rot in the crypto space. The whole thesis is that it’s currency. But it isn’t, and never will be, for the same reason that gold, fine art and pork bellies aren’t money.
2. “A store of value” isn’t the definition of money. After all, you can go back thousands of years in human history and dig up coins minted in precious or semi-precious metals with the Caesar / Emporer’s face. Why bother making that money if the metal had value?
This is scary and highlights something that's painfully obvious in DC: smart people either don't want to work in this administration or are being turned away. But effective government - esp when crisis strikes - depends on having smart people around. washingtonpost.com/business/2025/…
And that's huge own-goal. There is a deep pool of talent in DC that wants to work in the WH. Not the electeds (no disrespect intended) but the people they hire. Because while winning an election depends on a whole host of factors, hiring staff is an embarrassment of riches.
Some of the smartest people I've met in my life are the career hill staffers, and the just-below-cabinet level tier in the WH. Thousands of people want those jobs and the WH gets to pick the best.
In a democracy, doing unpopular things is hard. The reason why CPAC goes to Hungary is because they still want to do unpopular things. Which puts us in a race: either democracy destroys today's @GOP or today's @GOP destroys our democracy. There can be only one.
This is playing out in the reconciliation drama because (a) a party that cared about being popular would have already addressed the concerns raised by their left flank and wouldn't be in this fight today but also (b) @HouseGOP so-called moderates always fold.
@HouseGOP This dynamic is also worth understanding. The rules committee should be staffed with people committed to legislation and the institution. House GOP nihilists are only on that committee because McCarthy gave them those slots so that he could (briefly) be speaker.
This is sobering, but worth reading if you want to understand how badly Trump is destroying the economy. Just data. And entirely Trump-inflicted. apolloacademy.com/wp-content/upl…
A few select slides: 1/ Trump did this.
2/ CEOs, who will make recommendations on whether to invest are souring on the US economy.
A couple thoughts on this. First, it's good that they're pushing back on Medicaid cuts. Because it means that all the pressure they're getting at the townhalls they decided to stop holding is working. Keep the pressure up. BUT...
...they all voted for the budget bill that included those $880B of cuts and they KNEW this implied massive cuts to Medicaid. They hoped people wouldn't do that math at the time, and figured they could avoid pissing off Trump and kick the can down to the road for the next vote.
IOW, they aren't principled defenders of Medicaid. They toed the party line, got heat at home and are now SAYING that they want to do this right. But watch their feet and ignore their lips. These are not people with a history of standing on principle, or for their constituents.