Trump administration

The US has entered a bear market

Could it be that Donald Trump actually wants a bear market now? At some point, one was bound to happen on his watch — after all, US equities weren’t going to keep up their stunning gains from the past two years for the rest of his term. A market correction was inevitable, and it seems we’ve already seen that, as the S&P 500 dipped into correction territory this week. And a bear market was almost certainly coming, given that there have been 27 of them in the S&P index since 1928. Hartford Funds provides a good summary here, showing that the average decline in a bear market is 35 percent, and they typically last 9.6 months. By contrast, the average bull market lasts 2.6 years, with prices rising 110 percent. Overall, bear markets occur about every 3.

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Team Trump’s incoherent plan to change GDP measurements

If there is anything that all governments watch carefully, it is GDP growth. Without substantive and ongoing increases in what GDP measures — the total monetary value of all final goods and services produced in the economy over a specific time period — societies are in big trouble. That’s one reason why recessions usually result in electoral death for whoever holds office at the time. To accurately estimate total growth in an economy, everything that contributes to GDP must be measured. That presently includes consumer spending, private domestic investment, net exports, and, lastly, government consumption and spending. Now, however, Trump officials ranging from Elon Musk to Howard Lutnick are stating that we should consider excluding the latter category.

Will better-than-expected inflation numbers calm the markets?

Has Donald Trump’s return to the White House triggered a second round of inflation? Not yet, according to the Bureau of Labor Statistics, which revealed this morning that the consumer price index rose to 2.8 percent in February — 0.1 percent less than markets had expected. The rise is being described as "stable," as annualized core inflation (which excludes more volatile prices like food and energy) rose to 3.1 percent — also a smaller rise than expected. While inflation on the year is ticking up slightly, it remains in the ballpark of what has been expected.

Trump and Elon’s White House Tesla auto show

So Donald Trump and Sean Hannity are each springing for a Tesla. It shouldn’t prove much of a hit to their respective wallets, seeing as how each has amassed a not insubstantial fortune thanks to the emergence of the MAGA movement, though Hannity is probably something of a piker next to Trump. Trump went all-in: “Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB! But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stand for.

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recession

Can the MAGA coalition survive a recession?

The color red splashed across every news channel yesterday, as Donald Trump’s seemingly blasé attitude towards a possible recession wiped $4 trillion off the United States’s stock market. All day and all night, the airwaves were dominated by talk and speculation over the future of the US economy, as the President pushes forward (and pulls back) certain parts of his tariff agenda.  It’s the sheer uncertainty that has investors spooked, leading to one of the worst days on Wall Street in years. The details of this “period of transition” for the economy that the President alluded to are so vague, and so unclear, that you can make of the comments almost whatever you want.

Trump staffers are ‘mid-tier’ and ‘abject,’ says Michael Wolff

Who would have thought that Michael Wolff would have another book about Donald Trump in him? UK Books editor Sam Leith interviews Wolff on this week’s Book Club podcast. They discuss Wolff’s latest, All or Nothing, which follows the world of Trump from January 6, 2021, to his second inauguration. Seeing as this is now Wolff’s fourth book bringing to light some things those around Trump would presumably prefer to stay in the dark, Leith asks why anybody even bothers to pick up the phone when they see his name on the caller ID. Wolff says that it is in part because he has kind of become their friend after having followed Trump and his cohort around for the last ten years; but it is also because those in “Trumpworld” are themselves trying to figure out what’s been going on.

michael wolff

Why are the Democrats so eager to lose the trans sports debate?

The Democrats are hellbent on handing President Trump win after win when it comes to the issue of biological men competing against women in sports.  Their desire to die on this hill is baffling especially considering Trump’s November mandate. Generous souls that they are, now progressives are ensuring their arch nemesis can make the most of his winning message during his presidency.  During his joint address to Congress last night, Trump introduced Payton McNabb, a former volleyball player who, in 2022, suffered a traumatic brain injury after a man was allowed to compete against her in a match. She received a standing ovation from Republicans as Trump vowed to protect female athletes. He didn’t stop there.

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Trump bulldozes through joint address to Congress

We’ve been told that President Trump’s address to Congress tonight would dilate on the theme of the “Renewal of the American Dream.” And so it did. But for short hand, two ideas predominated. One was “Woke No More.” The other was “common sense.” Both were themes of Trump’s inaugural address. I have expatiated on the theme of Trump’s embrace of common sense in a talk I gave to the Connecticut outpost of Hillsdale College at the end of January. The irony is that what should be common to all has been so uncommon in an age marked by perversity and ideology. Together, the attack on wokeness and the reinstitution of common sense go a long way towards summarizing the extraordinary achievements of Donald Trump in his first forty-two days.

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state union

The State of the Union that isn’t

Welcome to Cockburn’s Diary, a new newsletter from The Spectator sent twice a week from the nation’s capital. Your intrepid correspondent will keep you informed about all the whispers circulating around town. Coming to your inboxes on Tuesdays and Fridays... President Donald Trump is addressing a joint session of Congress tonight — but don’t you dare call it a State of the Union; that term is reserved for speeches given in non-inauguration years. The president is expected to tout successes from the first forty-three days of his second term, while some Democrats are expected to skip it — or to protest by holding up props like egg cartons to spotlight the high cost of groceries.

Trump on Mexican cartels: ‘You know what the only solution is’

Donald Trump’s second term has been revolutionary in many ways, particularly in his administration’s approach to foreign affairs. From the get-go, the nomination of Marco Rubio as his top diplomat and Chris Landau as Rubio’s deputy signaled a break from orthodoxy. In picking Rubio, previously the most vocal senator on hemispheric affairs, and Landau, Trump’s ambassador to Mexico in his first term, the message was clear: our neighborhood is a top priority.  In his first exclusive magazine interview of his second term, Trump met with The Spectator’s Ben Domenech in the Oval Office, where a large portion of the conversation delved into Latin-American affairs.

trump interview

The Spectator’s interview with President Trump: full transcript

The following is an edited transcript of Ben Domenech's exclusive sit-down with Donald Trump — the president's first magazine interview since his return to the Oval Office. The full article will be published in The Spectator’s April edition. You can also listen to it here: https://audioboom.com/posts/8662219-the-donald-trump-interview BEN DOMENECH: The change that you've done this time in terms of your approach... the speed is the only thing people in this town can talk about. They can't believe that you have put the fear of God into bureaucrats and Eurocrats so quickly. And I just wonder, what is it that you learned from the last time around that maybe factored into how rapidly you started moving when you got back in? PRESIDENT DONALD J. TRUMP: So the last time...

What’s behind the vicious attacks on Elon Musk?

Why are Democrats mounting such a ferocious assault on Elon Musk? Why are mainstream media outlets so eager to go along? The simplest answers are the best. Musk is the most prominent member of the new administration aside from the president himself. He is Donald Trump’s point man for exposing malfeasance in federal bureaucracies, determining where the money is going and cutting the engorged payroll. The more Musk and Trump succeed, the worse for Democrats. They created those agencies; their supporters staff them; and those supporters funnel lots of public money to specially favored institutions and projects. When Musk attacks this partisan nexus, he is attacking a major source of Democratic power and influence. That is what’s really at stake here, beyond cutting the budget.

hannity

Sean Hannity declares ‘legacy media is dead’

Sean Hannity played the role of the coroner for traditional news outlets in an interview with Mediaite this morning. “That’s why legacy media is dead — they don’t know it yet, because they don’t tell the truth. They lied about the cognitive state, they lied about immigration, they lied about the economy,” he said before pulling out a list of other untruths that seemed more like an autopsy than anything else. The irony is clear: Hannity has been working for Fox News for the last twenty-nine years, so what separates him and Fox from the media that he declares dead? Well, he would say it’s the legacy media’s lies and weaponization against Trump, evidenced by the fact that the American public voted for him anyway.

Trump plays the hits at CPAC keynote

National Harbor, Maryland President Donald Trump capstoned a three-day CPAC pep rally with a message of… well, Trump. To be fair, that’s what virtually everybody else at the conference was speaking about too. The ballroom at the Gaylord National Resort was packed. In the build-up members of the Trump administration and world leaders had taken the stage, but make no mistake: the attendees were here to see the president himself. Trump entered to rapturous applause. After his signature move of standing before the podium for the entirety of “God Bless the USA,” he addressed the audience. “We fought through hell together, but in the end, we achieved the great liberation of America,” he said. “Kamala?” Trump asked himself, as if searching for a forgotten memory.

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democrats

Where do the Democrats go from here?

Losing elections is a bit like getting dumped. Often times the dumped party’s desire to overcome the heartbreak or to bounce back from the blow can result in an even messier downfall. You need a minute to get your act together, lest you make an ass of yourself in public while trying to demonstrate how well you’re doing. The Democrats are in that break-up spiral, with their latest antics exposing a lack of both direction and discretion.  Earlier this month, Representative Maxine Waters, Senator Chuck Schumer and Representative Al Green (combined age: 237) gathered outside the Treasury Department and bemoaned the Department of Government Efficiency and its leader Elon Musk.

Elon Musk wields chainsaw at impromptu CPAC appearance

National Harbor, Maryland Elon Musk made a surprise appearance at CPAC Thursday afternoon, where Argentinian president Javier Milei presented him with a chainsaw. “This is a chainsaw for bureaucracy!” Musk said, brandishing it before a whooping crowd. The Department of Government Efficiency chief took to the stage with Newsmax host Rob Schmitt. Musk wore his MAGA hat — “dark gothic MAGA!” as he said — a black jacket and mirror shades, which he kept on for the duration of his appearance. The X CEO called for America to “legalize comedy” and agreed with Schmitt that legacy media companies receiving USAID money from the federal government were becoming “mouthpieces for the state.

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Liz Truss calls for a ‘Trump revolution in Britain’

National Harbor, Maryland Former British prime minister Liz Truss began her speech at CPAC today by declaring that America has just entered its golden age with the election of President Trump. Britain, however, is in its dark age, she said: “Let’s be honest, Britain isn't working.” Truss’s concerns for the current state of the UK and Europe mirrored those expressed in Vice President J.D. Vance’s speech in Munich last week. She touched on attacks on free speech in the UK, the rise of Pakistani grooming gangs and the inability of the British government to do anything about the rise in illegal immigration.

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Were Trump’s comments about Ukraine a gambit to bring about peace?

If you have a pot that needs stirring, call Donald Trump.  A couple of days ago Trump made heads explode when he claimed (among other things) that Volodymyr Zelensky was “a dictator without elections” who started the war with Russia. “Oh my God, can you believe it? Trump doesn’t know Russia was the aggressor in the war. What an idiot.” The BBC, CNN and many other news sites ran little “fact-checking” stories. Politicians dusted off their most serious faces to deplore Trump’s lies/exaggerations (the US hasn’t given $350 billion to Ukraine, it was “only” $180 billion or whatever)/historical ignorance. “Ukraine did not start the war,” CNN intoned. “Russia started the war by invading Ukraine in 2022.

A Trump and Musk love-in on Hannity

When your fiercest loyalists are accusing your government of being taken over by Elon Musk, who they brand a “parasitic illegal immigrant,” what’s the best way to respond? Donald Trump opted for a side-by-side interview with the X CEO on Fox News, speaking to Sean Hannity, the anchor with whom he remains friendliest.  And for all the attempts — both from inside and outside the conservative tent — to drive a wedge between Trump and tech billionaire Musk, the two seemed chummier than ever.  https://www.youtube.com/watch?v=hMbcMO5JgEo&ab_channel=FoxNews Responding to Hannity’s claim that the mainstream media wants to see the pair get a divorce, Trump was nonplussed.

elon musk

What does Putin want from America?

If I had a penny for every time I have been told that Russian president Vladimir Putin only wants respect. Or that he is only interested in eastern Ukraine. Or that if Kyiv is only denied NATO membership, then he will call off the tanks. Well, in the last seven days President Donald Trump has given Putin all this and more. And, though it is still early days, so far the war is showing no sign of slowing. And what has the man who wrote The Art of the Deal asked for in exchange for all this diplomatic largesse? Absolutely nothing. In fact, the only substantive demand Trump has made so far is of the Ukrainians. Last week Washington sent Treasury secretary Scott Bessent to Kyiv with an extraordinary demand.

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