Showing posts with label Tesla. Show all posts
Showing posts with label Tesla. Show all posts

Sunday, August 3, 2025

Donald Trump, unsafe at any speed updated 8/4/2025

 The Supreme Court confirmed on July 23, 2025, that there is no such thing as an independent federal agency. including consumer protection agencies,  and that Trump could fire their board, their policy setters, and administrative rule makers, and replace them with those who were loyal to what Trump wanted. Supreme Court allows Trump to fire 3 Democratic consumer product safety commissioners | PBS News ,   Supreme Court sides with Trump administration in battle over ability to remove agency commissioners - SCOTUSblog  This and other consumer oriented protection agencies can no longer be trusted to give information and issue rules in the public interest and public good, but they now can be influenced to provide rationales and twisted data and facts to suit the President's oratory and tweets. The court ruling clears the way to do the same to any other "independent" agency, firing for any reason, or no reason or without cause.  their boards and directors,  and to replace them with Trump loyalists who will do what is in his political interest. Agencies are to see no evil, hear no evil, speak no evil if the evil is data, scientific research, and rule-making that makes Trump look bad  All of this is happening in the first six months of the second Trump presidency, a profound whiplash in what once was a 250-year history of prior presidents taking seriously their Constitutional charge to "faithfully execute the laws of the land". 

The speed with which this has happened appears to be an overall Trump regime strategy to do what they can to grab as much power for the president before any court tells him no, or that it creeps under the radar of journalists and consumers who are focused elsewhere, with everything everywhere happening at once. Why anti-consumer protections easily escape immediate notice is that the public is not aware until too many of them are ripped off, are seriously damaged, or are killed.

 Trump's goal is becoming clear:  to make sure that either embarrassing facts that contradicted his view of anything did not come to light or were ignored.  It is affecting many agencies upon which ordinary people rely, whether it has to do with weather forecasting and impact on global warming, product safety warnings and rules, or the use of expertise to set monetary policy and interest rates.  Killing the messenger or appointing political loyalists to fix a danger to ordinary Americans can no longer be trusted to deliver their expertise based on facts and data, and that is not based on political interests.. Not only are their findings not to be trusted, but the decisions made at the executive and legislative levels could rely on potentially flawed data: garbage in, garbage out. The best analogy to this kill the messenger policy is not original with me, but it is like when a patient gets a diagnosis of cancer, but fires the doctor. See? Cancer went away. 

 Update 8/4/2025  As Argentina, Greece, and even China have found out, distorting data for political purposes is also a danger to the economy.  Data concerning national debt and inflation were ignored or changed to make the leadership look better. Argentia and Greece eventually went bankrupt.  Trump's attempt to force the Fed chair to report the inflation rates he wanted and Trump's firing the data collector of unemployment statistics to get "his" person in place is a clear and present danger to the economy of our country. https://www.nytimes.com/2025/08/03/business/trump-bls-firing-economic-reports.html#:~:text=There%20is%20the

The dictator of Turkey tried to mess around with independently supplied data and the central bank (the Fed is US's central bank) and nearly crashed his economy. He reversed himself, and the Turkish economy is healing. A Cautionary Turkish Economic Tale | American Enterprise Institute - AEI

Other consumer protection agencies have been virtually closed down and unable to function, such as the Consumer Financial Protection Bureau, designed to handle consumer complaints and to prevent the abuses that resulted in the 2008 crash. What CFPB cuts could mean for consumers

 One agency of particular benefit to consumers.has been the Consumer Product Safety Commission.(CPSC). The agency has issued rules when there was evidence that consumers would be harmed, even when it stepped on the toes and profits of business interests. Musk hated the National Traffic Safety Agency because it reported the danger posed by Tesla that even resulted in death to the end user of a self-driving car.  He took revenge in his DOGE cuts.  Officials Are Fired at Traffic Safety Agency Investigating Musk’s Company - The New York Times.  Consumer Reports Joins Call to Fully Fund NHTSA in FY26 Appropriations Bill

 https://www.newsweek.com/doge-cuts-watchdogs-investigating-self-driving-teslas-2058241#:~:text=Elon%20Musk%20and%20his%20Department,%22autopilot%22%20feature%20and%20others. The Consumer Safety Protection Bureau was established in 1972 in recognition that more than just auto safety scrutiny was needed. 

Auto safety regulation was the result of reports of a certain car model causing deaths, the Corvair, and Ralph Nader exposed it in his seminal  1965 book, Unsafe at Any Speed. (My brother owned one of those and luckily survived a crash that totalled it). That kicked off the publication of a book that resulted in the creation of the United States Department of Transportation in 1966 and the predecessor agencies of the National Highway Traffic Safety Administration in 1970 (the recall agency)...and eventually the spread to all consumer products with the formation of the Consumer Product Safety Commission...all sworn to protect consumers and not the business interests of the manufacturers. All could hold hearings, tap experts in the field, and look at consumer reports or lawsuits, issue rules, provide feedback at hearings, and then shape their policies and rules in line with their best professional judgment.

Trump's standard for appointees is, above all, loyal to his wishes.  If an agency under his control, independent or not, presents data that makes his political promises look bad, he fires the director, the messenger, who dared to report the data, even when it benefited the companies that favored him. We saw him in action last week when he fired the unfortunate bureaucrat who dared to present figures that showed unemployment was ticking up, when Trump had spent 6 months claiming his tariffs would not cause employment to increase. 

Other agencies have already been kneecapped, including those that formerly protected consumers from dirty air and polluted water. The Trump administration announces reorganization and staff cuts at the EPA :per NPR and shuts down the agency's research arm that was producing scientific evidence of global warming. Trump administration shuts down EPA's scientific research arm. https://www.npr.org/people/146944972/rob-stein  

What can be done to reverse this attack on consumer protection? Not much for now. It is in the hands of the media to report the connection between consumer problems and the failure of the Trump administration to faithfully execute the laws of the land.   Aware of that, voters can elect someone who will restore the intent, purpose, and ability to effectively protect consumers. That "someone" includes members of Congress who have gone along with the Trump anti-consumer agenda. So far as the Supreme Court is concerned, appointments and elections have very long-term consequences and depend upon Senate confirmation of replacements. If a more favorable to consumer Congress happens, any laws will have to be cleverly crafted to stand up to even their right-wing 6-0 dominated Supreme Court scrutiny but at least the oversight committees can do their job to expose and hold the executive branch accountable for failure to execute their laws, and they can refund agencies that have lost their ability to function.

 A personal note: When I was a consumer advocacy agency head in Denver in the 1970s, we showed that fiberglass insulation could cause cancer if the fibers were inhaled. We presented this finding to the CPSC, which required a warning label for consumers self-installing the material to wear facemasks.    The CPSC required warning labels on packaging material that could suffocate kids, or that, if ingested, would choke babies. Either the product was required to have material warning labels or was removed from retail shelves, regardless if the manufacturer was a friend or contributor to the President. When I left the agency, I wrote a book that was published (now out of print but still available at the Library of Congress, Colorado Consumer Handbook, 1982, Johnson Publishing) on the subject of how these new protection agencies could help consumers resolve issues. That book deserves a severe revision now.

Saturday, March 29, 2025

How the Trump administration is clearing the way for corruption, updated to 5/27/2025

 Update: 5/27/25 https://www.thenation.com/article/politics/trump-crypto-corruption-unpunished/    The gist of this story is that Democrats have their hands in the crypto pot, too. 

Updated 4/30/2025) and repeated in The  Trump administration is clearing the way for corruption. Buying influence in Trump's coin gets you a dinner: there is probably nothing more corrupt than this. Trump offers private dinner to the top investors in his meme coin | CNN Politics  Access to the president from foreign and domestic "investors" is sold to the highest bidder and the proceeds go into the president's pocket.  Meme coins are a form of crypto.On April 8, 2025, the Trump administration's controlled Department of Justice closed down its crypto section.  As Trump now raises money for himself, the use of crypto technology like meme coins and cryptocurrency is now freed by him from federal law enforcement scrutiny. https://www.reuters.com/world/us/us-justice-dept-disbands-cryptocurrency-enforcement-unit-2025-04-08/  The Trump family is also heavily invested in cryptocurrency and their Stablecoin venture which also can convert cryptocurrency into US dollars.  https://www.nytimes.com/2025/04/29/us/politics/trump-crypto-world-liberty-financial.html

Continuing with the original plus updates through 4/28/2205:

Crypto itself it is a favorite of those who want to disguise their transaction since the buyers and the exchanges that facilitate trades and transactions only record the "address" of the participant and not the name. Transactions can be traced but they take time, effort, and skill for law enforcement to trace to actors. https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#   Per Google AI, cryptocurrency transactions are generally traceable due to the blockchain's public ledger and the reporting requirements of exchanges. While not directly tied to a person's name, transactions are recorded with public addresses and can be traced through blockchain analysis and by linking these addresses to individuals through exchanges or other data. 

For simplistic descriptions of crypto, Google AI has  the best.  Search google: what is crypto

https://mufticforumblog.blogspot.com/2025/04/trumps-corruption-grist-for-impeachment.html for more on the subject of meme coins and crypto technology and the role in plays in disguising users.

In addition,, the Trump family is heavily involved in their own crypto business. Trump Family Venture Plunges Deeper Into Crypto With New ‘Stablecoin’ - WSJ. Now, Trump has become the fox in the henhouse, in charge of the regulation of his own stablecoin enterprise.  

 Bribery and influence peddling are disguised as campaign contributions or buying Trump's enterprise offerings. Trump Store launched 168 products to profit off presidential transition period - CREW | Citizens for Responsibility and Ethics in Washington   

Conflicts of interest are no longer taboo as Musk has also shown with his $38 billion worth of federal contracts. Trump's tariffs on imported autos will benefit Tesla per Bloomberg. https://www.youtube.com/watch?v=uP1a3svt5WERaising eyebrows:

Trump has a close relationship developed over a couple of years with the El Salvador government. They share a similar interest. The Trump family is heavily invested in cryptocurrency and so is El Salvador, though recently they had to abandon using it as their national currency. Both support using cryptocurrency as as a strategic reserve .https://www.americasquarterly.org/.../in-el-salvador...

(4/30/2025) More on the Trump crypto business: https://newrepublic.com/post/194552/donald-trump-shady-crypto-partners-damning-report

The Crypto Election: Crypto, Disinformation, and Presidential Politics | TRM Blog   


/https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

https://mufticforumblog.blogspot.com/2025/04/trumps-corruption-grist-for-impeachment.html



https://www.washingtonpost.com/technology/interactive/2025/elon-musk-business-government-contracts-funding/

Update 4/12/2025 https://www.politico.com/live-updates/2025/04/11/congress/tariffs-insider-trading-allegations-democrats-00286880  Insider trading in DC by lawmakers and the President is a nagging form of corruption. It is a crime elsewhere. but not there. Insider trading occurs when someone has information of an upcoming event or executive order that a certain stock or the market in general will have a sudden increase in the future and buys the stock now, knowing that they can sell it at a large profit when the stock does soar. Lawmakers and the White House think they can get away with this crime. The issue rose when Trump publicly said it's a good time to buy shares now, and then four hours later he announced a pause in the tariff wars that caused the market to take off like a rocket. Trump is immune, remember, from being charged with a crime thanks to the Supreme Court. His staff or cabinet members are not immune.

4/1/2025  observation:  A warning to Democrats: If Musk becomes such a political liability or his Tesla losses are severe enough, either Trump or Musk himself will remove himself from the political stage. At that point, the "oligarch problem" becomes less of a negative for Trump.   The anti-oligarch attack could be a short term strategy.  However, the entire Trump regime and Trump himself are still fair game.  As complicated as it is, Trump family grift will still be a vulnerable political liability.  For that reason, the Democrats should not put all of their Musk eggs in one basket and still keep Trump himself an an object of disaffection due to widespread nature of his own grift.

Continuing with the original post. Stablecoin (a cryptocurrency) is supposed to be backed one-for-one with real dollar assets, which can be converted and exchanged for real money.  Crypto is virtually unregulated. Stablecoins provide very effective ways to launder money and to use it for influence peddling anonymously.   Stablecoins can be converted to hard cash mostly through unregulated exchanges.  It is suspected that money laundering has been handled by such exchanges.  These exchanges had been under scrutiny by US law enforcement. Under Trump, the investigations have been limited or suspended.  SEC ends investigations into crypto firms under Trump administration   Trump’s Crypto Venture Introduces a Stablecoin - The New York Times

 Eyebrows raised:

https://www.theatlantic.com/ideas/archive/2025/04/trump-kleptocracy-autocracy-inc/682281/

 https://www.cnn.com/2025/02/28/business/crypto-mogul-trump-coins-civil-fraud-charges/index.html

It’s a Powerful Force in American Politics. Your 401(k) Depends On It. It’s Complete Nonsense.   

  MUFTIC FORUM BLOG: When it comes to corruption, Trump is now the fox in the henhouse

Oligarchs like Musk are already enriching themselves by protecting their government contracts or influencing public policy in ways that empower themselves more.  Conflict of interest is no longer a dirty word, nor is bribery a dirty word, as Musk tried to do by offering money rewards to loyal voters in Wisconsin. .Wisconsin AG seeks to block Elon Musk's million-dollar giveaways ahead of state Supreme Court race .Whistleblowers have lost their protection from retaliatory firing. Inspectors general have all been fired.

  MUFTIC FORUM BLOG: The only whistleblowers left is the free press...guard it well updated   

Trump and Musk have huge conflicts of interest. Who’s policing them? | Vox

Trump's attempt to eliminate the Consumer Financial Protection Bureau blocked by court. Federal judge blocks Trump from dismantling Consumer Financial Protection Bureau | AP News

MUFTIC FORUM BLOG: When it comes to corruption, Trump is now the fox in the henhouse


Tuesday, December 17, 2024

New resistance opportunity arises: Rule by oligarchs and class warfare updated through 3/23/ 2025


Update: 3/23/2025
Disturbed because of the growing crowds supporting the Bernie Sanders/AOC anti-oligarch tour? The rowdy, disruptive attendees at the GOP town halls? When MAGA controls the White House and the majority of Congress and proposes to end democracy as we know it, and Musk is empowered to take a chainsaw to government regardless of human casualties, that is darn radical from the extreme right, so do not be surprised as the left responses in radical terms, too. Extremism begets extremist responses. You should not have been surprised. Biden, by the way, hardly a radical, saw it coming.
Posting 12/17/2024 continuously updated.


Update: 1 16 2025:  Biden's farewell address: his warning about oligarchs' rule destroying democracy: Biden delivers farewell address, warns of 'oligarchy' taking shape in America | AP News


Update: 1 27 2025.  The left thinks Biden should be indicted for letting the billionaires get rich during his term, so he calls them oligarchs. Here is where this "indictment" went off the rails. Yes, the ultra-rich billionaires rose, but it took more than 4 years. That is not the issue: the issue is what the billionaires are doing, which is to take over the political power of the nation, having already conquered the economic power. When they merit an office in the West Wing and whisper daily into Trump's ear, that is when they leap from just a billionaire to oligarchdom. In fact, they are even more powerful than the oligarchs supporting Putin, who simply kills them off if they misbehave. The oligarchs put Putin in power, and once there, Putin kicked them out of his government. That may be the fate of the oligopoly under Trump, too. However, Trump is still consolidating his power and needs their help. Our version deserves the title of oligarch because of their political roles, which lifts them above the other extremely rich. They are robber barons, ok. Not just deserving that indictment as monopolists and vulture capitalists, they have branched out by trying to get more tax relief and do away with environmental and consumer protections and social programs to balance off their assault on the treasury. They stand ready and willing to buy any politician who stands in their way. The political power they now have is what needs to be indicted, along with Trump giving them the seat of honor at his table.

Update: 1 /14/2025
I picked up a disturbing line in last Monday's Rachel Maddow show: " We have already lost our democracy. " . My follow-up question is: Can we get it back, and how can we? Ideas, comments? My own thoughts are that on November 5, 2024, 49.9 of voters handed over governance to this country to an autocracy, fed and influenced by oligarchs, and enabled by his Supreme Court to give him immunity from prosecution for criminal acts while performing his official duties.On January 21, 2025, Trump will finalize the takeover by signing 100 executive orders, mostly concerning the implementation of Project 2025, an attempt to place all power in the hands of the executive branch, and reduce the influence of the two other branches by appointees and threats, including violence. The business community is already falling all over themselves bending their knees, ending DEI, and ending fact-checking, mostly out of fear of the abuse of power, from the DOJ and regulatory agencies.
 
Continuing the original 12/17/2024  post:Trump's reliance on oligarch contributions to his campaign and his fawning, and surrounding himself, his cabinet, and his advisers with the current crop of the ultra-rich is ripe for a resistance campaign issue for the midterms. Trump's rule by an administration filled with billionaires that he is planning for his next act is a gift to Democrats as they plot strategy for the midterms in 2026 to get back those working-class voters they lost in 2024. Democrats can and should make a bigger deal of class warfare. It is low-hanging fruit, obvious and visible, and Democrats have a tradition and a credible track record of supporting the middle class ' pocketbook interests.

From my blog posting 1/13/2025 :If we have lost our democracy,  can we get it back? Preserving and restoration of democracy is not an effective pitch to motivate voters. We just got a lesson in that. In fact, at the risk of stating the obvious, what works is understanding and illustrating what voters feel in their lives and directing messaging to their real-life concerns. If democracy is mentioned, it should be that democracy will and can be the best vehicle to reflect and fix the problems important to "ordinary people" rather than an out-of-control kleptocracy and corruption of a Trump autocracy.

The problem is that in 2024, the fear of the loss of democracy was not taken seriously, not understood, nor urgent, and not relevant to everyday life, in spite of the Democrats making Trump's threat to democracy a major campaign issue. Experience is the best teacher if the connection between who and what is at fault can be made and voters are made aware of how they have been hurt. If and when Trump fails to deliver on such promises as rolling back grocery prices, keeping gas at the pump affordable, stopping inflation, and making health care and general living more affordable, will those swing voters, the non-racist motivated ones, be receptive to the message and will the pendulum swing the other way. The trust in Trump, that whatever he does that is good for him is good for you and me too, is a bond that needs to be broken. Trump will continue to win the race-sensitive part of the MAGA block with his anti-DEI, Project 2025 White nationalist agenda, and cruel immigration policies.


GOP priorities regarding tax policy are designed to make the rich richer by extending the tax cuts the rich love. Either they blow the hole bigger than now in the deficit or cut social programs that benefit the middle class and the working poor. Health care, social security and Medicare are targets, among others. This one issue alone is ripe for class warfare. The burning question Democrats need to ask at every opportunity is "How does that benefit whom" and they need to then be ready to point out their alternatives. The GOP has been handed a gift: recovery from COVID-19, putting the breaks on inflation, and jobs for everyone who more or less paid enough to keep up with inflation. Now, let us see what they do with that.

This is a good summary of the GOP's legislative agenda:  https://www.cbsnews.com/news/119th-new-congress-to-do-list-priorities   If this is it, I see nothing in it that will improve the lives of "ordinary Americans". In the meantime, both the executive branch and Congress run by the GOP support and promise policies, including tariffs and immigration, guaranteed to stoke the flames of inflation again. The GOP has to get it right before the midterms for those who say they voted for Trump because of the economy. How the GOP will offset negative fallout will be carrying out their white Christian agenda as planned in Project 2025, which has little to do with Congressional action but relies on executive orders.   Expect every possible failure by the Trump administration on economic policies to blame immigrants who are black and brown or foreign.  So far, this racist, hate approach, fear, and blame the "others" has been a winning strategy for every wannabe and current strongman dictator from Putin to Orban to Erdogan to Trump.  

The most damaging blow to democracy was Citizens United where contributions could be hidden by corporations in lobby and interest groups and political committees. We used to be able to see who contributed. Now they are hidden thanks to the absurd Scotus opinion corporations are people and have rights Musk was brazen. Nothing hidden there:$ 277 million. https://www.msn.com/.../elon-musk-put-277-million-into...       If there is one change that would help democracy survive as it was meant to be, it would be to undo the Citizens United opinion.  The other would be to undo political gerrymandering, another bad Scotus opinion. This permits those with money to determine the outcome of representative bodies by threatening to provide enough money to "primary" someone who steps out of line. Musk just did it. Republicans dismiss Elon Musk's threats after bill rejection

This is not just a USA problem, but a world one. Update 1 20 2025: Billionaire wealth surged in 2024, says Oxfam as world leaders meet for Davos

Update 1 16 2025: Those who own the message media can control minds.  The oligarchs are well on their way to doing it: 

Mark Zuckerberg Drops DEI And Fact Checking - Search News

 https://www.msn.com/en-us/money/other/a-30-million-campaign-to-free-social-media-from-billionaire-control-is-now-underway/

Donald Trump has threatened to shut down broadcasters, but can he?

How Hungary's Orbán uses control of the media to escape scrutiny and keep the public in the dark | The Associated Press




Elon Musk, a person who could fit the definition of an oligarch, has recently become Trump's alter ego. Now that Elon Musk seems to be running the transition and Trump sits in Mar A Lago nodding his head, Musk deserves real scrutiny. Do we really want that powerful influence over Trump by Musk, who is revealing himself as a neo-Nazi sympathizer? He just congratulated the AFD party in Germany for its recent showing and called it the savior of Germany, a party widely recognized by many as a neo-nazi party. It should not come as a surprise.  Trump has given American neo-Nazis a public platform since taking over Twitter (now X).
He is under scrutiny by the Securities and Exchange Commission for failing to comply with the SEC rules in his purchase of X. https://www.cnbc.com/2025/01/14/sec-sues-musk-alleges-failure-to-properly-disclose-twitter-ownership.html  In the newTrump regime, we should be watching what happens with this suit and whether it is dropped.  

Some (writing opinions) even think Musk wants to rule the world. This would explain his meddling in other countries' affairs.  We used to dismiss a person  who pulls the world's strings as nothing but a paranoid delusion. That thought the Musk would attempt to be such a force is frightening. Elon Musk seeks to install himself as global dictator – and 'so far it's working': expert


Update: 1 14 2025 In reaction to rumors that Musk is considering buying TikTok and Zuckerberg caved into Trump and stopped fact-checking on Facebook, this is very important; non-profit media is launching an effort to keep social media out of the hands of billionaires. In the meantime, like never before, social media should be treated as people's opinions but not as a source of credible facts and data. My policy is to list the sources of my facts and data cite and what is influencing my opinions on my blog or on social media postings. https://www.msn.com/en-us/money/other/a-30-million-campaign-to-free-social-media-from-billionaire-control-is-now-underway/

 In 2024,  Democrats raised the fear that oligarchs would damage democracy (https://mufticforumblog.blogspot.com/2024/10/democracy-has-oligarch-problem.html) and instead made combatting MAGA's extreme positions on choice and minority rights and other cultural issues their prime issues.Harris did her best to talk about grocery and gas prices and the high cost of housing and presented some constructive ideas to deal with it, but Trump, the ever real estate promoter and con man, sounded more credible, pointed to low prices pre COVID to make America great again  though he had no plans.  We know how that turned out. We also know he can't deliver, already saying" it is too hard to do it." Now, in Trump.2  it appears that the middle class and working families will also be the victims of the oligarch influence over Trump. 

The rule of billionaires in this second Trump administration is likely to be Trump's Achilles heel. Dems can take aim at those super-rich to the extent that billionaires 1) do not know what wage earners have to do to make ends meet and 2) don't care because they only see public policy good that increases their wealth in tax policy and deregulation. 3) Billionaires often see offsetting the cost of their tax cuts and the damage of doing that by cutting social security health care, feeding the poor, etc, that make the middle-class and working poor's lives easier. Therein lies the reasons Dems can and should engage in class warfare as a contrast to their policies that help wage earners and, the middle class and the needy. They have a track record of advocating, supporting, and protecting the middle class that the GOP does not have. Trump's billionaire appointees plan is a new opportunity ripe for attack not available to Democrats in 2024.

https://mufticforumblog.blogspot.com/2024/11/resistance-is-not-enough-democrats-have.html

Post 2024 election, the billionaire contributions to Trump continued per this meme, data unverified but worthy of attention: https://www.facebook.com/share/p/18SyzrraVK/


WHAT IS THE DIFFERENCE BETWEEN BILLIONAIRES AND OLIGARCHS  Are all billionaires oligarchs? I have my own take on that. Oligarchs are those who participate in an oligarchy. is an interesting evolution of the usage of the word oligarchs that has roots in economic terms, in how many limited numbers of companies control a "market', or specific sectors of the economy. 

Oligarchs also wield more power than just in business. They are politically involved and control more than one power center, such as the media and political positions, informal or formal.  An oligarch is now most frequently associated with political power.  Not all billionaires are oligarchs, but an oligarch is usually a billionaire or at least a multi-millionaire.
 However, Putin's regime is supported by what Russians call oligarchs...very rich Russians who act on Putin's behalf (or meet unfortunate deaths if they do not). It has become more of a political term than a business/market term.   The term oligarch resembles the US. It has become a political description of a billionaire tied up in political power that resembles the Russian counterparts. I see it in that context. 

 Is Trump an oligarch? If not, he is at least an aspiring one. He acts like one and surrounds himself with bonafide ones to such an extent that at least he appears to treat them as his peer group. Recently, in the passage of the continuing resolution for keeping the government open and his failure to get what he wanted (ending the debt ceiling), he looked like he bowed to his peer, Elon Musk, and Musk's attempt to blow up the bi-partisan deal reached earlier. 

This is a potential issue, and to the extent those like Elon Musk and others hurt ordinary Americans, it needs to be followed closely. It also depends upon the messaging skills of Democrats to make the connection, to date, at best, poor.  The opportunity is there. Not only is it a class clash, but it also has practical consequences that will hurt Americans in their gut of pocketbook issues. If what the oligarchs do appears to be self-serving, wealth-building while the rest of us take it on the chin can become a major issue.  It is especially ripe if what appears to ordinary people is that those like Musk who proposes hurting and cutting out federal programs such as Obamacare and Social Security, consumer protections from abusive business practices and unsafe products are the oligarch's way of offsetting the tax cuts and regulatory requirements.

Is Elon Musk an oligarch? He fits my definition of an oligarch, and he is an example of one who attempts to influence political policy and candidates to benefit him.  Musk controls many sectors, including automotive EVs. social media via Twitter/X , and space exploration.He seems to think at this moment that he also controls Congress, the executive branch, and the GOP.  MAGA seems willing to dance to his tune.  The significance of the House vote on whether to shut down the government or fund it on December 20 was that even Elon could not control that.  Trump looked like he, too, was dancing to Musk's tune, following his lead on the budget ceiling, which both Musk and Trump failed to get it included in the final version.
 .
Musk proposes to cut out the Consumer Finance Protection Bureau so he can avoid regulation when he turns X( formerly Twitter) into a consumer bank and service site. He also wants to destroy reports of Tesla crashes. Bad for business. (per an expose by Rachel Maddow 12/16/2024) and  Trump team set to end key vehicle safety rule opposed by Elon Musk's Tesla: report     So now the oligarchs are proposing to cut the Consumer Finance Protection Bureau over outrage that $35 late fee is being reduced to $5 in the waning days of the Biden administration.  The yelp from the finance companies over this outrageous money/profit generation that screwed consumers is heard on FOX.  Whose side is MAGA on? The finance companies or their loyal consumers? Obviously, those getting screwed by this are the consumers; those demanding this profit center are the finance companies.  Let's see how this one plays out.https://www.msn.com/en-us/money/companies/cfpb-has-been-an-absolute-disaster-ej-antoni-explains-what-doge-should-cut-first/


Google AI summary: AI Overview
Credit card late fees are a major source of profit for some financial services companies. In 2022, credit card issuers collected over $14 billion in late fees, which was more than 10% of the $130 billion in interest and fees charged to consumers. 
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule that caps credit card late fees at $8 for the largest credit card issuers. The average late fee before the rule was $32. The CFPB estimates that the new rule will save Americans an average of $220 per year. 



Now that Elon Musk seems to be running the transition and Trump sits in Mar A Lago nodding his head, Musk deserves real scrutiny. Do we really want that powerful influence over Trump by Musk, who is a neo-Nazi sympathizer? Are there other dark corners in Musk's head? This one should set off some alarm bells: https://www.nytimes.com/2024/12/20/world/europe/elon-musk-afd-germany.html  He just congratulated the AFD party in Germany for its recent showing and called it the savior of Germany, a party widely recognized by many as a neo-nazi party. It is anti-immigrant to the extreme. How the Magdeburg Christmas Market mass killing affects German views of immigrants just might become even more extreme since the accused perp was an immigrant from Saudi Arabia Germany Christmas Market Attack: How Saudi Arabia Responded - Newsweek     It appears that  Musk even sees himself as the Secretary of State or Trump's mouthpiece on the Magdeburg, AFD issue. Is he or is he also not in charge of Trump's foreign policy? He told the German president he was a fool and ought to resign. https://www.msn.com/en-us/news/world/elon-musk-s-controversial-demand-after-magdeburg-tragedy/ar-AA1wh6dx?
Musk's X (formerly Twitter) let neo Nazi's have a flourishing platform




HOW BILLIONAIRES GET POLITICAL INFLUENCE
"The single biggest target of billionaire campaign spending has been the historically tight presidential race. Nearly $600 million was spent in support of the two major presidential candidates, either through their respective fundraising committees or super PACs spending on their behalf (see below). The great bulk of that money backed former president and current Republican nominee Donald Trump, who benefited from over $450 million of billionaire donations–more than three times as much as Vice President Kamala Harris, the Democratic nominee, who was the beneficiary of $143 million of billionaire contributions. That’s a 75%-25% split in Trump’s favor. "  Billionaire Clans Spend Nearly $2 BILLION On 2024 Elections - Americans For Tax Fairness
Musk recently just threatened to use his money to "primary" candidates, Democrats and Republicans who do not fall in line in 2026. 

Sunday, December 15, 2024

Musk's return on investment in Trump has just begun


This is about as self-serving as a billionaire can get. Musk plans to abuse his newfound power as Trump's DOGE to protect plans for a new financial service from consumers and to remove safety requirements for Tesla.  https://www.msn.com/en-us/money/companies/elon-musk-put-277-million-into-the-election-now-he-s-200-billion-richer.  That is a return on investment of the century.  Musk is planning to turn his X (formerly Twitter) into a financial services platform similar to Venmo, but offering far more  serivces.. https://www.pymnts.com/financial-apps/2023/musk-x-will-encompass-users-entire-financial-life-by-2024Eliminating guardrails, allowing Musk to abuse customers as he sees fit in providing financial services is in his best interest, but not in consumer or public interests.Musk sees the Consumer Financial Protection  Bureau as redundant and unnecessary. I see it as the only viable guardrail to keep consumers from being victims of illegal and unfair treatment by powerful banks. “When I say payments, I actually mean someone’s entire financial life,” Musk said during a company all-hands call last week, per a report by the Verge.“If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.” Imagine a power like the one he represents trying to sell consumers on "efficiency" and DOGE that eliminates consumer protections from financial service providers while he is planning to launch a financial services project as far-reaching as this.  This is beyond corrupt,  using his relationship with Pres. Elect Trump to get it done using the cover of eliminating duplicative agencies to save taxpayer money. https://www.cnbc.com/2024/12/06/doges-musk-ramaswamy-try-to-sell-congress-on-huge-spending-cuts.html 

Update: 12/21/24   This is what the CFPB is doing, for example, that local and state consumer regulators do not have the ability and resources to do. CFPB sues JPMorgan Chase, Bank of America and Wells Fargo over Zelle payment fraud

Another Musk self-serving plan: Musk is unsafe at any speed. Musk plans to use his power to remove safety regulations that damage Tesla's interest. Trump team set to end key vehicle safety rule opposed by Elon Musk's Tesla: report

Add this to the already extensive stranglehold billionaires have in media and what we can hear and see to get our news. MUFTIC FORUM BLOG: Democracy has an oligarch problem. Musk is a player.


More on CFPB:

This, from   https://mufticforumblog.blogspot.com/2024/11/resistance-is-not-enough-democrats-have.html   .....                billionaire Elon Musk in charge of Trump's current thinking about cutting "duplicative and unnecessary agencies" has just targeted the recently instituted the Consumer Financial Protection Bureau . (CFPB)Unnecessary for whom? Certainly not necessary for a billionaire. Duplicative of what agency? It was set up to do what other agencies had failed to do or had the power to do. Per Google AI, The FTC's Bureau of Productions for Consumer Protection ICFstops unfair, deceptive, and fraudulent business practices by collecting complaints and conducting investigations, suing companies and people that break the law. developing rules to maintain a fair marketplace. I spent over 20 years as an executive with consumer protection agencies, one similar to the CFPB on the local level, and a credit counseling agency (non-profit) , dealing with debt, foreclosure, and local, public, and private agencies attempting to help consumers deal with these kinds of financial problems. However, when we attempted to alert the Federal Trade Commission about a pattern of civil fraud, there was no easy way to do it nor was there a focus at the FTC to deal with consumer complaints.  Musk does not have a clue of how important the Bureau is. Per the bureau:

  • 4 million+ consumer complaints received responses
  • $20.7 billion+ in financial relief as a result of CFPB actions
  • 205 million+ people eligible for financial relief and their current target: credit card and bank junk fees.
 




Alarm bells are ringing as Trump has indicated a potential desire to turn the US central bank, the Federal Reserve, into a political weapon and to set interest rates per political considerations.  If the Fed begins to raise interest rates as inflation raises its ugly head again, Trump may try to replace the members with loyalists so he could control interest rates to make his regime look good politically. That move would be fought tooth and nail by business interests. The Federal Reserve has the only tool available to fight inflation. They control an overheated economy using interest rates. While high interest rates post-COVID were politically painful, in the long run they have brought inflation down to nearly 2%, an annual rate economists consider healthy.

 Elon Musk's current relationship will likely run into conflict with Trump over tariffs and the environment (Tesla and batteries are important to him, and they depend on environmentally sensitive customers)  Musk also understands science and its value to Space X.  Cuts of government service runs counter to his business tech orientation which is highly dependent on science and data collecting. How that plays out will be a fascinating drama to watch. V Conflict with Trump's team members have already begun. Musk, top Trump adviser clash over Cabinet picks

Possibly an area of conflict between Musk and Pres. Trump is if Project 2025 is implemented. Eliminated as unnecessary are whole agencies at the EPA. . ‘Agencies To Be Deleted’: Vivek Ramaswamy Says DOGE Will Pursue ‘Mass Reductions,’ Fight Bureaucratic ‘Pushback’  In MAGA'S mind, environmental and climate research is unnecessary. Global warming is a hoax, per Project 2025 and Donald Trump. They must think if it is not collecting data that is reported in the media, global warming will go away. Besides, these regulatory agencies cut into corporate profits, and those agency cuts are needed to offset the tax breaks to the rich that will bloat the debt and deficits.  Project 2025 proposes to eliminate any reference to man-caused global warming in government agencies including eliminating agencies who keep track of such unnecessary stuff since there is no global warming man causes.  Among those on the cutting block are possibly  Boulder's National Atmospheric Research labs, and NOAA's chief research facility also located in Boulder, Colorado. . https://www.noaa.gov/about-our-agency  

Interesting, however, is that Trump's pick for energy czar is from Denver, who believes there is climate change, but it is not a crisis. https://www.denverpost.com/2024/11/19/chris-wright-colorado-energy-secretary-nominee

 On the other hand, Elon Musk may see a business opportunity. He already has billions worth of government contracts, especially in space travel, exploration, and rockets. That is his business model. It is taking over stodgy government agencies and replacing them with money-saving contracts under his control and for profit. Running science agencies would more than benefit his bottom line and the automotive and space agencies that already make him the richest man in the world. Trump's victory brought Tesla and Musk 70 billion dollars. It also means that those agencies would serve him, but not the public interest. and competitors.

https://www.cnbc.com/2024/11/11/elon-musk-is-70-billion-richer-since-trump-victory-due-to-tesla-surge.html 

https://www.washingtonpost.com/politics/2024/11/16/elon-musk-trump-treasury-tariffs/

https://www.nytimes.com/2024/11/14/climate/trump-noaa-climate-data-weather.html

https://www.law.berkeley.edu/research/clee/research/other-research-initiatives/environmental-guid

https://yaleclimateconnections.org/2024/07/what-project-2025-would-do-to-climate-policy-in-the-us/