In the last 48 hours we have witnessed one of the most mind blowing pump up the markets attempts to prevent price discovery and destroy the consumer over the long term that I have ever witnessed in my life. More shocking than Paul Volcker’s rate cut folly in 1980, worse than the LTCM bailout, and a bigger joke than Greenspan’s desire to fuel a housing bubble in 2003 this has the potential to finally put a torch to anyone who believes owning American paper assets over the long term.
The hearing at the Supreme Court seemed to be indicating that the Trump administration was having a hard time defending the legal concept that the letter of the law is not a blank check for administrating said law despite the feelings, emotions, or interpretations of whomever is President at that moment.
Obviously he was advised that the hearing did not go well as his rant on Truth Social on Sunday illustrates:
That rant will do nothing but stimulate the MAGA base hungry for raw meat and someone to cast blame if it is struck down in the weeks to come, but what else did Trump do over Saturday and Sunday?
To keep the pressure up on the Supreme Court Justices, the administration began the “poor consumer” angle of attack by trying to demonstrate some of the benefits that can come from tariffs.
The biggest example promoted was this idea floated by President Trump this weekend about $2,000 stimulus checks for “qualified” individuals:
Trump says he’ll issue $2,000 tariff dividend to all except ‘high-income people’
The story from ABC News was fascinating only because on the Sunday morning ABC News program, Treasury Secretary Bessent all but refuted the idea:
Needless to say this tap dancing shoots this idea of $2,000 stimulus checks out of the discussion. Trump’s argument that it is feasible in the face of a skyrocketing national debt, interest payments that outpace the monthly intake of revenues from tariffs, and an economic theory based on perpetual 2.8%+ GDP for many years to come is beyond absurd and almost as bad as the last guy in the Oval Office.
This attempt to bribe the middle and lower class with a sugar rush for the holidays is a mirage.
Meanwhile, a deal has been struck as eight Democrats have crossed the aisle in the Senate to vote for a reopening of the government, even if it is just a continuing resolution good until January 30, 2026. While many of the permanent liberal elites in safe seats decry this to make it appear they are placating their base, odds are higher that some of or all eight of the Senators were stuck in the nightmares called US airports over the last several days.
Like Newark:
🤯 Dozens of planes queued on the tarmac at Newark Liberty International Airport amid hours-long delays earlier today. pic.twitter.com/OWUichTlKe
— Breaking911 (@Breaking911) November 9, 2025
This resolution comes just in time to spur a follow up rally to Friday’s move and provide exit liquidity for those politicians and insiders in DC and Wall Street to sell at higher prices so they can buy their families and mistresses some great Christmas presents.
At this point in time, if any of my readers are hardcore Trumpers, you’re not going to enjoy the next several paragraphs so be warned or take your medication now.
The story linked below at HousingWire sums it up nicely:
Trump proposes 50-year mortgage to help affordability
President Trump actually pushed the idea of 50 year mortgages this weekend. I’m not going to rehash the amortization tables, the fact that most home buyers do not attempt to read the contracts, or all of the negative financial reasons that others have covered in such an excellent manner on their Substacks and blogs.
The following post on Truth Social, which I monitor for historical and policy perspectives only not for serious engagement, pretty much set my blood on fire.
After getting my blood pressure back below 300 over 200, I’ve finally reached a point where I can write about this.
I’ve long pointed out the Trump economic team’s fascination with the policies of Alfredo Rocco, the Godfather if not inventor of the “corporatism” idea of governance. The policies presented by Rocco, sound very similar to some of the statements from his 1938 book, La Lotta Contro La Reazione Antinationale (The Fight Against Anti-National Reaction). The quote below from page 585 sounds frighteningly a lot like some of the policies being uttered by the President and some of his minions now (translation via Google Translate):
Therefore, not in the name of freedom, but in the name of opportunity and expediency, I must, at the present time, hope for a rapid return to the normal regime of production, and especially of commerce, which, in the current historical phase of economic and political evolution, is, and must be, a regime of private activity and initiative. The task of the State, as it is currently organized, is to encourage, promote, and facilitate private initiative; to prepare the right environment and favorable terrain for it, not to stifle it by replacing it. And this is not in homage to any immutable and eternal principle; but because the State today, as it is constituted, does not have the capacity to directly assume the task of production.
Needless to say someone who says things like this might be viewed as a 1930’s fascist nut, but in no way will I ever compare nor call Trump a fascist as that is the realm reserved for the extreme left wing Marxists who have diluted the meaning of the word in a derogatory sense.
But for President Trump to admiringly compare himself to a President who admired the father of modern day fascism, Benito Mussolini, should be alarming to any sane so-called “Republican” and down right infuriating to a true conservative.
For those who are unaware of FDR’s admiration of Mussolini, I present to you this quote from an article at Mises.org from 2018:
Roosevelt never had much use for Hitler, but Mussolini was another matter. “’I don’t mind telling you in confidence,’ FDR remarked to a White House correspondent, ‘that I am keeping in fairly close touch with that admirable Italian gentleman’” (p. 31). Rexford Tugwell, a leading adviser to the president, had difficulty containing his enthusiasm for Mussolini’s program to modernize Italy: “It’s the cleanest … most efficiently operating piece of social machinery I’ve ever seen. It makes me envious” (p. 32, quoting Tugwell).
How any respectable American thinks the 30 year mortgage was a brilliant idea as instituted by Roosevelt is beyond me. The proper course of action would have been a post-World War II sunset for government support of the programs some time in the 1960’s but instead like every other government program, it was absorbed as a “necessary” function of government to protect the banking system from irresponsible borrowers.
What that did in the end was financialize the system which created the nightmare that fueled the housing disaster that started in late 2003 and the consequences of are still being felt to this day.
America has now institutionalized financialization of almost any aspect of the citizen’s lives which created a new government partnership as winners and losers are decided by political whims versus financial viability. By doubling down with more socialization of losses and penalizing private initiative and creation at the lower rungs of society it all but invites decades of stagnation similar to what we have witnessed in the last twenty-five years plus in Argentina or South Africa.
This author does not and will not apologize for pointing this fact out. Where government sponsored crony capitalism is encoruaged, I draw the line and have done so for over twenty years now. Regardless of the party suffix at the end of a politician’s name, I will illustrate the outrage and absurdity of policies that embrace the corporatism or Marxist ideology.
At this point in history, with all of the tariffs, false promises of grants to the peasantry, and greater expansion of debt to the masses all in the name of supporting embedded inflationary policies, all one can conclude is that barring a massive amount of pain, once known as capitalism, America will proceed down this dark path to its ultimate ending.
