Trump Family Gets Richer

Our new book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments. Scandals persist.

David Uberti, et al. at WSJ

When President Trump ran for re-election in 2024, he and his family already had vast business interests stretching from Manhattan office towers to a golf course in Ireland to hotel deals as far away as Vietnam.

The president’s second term has brought a major expansion of that empire, with forays into cryptocurrency, communications, financial products and now, a fusion-power deal. Ventures launched since Trump’s re-election generated at least $4 billion in proceeds and paper wealth for the family as of December, according to company statements and securities filings.

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The recent expansion has made the Trumps a major player in the crypto world. They have launched a host of new ventures and products, from memecoins to data centers. The president is also pushing to relax regulations on the industry. The biggest crypto venture is World Liberty Financial. It has sold about $1.4 billion worth of WLFI tokens, a digital asset it created, The Wall Street Journal has reported. The firm also has launched USD1, a “stablecoin” whose value is pegged to the dollar and which generates significant interest income. The Trumps have a major stake in this business which is ultimately controlled by Trump and his family members through a complex ownership structure. The president has about 70% ownership of the stake through his trust, disclosures show.iness. World Liberty’s site says it is 38% owned by an entity called DT Marks Defi LLC...

In addition to their ownership interests in these businesses, the Trumps are co-founders or operators of many of them. Trump and his sons co-founded World Liberty. The Trumps receive 75% of net proceeds when World Liberty sells tokens, plus a cut of stablecoin returns. That revenue share would translate into about $1 billion in proceeds so far for the Trumps. The Trumps’ unsold tokens were worth about $3 billion as of December

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Epstein Redactions

Our new book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments. Scandals persist.  Especially Epstein.

Joe Walsh at CBS:

The Justice Department released thousands of new records on convicted sex offender Jeffrey Epstein on Friday, but at least 550 pages in the documents are fully redacted, CBS News has found.

The newly released files included photos of several prominent people in Epstein's orbit, images from his homes and investigative records that detail disturbing allegations against the late sex offender. But the heavy redactions in many of the records have drawn criticism from Democrats and some Republicans, as the department defends its handling of the files.

One series of three consecutive documents — totaling 255 pages — is entirely redacted, with each page covered by a black box. A fourth 119-page document labeled "Grand Jury-NY" is also entirely redacted. It's unclear what proceedings it stemmed from, but the document listed immediately before it is a transcript in which a prosecutor asks a grand jury in 2020 to consider evidence for a superseding indictment of Epstein's convicted co-conspirator, Ghislaine Maxwell.

Epstein Update Mid-December

Our new book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments. Scandals persist.  Especially Epstein.

Nicholas Confessore and Julie Tate at NYT:

But the two men’s relationship was both far closer and far more complex than the president now admits.

Beginning in the late 1980s, the two men forged a bond intense enough to leave others who knew them with the impression that they were each other’s closest friend, The Times found. Mr. Epstein was then a little-known financier who cultivated mystery around the scope and source of his self-made wealth. Mr. Trump, six years older, was a real estate scion who relished publicity and exaggerated his successes. Neither man drank or did drugs. They pursued women in a game of ego and dominance. Female bodies were currency.

Over nearly two decades, as Mr. Trump cut a swath through the party circuits of New York and Florida, Mr. Epstein was perhaps his most reliable wingman. During the 1990s and early 2000s, they prowled Mr. Epstein’s Manhattan mansion and Mr. Trump’s Plaza Hotel, at least one of Mr. Trump’s Atlantic City casinos and both their Palm Beach homes. They visited each other’s offices and spoke often by phone, according to other former Epstein employees and women who spent time in his homes.

With other men, Mr. Epstein might discuss tax shelters, international affairs or neuroscience. With Mr. Trump, he talked about sex.

“I just think it was trophy hunting,” Stacey Williams, who rose to fame as a star of the Sports Illustrated swimsuit editions during the 1990s, said in an interview with The Times. In social media posts and interviews with news outlets in recent years, Ms. Williams has described how Mr. Trump groped her in 1993 at Trump Tower while Mr. Epstein — whom she was then dating — watched. “I think Jeffrey liked that he had this Sports Illustrated model who had this name, and that Trump was pursuing me,” she said. Mr. Trump has denied her account.

To shed light on their friendship, The Times interviewed more than 30 former Epstein employees, victims of his abuse and others who crossed paths with the two men over the years. The Times also obtained new documents that illuminate their relationship and scoured court documents and other public records.

Many of the people interviewed by The Times asked to share their stories anonymously, saying they feared for their safety at the hands of supporters of Mr. Trump, a president who has deployed the might of the federal government to target and punish his political opponents. Some Epstein victims have already received death threats for demanding a full accounting of the government’s investigations, according to a statement released by more than two dozen of them last month.

Ranting and Lying

Our new book is The Comeback: The 2024 Elections and American Politics. Trump is showing his age.  Sometimes, it's amusing, but sometimes it's disturbing. Cognitive decline is no joke when it involves someone who can wipe out all life on Earth.

David Sanger at NYT:

President Trump gave an 18-minute speech intended to defend his accomplishments in the first year, and argue that the “Golden Age” he promised in his presidential campaign last year was building steam.

The speech was, in typical form, largely strung together from familiar lines he uses at White House events, rallies and speeches. And, in Trumpian style, there were a long list of exaggerations and misleading statements.

But notably absent from the president’s remarks was his argument from recent weeks that “affordability” was nothing but a “hoax” and a “con job” by Democrats — a line that made his own advisers cringe.

Mr. Trump, always more comfortable with what he calls his “weave” of free association rather than reading from a teleprompter, raced through his talk as if he was late to an important dinner. There were no digressions, unlike his speech in Pennsylvania a week ago when he repeatedly veered from the topic. At times he seemed to be yelling — almost as if he didn’t believe he had to take the time to convince his audience of how well his first 11 months had gone.

As usual, Trump lied.  Daniel Dale at CNN:

Inflation under Trump: Near the end of the speech, Trump falsely claimed, “Inflation is stopped.” Inflation hasn’t stopped; the year-over-year inflation rate in September, 3.0%, was the same as the rate when Trump returned to office in January – in fact, if you go to multiple decimal places, the September rate was a tiny bit higher – and September was the fifth consecutive month the year-over-year rate had increased.

 

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After noting that the price of eggs has plummeted since March, Trump added, “And everything else is falling rapidly.” That is not true even if he was talking specifically about grocery prices, which are up this year. Consumer Price Index data shows that a far greater number of grocery items have increased in price since he returned to office than have decreased. The most recent available CPI figures at the time he spoke on Wednesday, for September, showed that average grocery prices were up about 2.7% from September 2024; about 1.4% from January 2025, the month Trump returned to office; and about 0.3% from August to September.

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Prescription drug prices: Trump repeated his false claim that an executive order he issued on prescription drug prices will cut those prices by “as much as 400, 500, and even 600%.” These figures are mathematically impossible; if the president magically got the companies to reduce the prices of all of their drugs to $0, that would be a 100% cut. You can read a longer fact check here.

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Investment in the US this year: Trump repeated his false claim that there has been “$18 trillion” in investment in the US during his second presidency, saying Wednesday, “I’ve secured a record-breaking $18 trillion of investment into the United States.” This figure is fiction. At the time he spoke on Wednesday, the White House’s own website said the figure was “$9.6 trillion,” and even that is a major exaggeration; a detailed CNN review in October found the White House was counting trillions of dollars in vague investment pledges, pledges that were about “bilateral trade” or “economic exchange” rather than investment in the US, or vague statements that didn’t even rise to the level of pledges. You can read more here.

 

I was wondering how Trump found his troop pay money without a congressional authorization/appropriation. He found it by taking it away from troop housing money. Always a con artist. https://t.co/voaRTB8e5F

— David Frum (@davidfrum) December 18, 2025

Moses Supposes Erroneously

Our new book is The Comeback: The 2024 Elections and American Politics. It includes a chapter on congressional and state elections. Trump was a liability for Republicans in the 2025 off-year elections. He could be a bigger liability in the 2026 midterm -- and not just because of his low approval ratings.

Congressional Republicans are in a tough spot. On the one hand, anything bearing Obama's name is toxic to GOP activists. On the other hand, the general public now favors the Affordable Care Act by nearly a two-to-one margin. And about half of those who receive ACA premium subsidies are either self-employed or work for a small business — exactly the kind of voters that marginal Republicans need in a general election.

Emily Brooks at The Hill:

Speaker Mike Johnson (R-La.) on Wednesday insisted that he has not lost control of the lower chamber of Congress in the wake of four Republican moderates mounting a major rebellion by joining with Democrats to force a vote on extending expiring ObamaCare subsidies.

“I have not lost control of the House, no,” Johnson said when asked about his grip on the chamber following the GOP rebellion.

“We have the smallest majority in U.S. history. These are not normal times,” Johnson said. “There are processes and procedures in the house that are less frequently used when there are larger majorities.”

His comments came shortly after four Republican moderates in swing districts — Reps. Brian Fitzpatrick (Pa.), Mike Lawler (N.Y.), Rob Bresnahan (Pa.) and Ryan Mackenzie (Pa.) — signed a petition led by House Minority Leader Hakeem Jeffries (D-N.Y.) to extend the expiring enhanced ObamaCare subsidies for three years. That brought the petition to 218 signatures, enough to force a vote on the matter.

That, in turn, came after negotiations between moderates and GOP leaders on a compromise amendment vote to extend the subsidies as part of a separate House GOP health care bill fell apart over the weekend and on Tuesday.

Susie Wiles Speaks

Our new book is The Comeback: The 2024 Elections and American Politics. 

At Vanity Fair, Chris Whipple interviews Chief of Staff Susie Wiles, part 1

“Some clinical psychologist that knows one million times more than I do will dispute what I’m going to say. But high-functioning alcoholics or alcoholics in general, their personalities are exaggerated when they drink. And so I’m a little bit of an expert in big personalities.” Wiles said Trump has “an alcoholic’s personality.” He “operates [with] a view that there’s nothing he can’t do. Nothing, zero, nothing.”

Peter Baker at NYT:

President Trump’s chief of staff said she tried to get him to end his “score settling” against political enemies after 90 days in office, but acknowledged that the administration’s still ongoing push for prosecutions has been fueled in part by the president’s desire for retribution.

Susie Wiles, the White House chief of staff, told an interviewer that she forged a “loose agreement” with Mr. Trump to stop focusing after three months on punishing antagonists, an effort that evidently did not succeed. While she insisted that Mr. Trump is not constantly thinking about retribution, she said that “when there’s an opportunity, he will go for it.”

Ms. Wiles made the comments in a series of extraordinarily unguarded interviews over the first year of Mr. Trump’s second term with the author Chris Whipple that are being published Tuesday by Vanity Fair . Not only did she confirm that Mr. Trump is using criminal prosecution to retaliate against adversaries, she also acknowledged that he was not telling the truth when he accused former President Bill Clinton of visiting the private island of the sexual predator Jeffrey Epstein.

0ver the course of 11 interviews, Ms. Wiles offered pungent assessments of the president and his team: Mr. Trump “has an alcoholic’s personality.” Vice President JD Vance has “been a conspiracy theorist for a decade” and his conversion from Trump critic to ally was based not on principle but was “sort of political” because he was running for Senate. Elon Musk is “an avowed ketamine” user and “an odd, odd duck,” whose actions were not always “rational” and left her “aghast.” Russell T. Vought , the budget director, is “a right-wing absolute zealot.” And Attorney General Pam Bondi “completely whiffed” in handling the Epstein files

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Mr. Musk has acknowledged trying ketamine “a few years ago,” but denied reports of more recent use. In the interview with The Times on Monday, Ms. Wiles took issue with the quote attributed to her about his drug use. “That’s ridiculous,” she said. “I wouldn’t have said it and I wouldn’t know.” But Mr. Whipple played a tape for The Times in which she could be heard saying it.

And a futile non-denial denial (Lordy, there are tapes.)

 

The article published early this morning is a disingenuously framed hit piece on me and the finest President, White House staff, and Cabinet in history.

Significant context was disregarded and much of what I, and others, said about the team and the President was left out of the…

— Susie Wiles (@SusieWiles) December 16, 2025

Anti-Newsom Oppo Starts

Our new book is The Comeback: The 2024 Elections and American Politics.  We are already in the very early stages of the 2028 campaign.

 Alex Thompson and Holly Otterbein at Axios:

Gavin Newsom's Democratic rivals are plotting how to take down the early 2028 frontrunner, with a heavy emphasis on how unpopular his left-leaning views are outside deep-blue California.

Driving the news: Our conversations with more than 20 Democratic operatives, including several working for 2028 hopefuls, reveal that they see the California governor as the guy to beat — and a guy with a lot of personal baggage that's exploitable for a presidential primary.

The consensus themes to expect in attacks on Newsom:The "too liberal, coastal elite" argument. If primary voters prioritize electability, Newsom — a former San Francisco mayor — could be seen as a risky choice, the operatives say.

Newsom has defended providing health care for undocumented immigrants because he supports universal health care — a mainstream position in the 2020 Democratic primary some Democrats have since abandoned.

Affordability, housing and homelessness remain big problems in California, despite Newsom initiatives as mayor and governor.

The wealthy Getty family has been a key backer of Newsom's political and business career, leading some of his foes in California to call him a slick "Davos Democrat."
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Zoom in: Some of Newsom's potential rivals and other Democratic leaders have begun going public with attacks.California Rep. Ro Khanna, referring to Newsom's former chief of staff recently being charged with corruption, said the aide's indictment is a "toxic stain" on the state.