Archives for category: Billionaires

Today is a day to celebrate a great man: Dr. Martin Luther King, Jr. No one spoke about the relevance of our founding ideals more eloquently than Dr. King. He called to account to live up to those ideals. Dr. King called on us to be the very best possible Americans.

We are not there yet but we must never stop trying.

Ann Telnaes created this editorial cartoon for the Washington Post in 2018. She resigned from the Post a few weeks ago after one of her cartoons was spiked. It showed the billionaires bringing bags of cash to Trump. One of them was Jeff Bezos, owner of the newspaper. We now know that it is not a good idea to criticize the guy who owns your newspaper. I described to Ann’s blog to express my support for her courage and integrity.

Paul Krugman, Nobel Prize-winning economist, no longer writes a column for The New York Times. Instead, he has a blog on Substack where he writes whatever strikes his fancy.

In this post, he ponders what billionaires want. Why aren’t they satisfied to have “only” $500 million? Or “only” $1 billion? I always thought that their insatiable desire for more stemmed from competitiveness, from obeisance to the maxim “He who dies with the most toys wins,” attributed to magazine publisher Malcolm Forbes. Who has the most houses? Who has the biggest superyacht? Who has a yacht to follow his superyacht?

Krugman has a different take.

He writes:

Today’s newsletter will be a bit different from my usual. In general, I do data-driven posts, mainly about economics — and that will remain the norm. But right now, as some of the worst people in America are about to take power, doesn’t feel like the time for charts from FRED. So this entry will be informal and impressionistic, based partly on things I’ve seen, partly on speculation.

So: Much of the political and business world is prostrating itself at the feet of the least-qualified man, morally and intellectually, ever to occupy the White House.

It’s understandable if not excusable why many of those declaring fealty are doing so. If you look at what has happened to Liz Cheney or Adam Kinzinger you realize that Republican politicians who stand up to Trump destroy their political careers and put themselves at real personal risk. Many businesspeople — including media owners — fear that they will suffer monetarily if they cross the new regime.

But what’s truly extraordinary is the way billionaires have been abasing themselves before Donald Trump, a spectacle highlighted by Ann Telnaes’s now-famous cartoon — the one Jeff Bezos spiked, causing her to quit the Washington Post:

PS: I strongly urge everyone to show Ann Telnaes some love by reading her Substack, getting a paid subscription if you can afford it.

Why is this self-owning by billionaires so extraordinary? Well, ask yourself: What’s the point of being rich?

Past a certain level of wealth, it can’t really be about material things. I very much doubt that billionaires have a significantly higher quality of life than mere multimillionaires.

To the extent that there’s a valid reason for accumulating a very large fortune, I’d say that it involves freedom, the ability to live your life more or less however you want. Indeed, one definition of true wealth is having “fuck you money” — enough money to walk away from unpleasant situations or distasteful individuals without suffering a big decline in your living standards. And some very wealthy men — most obviously Mark Cuban, but I’d at least tentatively include Bill Gates and Warren Buffett — do seem to exhibit the kind of independence wealth gives you if you choose to exercise it.

The likes of Jeff Bezos and Mark Zuckerberg, however, surely have that kind of money, yet they’re prostrating themselves before Trump. They aren’t stupid; they have to know what kind of person Trump is and understand — whether or not they admit it to themselves — the humiliating nature of their behavior. So why do they do it?

The answer, I believe, is that many (not all!) rich men are extraordinarily insecure. I’ve seen this phenomenon many times, although I can only speculate about what causes it. My best guess is that a billionaire, having climbed to incredible heights, realizes that he’s still an ordinary human being who puts his pants on one leg at a time, and asks, “Is this all there is?”

So he starts demanding things money can’t buy, like universal admiration. Read Ross Douthat’s interview with Marc Andreessen, in which the tech bro explains why he has turned hard right. Andreessen says that it’s not about the money, and I believe him. What bothers him, instead, is that he wants everyone to genuflect before tech bros as the great heroes of our age, and instead lots of people are saying mean things about him and people like him.

Of course, Trump’s victory won’t do anything to restore the adulation he misses, so I can confidently predict that Andreesen and others in his set will keep on whining — that there will be so much whining that we’ll get sick of whining. Actually I already am.

Or consider the Elon Musk gaming scandal. Many people in the gaming world, which is huge, believe that Musk, who claims to be an avid and expert gamer, has been faking it, either by having someone else play for him or by using a more skilled player’s account.

It’s a deeply embarrassing story, if true. And while I don’t know anything about gaming, the accusations seem credible — and completely consistent with Musk’s behavior in areas I do know something about. His attempts to pose as a budget guru and a macroeconomist have, for those familiar with even the most basic facts, been as cringeworthy as his apparent fakery in video games — although for sheer cringe value nothing matches Mark Zuckerberg’s talk about “masculine energy.”

What the gaming story suggests is something I already suspected: Musk’s frenetic interventions on behalf of right-wing, racist politicians around the world are doing real harm — he definitely helped Trump win, his influence is one reason horrible people like Pete Hegseth will probably be confirmed for office, and sooner or later Musk will end up inspiring violence. But they shouldn’t be seen as a coherent political strategy. They are, instead, efforts to fill the emptiness inside.

But what about Bezos and Zuckerberg? Both made bids to define themselves as more than their wealth, Bezos by buying the Washington Post, Zuckerberg by unveiling Threads as an alternative to Nazified Twitter. But both lost their nerve. Bezos, initially seen as the Post’s savior, ended up trashing its reputation (and readership) with his political cowardice. Zuckerberg implemented an algorithm that made Threads uncontroversial and hence irrelevant, then lobbied hard and successfully to block efforts to protect children from the clear harm social media does.

So now they are defined by their wealth and nothing more, which I believe explains their submission to Trump. Trump would probably be able to damage their businesses if they didn’t bend the knee, but that would still leave them immensely wealthy, just possibly no longer among the wealthiest men on the planet.

The problem for them is that their status as the richest of the rich is, in ego terms, all they have left, which leaves them far more vulnerable than they would be if they were just run-of-the-mill billionaires.

So as I said in this post’s subtitle, fuck-you money has become fuck-me money. And the cravenness of billionaires will have dire consequences, not just for their reputations, but for the rest of us.

Heather Cox Richardson is wise not to put titles on her posts. They combine several topics. But this day’s posting has a common thread: the next four years will see a changed focus: from the public interest to private greed. Please read it all!

She writes:

Shortly before midnight last night, the Federal Trade Commission (FTC) published its initial findings from a study it undertook last July when it asked eight large companies to turn over information about the data they collect about consumers, product sales, and how the surveillance the companies used affected consumer prices. The FTC focused on the middlemen hired by retailers. Those middlemen use algorithms to tweak and target prices to different markets.

The initial findings of the FTC using data from six of the eight companies show that those prices are not static. Middlemen can target prices to individuals using their location, browsing patterns, shopping history, and even the way they move a mouse over a webpage. They can also use that information to show higher-priced products first in web searches. The FTC found that the intermediaries—the middlemen—worked with at least 250 retailers.

“Initial staff findings show that retailers frequently use people’s personal information to set targeted, tailored prices for goods and services—from a person’s location and demographics, down to their mouse movements on a webpage,” said FTC chair Lina Khan. “The FTC should continue to investigate surveillance pricing practices because Americans deserve to know how their private data is being used to set the prices they pay and whether firms are charging different people different prices for the same good or service.”

The FTC has asked for public comment on consumers’ experience with surveillance pricing.

FTC commissioner Andrew N. Ferguson, whom Trump has tapped to chair the commission in his incoming administration, dissented from the report.

Matt Stoller of the nonprofit American Economic Liberties Project, which is working “to address today’s crisis of concentrated economic power,” wrote that “[t]he antitrust enforcers (Lina Khan et al) went full Tony Montana on big business this week before Trump people took over.”

Stoller made a list. The FTC sued John Deere “for generating $6 billion by prohibiting farmers from being able to repair their own equipment,” released a report showing that pharmacy benefit managers had “inflated prices for specialty pharmaceuticals by more than $7 billion,” “sued corporate landlord Greystar, which owns 800,000 apartments, for misleading renters on junk fees,” and “forced health care private equity powerhouse Welsh Carson to stop monopolization of the anesthesia market.”

It sued Pepsi for conspiring to give Walmart exclusive discounts that made prices higher at smaller stores, “​​[l]eft a roadmap for parties who are worried about consolidation in AI by big tech by revealing a host of interlinked relationships among Google, Amazon and Microsoft and Anthropic and OpenAI,” said gig workers can’t be sued for antitrust violations when they try to organize, and forced game developer Cognosphere to pay a $20 million fine for marketing loot boxes to teens under 16 that hid the real costs and misled the teens.

The Consumer Financial Protection Bureau “sued Capital One for cheating consumers out of $2 billion by misleading consumers over savings accounts,” Stoller continued. It “forced Cash App purveyor Block…to give $120 million in refunds for fostering fraud on its platform and then refusing to offer customer support to affected consumers,” “sued Experian for refusing to give consumers a way to correct errors in credit reports,” ordered Equifax to pay $15 million to a victims’ fund for “failing to properly investigate errors on credit reports,” and ordered “Honda Finance to pay $12.8 million for reporting inaccurate information that smeared the credit reports of Honda and Acura drivers.”

The Antitrust Division of the Department of Justice sued “seven giant corporate landlords for rent-fixing, using the software and consulting firm RealPage,” Stoller went on. It “sued $600 billion private equity titan KKR for systemically misleading the government on more than a dozen acquisitions.”

“Honorary mention goes to [Secretary Pete Buttigieg] at the Department of Transportation for suing Southwest and fining Frontier for ‘chronically delayed flights,’” Stoller concluded. He added more results to the list in his newsletter BIG.

Meanwhile, last night, while the leaders in the cryptocurrency industry were at a ball in honor of President-elect Trump’s inauguration, Trump launched his own cryptocurrency. By morning he appeared to have made more than $25 billion, at least on paper. According to Eric Lipton at the New York Times, “ethics experts assailed [the business] as a blatant effort to cash in on the office he is about to occupy again.”

Adav Noti, executive director of the nonprofit Campaign Legal Center, told Lipton: “It is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office. It is beyond unprecedented.” Cryptocurrency leaders worried that just as their industry seems on the verge of becoming mainstream, Trump’s obvious cashing-in would hurt its reputation. Venture capitalist Nick Tomaino posted: “Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it.”

Yesterday the European Commission, which is the executive arm of the European Union, asked X, the social media company owned by Trump-adjacent billionaire Elon Musk, to hand over internal documents about the company’s algorithms that give far-right posts and politicians more visibility than other political groups. The European Union has been investigating X since December 2023 out of concerns about how it deals with the spread of disinformation and illegal content. The European Union’s Digital Services Act regulates online platforms to prevent illegal and harmful activities, as well as the spread of disinformation.

Today in Washington, D.C., the National Mall was filled with thousands of people voicing their opposition to President-elect Trump and his policies. Online speculation has been rampant that Trump moved his inauguration indoors to avoid visual comparisons between today’s protesters and inaugural attendees. Brutally cold weather also descended on President Barack Obama’s 2009 inauguration, but a sea of attendees nonetheless filled the National Mall.

Trump has always understood the importance of visuals and has worked hard to project an image of an invincible leader. Moving the inauguration indoors takes away that image, though, and people who have spent thousands of dollars to travel to the capital to see his inauguration are now unhappy to discover they will be limited to watching his motorcade drive by them. On social media, one user posted: “MAGA doesn’t realize the symbolism of [Trump] moving the inauguration inside: The billionaires, millionaires and oligarchs will be at his side, while his loyal followers are left outside in the cold. Welcome to the next 4+ years.”

Trump is not as good at governing as he is at performance: his approach to crises is to blame Democrats for them. But he is about to take office with majorities in the House of Representatives and the Senate, putting responsibility for governance firmly into his hands.

Right off the bat, he has at least two major problems at hand.

Last night, Commissioner Tyler Harper of the Georgia Department of Agriculture suspended all “poultry exhibitions, shows, swaps, meets, and sales” until further notice after officials found Highly Pathogenic Avian Influenza, or bird flu, in a commercial flock. As birds die from the disease or are culled to prevent its spread, the cost of eggs is rising—just as Trump, who vowed to reduce grocery prices, takes office.

There have been 67 confirmed cases of the bird flu in the U.S. among humans who have caught the disease from birds. Most cases in humans are mild, but public health officials are watching the virus with concern because bird flu variants are unpredictable. On Friday, outgoing Health and Human Services secretary Xavier Becerra announced $590 million in funding to Moderna to help speed up production of a vaccine that covers the bird flu. Juliana Kim of NPR explained that this funding comes on top of $176 million that Health and Human Services awarded to Moderna last July.

The second major problem is financial. On Friday, Secretary of the Treasury Janet Yellen wrote to congressional leaders to warn them that the Treasury would hit the debt ceiling on January 21 and be forced to begin using extraordinary measures in order to pay outstanding obligations and prevent defaulting on the national debt. Those measures mean the Treasury will stop paying into certain federal retirement accounts as required by law, expecting to make up that difference later.

Yellen reminded congressional leaders: “The debt limit does not authorize new spending, but it creates a risk that the federal government might not be able to finance its existing legal obligations that Congresses and Presidents of both parties have made in the past.” She added, “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”

Both the avian flu and the limits of the debt ceiling must be managed, and managed quickly, and solutions will require expertise and political skill.

Rather than offering their solutions to these problems, the Trump team leaked that it intended to begin mass deportations on Tuesday morning in Chicago, choosing that city because it has large numbers of immigrants and because Trump’s people have been fighting with Chicago mayor Brandon Johnson, a Democrat. Michelle Hackman, Joe Barrett, and Paul Kiernan of the Wall Street Journal, who broke the story, reported that Trump’s people had prepared to amplify their efforts with the help of right-wing media.

But once the news leaked of the plan and undermined the “shock and awe” the administration wanted, Trump’s “border czar” Tom Homan said the team was reconsidering it.

Sherrilyn Ifill is a law professor who holds an endowed chair at Howard University. She is a former president and director-counsel of the NAACP Legal Defense Fund.

In this post, she offers sage advice about how to recharge your batteries and re-engage in the struggle for a better society. She wrote this piece soon after the 2024 election. It’s good advice.

….But ours is a subtle strength
Potent with centuries of yearning,

Of being kegged and shut away
In dark forgotten places.
We shall endure
To steal your senses
In that lonely twilight
Of your winter’s grief.


-Pauli Murray, To the Oppressors (1939)            

The truth is that things are going to get very bad. America has gone over the cliff’s edge. How hard we land in the ravine below remains to be seen. But we are one week in, and things are already quite dire. Trump’s first round of cabinet nominees, and his insistence that his picks be installed without a vote of Congress is a defining moment. It demonstrates that there will be no bottom with this Administration.

Donald Trump and his coterie of supporters are firmly in control of the most powerful and wealthy country in the world. And because they are in charge of this country – which perhaps undeservedly,  has stood as an example throughout much of the world as a symbol of freedom, equality, ethics, the rule of law and democracy – other countries will fall in our wake.

I am saying this now because I have always tried to be honest in my writings and analysis about this country. I say all of this because I have been able over the years to encourage my clients, my colleagues, my staff, my family and community to believe that we can fight and win. I have infected other people with my unshakeable optimism about what we can accomplish to transform this country.

I am going to keep fighting. It’s what I do. But I do not want to lead you astray. Because I do think that many of us – especially those of us in communities likely to be targeted by this Administration – need to see this moment as one in which we are focused on surviving this difficult time. I have faced the fact that we will not be able to move much forward in the next few years. In fact, I expect things to become so dire over the next two years, that we will scarcely recognize the country we live in. I expect that fear and cruelty will become part of our daily diet. We will hear the frightening sound of silence, as those who speak out most boldly against the excesses of the incoming administration, against its policies, against Musk and against Russia, find themselves at cross-purposes with a vindictive and cruel administration with almost unimaginable power to control communications, law, and the sense of reality itself.

Perhaps it won’t be that bad. But we are here in some measure, because far too many failed to imagine that the worst could happen. I have written already about “the nadir,” and I believe we must face it.

And so, our goal now must be first and foremost to survive this dark period with as much of our values, dignity, integrity, work, financial stability and physical and mental health intact as possible. We must also work to protect our families and communities, and to hold in place our most trusted and needed institutions, a modicum of the rule of law, our constitutional commitment to equality and to free expression.
As I have said in earlier pieces, this is “planting time.” Planting is work. That work must be aimed at building ideas, theories, paradigms, institutions, skills, practices, and alliances that we can seed now for a future harvest – a fulsome and lush democracy that will reflect the very best of us.

We are not “watching the Trump show” this time. We’ve seen it already. We can dip in every now and then, but we must not become paralyzed watching the train wreck. We will, of course, push back against injustice, and defend our rights and citizenship when necessary in the courts. We will demand that congressional representatives, our Governors and our Mayors, act to protect our democratic rights. Even when we know they will not stand up for what is right, we must not be silent. We must not make it easy for them to be cowards or to take our rights. We must still call, write and email our representatives and show up at town halls and meetings. Remember that those who have fought for us over these past years are tired too. Let them see us in these spaces and hear from us.

But our primary work must be first and foremost to work in our communities – both physical and ideological. To build them up and to share time and ideas with those committed to democracy and justice. We each need a curriculum of local service.

We also need a personal curriculum that will allow us to contribute to the building of the future we dream of for ourselves and our families. That means that our core work must be to commit during this time to do less watching, and more learning and more growing. We need to become better citizens for the democracy we want. That means we must dedicate time to expanding our thinking and our knowledge, and to building up our democratic imagination. That means our work is to imagine, to ally, to experiment, restore, befriend, study, read, write, serve, and create. Every one of us. Even as chaos swirls around us.

I encourage you to show your children and grandchildren real things – nature, animals, how things are built, how to cook from scratch. Teach them cursive writing, so that they have a signature all their own. Take them to live concerts and theater. Go on field trips. Infuse their lives with memories of things that are true and concrete.

If you teach, use primary documents in your teaching, take your students to historic sites, listen to audio of oral arguments and speeches so that they will feel confident in their understanding of history, and know that history was made by human beings not machines.

If you litigate, do it with the expectation that you will win. And act like it. Show out. Be excellent and remain confident. Those who can still feel shame – whether those at your opponents table or those on the bench – will feel it when you hold the standard high. And your clients will never forget it.

If you organize, never stop. Plant those seeds deep in our communities.

If you hold office. Hold it. Do not give up your power. Use your voice. Master every rule. Make a record. I repeat. Make a record–so that the truth might be known.

To protect ourselves and our loved ones, there are also pragmatic things we must do. I’ve thought of a few:

  • Save some cash. And keep enough in the house for gas and food for a week.
  • Let yourself imagine what you would do if you lost your job in terms of finding new employment, paying rent/mortgage for several months, and start building what you need to be able to meet that moment if it comes.
  • Get needed vaccinations in case new HHS policies result in changes or delays in their development or availability. Stock up on COVID tests, and get the most recent COVID booster. Purchase Plan B if it’s available in your area.
  • Think about tightening security on your electronic devices. Be more thoughtful about social media, and even return to making phone calls and writing letters in some instances. I know it’s old school, but actually memorize the phone numbers of at least two loved ones.
  • Gird yourself spiritually, through your faith or other meditative practices, as we are all likely to hear or confront many disturbing and ugly interactions. Experience art, go on walks, dance, play Spades, Dominoes, Scrabble. We need resilience.
  • Walk away when you need to walk away. Challenge when you need to. Try to always have back up.
  • Take the bystander training offered by groups https://righttobe.org/ so that when you see outrages committed against members of your community or against strangers, you will have practice in how you might intervene or respond.
  • Get an online subscription to a news service from another country so that you have a reliable sense of what’s going on in the world, and how this country is being perceived.  
  • Are your taxes paid, or more importantly, filed?
  • Is your passport up-to-date?
  • If you have money to give – then give to your local library, the food pantry, homelessness services. But also give to cultural institutions. Get a library card and a membership to a museum. Give to organizations working to hold back the worst that this administration may dish out – the NAACP Legal Defense Fund, the ACLU, the National Women’s Law Center, and so many others.
  • I am going to write more in this space. I hope you’ll subscribe and even pay a nominal fee to sustain the writing. I’m right here, going through this with all of you. And for me there is beauty in our shared walk. Let’s do this together.

James Fallows is a veteran journalist who has covered national and international politics for decades.

In this post, he explains why Joe Biden’s farewell address surprised him. He expected the same tone and substance he had heard for years. But the last eight minutes were different.

He writes:

I turned on Joe Biden’s Oval Office speech last night mainly from a sense of duty. I’d followed this man’s discourse generally over the decades, and very closely through these past few years. So I might as well see him out.

(For instance, with this look at a State of the Union address two years ago; this about the “music” of Biden’s rhetoric — “like the joke about Wagner’s music, it’s better than it sounds”; this about his challenges as “explainer”; these two—first, and second—about his speeches on the future of democracy one year after the January 6 attacks; and this about his powerful speech at Morehouse College last year. I even proposed a draft speech Biden could give about choosing not to run again, several weeks before he made that announcement for real.)

A running theme in these speech-related items has been Biden’s preference to “deliver tough messages softly,” rather than in a combative tone like Harry Truman’s or Teddy Roosevelt’s. And that is what I expected last night.

Through the first half of the speech, I listened on cruise-control, thinking that I’d been right on how the speech would go. Then suddenly I realized I had been wrong. The final eight minutes of Joe Biden’s final presentation in public life were different from the thousands of hours of rhetoric by him through his career, in a dramatic and instructive way. 

A comparison with another old, departing president is inescapable, and clarifying.


January, 1961: Dwight Eisenhower on the ‘military-industrial complex.’

Dwight Eisenhower is known as the great Allied commander of D-Day, and as a hero who became the first Republican to win the White House since 1928. He was so popular that after incumbent president Harry Truman decided not to run again himself, he tried to persuade Eisenhower to run as a Democrat.

But in rhetoric Eisenhower is known only for two things. One is the speech he did not have to give, in 1944. That is the statement he would have issued if the D-Day landing had failed, in which he would have taken personal responsibility for what had gone wrong. (As he put it in his handwritten draft, “If any blame or fault attaches to the attempt, it is mine alone.”)

The other is the final speech he gave as president, his televised “Farewell Address” from the White House three days before he stepped down. The speech got only limited attention at the time. The incoming Kennedy team was young, exciting, a magnet for news. Eisenhower was old, tired, yesterday’s story. 

But as the years go on the Farewell Address has steadily grown in attention and importance. There’s a whole, thick book about the crafting and consequences of this one speech. (That is Unwarranted Influence, by the late James Ledbetter, back in 2011.) This was the speech that delivered the hard-edged warning about the growing anti-democratic influence of the “military-industrial complex,” and introduced that term to popular discourse. The warning was all the more powerful in coming from a revered five-star general. 

You can hear the original audio of Eisenhower delivering the speech in the embedded clip just below. The part that lives in history begins around time 7:30. The 100 seconds that follow are truly remarkable rhetoric, which repay very careful listening. This part is worth actually hearing for yourself.¹LISTEN NOW · 15:31

And here is the script from which Eisenhower read those words, as his final message as an office-holder. The underlines were for his planned cadence—pauses, emphases, multi-word phrases that should be read legato-style, as a smoothly connected whole. 

Share


January, 2025: Joe Biden, on the ‘tech-industrial complex.’

Nothing in Dwight Eisenhower’s previous rhetoric prepared the public for his farewell address. Nothing in Joe Biden’s pattern of speeches prepared me for the way he ended last night.

Through the first few minutes of Biden’s farewell presentation, I had a sense of the familiar. As expected, the speech took us through highlights of his administration’s achievements, especially on the economy, which (as I’ve frequently argued) will be judged much more favorably by history than they have been by the press or the 2024 electorate.²

And just as predictably, the speech would give us the story of Scranton Joe, and why his long journey has made him believe all the more deeply in the American Dream. That is where he seemed to be going with the elaborate curlicues of his Statue of Liberty analogy, which he pushed to the breaking point and which took nearly three minutes of the speech to spell out.³

Most of Biden’s recent speeches have ended with the assurance that he has “never felt more positive about America.” That’s what he still seemed to be saying when talking about the upcoming “peaceful and orderly transition of power.” A reference to this “peaceful transition” has been part of every farewell address I’ve ever looked at, and to every Inaugural Address⁴—even, grudgingly, the one given eight years ago

Indeed, because of his commitment to that process, Biden said, he “had no doubt that America is in a position to succeed.” But as soon as he had finished those words, about half way into the speech, everything changed.


‘I want to warn the country…’

He paused. He sat up straighter. Until then his body language and tone had seemed valedictory and going-through-the-motions. Suddenly he seemed urgent and engaged. His hands had been neatly folded. Now he gestured directly toward the camera with a pen in one hand. And he said these words:

In my farewell address tonight, I want to warn the country of some things that give me great concern. 

I said to Deb, “Eisenhower.” And our body language, as listeners, also changed. We leaned closer to the TV as Biden laid out his blunt indictment of “the dangerous concentration of power in the hands of a very few ultrawealthy people, and the dangerous consequences if their abuse of power is left unchecked.” 

What were these “concerns,” that troubled a president at the end of four years in the White House, and of half a century in public life? Biden dug right in, including using a word (oligarchy) I don’t think has appeared in presidential annals before.

Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead. We see the consequences all across America. And we’ve seen it before.

Biden went on for a full three minutes in this vein, with comparisons to the worst of the robber barons of the Gilded Age. Only then did he make another historical connection explicit: 

You know, in his farewell address, President Eisenhower spoke of the dangers of the military-industrial complex.

He warned us about, and I quote, “The potential for the disastrous rise of misplaced power.” Six decades later, I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers for our country as well.

He went on to detail, much more specifically than Eisenhower had, exactly why this new oligarchy imperiled democracy. He referred to technologies and challenges that didn’t exist in Eisenhower’s time—TV itself was relatively “new” in 1961—and expressed concerns are at the center of tech-savvy debate in 2025:

Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power.

The was nothing quaint or old-timey—Bidenesque—about this. It was as direct an indictment of the corruption of money-power as we’ve heard from a serving president in our times. From FDR or Truman? Sure, but that was long ago. …

To finish reading this insightful post, you must subscribe to Fallow’s Substack blog.

For decades, The Washington Post has been one of the nation’s premier newspapers, widely admired for its fearless journalism. During the McCarthy era in the 1950s, The Post held the reckless Senator from Wisconsin to account. It took the lead in exposing Watergate. A job at The Washington Post was a prize for any journalist.

Jeff Bezos bought the paper in 2013. It was widely assumed that he had “saved” the paper from its financial woes because of his wealth and that he would not interfere with its editorial independence.

But recently, Bezos’ stance changed. He hired Will Lewis, an editor from the despicable Murdoch empire, to turn the paper around financially. The paper has experienced layoffs and censorship. When Bezos’ spiked the editorial board’s endorsement of Kamala Harris last fall, more than 300,000 subscribers canceled. When an editorial cartoon lampooning billionaires (including Bezos) courting Trump was killed, the cartoonist quit.

The morale of the staff hit rock-bottom.

David Folkenflik of NPR reported on the rebellion among the journalists:

One debacle after another has engulfed The Washington Post since veteran newspaper executive Will Lewis became CEO and publisher a year ago this month, with the charge from owner Jeff Bezos to make the storied newspaper financially sustainable.

The appointment of a new executive editor was botched. A killed presidential endorsement led hundreds of thousands of subscribers to cancel. Top reporters and editors left. Scandals involving Lewis’ actions as a news executive years ago in the U.K. reemerged. A clear vision to secure the Post’s financial future remains elusive.

Frustration boiled over on Tuesday night. More than 400 Post journalists, including some editors, signed a petition asking Bezos to intervene.

“We are deeply alarmed by recent leadership decisions that have led readers to question the integrity of this institution, broken with a tradition of transparency, and prompted some of our most distinguished colleagues to leave,” it reads, in part.

The petition never cites Lewis by name, but it reads as a sharp indictment of his leadership. Through a spokesperson, Lewis and the Post declined comment for this story. A representative of Bezos did not return a request for comment.

For this story, NPR interviewed 10 Washington Post staffers inside the newsroom and on the business side of the paper, including some who did not sign the petition. They agreed to speak to NPR under condition of anonymity for fear of repercussions inside the paper.

They say the backlash against Lewis encompasses Bezos to some degree, as he has publicly warmed up to President-elect Donald Trump. (The Post declined comment.)

Bezos’ decision to kill a planned endorsement of Vice President Kamala Harris just days before the November election led more than 300,000 subscribers to cancel, wiping out much more modest gains The Post had achieved under Lewis. (A spokesperson says The Post has convinced about 20% of those cancelling over the endorsement to remain subscribers.)

The decision also led to some resignations. Recent days at the Post have witnessed the continuation of a months-long parade of departures of highly regarded newsroom veterans — most recently, Pulitzer Prize-winning reporter Rosalind Helderman, investigative reporter Josh Dawsey and columnist Jennifer Rubin. Pulitzer-winning cartoonist Ann Telnaes quit after her sketch showing Bezos kneeling before Trump with a bag of money was rejected.

The tech titan’s business interests, including Amazon Web Services and the space company Blue Origin, receive billions of dollars from federal contracts. He’s given $1 million toward Trump’s inauguration costs and traveled to Mar-a-Lago with his fiancée to meet with the president-elect. Amazon Studios agreed to pay Melania Trump millions of dollars for a documentary project about her, according to Puck News. Come Monday, Bezos is expected to join Trump advisor Elon Musk and Meta founder Mark Zuckerberg on the inauguration platform itself.

The petition asked for a meeting with Bezos.

Open the link to continue reading this important article.

The top elected leaders of Texas are far-right extremists–Governor Greg Abbott, Lt. Governor Dan Patrick, and Attorney General Ken Paxton.

Abbott is passionate about school vouchers, despite the fact they would harm rural public schools. He called multiple special sessions of the legislature last year specifically to pass vouchers, but failing each time.

Gov. Abbott got more than $10 million from Pennsylvania billionaire Jeff Yass to oust the moderate Republicans who blocked vouchers. He won most of those races, defeating conservatives who prioritized their constituents over the wishes of the Governor, Jeff Yass, Betsy DeVos and the Texas oil and gas billionaires Wilks and Dunn, devout evangelical supports of vouchers.

A new session of the legislature opened. The hard right backed Rep. David Cook to be Speaker of the House. Rep. Dustin Burrows ran against him. Abbott, Patrick, and Paxton supported Cook. Burrows won. Burrows received more Democratic votes than Republican votes.

The Texas Tribune has the story.

The Abbott wing of the party–more MAGA than Trump–is furious.

The question is: Does this mean that Abbott’s voucher plan will lose again?

A time for watchful waiting.

Our reader who calls him/herself “Democracy” writes here about Jeff Bezos’ shameless betrayal of the founding principles of The Washington Post, as well as its recent motto “Democracy dies in darkness.” He not only canceled the editorial board’s endorsement of Kamala Harris (to avoid taking sides), but he (or David Shipley, editor of the editorial page), canceled a cartoon critical of billionaires (including Bezos) who rushed to pay court to the new, felonious president.

Why would a titan with assets of more than $200 billion bend his knee and kiss the ring of a convicted felon? Why would Mark Zuckerberg, also with assets of more than $200 billion, immediately made his peace with Trump by eliminating content moderation from Facebook, welcoming the return to FB of Nazis, conspiracy theorists, racists, and other malefactors. Are they fearful of losing a few billions? Are they worried about being left out of dinners at Mar-a-Lago?

Bear in mind that The Washington Post led the way in discrediting Joseph McCarthy (those who were alive then will never forget Herblock’s cartoons, portraying him as a thug) and exposing the Watergate Scandal, which led to the resignation of Richard Nixon.

Bezos’s cowardice is causing the loss of excellent journalists, readership, revenue–and most important–reputation.

“Democracy” wrote, as a comment on this blog:

When Eugene Meyer bought The Washington Post in 1933 he established seven “guiding principles” for the newspaper. At the very top was this:

“The first mission of a newspaper is to tell the truth as nearly as the truth can be ascertained.”

Some of the other principles were these:

*  “The newspaper’s duty is to its readers and to the public at large, and not to the private interests of its owners.”

*  “The Newspaper shall tell ALL the truth so far as it can learn it.”

*  “In the pursuit of truth, the newspaper shall be prepared to make sacrifices of its material fortunes, if such course be necessary for the public good.”

*  “The newspaper shall not be the ally of any special interest, but shall be fair and free and wholesome in its outlook on public affairs.”

Given what has happened to The Post in the last couple of years under Jeff Bezos, one of the richest people in the world, Eugene Meyer must be spinning in his grave.

Prior to the election, The Fiscal Times reported this:

“23 Nobel Prize-winning economists expressed support for the policies proposed by Kamala Harris, warning that the policies of her opponent would be ‘counterproductive.’…The 23 Nobel laureates — more than half of all living recipients of the economics award — said that the Harris agenda focused on the middle class and entrepreneurship would ‘improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness.’…By comparison, Trump’s agenda of high tariffs and regressive tax cuts would ‘lead to higher prices, larger deficits, and greater inequality.’ In addition, in their view Trump represents a threat to the rule of law and political stability, necessary components of a thriving economy.”

The New York Times reported this:

“More than 80 American Nobel Prize winners in physics, chemistry, medicine and economics have signed an open letter endorsing Vice President Kamala Harris for president…The letter praises Ms. Harris for understanding that ‘the enormous increases in living standards and life expectancies over the past two centuries are largely the result of advances in science and technology.’ Former President Donald Trump, by contrast, would ‘jeopardize any advancements in our standards of living, slow the progress of science and technology and impede our responses to climate change,’ the letter said.”

And yet, Jeff Bezos SPIKED a Post endorsement of Harris, and then lied about it in a column that was shameful, dishonest, and disreputable to The Post and the quality journalists who work there, or who used to, because a number of them have already quit or are planning on exiting.

Bezos had a relatively simple choice.

Honor The Post’s masthead logo — “Democracy Dies in Darkness — AND the principles established by Eugene Meyer, OR not.

Bezos chose racism and misogyny and sedition, and fascism.

The Atlantic published a piece three days ago by historian Timothy Ryback on Adolf Hitler.Here’s an overview:

“Monday, he swore an oath to uphold the constitution, went across the street for lunch, then returned to the Reich Chancellery and outlined his plans for expunging key government officials and filling their positions with loyalists and  turned to his main agenda: an empowering law that would give him the authority to make good on his promises to revive the economy…withdraw from international treaty obligations, purge the country of foreigners, and exact revenge on political opponents. ‘Heads will roll,’ Hitler vowed…

“When Hitler wondered whether the army could be used to crush any public unrest, Defense Minister Werner von Blomberg dismissed the idea out of hand, observing ‘that a soldier was trained to see an external enemy as his only potential opponent.’…Blomberg could not imagine German soldiers being ordered to shoot German citizens on German streets in defense of Hitler’s government…Hitler had campaigned on the promise of draining the “parliamentarian swamp”—den parlamentarischen Sumpf—only to find himself now foundering in a quagmire of partisan politics and banging up against constitutional guardrails. He responded as he invariably did when confronted with dissenting opinions or inconvenient truths: He ignored them and doubled down.”

https://www.theatlantic.com/ideas/archive/2025/01/hitler-germany-constitution-authoritarianism/681233/

Sound familiar? 

You’d think that Jeff Bezos might be aware of all of this. He likely is. But he’s chosen to collude with Trump, presumably because it helps his bank account – as if he needs that. Bezos gave $1 million to the Trump inaugural fund, which presumably Trump will pocket, and he coughed up $40 million to produce a “documentary”on Melania Trump, set to air later this year. A. Documentary. On. Melania. Trump.

Honestly, given her “accomplishments,” couldn’t a suitable “documentary” be produced for about $40?

As someone who used to deliver The Post, and who has been a reader for more than 50 years, I think it only appropriate to tell Jeff Bezos from the bottom of my heart that he can Kiss My Ass.

The American democratic republic deserves better.

Elon Musk, Jeff Bezos, and Mark Zuckerberg will not only attend Trump’s Inauguration, they will be seated together on the platform.

Trump will show them off like house pets. Which they are. Trump brought out Musk’s inner Nazi. He intimidated Zuckerberg by threatening to put him in jail. He humbled Bezos, leading him to censor his journalists, who are fleeing the Washington Post.

Will they heel, sit and stay on command?

Sad.

Jennifer Rubin explains why she gave up her column at The Washington Post, previously one of the most prestigious positions in American journalism. Billionaire Jeff Bezos, one of the richest men in the world, with assets exceeding $200 billion, has bent his knee to kiss the ring of Trump. To stay in Trump’s good graces, he has censored the editorial board, even an editorial cartoonist. The Post is hemorrhaging great journalists. Bezos bought one of the nation’s greatest newspapers and is destroying it.

She writes today:

Corporate and billionaire owners of major media outlets have betrayed their audiences’ loyalty and sabotaged journalism’s sacred mission — defending, protecting and advancing democracy.

The Washington Post’s billionaire owner and enlisted management are among the offenders. They have undercut the values central to The Post’s mission and that of all journalism: integrity, courage, and independence. I cannot justify remaining at The Post. Jeff Bezos and his fellow billionaires accommodate and enable the most acute threat to American democracy—Donald Trump—at a time when a vibrant free press is more essential than ever to our democracy’s survival and capacity to thrive.

I therefore have resigned from The Post, effective today. In doing so, I join a throng of veteran journalists so distressed over The Post’s management they felt compelled to resign.

The decay and compromised principles of corporate and billionaire-owned media underscore the urgent need for alternatives. Americans are eager for innovative and independent journalism that offers lively, unflinching coverage free from cant, conflicts of interest and moral equivocation.

Which is why I am so thrilled to simultaneously announce this new outlet, The Contrarian: Not Owned by Anybody. The Contrarian will offer daily columns, weekly features, podcasts and social media from me and fellow pro-democracy contrarians, many of whom have decamped from corporate media, others who were never a part of it. I am launching this endeavor with my cofounder, Norm Eisen. Founding contributors will include Joyce Vance, Andy Borowitz, Laurence Tribe, Katie Phang, George Conway, Olivia Julianna, Harry Litman (who recently resigned from the LA Times for reasons similar to mine for leaving the Post), and Asha Rangappa, among many other brilliant voices. We will provide fearless and distinctive reported opinion and cultural commentary without phony balance, euphemisms or gamified political punditry.

The need for upstart outlets has never been more acute. The contradiction between, on the one hand, the journalistic obligation to hold the powerful accountable and, on the other, the financial interests of billionaire moguls and corporate conglomerates could not be starker.

The Post’s own headline last month warned: “Trump signals plans to use all levers of power against the media; Press freedom advocates say they fear that the second Trump administration will ramp up pressure on journalists, in keeping with the president-elect’s combative rhetoric.” And yet The Post’s owner quashed a presidential endorsement for Trump’s opponent, forked over $1M for Trump’s inauguration through Amazon, and publicly lauded Trump’s agenda.

None of us could imagine Katharine Graham sending LBJ or Nixon a $1M check. It would have been, as it is now, a fundamental betrayal of a great American newspaper. Defense of the First Amendment is incompatible with funding or cheerleading for the very person who seeks to “drastically undermine the institutions tasked with reporting on his coming administration.”

The Post’s downfall is hardly unique. ABC, Mark Zuckerberg’s Meta and corporate-owned cable TV networks (which have scrambled to enlist Trump-friendly voices) are catering to powerful interests, and have profound corporate conflicts. Instead of guarding their independence, they join financial leaders, politicians and other public figures currying favor with Trump and his orbit.

Through classic anticipatory obedience—a dangerous but all too familiar pattern—they normalize the authoritarian menace. If Trump has taken “attacks on the press to an entirely new level, softening the ground for an erosion of robust press freedom,” as The Post reported, it is because he finds insufficient resistance. Instead, owners whose outlets he targets quite literally rewarded him.

In closing, I want to reiterate that I have been honored to work for over fourteen years alongside the finest writers and editors in journalism. Above all, I was blessed to work for The Post under the Graham Family ownership and Fred Hiatt’s leadership of the editorial section. My admiration for their collective integrity, dedication to craft, courage, patriotism, and decency is boundless. But when new leaders sully the reputation of institutions entrusted to them and the fate of democracy is in the balance, we all must reevaluate our careers and our obligations to the world’s most essential nation.

History calls us all.

I treasure the readers who have stuck with me over the years. I invite them and all those interested in defeating authoritarianism as well as writers and content creators to join this exciting new venture in defense of democracy. Forward!