Category: Business

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Business Donald Trump Economics Elections GOP

J.D. Vance Gets Busted For Lying Like A Rug About Trump’s Record On Jobs And Tariffs

Ohio Republican Sen. J.D. Vance got a brutal fact-check on live television earlier today when he attempted to lie about job creation and tariffs on imports during an appearance on Face the Nation.

Vance, who is also a leading contender to be former president Donald Trump’s running mate in this year’s election, was asked by host Margaret Brennan how more tariffs would make American products less expensive.

“So how is the Trump-Vance idea here going to help make things more affordable for people if you’re putting taxes on goods they’re purchasing from overseas?” she inquired.

“Well, I don’t necessarily buy the premise there, Margaret,” Vance responded. “If you apply tariffs, really what it is is you’re saying that we’re going to penalize you for using slave labor in China and importing that stuff in the United States.”

“What you end up doing is you end up making more stuff in America, in Pennsylvania, in Ohio, and in Michigan,” he insisted.

“That did not happen in the Trump administration, though,” Brennan noted.

“Well, it actually did happen in the Trump administration, Margaret,” Vance claimed. “Manufacturing jobs came back.”

Nope. That’s not even remotely true.

As a matter of fact, manufacturing jobs have just begun to come back in large numbers since President Joe Biden was elected, with PolitiFact noting that some 800,000 manufacturing jobs have been added since he took office:

  • Official federal data shows President Joe Biden, in office 45 months, is right on the number of manufacturing jobs created, although presidents do not control the economy single-handedly.
  • The first three-quarters of those job gains represented a return to pre-recession levels.
  • Comparing historical patterns 45 months out from a recession’s onset reveals Biden-era manufacturing employment to be the strongest in 72 years, and the second strongest since the end of World War II.

Trump, on the other hand, saw massive losses in the manufacturing sector, due in large part to the tariffs he imposed on China, Politico reported in September 2020.

Four years after he won the Midwest by vowing to revitalize the U.S. manufacturing workforce, President Donald Trump is campaigning for reelection on a job well done. The numbers tell a different story.

Trump’s anti-trade agenda and a pandemic-induced recession have combined to shutter factories and accelerate decades-old trends toward automation, eliminating hundreds of thousands of manufacturing jobs, many for good, including in the Rust Belt states he needs to win in November.

The Biden-Harris campaign also joined in fact-checking Sen. Vance, who is willing to kiss Trump’s fat ass 24/7 if he thinks it will secure him a spot on the 2024 GOP ticket.

Nice try, senator, but you’re just as full of shit as the lying rapist you’re praying will choose you to be his VP.

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Business Donald Trump Social Media

Financial Analysts Warn That Trump Media Is On The Verge Of Going Down The Drain

If you happen to own any shares of Trump Media & Technology Group, you should dump them as soon as possible before the price collapses completely and you lose every penny of your investment, financial analysts are warning.

Forbes Senior Editor Dan Alexander says Trump Media is “bleeding money,” telling CNN host Erin Burnett, “It is a sad story. And the trouble here is that if you look at the fundamentals of the company — it’s poised to go down a lot more.”

When it was first offered on the stock market in late March, Trump Media reached a high of over $79 a share. It now stands at $23.77.

The company has even admitted that its financial situation could easily lead to bankruptcy, noting in a filing, “A number of companies that were associated with President Donald J. Trump have filed for bankruptcy,” reads one of the sections of the document. “There can be no assurances that TMTG will not also become bankrupt.”

That, according to Alexander, means Trump Media stock “should fall by at least another 90% before the metrics start to make any amount of sense.”

“For people who are just blindly putting their faith in Trump and in the company — that means that they can stand to lose a lot of money,” Alexander added.

The company was mainly set up to benefit Trump, Alexander went on to explain.

“Meanwhile, the retail shareholders were putting up huge sums to buy in. The ultimate effect is that they put in the cash and the other people walk away with the shares.”

As Rick Wilson rightly observed several years ago, everything Donald Trump touches dies. Including his so-called “media company.”

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Business Donald Trump Social Media

Trump’s Truth Social Stock Tanks After Report Reveals Site Lost $58 Million In 2023

Just last week, Donald Trump’s new media venture which backs his Truth Social site was flying high, earning him billions on paper and leading some to suggest he might use the rising value of the stock as collateral for a bond to cover the massive court-imposed fines that have been assessed against him.

However, an SEC filing from Trump Media & Technology Group shows that Truth Social lost a massive $58 million in 2023, and that sent shares of the once-rising stock plummeting. As of Noon Monday, the price of a share was down nearly 20%, which suggests the stock is in freefall and not likely to recover, especially since it’s now clear that the venture is a failure.

The collapse of Trump Media & Technology Group’s stock price was predicted by those in the know, including Emily Stewart of Business Insider.

For one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. According to a new financial filing from the company released on Monday, its total revenue was $4.1 million in 2023. Extrapolate that out, and the stock is trading at something like 2,000 times the company’s annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue. And given TMTG’s paltry revenue, it actually lost $58 million last year.

Despite his claims over the years, Donald Trump has never actually been successful at anything other than hyping himself and getting suckers to give him large sums of money that he quickly burns through, leaving everyone but himself wondering what became of their investment.

How could Truth Social, which has a smaller base of followers than both Facebook and Twitter, hope to compete? While the Trump name may have once held some allure, it hasn’t now for years, and with every angry posting Donald makes online, more people are alienated and abandon him.

It turns out that being “anti-woke” doesn’t pay well, Stewart explains in her article.

As much as people say they want to shop and invest their values, it often doesn’t turn out to be the case. Instead, most people opt for the convenient option and whatever they’re most used to doing already. There’s a reason most boycotts don’t work — people are busy and tired. It’s true on the left as well. Dig deep enough, and every company in the world can probably give you a reason not to want to give them your money.

Donald Trump has the stench of a loser all over him. He’s becoming more irrelevant by the day, and if he loses to President Joe Biden in November, don’t be surprised if he winds up filing for personal bankruptcy, even if he has to do so from prison.

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Business Donald Trump Russia

Does The Insurance Company Guaranteeing Trump’s $91 Million Bond Have Kremlin Ties?

To the surprise of many, failed one-term president Donald Trump was able to secure the financial assistance of a large multinational insurance company to underwrite the $91.6 million bond for his appeal of defamation verdicts awarded to writer E. Jean Carroll in January.

According to the Washington Post, the Federal Insurance Company, a subsidiary of Chubb Group LLC, provided the massive bond guaranty.

The bond document establishes a deal Trump made with Federal Insurance Company, a direct subsidiary of the international insurance behemoth Chubb, with global headquarters in Switzerland. The company, one of the largest insurance firms in the world and worth about $100 billion, offers a wide variety of insurance and bonds.

The company’s filings do not break down in detail its business that backs court appeals, but the larger unit — called a “surety” business — consists of several entities and is a longtime provider of bonds in the United States, according to bonding experts.

Chubb, it turns out, has extensive ties to Russia and the Kremlin, with environmental nonprofit group Rainforest Action Network (RAN) reporting on its website, “Chubb CEO Evan Greenberg talks a big game on climate change, but those words ring hollow when examining his company’s business practices. Chubb insures fossil fuel infrastructure in Russia that is bankrolling Putin’s war on Ukraine, oil and gas extraction off the coast of Brazil, exploratory drilling in the Arctic, and other fossil fuel projects globally.”

Former New York Times investigative reporter Seth Abramson also notes that Chubb has significant Russian connections.

“This is the biggest news in the United States right now. Anyone who reads this article will understand that I’m not exaggerating when I say as a journalist that America is now in the midst of a national security crisis. We are now right back where we were in 2016. It’s bad,” Abramson warned on Twitter/X.”

It has long been suspected that Trump and his company, the Trump Organization, have connections to Russian entities. The disgraced ex-president has repeatedly praised Russian president/war criminal Vladimir Putin, recently saying that if he manages to defeat President Joe Biden in November, he will allow Russia to “do whatever the hell they want” to NATO nations who don’t pay enough for their security.

The national security implications of Trump taking money from a company that invests heavily in Russia are massive and terrifying, especially since the ex-president is scheduled to start receiving weekly national security briefings now that he’s been declared the presumptive 2024 Republican presidential nominee by the GOP.

Can we as a country allow this to transpire right in front of our eyes and not demand accountability from both Chubb and Trump? At the very least, the Department of Justice needs to take a long hard look at the bond agreement and see if it violates federal law in any way whatsoever.

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Business GOP Social Media

J.D. Vance Tries To Troll Mark Cuban And Gets His A*s Handed To Him

Sen. J.D. Vance (R-OH) found out in short order that if you’re going to go after a public figure such as billionaire Mark Cuban, you’d damn well be certain that the person you troll isn’t better at that sort of online warfare than you are.

The social media back-and-forth began between Vance and Cuban when Cuban tried to explain to a writer for the right-wing “humor” website Babylon Bee that corporations institute DEI (Diversity, equity, and inclusion) policies because they work and make their employees happier, which means they’re more productive.

That’s when Vance decided to stick his nose where it didn’t belong.

Cuban was more than equal to the challenge laid down by Vance, and he put him in his place by using facts.

Vance has not yet responded to Cuban, and if he has a shred of common sense (which he has yet to demonstrate), he’ll take his online ass kicking and move on to other topics.

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