Trump Media CEO Devin Nunes says he has hundreds of thousands of smaller MAGA investors in Trump Media, and they are calling him asking why the stock is tanking, so he filed a complaint with the SEC and says Biden is conspiring with Wall Street bankers to screw him. pic.twitter.com/ZxTEmxeN0J
— Ron Filipkowski (@RonFilipkowski) April 20, 2024
Something about Truth Social puts me in one of those "can't place where all the emotion is coming from" moods, somewhat akin to when Trump gave the Presidential Medal of Freedom to Art Laffer. I guess it's my strong feeling that shitty economics threatens livelihoods and personal savings--it isn't a game. Supply-side economics does not work in practice. It's an upwards transfer of wealth that has led to increased income inequality and which holds back growth because there is no incentivization for long-term investment or worker protections.
Something about Trump, the man, the myth, the legend, is trapped in a 1980s elephantine "greed is good" vision of worshipping sacred golden calves. He's wealthy, so he is supposed to be a job-creator--look at how he created a job for Devin Nunes, a man so intelligent he sued an internet cow for defamation for linking to true stories like a thin-skinned goober who never heard of the "Streisand effect".
Trump is like an icon of a different time. "Lifestyles of the Rich and Famous" and all that. That time sucked and the people sucked. Even Trump's rivals kind of sucked. (Everything was the worst.)
Anyway, Nunes is looking beyond the Trump Media fundamentals, to blaming the "naked short sellers" for the devaluation of the stock he had to answer for when frankly, the business hadn't done anything yet. (And they will do something--they will be a streaming service for stuff you just won't get anywhere else on the internet, which I promise you is not a thing.)



