For decades, a core part of the Republican Party's identity was the whole-hearted embrace of free-market capitalism. Adam Smith's "invisible hand" of the market was understood to be infinitely preferable to government meddling. Lately, though, President Donald Trump has been having second thoughts. Forget the invisible hand -- what about, uh, Trump's hand? The second Trump administration has cut a revenue-sharing agreement with Nvidia, it's taken partial control of US Steel, it's considering taking a stake in Intel, and it's created a loyalty ranking system for US companies. And did we mention that Trump has taken to brow-beating companies into not raising their prices in response to tariffs?
OpEd: Is MAGA going Marxist and Maoist? Trump's assault on free-market capitalism
fortune.com
... As many CEOs understandably grew horrified last month at the prospect that New York City, the capital of capitalism, is on the brink of going socialist with the mayoral momentum of the inexperienced candidate Zohran Mamdani, they were ignoring the greater assault on free market capitalism that has already overtaken the nation in the Republican Party. While we agree that Mamdani's solutions to affordable housing and grocery prices threaten to undermine free markets by bowing to the appeal of populist anger, President Donald Trump has already begun doing so, but to suit his own grandiose political agenda instead.
Unlike any leader of any free-market economy around the world, President Trump has seized control of private enterprise's strategic decision-making and investment policies while invading corporate board rooms so that he may dictate leadership staffing, punish corporate critics, and demand public compliance with his political agenda. This is far more dangerous to capitalism than a city-run grocery store.
Many free-market economists and business leaders who have long worshipped the free-market ideals of Adam Smith, Friedrich Hayek, Ayn Rand, and Milton Friedman should be aware that their idols would be rolling in their graves right now, as rather than pursue standard laissez-faire conservative economic policies, MAGA has gone Marxist and even, increasingly, Maoist.
As Greg Ip warned this week in The Wall Street Journal, "The US marches toward state capitalism with American characteristics ... President Trump is imitating [the] Chinese Communist Party by extending political control ever deeper into the economy." Ip pointed out that in the past, crisis-driven government bailouts of the banking and automotive sectors, such as TARP, were acute, targeted assistance, with brief and bipartisan rescue aims. Similarly, government incentives to drive investments in chips manufacturing, oil exploration, space exploration, internet development, agricultural vitality, cancer detection, disease treatment, and clean energy were not ownership deals with preferred companies or corporate cronies.
Indeed, Ip's warnings mirror our own, as we were the first to accurately, presciently warn"over a year ago"that many of Trump's economic positions more closely resemble communism than capitalism, as part of what we called "the coming MAGA assault on capitalism." It certainly looks like MAGA is going Marxist if not even Maoist, especially across Trump's vicious personal targeting of individual business leaders; government crackdown on business freedom of expression; weaponization of government powers; apparent extortion of businesses; and insertion of government into an unprecedented, outsized role in private sector strategic investment, capital flows and business decision-making. ...
Quite the roster of authors for that OpEd ...
@#10 ... Unlike any leader of any free-market economy around the world, President Trump has seized control of private enterprise's strategic decision-making and investment policies while invading corporate board rooms so that he may dictate leadership staffing, punish corporate critics, and demand public compliance with his political agenda. This is far more dangerous to capitalism than a city-run grocery store. ...
Trump says Intel has agreed to deal for US to take 10% equity stake
www.reuters.com
Carly Simon - It Was So Easy (1972)
www.youtube.com
Lyrics excerpt ...
...
I remember a time, rompin' through the woods
Sun against our skin instead of clothes
When we felt hungry we would eat, when we felt glad we'd dance
And whenever we felt drowsy we would doze
It was so easy then, never takin' any stands
It was so easy then, holdin' hands
I remember a time when our fears could be named
And courage meant not refusing dares
I remember when we took such cares to step never on the cracks
Not only in the squares
Or else we'd be abducted by the bears
It was so easy then, never makin' any plans
It was so easy then, holdin' hands
...
Drudge Retort Headlines
Vance Mocked for WWII History Blunder (32 comments)
Homeowner Shoots 2 Men in Masks Claiming to Be Cops (30 comments)
Invisible Hand Meet Tiny Hand (28 comments)
FBI Plans to Lower Hiring Standards (27 comments)
Greene Issues Scathing Rebuke of Conditions in Gaza (26 comments)
WTTC: U.S. Only Major Nation to See Decline in Tourism (13 comments)
GOP Lawmakers (Privately) Oppose Trump Tariffs (13 comments)
Blue States Prepare for 'Soft Succession' (11 comments)
Only 8 People Show Up to Nancy Mace Speech (11 comments)
Trump and Melania's Crypto Grifts Plunge 88% and 98% (10 comments)