It's Not Personal, It's Just Business

"He's the only bull who carries his own china shop with him" - Attributed to Winston Churchill about John Foster Dulles

Actually, it is generally accepted that Churchill never said this, though his feelings about the then-US Secretary of State were well known. But, like much of the internet, it's just too good not to use.

And besides, it describes so much that is going on that is ascribable to one man. For example. The budget proposal with the infantile name, "One Big Beautiful Bill" does indeed cut taxes, and to such a degree that the US debt is already rising by record amounts. So, how do we get that money back into the Treasury? Why, easy. We levy what amounts to a tax on everything we import, a tax paid by, wait for it...you and me! Genius!

The second Trump term began with a group of pimply-faced adolescents, calling themselves DOGE after a crypto coin with a picture of a dog on it, trying to cut down federal spending. So, the Little Rascals fired lots of federal employees, including the team that analyzed and predicted the economic repercussions of cutting the world's oil supplies in the Persian Gulf. And what do you know? As it turns out, it's bad.

Now, our oft-inebriated Secretary of Defense, Pete Hegseth, told us not to worry about the closure of the Strait of Hormuz, but I'm guessing he had it mixed up with the Straights of Vermouth, which he has handled easily in the past.

So, the war with Iran has interrupted the supply of oil, to the extent that the President is lifting many sanctions on Russia, which is still pounding Ukraine daily, to help lower prices. Because when we declare a principle in world affairs, we stick with it right up until it isn't easy anymore.

And the defenders of said flip-flops persist. I posted on Facebook, a newsletter I get from an old friend at Gasbuddy, about the oil and gas market. It outlined the price increases happening all over the country. An old colleague in the news business, and a friend, commented that he'd take this over Jimmy Carter's "we have no oil" and what he termed "Sleepy Joe's prices."

Well, the last month of the Carter administration, the US produced 86 million barrels of oil a day. The last month of the Reagan administration, 8 years later, we produced 79 million a day.

Oil production under Biden hit record highs of 134 million barrels a day and by this last December under Trump, 135 million a day. As for gas prices, in 2021 there was that pesky pandemic thingy that hit the economy like an NFL linebacker, but the current increase is self-inflicted.

OK, let's unblock Hormuz, eh? The President called on NATO allies, you know, the ones with militaries he insulted, the ones who stood with us after 9/11, those Canadians who live in the future 51st state, the ones now scrambling to protect Ukraine since we bailed on them. I, for one, am shocked that they have collectively told him to pound sand...literally.

And yet, at every cabinet meeting, Trump is portrayed as a master deal-maker, financial whiz and a man who understands human nature and how to wring the best out of a negotiation. And, to be fair, the roster of achievement is pretty impressive...

• Trump Taj Mahal (1991): Opened in 1990 but struggled with massive debt from junk bonds.
• Trump Castle Hotel and Casino (1992): Renamed from Trump Castle; the filing resulted in Trump giving up 50% equity.
• Trump Plaza Hotel and Casino (1992): Debt reached over $550 million within four years of acquisition.
• Plaza Hotel (1992): Trump acquired the New York landmark in 1988 but filed for bankruptcy after failing to cover its debts.
• Trump Hotels and Casino Resorts (2004): Reorganized with nearly $1.8 billion in debt.
• Trump Entertainment Resorts (2009): Filed following the 2008 financial crisis. 

Failed Ventures Beyond bankruptcies, many branded products and services were discontinued due to poor sales or legal issues: 

• Trump University (2005–2010): A real estate seminar program that was not an accredited university. It shuttered amid lawsuits and eventually settled for $25 million in 2017.
• Trump Shuttle (1989–1992): A luxury airline attempt that never turned a profit and was eventually turned over to creditors.
• Trump Mortgage (2006–2007): Launched just before the housing market crash; it closed within 18 months.
• Trump Steaks (2007): Sold through The Sharper Image and QVC; the line was pulled after just two months due to "abysmal" sales.
• Trump Vodka (2006–2011): Marketed as a premium brand but failed to gain market traction and ceased production.
• The Trump Network (2009–2012): A multi-level marketing (MLM) venture selling vitamins and wellness tests that quietly shut down.
• GoTrump.com (2006–2007): A travel search engine that lasted only one year.
• Trump: The Game (1989, 2004): A board game that underperformed in sales twice despite a relaunch tied to The Apprentice.
• Trump Magazine (2007–2009): A lifestyle publication that ceased operations during the Great Recession. 

May I point out how difficult it is to lose money running a casino? OK, who among us hasn't had a setback or two? Math is hard, witness the 300% discount Trump promised on prescription drugs.

But he and his family have more than made up for it. Now, maybe this isn't exactly kosher, but here are some highlights...

1. Property and Hospitality Business Deals

• Foreign Government Revenue: Projects, such as a hotel and golf course in Oman, are being built on land owned by foreign governments and in partnership with firms linked to the Saudi government.
• LIV Golf Payments: The Saudi-backed LIV Golf league has held multiple events at Trump properties, including Trump National Doral, raising concerns about foreign money flowing into his businesses.
• Visits to Trump Properties: During his first term, Trump visited his own properties 503 times, with hundreds of visits from government officials and foreign representatives.
• The DC Hotel: The Trump International Hotel in Washington, D.C. (prior to its sale) was a major hub, hosting foreign, state, and federal officials. 

2. Financial Ventures and Digital Currency

• Cryptocurrency Initiatives: The launch of World Liberty Financial, a crypto project involving the Trump family, occurred while the administration considered policies related to the digital currency industry.
• Trump Media and Truth Social: As the owner of a major stake in Truth Social, financial decisions affecting media and social platforms directly impact his personal net worth.
• Memecoin Launch: The creation of the $TRUMP memecoin and associated investments have been flagged as significant corruption risks. 

3. Official Actions and Regulatory Decisions

• FCPA Enforcement: Concerns have been raised about pauses in the enforcement of the Foreign Corrupt Practices Act (FCPA), which regulates bribes paid to foreign officials.
• Government Contracting: Conflicts arise when administration policies impact companies affiliated with family members or supporters, such as with SpaceX or in relation to China tariffs. 

Cabinet and Appointee Conflicts 

• Regulatory Captures: The administration has faced criticism for appointing executives to oversee agencies that regulate their former industries.
• Corporate Ties: Many appointees have maintained financial ties to industries they are tasked with regulating, leading to concerns about potential self-dealing. 

And his two sons, Uday and Qusay, have just invested in a couple of companies that make military drones. As Dad burns through a billion a day in Iran, a light bulb, OK a dim one, must have gone off. Hey, we'll need more of that stuff.

And of course, there is a free $400-million Boeing 747 being refitted as we speak.

But remember, Biden loaned Hunter money for a pickup, so I think we're even.

And then there is his curiously bland son-in-law, Jared Kushner, who was inexplicably made a roving negotiator in the Middle East in both the first and second terms. So far, he has also racked up about $7-billion in investments in his personal investment funds. Hey, haters, as long as he was in town, why not wet his beak a little bit?

And, unlike Jamal Kashoggi, he emerged from his meeting with Prince Mohammed Bin Bonesaw in one piece.

When I was a TV News Director a while back, I had a reporter who was doing an otherwise reasonably acceptable job. But I found out he was also hitting his colleagues up for small loans constantly. I gave him a second chance, but he persisted. I told him, you can't mix your job with your personal financial problems.

Well, if those news colleagues had been named Saudi Arabia and Qatar, the metaphor is complete. And I would be much richer than I am (not).

And if I hired a couple of news people with those names, corporate might have looked askance.

So, today's inflation report came in hotter than Jennifer Aniston, and we are taking out small loans to fill up the Suburban, but thank the Good Lord we have a real businessman in charge.

He'll know just how much dynamite to use to get us out of this.