The Trump Era of Crony Capitalism Has Officially Started

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I would like to bring your attention once again to the two stock charts below:

Last week, Trump took a baby step into the world of crony capitalism by bribing/threatening United Technologies to keep a Carrier plant in Indiana so that Trump would look good. Today, he took a big ol’ dive into the crony capitalism pool, tanking one company’s stock because they had displeased him, and boosting two others because an investor had agreed to say nice things about him.

Now, in both cases the effects were temporary. Still, is this going to be a regular thing? Are American equity markets now in thrall to the whims of Donald Trump? Do companies need to be fearful of what the president of the United States might do to them if he happens to take a dislike to something they do?

And while I know how annoying this question can be, can you even imagine how Republicans would react if Barack Obama pulled this kind of stunt? Fox News would practically explode and Jason Chaffetz would start gearing up for a year or two of hearings. But since it’s Trump doing it, there’s nothing but radio silence. Apparently government interference in the free market isn’t quite so terrible after all.

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ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you’ll agree is worth supporting.

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