Trump Prepares to Wreck Economy With Alarming Bank Regulator Plan

In an effort to shrink the size of the federal government, Donald Trump’s transition team is considering different plans to abolish a crucial financial regulatory agency—a move that could have far-reaching effects on the economy.

While interviewing potential nominees for positions heading up government financial agencies, Trump advisers have floated whether it would be worth dissolving some agencies, like the Federal Deposit Insurance Corporation, or FDIC, according to The Wall Street Journal.

The team is considering moving the responsibilities of the FDIC, which include providing deposit insurance for banks, to the Treasury Department, some people familiar with the matter told the Journal.

Potential nominees have also been meeting with DOGE co-chairs technocrat troll Elon Musk and failed presidential candidate Vivek Ramaswamy, as well as hedge fund manager Scott Bessent, the major Trump donor tapped to lead the Treasury, according to sources.

The FDIC is key to financial stability and security because it insures funds in depositors’ checking and savings accounts. To threaten that insurance would almost certainly cause customers to fear that their money is no longer safe. It could potentially lead to a run on the banks, which might result in banks failing in a major financial collapse.

But if a cut makes the wiley DOGE czars feel like they’re reducing bureaucratic redundancies, it must be worth it, right?

Sheila Bair, who previously served as chair of the FDIC, warned about the plan to dissolve the essential regulator.

“Eliminating the FDIC is so out there, not sure it needs response,” Bair wrote in a post on X Friday. “FDIC has a perfect record of protecting insured deposits for over 90 years. Strong consumer confidence in the brand, providing stability during crises. During the [Great Financial Crisis], money was running INTO banks.”

Bair, who also served as the former assistant secretary for financial institutions, explained that the Treasury Department was not well suited to take on the responsibilities of the FDIC.

“As a former Treasury official, big supporter of the Department, but it would not be a good home for deposit insurance. Deposit insurance is funded by bank premiums, not taxpayers. Treasury has no expertise in handling bank failures. Changing the guarantor would create confusion among depositors who are comforted by the ‘FDIC Insured’ sign at their banks,” she added in a separate post.

Critics are torching a New York Times op-ed Friday by the chief of UnitedHealthcare’s parent company, arguing that the $23.5 million-salaried executive’s message overwhelmingly ignored the failures actively perpetuated by his company in the American health care system.

UnitedHealth Group CEO Andrew Witty condemned the American public’s gleeful response to the death of UnitedHealthcare CEO Brian Thompson, who was assassinated by a masked gunman last week on the streets of New York City just hours before an investor meeting.

In roughly 600 words, he also attempted to deflect his insurance network’s responsibility in the growing inequity in America’s health care system, vaguely pointing to a “patchwork” of failures decades in the making while swearing that his corporate network—which reported $22 billion in profits in 2023 alone, nearly three times the figure reported by CVS, the second-most-profitable health insurance company that year—was consistently fighting to “deliver high-quality care and lower costs.”

But readers weren’t buying it.

Instead, they swarmed the Times with negative feedback, piling on more than 2,500 comments within hours of the article’s publication, temporarily disabling its Comments section. Users shared their own horrible experiences with the health insurance industry, deriding Witty’s vapid analysis as a “self-serving essay” that did nothing to address UnitedHealthcare’s role in a system that prioritizes shareholder profits over successful medical outcomes for its clients.

Federal data from 2022 compiled by the personal finance website ValuePenguin found that UnitedHealthcare far outpaced its competitors when it came to denying coverage, rejecting 32 percent or roughly one in three claims. In 2024, the insurer’s parent group spent more than $5.8 million lobbying Congress on health care–related issues.

Meanwhile, Americans are paying more than ever for health insurance, with costs far outpacing the rate of inflation. A Kaiser Family Foundation report published earlier this year found that the vast majority of U.S. adults are worried about being able to afford a major medical expense, regardless of their financial position.

Tulsi Gabbard is flopping in her meetings to persuade Senate Republicans to back her unpopular nomination as Donald Trump’s director of national intelligence, according to a report from The Hill published Friday.

“She was proving to be a little shallow, like a House member talking at a hearing and not someone who needs to provide the president’s daily intelligence briefing,” one source familiar with the meetings told The Hill.

It seems that in her exchanges, Gabbard had been all sound, no fury. One Senate Republican, who called Gabbard’s meetings “BS sessions,” said that several Republicans were left wanting more substantive responses.

“I’ve heard that she’s not very well prepared,” the Republican senator said. “I’ve heard not great things.”

A second Senate Republican said she’d elicited “a lot of eyerolls” from senators.

One Senate GOP aide, whose member had met with Gabbard, said her disastrous audiences with Senate Republicans “don’t make it easy” for her to gain the support she needs to be confirmed. “She’s got some work to do if she wants the job. The more she meets with serious people, the more they’ll see there’s a competency deficit.”

The aide noted to The Hill that Gabbard’s “just not educated” on the kind of work involved in the position but said she was “a capable person who could learn quickly.”

Gabbard is “probably more vulnerable than [Pete] Hegseth right now,” another source familiar with the meetings said.

Yet another Senate Republican noted that Gabbard’s issues stemmed from having to walk back her position opposing reauthorization of FISA, a foreign spying tool that she would have to defend as head of U.S. national intelligence.

Gabbard’s bid for the high-ranking role has faced significant criticism, not only because she lacks experience in the intelligence profession but also because of her penchant for defending some of the world’s most violent autocrats—but of course she and Trump have that in common.

Trump transition spokesperson Alexa Henning pushed back on the characterization that Gabbard has been struggling in her meetings on Capitol Hill.

“These cowardly anonymous sources are desperately trying to hold on to power, so they hide behind the media to spread these falsities that directly subvert the will of the American people. President Trump won with a mandate for change from the American people, and that’s one of the reasons he nominated Lt. Col. Gabbard for DNI,” Henning said in a statement.

On Monday, Daniel Penny was acquitted of manslaughter and negligent homicide. On Saturday, he is expected to join President-elect Donald Trump at the Army-Navy college football game as the invited guest of his soon-to-be vice president, JD Vance.

Last year, Penny choked Jordan Neely, a homeless and severely mentally ill fellow passenger, to death on a New York City subway train. As a result of both his actions—Penny claimed he was protecting his fellow passengers, although there is no clear evidence they were in immediate danger—and his subsequent arrest, the 26-year-old former Marine quickly became a folk hero on the American right.

In a post on X on Friday, Vance confirmed reports that Penny had accepted his invitation to join him and Trump. “I’m grateful he accepted my invitation,” Vance wrote, “and hope he’s able to have fun and appreciate how much his fellow citizens admire his courage.”

Trump will also reportedly be joined by his scandal-ridden defense secretary pick, Pete Hegseth, as well as Florida Governor Ron DeSantis, whom Trump is reportedly considering as a backup if Hegseth’s nomination falls through.

Like many on the American right, Vance and DeSantis have embraced Penny. “It was a scandal Penny was ever prosecuted in the first place,” Vance tweeted. DeSantis agreed, writing that “the acquittal of Daniel Penny is clearly the just and correct verdict. I must admit I was skeptical that a jury in New York City would reach a unanimous not guilty verdict, and the jury deserves credit for doing the right thing.”

Trump has been a regular presence at the annual Army-Navy game, which is also known as “The President’s Game” because it is often attended by the commander in chief. Penny’s presence as a guest of honor, meanwhile, upholds a Republican Party tradition of embracing vigilantes.

Kyle Rittenhouse, who in 2020 killed two protesters in Kenosha, Wisconsin, and who successfully insisted in court that he had been acting in self-defense, was feted by the party, receiving job offers from top GOP officials, as well as a standing ovation at a Turning Point USA conference. Mark and Patricia McCloskey, meanwhile, earned a 2020 Republican National Convention speaking spot for brandishing guns at peaceful Black Lives Matter protesters.

Penny currently faces a civil suit brought against him by Jordan Neely’s father, Andre Zachery.

One of Robert F. Kennedy Jr.’s top attorneys helping him craft America’s public health policy previously tried to push the government to scrap the polio vaccine.

Aaron Siri, a key legal adviser helping Kennedy select federal health officials for the Department of Health and Human Services, in 2022 filed a petition to force the Food and Drug Administration to end the approval and “pause distribution” of 13 vaccines, reported The New York Times. Those included vaccines that have effectively vanquished lethal illnesses from public life, including polio, tetanus, diphtheria, and hepatitis A.

Siri reportedly called for a randomized, double-blind clinical trial of the polio vaccine before allowing the FDA to re-approve it (the polio vaccine has already been subjected to 300 studies that took place before and after its approval in 1955). That would mean giving half of the children involved in the study the actual polio vaccine and providing the other half with a placebo, allowing half of the study participants to unknowingly be exposed to a deadly disease that causes organ failure and paralysis.

In private conversations, Kennedy has expressed that he’d like to see Siri serve as HHS’s general counsel, the agency’s top legal position, according to the Times.

Earlier this week, Trump announced that Kennedy would spend his time at the top of HHS researching an already thoroughly debunked conspiracy that ties vaccine usage to autism rates. (The researcher that sparked the myth with a fraudulent paper lost his medical license and eventually rescinded his opinion. Since then, dozens of studies have proven there’s no correlation between autism and the jab, including one study that surveyed more than 660,000 children over the course of 11 years.)

Kennedy—a virulent vaccine conspiracy theorist who doesn’t believe that AIDS is caused by HIV, insists that WiFi causes cancer, and has shared he had a brain-eating worm in his head—has promised to completely reshape America’s approach to public health.

Under Trump’s helm, Kennedy has sworn to remove fluoride from all public water systems—a 1945 public health decision that has reduced cavities and tooth decay in adults and children by as much as 25 percent, according to the American Dental Association.

During the “plandemic”, Kennedy likened 2020 vaccination efforts to the Nazi testing on “Gypsies and Jews,” referring to the jab as “a pharmaceutical-driven, biosecurity agenda that will enslave the entire human race and plunge us into a dystopian nightmare.” In the immediate wake of Trump’s November win, Kennedy swore that he had no intentions of taking vaccines away from the American public, claiming that he was on the side of vaccine “freedom.” But other Trump allies—even prior to Kennedy’s nomination to front the HHS—have envisioned a future where vaccines new and old are stripped from the market, threatening America’s public health in the process.

Kennedy’s vaccine conspiracies aren’t just easily refutable, anti-vaxx hogwash—they’ve caused legitimate, real-world harm. Preceding a deadly measles outbreak on the Pacific islands of Samoa in 2019, Kennedy’s anti-vax nonprofit Children’s Health Defense spread rampant misinformation about the efficacy of vaccines, sending the nation’s vaccination rate plummeting from the 60-70 percent range to just 31 percent, according to Mother Jones. That year, the country reported 5,707 cases of measles—an illness that was declared eliminated by the United States in 2000 thanks to advancements in modern medicine (read: vaccines)—as well as 83 measles-related deaths, the majority of which were children under the age of five.

Since their invention, vaccines have proven to be one of the greatest accomplishments of modern medicine. The medical shots are so effective at preventing illness that they have practically eradicated some of the worst diseases from our collective culture, from rabies to smallpox—a fact that has possibly fooled some into believing that the viruses and their complications aren’t a significant threat for the average, health-conscious individual.

Buried in the massive list of nearly 1,500 people whose criminal sentences were commuted by President Joe Biden Thursday is the name of a Pennsylvania judge who took kickbacks for wrongfully sentencing minors to juvenile detention.

Former Luzerne County Judge Michael T. Conahan, along with another former judge, was accused of shutting down the county’s juvenile detention center and then receiving more than $2 million from for-profit detention facilities as part of a “kids for cash” scheme, according to The Citizens’ Voice.

In 2010, Conahan pleaded guilty to a federal racketeering charge and was sentenced to 17.5 years in prison, according to WNEP. Conahan’s prison time was cut short during the Covid-19 pandemic, when he petitioned for a compassionate release, and he was released to home confinement in 2020.

His stint in home confinement appears to be what qualified him for a commuted sentence.

People online were really not impressed by Conahan’s inclusion in Biden’s massive list.

“Wow. I think Biden’s commuting the sentence of this disgraced Pa judge is a big mistake. I covered this in my Pa media days. He was one of 2 judges receiving $$ to sentence kids to lengthy sentences in a for-profit juvenile prison,” wrote The Washington Post’s Heather Long in a post on X. “He ruined a lot of kids’ lives.”

The Nation’s Joshua A. Cohen couldn’t make sense of Biden’s decision. “What is his problem,” he wrote in a post on X.

“I remember this case. It was a shocking scandal, caused immeasurable harm, and seriously tainted an entire community’s faith in the justice system,” wrote Jose Pagliery of NOTUS in a post on X. “The conviction sought to rebuild that trust. How will these families feel now?”

“These commutation recipients, who were placed on home confinement during the COVID pandemic, have successfully reintegrated into their families and communities and have shown that they deserve a second chance,” Biden said in his prepared statement Thursday.

The statement added that Biden had also commuted the sentences of individuals who “would receive lower sentences if charged under today’s laws, policies, and practices.”

Biden executed the largest act of clemency in a single day in modern presidential history, including 39 presidential pardons and 1,499 commuted sentences. Clemency advocates are still pushing for him to extend pardons to some of those facing the death penalty—a group Trump is plotting to execute en masse upon entering office.

Elon Musk’s efforts ingratiating himself into Trumpworld are about to pay off.

Donald Trump’s presidential transition team has recommended that the president-elect quash a crash reporting requirement for self-driving vehicles. In an internal document obtained by Reuters, the team described the safety reporting condition as a mandate for “excessive” data collection, advising that the president-elect abolish the requirement entirely.

Doing so would radically alter the playing field for the burgeoning automated vehicle industry, decreasing transparency and making it more difficult for federal regulators to spark inquiries into dangerous practices. And Tesla would be the new policy’s biggest benefactor.

The electric vehicle company, which Musk heads, has reported the majority of automated vehicle crashes, more than 1,500, to federal safety regulators. And a Reuters analysis of data from the National Highway Traffic Safety Administration, or NHTSA, found that Tesla’s crash data accounted for 40 out of 45 of the fatal crashes reported through October 15.

Critics and law enforcement groups, including the Justice Department, have torched the company’s “autopilot” and “full self-driving” claims, arguing that the branding has misled investors and consumers into believing that the cars are fully autonomous when they still require an active driver behind the wheel.

In a statement to Reuters, the NHTSA noted that the crash reporting data is “crucial” to evaluating the safety of these emerging technologies. Former agency employees noted to the outlet that such data was essential to investigations that led to a 2023 recall of some 125,000 Tesla vehicles over a seat belt defect.

“NHTSA said it has received and analyzed data on more than 2,700 crashes since the agency established the rule in 2021. The data has influenced 10 investigations into six companies, NHTSA said, as well as nine safety recalls involving four different companies,” according to Reuters.

Musk’s involvement in crafting the transition team’s policy could not be determined, and it’s still unclear if Trump actually intends to strip the requirement.

Jeff Bezos is planning to donate $1 million to Donald Trump’s inauguration committee, in the latest installment of tech billionaires sucking up to the president-elect.

The Wall Street Journal reported Thursday that Bezos, who just last month chose to spike The Washington Post’s endorsement of Kamala Harris in the name of so-called neutrality, is plotting to pour cash into the group planning Trump’s victory parties.

Bezos and his company decided to make the contribution earlier this week and notified Trump’s team that the money was coming, according to one person familiar with the matter. “Bezos is donating through Amazon,” one person close to Bezos told the Journal.

Earlier this week, Mark Zuckerberg, another tech billionaire who has taken to fawning over Trump (only after the president-elect publicly threatened him with imprisonment) also donated $1 million to the inauguration committee. For that reason alone, it’s difficult to imagine these donations as anything other than “obeying in advance.”

Amazon is also slated to stream the inauguration on Prime Video, which will be a separate in-kind donation valued at $1 million, according to one of the people familiar with the matter.

Senator Richard Blumenthal, a Democrat, gushed over Elon Musk Thursday, calling the technocrat billionaire who helped elect Donald Trump “the foremost champion of free speech in the tech industry.”

Blumenthal’s compliment for the far-right troll king came less than a week after he and Republican Senator Marsha Blackburn released a statement announcing that they had collaborated with X, Musk’s social media company, on changes to their new bill, the Kids Online Safety Act. That bill, by their own admission, featured a number of changes that had been spearheaded by the increasingly toxic social media platform.

“Led by X, the new changes made to the Kids Online Safety Act strengthen the bill while safeguarding free speech online and ensuring it is not used to stifle expression,” Blumentahl and Blackburn wrote in a statement. “These changes should eliminate once and for all the false narrative that this bill would be weaponized by unelected bureaucrats to censor Americans.

“We thank Elon and Linda for their bold leadership and commitment to protecting children online and for helping us get this bill across the finish line this Congress,” the pair added, implying that Musk and X’s CEO Linda Yaccarino had been directly involved in the process.

X has been supporting the KSOA, which has already passed the Senate, since the summer, so Blumenthal’s obvious posturing raises some concerns and questions. It is possible, of course, that this is all just politics: The Democratic senator is simply making nice with a powerful player with a sizable platform who could easily become a huge problem for both him and his currently bipartisan bill. It is possible, however, that Blumenthal is trying to play a longer game, hoping to influence the man who both stands to influence everything in the incoming Trump administration and who currently influences everyone (or at least everyone on X) via the endless stream of pro-Trump, right-wing propaganda he posts. That, however, is a losing battle for obvious reasons: Musk has little affinity—to put it mildly—for progressives like Blumenthal, Democrats in general, or the policy goals of any left-leaning group or politician. Attempting to influence Musk, moreover, is a mug’s game. For every Democrat in his ear, there are a hundred (likely more) arch MAGA loyalists. 

Democrats like Blumenthal might better spend their time warning their constituents of the creeping power of technocrats like Musk, who are plotting to dismantle essential features of the federal government via draconian cuts to public services and welfare programs, while pushing legislation that would effectively allow them to regulate their own industries and policies that would make them vastly richer than they already are.  

Donald Trump’s sudden appointment of one of his staunchest allies, two-time failed MAGA candidate and former news anchor Kari Lake, to run the federally funded international broadcasting service Voice of America has resulted in widespread concern and outrage, amid fears that she could transform it into a reactionary propaganda arm of the Trump presidency. Lake, for her part, has done little to assuage those fears.

“I am honored that President Trump has asked me to lead the Voice of America,” Lake wrote in a statement on social media. “@VOANews is a vital international media outlet dedicated to advancing the interests of the United States by engaging directly with people across the globe and promoting democracy and truth.

“Under my leadership, the VOA will excel in its mission: chronicling America’s achievements worldwide,” she continued.

But rules passed in 2020 could get in the way of her plans. Recent regulations prevent the head of the U.S. Agency for Global Media from hiring or firing Voice of America’s network leadership without the express approval of the International Broadcasting Advisory Board, a seven-person panel composed of presidential appointees, reported former Washington Post journalist Paul Farhi.

Of course, Trump has also not yet appointed anyone to lead the U.S. Agency for Global Media, further stretching the possibility of Lake’s appointment to the public network.

Meanwhile, Trump’s appointees to the not-yet-existent Department of Government Efficiency have promised to leverage recent Supreme Court decisions to slash and burn spending on beloved domestic public broadcasters. In a joint op-ed by Elon Musk and Vivek Ramaswamy published in The Wall Street Journal last month, the duo said they would cut $500 million a year from the Corporation for Public Broadcasting, which funds NPR and PBS, among other seismic blows to national programs.