Revealed: Trump's New Deal

Inside the President's covert plan to recapture forgotten U.S. territories, seize precious resources and spark a $20 trillion wealth wave. Stocks connected to Trump's New Deal are already surging -- discover the #1 investment to make before May 30.

Progressives are frustrated by Biden's final-days warning of billionaire influence

STEVE PEOPLES and JONATHAN J. COOPER
January 17, 2025

NEW YORK (AP) -- The Democratic Party's left wing has warned for decades that America is moving toward an oligarchy in which a handful of billionaires controls much of the nation's wealth and political power.

President Joe Biden elevated such concerns from the Oval Office for the first time this week, just before he leaves office. In the hours that followed Biden's farewell address, progressives responded with a combination of appreciation, bemusement and frustration.

"Now he tells us," Sen. Sheldon Whitehouse, D-R.I., wrote on X, referring also to Biden's ideas for the U.S. Supreme Court. "Biden speaks out against dark money, for climate action, and for SCOTUS term limits. I pressed four years for this speech."

For much of the last four years, progressives were among Biden's biggest cheerleaders. And many remain supportive. But for others, the Democratic president's words were too little and far too late as the leader of a political party that has increasingly welcomed big-dollar donors even as it railed against President-elect Donald Trump's cozy relationships with others, tech titan Elon Musk chief among them.

The debate over the influence of billionaires in U.S. politics could have major implications for the policies that come out of Washington and the political landscape in future elections.

While Trump has cast himself as a fighter for the working class, the incoming Republican president is set to assemble the wealthiest presidential administration in history. He has tapped more than a dozen billionaires to take government posts, including Musk, the world's richest man, with a net worth exceeding $400 billion.

Meta CEO Mark Zuckerberg is co-hosting a reception with billionaire Republican donors next week for Trump's inauguration, the latest sign of the Facebook founder's embrace of the president-elect.

Democrats hope to undermine Trump's appeal with working-class voters by casting him as beholden to the billionaire class and trying to tie him to Musk, who once backed Biden and his Democratic predecessor, President Barack Obama.

According to the White House archives, Biden had not uttered the word "oligarchy" in the context of American politics until this week. And yet he made the influence of billionaires in U.S. politics a major focus of his final scheduled Oval Office address.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said with Vice President Kamala Harris and his family looking on. He pointed to "a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked."

Few Democratic members of Congress criticized the outgoing president publicly, as Whitehouse did, but key figures in the party's far-left wing -- especially those close to independent Vermont Sen. Bernie Sanders -- were less cautious.

"It's cowardly that after representing the oligarchs for 50 years in office, he calls out this threat to our nation with just days left in his presidency," said Nina Turner, a national co-chair for Sanders' last presidential campaign. "(Biden) enabled, benefited from and emboldened the system that threatens us all, while he will ride off into the sunset and won't feel the harms of what's been built."

White House spokesman Andrew Bates pushed back against such criticism, noting that many party leaders praised the speech.

"President Biden's call to action resonated with a wide range of Democrats and others because it is in line with the values that, over these last four years, led to the most significant breakthroughs for working Americans since the New Deal," Bates said. "Like he said (on Wednesday), it's crucial to keep that flame lit and continue working against abuse of power by rich special interests and billionaires who want to profit ant the expense of American taxpayers."

Tiffany Muller, executive director of End Citizens United, a Democratic-aligned organization fighting to eliminate big money from politics, penned an op-ed Thursday describing Trump's inauguration next week as "the beginning of an oligarchy that's been 15 years in the making."

She acknowledged that the trend, enabled by the 2010 Supreme Court ruling for which her group is named that allowed wealthy donors to bypass political donation limits, is not exclusive to Trump's party.

"To be clear, Citizens United has allowed both parties to raise money from the billionaire class and large corporations. And Vice President Kamala Harris pulled in more total donations in the 2024 presidential race than her opponent did," Muller wrote. "But Trump is elevating his donors to major positions within the federal government."

Sanders, the self-described democratic socialist who has warned of a rising oligarchy in the United States for decades, thanked Biden for his choice of words. The Vermont senator cited the president again during a confirmation hearing for Trump's pick for Treasury Secretary Scott Bessent, a billionaire himself.

"What Biden said last night is that we're moving toward an oligarchy," Sanders said as he questioned Bessent. "Do you think that when so few people have so much wealth and so much political power that that is an oligarchic form of society?"

Bessent pushed back: "Well, I would note that President Biden gave the Presidential Medal of Freedom to two people who I think would qualify for his oligarchs."

Bessent was not wrong.

Biden earlier this month awarded the nation's highest civilian honor to Democratic megadonor George Soros and billionaire fashion magnate Ralph Lauren. And in the closing days of the presidential election, Harris' campaign elevated Mark Cuban, the billionaire owner of the Dallas Mavericks, as a top surrogate, though Cuban was not critical to her campaign the same way Musk was to Trump's with his advocacy on his X social media platform and his funding of pro-Trump super PACs.

Jeff Hauser, executive director of the Revolving Door Project, described "a sense of whiplash," suggesting that Biden is "desperate to placate" some billionaires while condemning others. Hauser said he wished that Biden's team and its allies on the center-left were as pugnacious over the last two years.

Faiz Shakir, a former Sanders campaign chief who launched a bid for Democratic National Committee chair earlier this week, said in an interview that Trump delivered a more compelling message to working-class voters in the last election at times. Shakir was critical of Cuban's role in the closing days of the election as well.

Marianne Williamson, who ran a long-shot presidential primary campaign against Biden and is now running for DNC chair, declined to give Biden credit for his latest remarks.

"This is news?" she said of the outgoing president's assessment. She added that America has been ruled by an oligarchy for years and called tech billionaires like Musk "Oligarchy 2.0."

Neither Shakir nor Williamson is considered a front-runner in the DNC chair's race. And those who are have been less critical of the influence of money in Democratic politics.

Elsewhere in the progressive movement, there was some appreciation that Biden raised concerns about oligarchy in American politics at all.

"Eisenhower's military-industrial complex warning gave language to an idea that has been referenced ever since," said Adam Green, co-founder of the Progressive Change Campaign Committee. "Biden's warning about oligarchs, calling on Americans to stand guard, is a call to action that will be felt for years."

___

Cooper reported from Phoenix. AP writer Isabella Volmert in Detroit contributed.

Continue Reading...

Popular

TeraWulf Stock Tanks: Death Cross Spells Trouble For Bitcoin Miner

TeraWulf Inc. (NASDAQ:WULF) hit a technical roadblock, forming a Death Cross — a classic bearish signal that suggests trouble ahead.

Palantir Cofounder Peter Thiel Might Write A Book About Ancient Prophecies, The Antichrist, And Armageddon - He Thinks We're Ignoring The Real Threat

Billionaire tech investor Peter Thiel is exploring a book on ancient prophecies, the Antichrist, and Armageddon, warning that society is ignoring the threat of a one-world government—a concern he believes demands urgent attention.

Consumer Confidence Nosedives -- Feb Data Confirms Worst AI Fears - Ad

The latest economics numbers just came in, and they're disturbing to say the least! But there's something bigger happening...That's exactly why Dr. Martin D. Weiss, Founder of Weiss Ratings, has outlined 4 critical steps you need to take now before it's too late. The window of opportunity here is very short.

Washington Post columnist quits after her opinion piece criticizing owner Jeff Bezos is rejected

A columnist who has worked at The Washington Post for four decades resigned on Monday after the newspaper's management decided not to run her commentary critical of owner Jeff Bezos' .

The $20 Trillion Secret of Room 3330 - Ad

Developed by the U.S. military 79 years ago, this controversial technology is about to change American life forever: Elon Musk has already funneled $6 billion to resurrect this covert project -- and the companies involved are minting 10,000 millionaires every week [Goldman Sachs].

Explorers discover wreckage of cargo ship that sank in Lake Superior storm more than 130 years ago

MADISON, Wis. (AP) — Twenty years before the Titanic changed maritime history, another ship touted as the next great technological feat set sail on the Great Lakes.

"Boring Trade" Generates $185 Every Day. Like Clockwork. - Ad

Forget cryptos, pot stocks, and other "shiny object" investments. Instead, you could collect an average of $185 every day of the year with this "boring" trade strategy Forbes magazine says is "like finding money in the street."

Warren Buffett on Debt and Donald Trump's Money Moves: Trump 'Never Went Right'

In a piece of advice that continues to hold relevance, investor Warren Buffett once warned students about the perils of excessive borrowing, citing Donald Trump as a case in point.

Tesla's 101x Valuation Raises Alarm As Gordon Johnson Warns Of Sales Slump, Dan Ives Sees AI Upside Despite Elon Musk's DOGE Distractions

Tesla Inc. continues trading at 101 times its 2025 estimated non-GAAP earnings while key metrics decline, prompting GLJ Research's Gordon Johnson to sound alarm on Monday as tech stocks face a significant market correction.

Breaking: Elon and Doge's Big AI Announcement - Ad

The AI market is down--but not for long. Elon Musk's DOGE could be about to unveil a game-changing AI that could replace wasteful bureaucrats & save billions. When the news drops, we believe the market will react fast--6 stocks could skyrocket. Don't miss out on this massive opportunity!

Federal student loan site down Wednesday, a day after layoffs gutted Education Department

WASHINGTON (AP) — An hours-long outage Wednesday on StudentAid.gov, the federal website for student loans and financial aid, underscored the risks in , as President Donald Trump .

Buffett, Bezos, and Congress Are Betting Big on This One Sector - Ad

This corner of the market is NOT artificial intelligence... Crypto... or any other familiar sector or strategy. Instead...It's a sector that the U.S. Gov't spends 6-TIMES more on, than our own ENTIRE military defense budget. Don't let recent market uncertainty keep you in the dark on this massive opportunity.

Which US companies are pulling back on diversity initiatives?

A growing number of prominent companies have scaled back or set aside the diversity, equity and inclusion initiatives that endorsed following the protests that accompanied the Minneapolis police killing of George Floyd, a Black man, in 2020.

Asian shares are mixed after Wall Street briefly dips more than 10% below its record

TOKYO (AP) — Asian shares were mixed on Wednesday as investors weighed the impact of President Donald Trump’s tariffs after another day of losses on Wall Street.

Exposed: 3 Cent Crypto to Explode March 24th? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on March 24th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

One Tech Tip: Getting a lot of unwanted phone calls? Here are ways to stop them

LONDON (AP) — Unwanted phone calls are out of control. Whether it's a robocall trying to sell you something or spam calls from scammers trying to rip you off, it's enough to make you want to stop answering your phone. So what can you do to stop them?

Stocks to Crash on March 16, 2026? Here's Compelling Reason Why - Ad

Perhaps no one on or off Wall Street has been more accurate calling the bull and bear turns of the past 7 years. From the bear markets of 2018 and 2022... to the roaring bull runs of 2021, 2023, and 2024. And now, Marc Chaikin is predicting the next crash will start March 14, 2026. If you have money in the markets, Chaikin's thesis is a must-see.

Elizabeth Warren Raises Questions On Robert F Kennedy's Mar-A-Lago Dinners With Big Pharma: American People Deserve To Know About The Deals Made

Sen. Elizabeth Warren and other lawmakers raised concerns about Robert F. Kennedy Jr.'s private dinners with pharmaceutical executives at Mar-a-Lago, questioning his commitment to reducing corporate influence as Secretary of Health and Human Services.

A $19 Secret to Potentially Life-Changing Gains - Ad

It predicted Trump's sweeping victory. And now, this pattern says a handful of niche-sectors are poised to surge as President Trump fuels America's economic boom. For only $19, you can see how millionaire-trader Jeff Clark has used this "Magic Pattern" for over 40 years to generate over 1,000 winning trade recommendations.

US agency for African development will ask court to prevent its closure

WASHINGTON (AP) — A small U.S. federal agency that invests in African small businesses is expected in court on Tuesday to fight for control over its operations and existence.

Canada to name a new leader while dealing with Trump trade war

TORONTO (AP) — looks set to pick a measured former central banker to deal with the threats tariffs pose against a pillar of Western free trade.

AI + Smart Glass = A Nasdaq Sleeper - Ad

This recent Nasdaq IPO is quietly making waves, thanks to its 95% market share in a $240M aerospace niche. With patented technology that integrates AI into smart glass, this company is poised for massive growth as the market races toward $124 billion by 2029.

Hackers Expose Customer Data—Retail Pharmacy Giant Paying $6.8M in Compensation

Retail pharmacy giant Rite Aid has agreed to pay $6.8 million to its customers following a significant data breach.

Mexican finance minister, a holdover from previous administration, resigns and is replaced by deputy

MEXICO CITY (AP) — Mexican Finance Secretary Rogelio Ramírez de la O, a holdover from the previous administration, resigned Friday for personal reasons and will be replaced by his deputy, President Claudia Sheinbaum said.

9-Minute Trade Unlocked $67,548 Income Avalanche -- Copy and Paste - Ad

Forget cryptos, pot stocks, and other "shiny object" investments. Instead, you could collect an average of $185 every day of the year with this "boring" trade strategy Forbes magazine says is "like finding money in the street."

Salesforce Is Trading Below 200-DMA, But Goldman Sachs Sees Huge Stock Upside After Agentforce 2dx Unveil

Goldman Sachs analyst reiterates Buy on Salesforce with $400 PT. Positive on AI roadmap and growth potential, could yield early AI monetization.

Facing competition from Big Tech, states dangle incentives and loosen laws to attract power plants

HARRISBURG, Pa. (AP) — Facing projections of spiking energy demand, U.S. states are pressing for ways to build new power plants faster as policymakers increasingly worry about protecting their residents and economies from rising electric bills, power outages and other consequences of falling behind Big Tech in a race for electricity.

Millionaire Trader: "My No. 1 Stock of the Decade" (Revealed Free) - Ad

The stock revealed right here just may be millionaire trader Jeff Clark's favorite stock ever. Because this one stock alone has been responsible for some of the biggest gains he's ever handed my readers... 195% in under a month... 85% in 14 days... 176% in 5 weeks... 120% in under 3 months... 55% in two days... 138% in 8 days... And even 222% in 8 days.

Tesla Chair Robyn Denholm Sells Over $30 Million Worth Of Stock As Automaker Grapples With Macroeconomic Uncertainties, Increased Competitive Heat

Tesla Inc. Chair Robyn Denholm has sold approximately $33.7 million worth of the electric vehicle maker's stock, according to a filing with the U.S. Securities and Exchange Commission on Monday. The sale involved 112,390 shares, the same amount she offloaded last month for gross proceeds of around $43.2 million.

Albania shuts down TikTok for a year amid concerns over violence among children

TIRANA, Albania (AP) — The Albanian Cabinet decided on Thursday to shut down for 12 months, blaming the popular video-sharing platform for inciting violence and bullying, especially among children.

6 Stocks Could Soar on DOGE AI News ... - Ad

Expect an announcement from Elon any day now ...Thousands of government jobs could be replaced ...By a new form of AI. This one move could save American taxpayers billions of dollars. And we believe six specific stocks could soar as a result.

Mortgage lender Rocket Cos. to acquire real estate brokerage Redfin in deal valued at $1.75 billion

Mortgage lender Rocket Cos. has agreed to acquire online real estate brokerage Redfin in an all-stock deal valued at $1.75 billion.

Apple's AI Crisis: Falling Behind In The AI Race?

Apple is grappling with an artificial intelligence (AI) crisis, as its rivals, including Amazon, surge ahead in the AI technology race.

Market Dip: Buffett, Bezos, & 48 Members of Congress Betting on One Sector -- Don't Miss Out - Ad

This corner of the market is NOT artificial intelligence... Crypto... or any other familiar sector or strategy. Instead...It's a sector that the U.S. Gov't spends 6-TIMES more on, than our own ENTIRE military defense budget. Don't let recent market uncertainty keep you in the dark on this massive opportunity.

Explainer: What's a recession and why is rising anxiety about it roiling markets?

WASHINGTON (AP) — Stock markets , consumers and businesses have started to , and economists are marking down their estimates for growth this year, with some even seeing rising odds of a recession.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service