Five Minutes To Watch Before Football November 27, 2025November 26, 2025 INEQUALITY Scott Galloway: “The reason we put an insurrectionist and a rapist in office” — 90 must-watch seconds (no need to stick around after they cut away). MAGAns will agree with almost all of it. PAUL KRUGMAN ON CRYPTO “Nobody’s using it for anything legitimate“– 30 seconds. The longer version, condensed here: The Trump Trade is Unraveling. At this point Bitcoin is largely a Trump trade. Why? Partly because Trump, whose family has in effect received massive bribes from the crypto industry, has been rewarding that investment with pro-crypto policies. Notably, Trump has signed an executive order intended to allow ordinary Americans — who, again, generally don’t know what they’re getting into — to invest money from their 401(k)s in crypto assets. More broadly, crypto is, as I’ve suggested, increasingly a tool for financial predators, and the Trump administration is extremely predator-friendly. The administration has been doing all it can to dismantle institutions, like the Consumer Financial Protection Bureau, that were created to help keep investors and markets safe after the 2008 financial crisis. Scott Bessent, the Treasury secretary, and other Trump officials and allies — including some officials at the Federal Reserve — have also been doing all they can to undermine bank supervision, which tries to limit the kind of risk-taking that brought on the 2008 crisis. All of this is bad for small investors and bad for financial stability. But it’s good for financial schemers like the people and institutions promoting Bitcoin. So how should we understand Bitcoin’s recent crash? Think of it as the unraveling of the Trump trade. Trump remains as determined as ever to reward the industry that made his family rich, and those around him are as determined as ever to make America safe for predators of all kinds. But Trump’s power is visibly diminishing, so the price of Bitcoin, which has in effect become a bet on Trumpism, has plunged. OUR DEEP BENCH It’s exciting to see so many spectacular young Democrats running for office to get America back on track. Many come from the military. This one is an ordained minister and a rocket scientist (150 seconds). No military service but his wife is a combat veteran. He’s running to unseat the consumer-unfriendly Republican chair of the House Financial Services Committee. I think he just may win. !HAPPY THANKSGIVING!