If there is anything the mainstream media has shown Americans – and by default, the world – over the last several days, it’s that Trump has zero issue holding firm against the billionaires apparently turning against him.
Including, if not especially, the billionaires who openly supported him before he won back the White House last November.
That’s certainly one way to show his hardest-core followers that he won’t back down from what he perceives as right.
Rather predictably, CNN compiled a list of billionaires who are apparently “turning” on Trump, all too eager to “get one” on the current leader.
Naturally, intense focus was on hedge fund billionaire Bill Ackman, one of the higher-profile supporters of Trump, outside of Musk.
“Business investment will grind to a halt, (and) consumers will close their wallets … We will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate,” Ackman fretted.
Hm. Didn’t take Ackman long to fold after his portfolio was hit, to the tune of multiple billions.
“We are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” Ackman continued anxiously.
“Nuclear winter.” A tad dramatic, no?
“This is not what we voted for,” Ackman declared.
Well then.
Considering Trump made his views on tariffs clear from the start, precisely what did Ackman think he voted for?
Simon MacAdam, deputy chief global economist at consultancy Capital Economics, reportedly “[echoed]” the assertions of Ackman.
“If you’re a mid-sized or even a large-cap company, you’re going to be very hesitant about what to do. f those tariffs are going to be negotiated back down again in a few months’ time, then you’d be wasting your time investing potentially hundreds of millions of dollars in new plants… in the US,” MacAdam mused.
Well, that was the short-term pain promised by Trump and Vance alike.
Why are business leaders surprised by this?
Jamie Dimon, CEO of JPMorgan Chase, also did a major about-face, perhaps even more dramatically than Ackman.
“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession. Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon ominously intoned in his annual letter to shareholders.
Quite the change in three months’ time. Especially when considering Dimon’s previous advice, which was aired quite publicly.
At the World Economic Forum in January, Dimon actually told people to “get over” any predictable pain caused by tariffs.
“I would put in perspective: If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon declared.
Guess Dimon changed his tune as soon as he lost multiple billions in a few days.
Ken Fisher, who serves as the founder and executive chairman of Fisher Investments, went even further, blasting the presidential administration’s moves as “stupid” and “wrong,” amongst other superlatives.
“What Trump unveiled (last) Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish,” Fisher raged.
Humorously, Fisher reportedly “does not typically comment publicly on presidential actions.”
“But on tariffs Trump is beyond the pale by a long shot,” Fisher continued to rant.
Well, it would appear that Fisher made enough public commentary for the year, for someone who “does not typically comment.”
As for Trump’s response to the cascading criticism?
“We have many, many countries that are coming to negotiate deals with us, and there are going to be fair deals,” Trump declared, shrugging off the criticism.
With that response, Trump made it clear: He will bend to no one’s will.
Not even to the will of the billionaires that endorsed him.
Author: Jane Jones
