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Exclusive: Barack Obama’s hidden hand shaping Democrats’ AI debate
The former president is pushing 2028 Democratic hopefuls to develop specific plans for how to tackle AI — but some of them are wary of antagonizing the industry.
The Beclowning of Scott Bessent
One iron law of current politics is that nobody who associates themselves with Donald Trump emerges with a shred of credibility. For some, that’s not a big loss — it’s not as if anyone respected Pete Hegseth even before he decided that the key to military success in an age of drones and AI was more testosterone. For others, however, the costs are real. I’m old enough to remember when Marco Rubio was widely considered a reasonable, thoughtful politician. Right now, however, my candidate for the biggest loser is Scott Bessent, the Secretary of the Treasury. Bessent started out with significant reputation to lose: When Trump selected him, this was the headline in the Financial Times: Jason Furman, Barack Obama’s chief economist, described him as a “credible Treasury secretary who has a real understanding of the global economy”. But Bessent has now transformed himself into the Baghdad Bob of bonds. Three weeks ago, after intervening (for reasons that remain somewhat unclear) to support the Japanese yen, Bessent boasted about his ability to move markets and dared investors to bet against his, declaring “I am the house now.” He then tried to push long-term interest rates down, buying 30-year U.S. Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far: To get some perspective on how high interest rates have gone, here’s a longer-term perspective: We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? The backdrop, as I argued in last Sunday’s primer, is the huge AI-driven investment boom; more on that next week. But the immediate cause of the latest interest rate spike was Trump’s rejection of an Iranian proposal to end the war. This rejection sent crude oil prices, which for a while had fallen considerably, shooting back up: It’s notable, by the way, that oil prices remain high even though a significant amount of oil is now being shuttled through the Strait of Hormuz by night, on smaller vessels. That’s an interesting story, which has a lot to do with the fact that oil from the Hormuz shuttle runs must be transferred to larger vessels before being shipped to markets in Europe and Asia; around 15 percent of the world’s large crude carriers are now parked off the coast of Oman, waiting to be tanked up. This is creating a shipping crunch: But that’s a topic for another day. For now, the point is that with oil still high and refined products, especially diesel, still close to record levels, inflation will remain elevated. And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation. The truth is that Bessent might not have been able to get interest rates down even in the best of circumstances. But he certainly won’t get anywhere as long as Trump keeps believing that he can somehow convert his Iran debacle into a triumphant victory. And Trump will keep believing that as long as he is surrounded by sycophants who tell him what he wants to hear. Sycophants like, for example, Scott Bessent, who is predicting the imminent collapse of the Iranian economy, possibly within two weeks. Bessent is right to say that the embargo on Iranian oil exports is placing the country under great economic strain. But his implicit prediction that this will quickly produce a deal that Trump can call victory looks no more plausible than his boasts about the bond market. The big question now is, why would anyone with a reputation to lose work for Donald Trump? As the beclowning of Bessent shows, joining the Trump team won’t just damage your reputation; it will utterly destroy it.
Sunny, the Obamas’ Portuguese water dog, dies at 13
Sunny, the Portuguese water dog who romped into the White House at the start of President Barack Obama’s second term and injected the mansion with playful — at times, too playful — energy, has died. She was 13.
A feature of the Obama White House, Sunny dies at 14
(CNN) — Sunny, the Portuguese water dog who romped into the White House at the start of President Barack Obama’s second term and injected the mansion with playful — at
Obamas inaugurate presidential center, cementing their political legacy in Chicago
The new campus on Chicago’s South Side is more than a traditional presidential library. It harkens back to former President Barack Obama’s political origins as a community organizer.
With Oval Office replica and skyline views of Chicago, Obama's new museum is political and personal
Former President Barack Obama’s influence in his presidential museum runs deep, from the Chicago location to the textured stone adorning its dramatic tower, art installations and a striped reading chairs that resemble ones in his own home
Presidential museum showcases political and personal sides of Obama with sprawling community campus
CHICAGO (AP) — Former President Barack Obama’s influence in his presidential museum runs deep, from the location on Chicago's South Side to textured stone adorning its dramatic tower to striped reading chairs that are similar to ones in his own home.
Presidential museum showcases political and personal sides of Obama with sprawling community campus
Former President Barack Obama’s influence in his presidential museum runs deep, from the Chicago location to the textured stone adorning its dramatic tower to art installations and a pair of striped reading chairs in the library that are similar to the ones he owns.
Barack Obama’s goal for his library: ‘I want them to put my presidency in context’
Barack Obama is expressing his hopes for what his presidential library in Chicago will achieve for his legacy, in an interview with Stephen Colbert.
Virginia’s redistricting fight ramps up as opponents wield Barack Obama’s past comments
An argument over former President Barack Obama’s past comments about gerrymandering reflects the conundrum that worries some Democratic allies ahead of an April 21 referendum. Having promoted nonpartisan redistricting in the past, Obama, Virginia Gov. Abigail Spanberger and other top Democrats now have to motivate voters to turn out for a special election to impose a gerrymander.
How Obama’s Strategist Discouraged Biden From Running in 2016
In a new set of oral histories, David Plouffe, President Barack Obama’s political adviser, described how he urged Vice President Joseph R. Biden Jr. not to challenge Hillary Clinton for the nomination.
Whole Hog Politics: What Democrats can learn from Tennessee, Aftyn Behn and Rahm Emanuel
It seems unlikely that former Chicago Mayor Rahm Emanuel could capture the Democratic presidential nomination in 2028. The guy who as Barack Obama’s first White House chief of staff had a gag namep…