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Daily Missive

The Hoover Boom

Loading ...Bill Bonner

November 12, 2024 • 3 minute, 42 second read


electionmarket rally

The Hoover Boom

As democracy is perfected, the office of the President represents, more and more closely, the inner soul of the people. On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.

H.L. Mencken

A week has passed since Donald J. Trump was re-elected president.  The stock market has celebrated with the most impressive run-up since Herbert Hoover was elected.   Hoover was a take-charge kind of guy too.  “For six years, that man has been giving me unsolicited advice,” remarked out-going president Calvin Coolidge, “all of it bad.”

But Hoover was elected in 1928.  Thereafter, stocks rose a spectacular 40%, before crashing in 1929.

Since the election results were announced last week, one third of the country has been overjoyed, whooping and hollering, sure that happy days are here again. Another third acts as if it were looking at the Reichstag Fire. And the final third gets out the hotdogs and marshmallows.

The poor Democrats have gnashed so many teeth, it is amazing they have any left. This time, they lost by such a big margin the familiar excuses — Russian interference, misinformation, bad luck — just don’t seem to be enough. This time, the Trump victory tells us “who we really are,” says a recent New York Times headline.

Yes, we are a nation of dumbbells and dreamers… neither always good, nor always bad… but always subject to influence.  And when ‘the plain folks’ speak, they don’t necessarily say what the elites want to hear.

But here at BPR, we emphasize the positive. It is a shame Americans elected Donald Trump. But it’s a good thing they didn’t elect Kamala Harris. And some other good things have come out of the experience.

For one, the benevolent expertise of the elites as channeled by their propaganda media has been thoroughly discredited. The Wall Street Journal:

Trump’s Win Cemented It: New Media Is Leaving the Old Guard Behind

The old media — TV, newspapers, magazines — were overwhelmingly behind Ms. Harris. She had the support of the whole Elite Establishment — the press, the universities, Hollywood and the DC establishment. One study showed that 80% of the news coverage on Trump was negative. And yet, the public seemed to pay no attention.

The legacy media also clung to themes that favored Harris over Trump. One was the idea that ‘our democracy is in danger.’ Donald Trump was supposed to be a ‘fascist’ and should he win, or so went the line of argument, it might be the last election in America.

They held steadfast to the idea of the January 6th ‘insurrection,’ too, when any fool could see that the middle-aged dopes milling around the Capitol building were no threat to the police power of the empire.

They insisted that the Covid was an ‘existential threat,’ and not just another flu. Again, the evidence told a different story.

And they even wanted to change the English language to accommodate their woke-ish fads; the ‘him’ or the ‘her’ was replaced by the fake gender-neutral plural, ‘them.’

And while they were adamant about not offending someone’s tender sensibilities by using the wrong pronoun, they were nevertheless eager to send US-made bombs overseas… so the killing of the hes, shes, and thems could continue apace.

These absurdities attached themselves to Ms. Harris like ticks to a dog. She represented the Powers-That-Be….the ‘system’ that had saddled the nation with $36 trillion in debt, and made America’s rich richer than ever…but not given the working class a real raise in half a century.  It was this ‘system’ that ‘the plain folks’ despised.  And what could Ms. Harris say, but ‘vote for me; I’ll give you more of it.’

So, it turned out that the real threat to democracy was not the MAGA crowd. It was democracy itself. The ancient Greeks warned us about it. Allowing the masses to choose a leader is always a threat to the health of the nation.  And in the election of 2024, it gave us the choice between cholera and the plague, Trump or Harris.

Voters washed their hands and tried their best to avoid getting sick. But most felt a patriotic duty to run a fever… for one or the other. And since they couldn’t stomach any more-of-the-same from Kamala, they crossed themselves and pulled the lever for Trump.


The Challenge Ahead for Trump’s Crypto Task Force

June 27, 2025 • Ian King

Right now, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are battling over whether certain cryptocurrencies should be classified as securities or commodities.

And there is ongoing debate over whether stablecoins should fall under banking regulations.

The task force needs to ensure that these issues are resolved.

It also needs to ensure that crypto businesses are regulated in a way that allows them to benefit from being decentralized, yet still offers their stakeholders some protections.

And with the IRS increasing scrutiny on crypto transactions, the task force should review tax policies, exemptions and reporting thresholds.

But these issues can be solved with some foresight.

With the proper regulations in place, crypto businesses like Maker and Aave have the potential to truly go mainstream.

And this will solidify Satoshi’s vision of decentralized financial system, built from the ground up. 

The Challenge Ahead for Trump’s Crypto Task Force
America’s Just 12.3% of the Problem

June 27, 2025 • Addison Wiggin

After a spike during the pandemic,  U.S. debt-to-GDP ratio is still over 120% – and climbing again.

Historically, no country that crossed the 130%  debt-to-GDP ratio has been able to survive long enough to “grow its way out” of a debt crisis.

Therein lies the tension. The Trump Reset formula requires an extension of his first-term tax cuts, low and fair tariffs… and low interest rates.

America’s Just 12.3% of the Problem
Wall Street’s Huffing On AI Fumes, Again

June 27, 2025 • Addison Wiggin

It’s fair to say, the market’s resilience isn’t coming from strength in the real economy—it’s running on the fumes of AI exuberance, deregulation promises, and the chance that the Trump administration might delay its July 9 tariff hammer.

Wall Street’s Huffing On AI Fumes, Again
Is Crypto Now a Matter of National Security?

June 26, 2025 • Ian King

The passage of the GENIUS Act is a step in the right direction. It brings much-needed clarity to stablecoins and shows that lawmakers are finally taking digital assets seriously.

But we need to go further.

If we want to control the rails of the coming financial era, then we have to view crypto as part of our national infrastructure.

The U.S. has an opportunity to lead in this space.

But only if we treat the digital realm like a new layer of national power. One that needs to be protected, regulated and defended when necessary.

Otherwise, we could end up on the wrong side of a technology we helped build.

And that would be a loss with consequences far beyond crypto.

Is Crypto Now a Matter of National Security?