On today’s BradCast: A couple of follow-ups and a deep dive into what almost certainly lies ahead beginning this weekend, including who is likely to be blamed for it, who may or may not still have a job when all is said and done, and what the cost is likely to be to the American people. [Audio link to full show follows below this summary.]
FIRST UP: The news broke just before airtime on yesterday’s program, but I’ve now had time to read Tuesday’s full, breathtaking court ruling [PDF] which seemed impossible to believe as it broke yesterday. But, yes, Judge Arthur Engoron‘s summary judgement ruling in New York state’s $250 million fraud case against Donald Trump and his company and his two eldest sons is as brutal, if not more so, than we initially reported it yesterday.
In addition to utterly obliterating the case presented by defendants — as “pure sophistry”, “not relevant”, “patently false”, “fatally flawed”, “simply untrue”, “completely irrelevant,” and “frivolous”, among other things, some of which we share today — Engoron details several of the eye-popping fraudulent lies told in years of Statements of Financial Condition (SFCs) signed off on by Trump in applications for bank loans. Breathtakingly inflated overvaluations of his key properties, including by 2,300% at Mar-a-Lago alone, where Palm Beach County assessed the property to be valued anywhere from $18 to 27.6 million in the years from 2011 to 2021. During those same years, Trump’s SFCs said the property was worth from $426 to $612 million!
In total, the fraudulent overvaluations documented by the suit, just in the years in question, total anywhere from $812 million to $2.2 billion. “Even in the world of high finance,” writes the Judge in response to defendants attempts to marginalize the false statements, “this Court cannot endorse a proposition that finds a misstatement of at least $812 million dollars to be ‘immaterial’.”
Each of the Trump properties seem to be “owned” by Limited Liability Corporations (LLCs) created by the Trump Organization to manage each of them. And, yes, the result of yesterday’s ruling — which we couldn’t believe as it was breaking, but have now been able to confirm in the actual court order — is that the Judge has ordered NY business certificates “controlled or beneficially owned by Donald J. Trump, Donald Trump, Jr., Eric Trump, Allen Weisselberg, and Jeffrey McConney” to be “canceled”. He has also ordered “independent receivers to manage the dissolution of the cancelled LLCs.”
All of that on summary judgement before the non-jury trial, to be decided by the very same judge, begins on Monday. Youch. There is, of course, the possibility for appeals and such. But it is kinda remarkable how Tuesday’s ruling has sort of been downplayed by many of the corporate media outlets. Perhaps they can’t believe it either.
Before we get to our guest today on a completely different topic, more good news as the Writers Guild of America approved their new contract with major corporate producers on Tuesday after a nearly 150-day strike. That now clears the way for a bunch of late-night shows to finally return to the air beginning this weekend and by Monday. Some shows and most films will still be largely paused as the actors union remains on strike against the studios.
NEXT UP: A federal government shutdown is now all but certain to begin as of Saturday, thanks to far-right Republicans in the House who are unable to strike a deal amongst themselves for a short-term Continuing Resolution, much less a full budget package for the new fiscal year. Nonetheless, a new poll out this morning suggests that while 1 in 3 Americans blame Republicans, 2 out of 3 are blaming either Democrats or President Biden for the shutdown?!? Seriously?!? How can that be?!?
To help make some sense out of all of this and what is about to happen and what its historical antecedents may be, we’re joined today for a great conversation by author, columnist, political scientist, and longtime Congressional historian NORM ORNSTEIN of the American Enterprise Institute. He blames the corporate media’s terrible “both sides”, “access journalism” coverage for the mistargeting of blame by Americans for a shutdown by Republicans.
“It’s entirely on House Republicans, egged on by Donald Trump,” he explains. “These people want a shutdown. Because this is not an ideology. It is a theology. The theology is that government is evil, government is bad, lose government, we get freedom, without regard to the realities in the real world and on the ground. They are very happy to have chaos out there.”
Ornstein also charges that the GOP, claiming to seek government spending cuts, are “hypocrites” because shutdowns end up costing the government money while hurting actual Americans. “This is not a harm-free zone we’re entering into,” he warns. “Not only does it not save the government money. In some instances, because functions will be postponed, maintenance will not be done, ultimately it will cost more. They’re hypocrites, at minimum. They’re not really talking about savings for the government. They’re talking about bringing the whole mechanism down because they hate government.”
While Republican House Speaker Kevin McCarthy is unable to wrangle his own caucus to even adopt a short term spending package to keep the government open as talks continue, he is also threatened with removal from his post as Speaker by the farthest right elements in the House. Ornstein offers some historical comparisons to this extraordinary moment, and argues that McCarthy “is in deep trouble.”
“This movement towards using the threat of chaos, of shutdown, of default, as hostages” by Republicans in recent years, has “resulted in absolutely nothing happening. No concessions. Just the disruption.” In recent years, he says, “we have been on a trajectory that is leading us further and further away from adults — at least those that understand that no one is going to gain politically from a shutdown — to a position now where we are basically being driven by the lunatic fringe.”
He has, as ever, much more to help clarify on all of this today. All of it, as usual, well worth tuning in for…
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