Okay, so now Trump isn't even hiding the corruption, and is selling early access to market-moving news that he generates.
This is actually a longtime conservative/GOP principle.
Once upon a time, my father said something to me, and, sure, whatever, but some time later, reading through a
Doonesbury collection, I remember coming to understand that it was common to think that way. The elder Slackmeyer had been caught and convicted of insider trading, and as my father said of Milken,
they didn't even know what they were doing was illegal.
But here's the idea: The law says you can't do something. But someone just outlined a scheme by which they can, because they're not [(doing this)], but [(doing that)], and there was just no way for them to know it was illegal since there was no law against it.
In the Milken case, libertarians
continue to assert↱ he did nothing wrong, with one explaining, "But there was nothing illegal about the use of junk bonds per se. Instead, Milken pled guilty to six felony counts of illegal activity, five of which had been previously understood to be simple technical violations of the law rather than actual crimes."
Interestingly, they blame Rudy Giuliani: "Why, then, did Milken plead guilty and accept a prison sentence rather than fight the charges and pay a fine for technical violations? The reason was that an aggressive and politically ambitious prosecutor, Rudolph Giuliani, the U.S. attorney for the Southern District of New York, took extreme measures to go after Milken."
After all, this telling insists, "Milken’s 'crime' was that he had not properly documented the ownership of some stock".
The underlying claim is that Milken wasn't really doing what the accusation says he was doing, but, rather, he was doing something else that had such a common appearance that an ambitious Giuliani prosecuted, and Milken, for reasons unknown, pled guilty to illegal activities (technical violations) that are not actual crimes. Because he wasn't doing that other thing; technically speaking, he was doing this thing, here, that isn't illegal because nobody made a law against it yet.
That's basically what you're seeing here: Trump is not, in this telling, doing anything illegal because he calls it something different.
It's a hell of a legacy for the Mises school; what a contribution to humanity:
It's not illegal if you just call it something else because you say so.
And that's also Republicans at least since Reagan. This is what it looks like. They've been working toward this for over forty years.
But a little scrap of folklore: These people also believe insider trading should be legal, because those kinds of market-affecting conspiracies are good business. Once upon a time, even in the twenty-first century, there was a scandal including recordings of brokers discussing how they swindled their clients, including the elderly, and yes, we all pretended shock and horror, but these years later it's unclear how we actual feel, as a society, about that behavior.
In its way, this corruption is #WhatTheyVotedFor. The way in which it is not is similar to the pogrom: They couldn't imagine the finer detail of the unimaginable.
In its way the entire conservative politic in these United States runs on E&O. See, inasmuch as the law allows for technical violations (
actus rea) without intention (
mens rea) that are, as such, not crimes, this ethic would labor to calculate chains of technical violations to just whoopsie their way into what they always wanted but could not justify under law. And as with the pogrom, it's one of those American way kinds of things, such that the conservative complaint is not that it happens, but that it inconveniences them as individuals in some way.
And that, too, is common among conservatives. It keeps coming up:
"Just say no to socialism, and keep your hands off my Medicare!" Or,
"Just say no to criminal aliens, and keep your hands off my gardener, maid, nanny, spouse, and favorite local restaurant!" And,
"Just say no to corruption, and keep your hands off my revenue opportunities!"
Similarly, this state seizure of the means of production as part of a strongman's regime of corruption is going to be just fine with Trump's anticommunist voters as long as it doesn't inconvenience them personally.
And, yes, in American tradition there are reasons for this, and no, they don't have to make sense to anyone, not even the beholder.
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Notes:
Yago, Glenn and David R. Henderson. "Junk Bonds/The Strange Case of Michael Milken". Econlib. (n.d.) Econlib.org. 4 August 2026. https://www.econlib.org/library/Enc/JunkBonds.html
Henderson, David. "The Strange Case of Michael Milken". I Blog to Differ. 14 July 2026. DavidRHenderson.Substack.com. 4 August 2026. https://davidrhenderson.substack.com/p/the-strange-case-of-michael-milken