Why did the market pop back up yesterday? A hot insider tip for us, one day late

[pdq]

So, Krugman points out:

First — and why aren’t more people saying this? — what the hell was the Treasury secretary doing giving a closed-door briefing on a significant policy change that hadn’t yet been officially announced?

Well, duh:

Isn’t that a setup for large-scale insider trading? Indeed, attendees at that conference surely made market bets before Bessent’s remarks became public.

And since when are major policy announcements by government officials made off the record to closed private-sector meetings? One even wonders whether Bessent was announcing policy or making it: Did Trump back him up only after the fact?

The content of his remarks aside, what was Bessent even doing at this event? Senior government officials aren’t supposed to be helping investment banks entertain their clients.

A very good question.

Was Bessent paid for his appearance? That would have been inconceivable under any previous administration, but now God knows. Or are we now entering an era in which companies that do favors for Trump and co., either in the form of money or support for their policies, get lucrative insider briefings?

Yup.

Klepto-kakistocracy. It’s all about the grift.