Hi Meidas Mighty, let me quickly take you through the latest news we are following today.
First, let me begin with some good news: the U.S. Supreme Court will allow the new California congressional map to stand, rejecting Republicans’ bid to block it. It’s a huge win for Democrats heading into the midterms. The decision to reject the GOP’s challenge was unanimous. This ruling could net Democrats as many as five additional House seats, and it comes at a moment when the stakes for democratic representation could not be higher.
As you likely remember, this stems from California Governor Gavin Newsom’s Prop 50 campaign, which was launched in response to Texas’s gerrymandering. Now, it’s undeniable: this was a huge victory for Governor Newsom and the Democrats. Meanwhile, the Texas gerrymander is now increasingly being referred to as a “dummymander,” as shifts in the electorate since the 2024 election hint that the new Texas maps likely won’t net Republicans as many seats as they hoped, and may make them more vulnerable in seats they previously thought were safe. Just look at what happened this past weekend in the state, with Democrats soaring to victory even in deep red, previously pro-Trump districts.
Now to the rest of what has been a brutal morning for Donald Trump and his regime.
As devastating economic headlines pile up, Trump’s Treasury Secretary, Scott Bessent, was grilled by Congress this morning. During congressional testimony, Bessent was caught lying about his own written record on tariffs. When asked directly whether he had ever told investors that tariffs are inflationary, he said no. That answer was false.
We have the letter, and you can see it for yourself below. Bessent lied. That’s perjury.
In a January 31, 2024 letter to investors from his private equity firm, Bessent explicitly wrote that tariffs are inflationary and would strengthen the dollar, calling that outcome “hardly a good starting point for a U.S. industrial renaissance.” That letter is signed by Bessent and his firm. There is no ambiguity here. He told Congress one thing and told investors the opposite. That is a lie to Congress, and it should carry serious consequences.
Across the media landscape, the warnings about the economy are growing louder. Former leaders in U.S. agriculture are warning of a potential widespread collapse. Food and beverage companies are reporting sinking sales as consumer sentiment hits historic lows. According to the University of Michigan’s data, consumer confidence has fallen to levels not seen since the Great Recession, and by some measures even worse. Manufacturing is in retreat, and Trump’s tariffs are not helping. In fact, they are largely the reason. They were sold as a path to a manufacturing revival. Instead, they have functioned exactly as economists warned they would: as a tax on American businesses that gets passed on to consumers.
This is why the lie from the Treasury Secretary matters so much. The regime knows tariffs are inflationary. Bessent knew it when he was managing private capital. Yet under oath, he denied it, even as families across the country feel the consequences in higher prices and economic insecurity.
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Back to my report.
While this is happening, one of the country’s most important news institutions is being hollowed out. The Washington Post announced today that it will cut roughly one third of its staff. Entire departments are being gutted. This is the result of decisions made by Jeff Bezos, who has poured tens of millions into projects tied to Trump’s orbit—recently a reported $75 million to product and market the Melania Trump documentary—while presiding over the dismantling of a paper that once stood as a pillar of accountability journalism. Add it to the growing list of American institutions being weakened at the same time Trump and his allies demand less scrutiny and more obedience.
A Letter to Jeff Bezos and The Washington Post
Dear Jeff Bezos and the leadership team of The Washington Post,
At the MeidasTouch Network, our approach has always been simple. We follow the documents. We read the footnotes. We check the data. We do not rely on shouting matches or false balance. When Trump started boasting about imaginary trillion-dollar deals, we asked for proof. When officials make claims under oath, we compare them to what they said when they thought only investors were listening. That is why the Epstein files have been so devastating for this regime.
Donald Trump is not on the periphery of those files. He is at the center of them. His name appears tens of thousands of times across thousands of documents, and what has been released so far is only a fraction of what exists. Millions of additional files remain undisclosed. The communications we have already seen show coordination between powerful figures, influence operations targeting foreign governments, and a network of oligarchs operating with impunity while engaging in horrific crimes. When Trump says it is time to “turn the page,” the answer is no. As Governor Hochul’s press team wrote on social media, his name is on the next page too
This context matters when we hear what Steve Bannon said this morning on his podcast. Bannon openly stated that ICE should surround polling places in November to prevent what he falsely calls a stolen election. That is a direct threat to free and fair elections. It should be front-page news everywhere. Instead, it is being largely ignored, even as Trump continues to publicly associate himself with Bannon. And that’s as Bannon, too, has been revealed to be all over the Epstein files. The files show Bannon essentially working hand-in-hand with Epstein as he tried to rehabilitate the convicted sex trafficker’s reputation. That alone should be disqualifying. That’s why it’s so illuminating that when this was revealed, Trump quickly made a post praising Bannon. It was a not-so coded message to Bannon: I’ve got your back.
Back on Capitol Hill, the rot was on full display. Members of Congress pressed Bessent not only on tariffs but also on potential market manipulation. They asked whether it should concern the Treasury Secretary that Trump promotes his own stock on social media, leading to massive, sudden price swings that personally benefit him. Bessent’s answer was no. He refused to support any investigation, dismissing clear conflicts of interest while deflecting responsibility.
When pressed further on financial oversight issues involving foreign influence and licensing applications, Bessent resorted to attacking the questioners rather than answering the questions. It was a familiar pattern: deny, deflect, attack. Transparency was nowhere to be found.
Even some Republicans are starting to break ranks, though it’s often the ones who are retiring. Senator Thom Tillis went on CNBC this morning and openly criticized Trump’s behavior and language, calling out figures like Stephen Miller and Kristi Noem for their failures and dysfunction. Tillis said plainly that if Trump wants to act like an adult, he should use adult language and focus on governing. That may sound basic, but in this political climate, it stands out.
Meanwhile, Trump spent his morning posting nonsense about ballrooms and fast-food restaurants, seemingly detached from the economic pain his policies are causing and the legal and ethical crises surrounding his administration.
This is what is happening this Wednesday afternoon in America. On one hand, a unanimous Supreme Court decision strengthens democracy in the nation’s most populous state and gives Democrats real momentum heading into the midterms. On the other hand, a Treasury Secretary lies to Congress, economic indicators flash red, major newsrooms are being dismantled, and allies of the president openly threaten voter intimidation.
We will keep following the documents. We will keep showing you the receipts. And we will keep calling this out for what it is, without both-sides nonsense and without watering down the truth.
Stay informed. Stay engaged. And as always, we will keep you posted every step of the way.
