🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 157 (from laksa140)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa157.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://thefulcrum.us/business-democracy/trump-economic-policies-2673982163\')), getAhrefsUnparsedNoserviceFromURL(\'https://thefulcrum.us/business-democracy/trump-economic-policies-2673982163\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/thefulcrum.us\/business-democracy\/trump-economic-policies-2673982163","crawl_time":1776973032,"first_indexed_time":1757570835,"http_code":200,"src_unparsed":"us,thefulcrum!\/business-democracy\/trump-economic-policies-2673982163 s443","src_root_hash":"16853367421322829157","history_drop_reason":null,"meta_title":"Trump’s Business Deals and Loyalty Scorecards - The Fulcrum","meta_descriptions":["Trump’s economic agenda reshapes GOP orthodoxy — from semiconductor shakedowns to AI investments — blurring lines between policy, power, and profit."],"attrs_boilerpipe_text":"For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam.\nAnd then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere.\nMost recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly $9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore).\nA week before, the Trump administration had\ncut another revenue-sharing agreement\nwith the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them.\nIn fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a\n“golden share\n” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its\nrank-and-file members support\nDonald Trump for president in 2024, is feeling betrayed.\nLast week, Trump\nboasted on social media\nthat he would “make deals like that for our Country all day long.” In a\nrecent CNBC interview\n, Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that\nrates 553 companies\nand trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share.\nFiring of many economic leaders — illegally\nPresident Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling.\nMost recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913.\nJust recently, a federal appeals court\nreinstated a commissioner\nof the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for \"inefficiency, neglect of duty, or malfeasance in office.\" But Trump fired her without giving any reason at all.\nHe did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then\nreinstated by a federal district court\n. Then the U.S.\nSupreme Court\ntemporarily stayed the reinstatement\nwhile the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners.\nSo President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s\nDOGE\n, before Trump and Musk’s high-profile falling out).\nWhat if Democrats did the same?\nThe thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to $37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president.\nSo President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government\nis\nthe problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy.\nInvestor-in-chief\nPresident Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “\nscam\n.” But suddenly, Trump says he wants to make the United States the \"\ncrypto capital of the world\n.\"\nWhy the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have\nlaunched a family investment strategy\nbeyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in\nAI\nand crypto investments.\nA few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has\nincreased by $2.9 billion\nthanks to its various tech-related investments, which now reportedly represent\nnearly 40% of Donald Trump’s personal net worth\n. Trump, the Hotel King, is now the Crypto King.\nWhen you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even\ncorruption\nat every turn.\nSteven Hill\nwas policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.","attrs_markdown":"- [Home](https:\/\/thefulcrum.us\/)\n- [Bridging & Common Ground](https:\/\/thefulcrum.us\/bridging-common-ground\/)\n- [Opinion](https:\/\/thefulcrum.us\/opinion\/)\n- [Glossary](https:\/\/thefulcrum.us\/glossary\/)\n- [Fact Check](https:\/\/thefulcrum.us\/fact-check\/)\n- [Events](https:\/\/thefulcrum.us\/events\/)\n- [Sections](https:\/\/thefulcrum.us\/sections\/)\n- [Election Dissection](https:\/\/thefulcrum.us\/election-dissection\/)\n- [Directory](https:\/\/thefulcrum.us\/directory\/)\n- [Business & Democracy](https:\/\/thefulcrum.us\/business-democracy\/)\n- [Pop Culture](https:\/\/thefulcrum.us\/pop-culture\/)\n- [News](https:\/\/thefulcrum.us\/news\/)\n- [Analysis](https:\/\/thefulcrum.us\/analysis\/)\n- [Diversity, Equity & Inclusion](https:\/\/thefulcrum.us\/inclusion-diversity\/)\n- [Media & Technology](https:\/\/thefulcrum.us\/media-technology\/)\n- [Corruption](https:\/\/thefulcrum.us\/corruption\/)\n- [Civic Engagement & Education](https:\/\/thefulcrum.us\/civic-engagement-education\/)\n- [Electoral Reforms](https:\/\/thefulcrum.us\/electoral-reforms\/)\n- [Governance & Legislation](https:\/\/thefulcrum.us\/governance-legislation\/)\n- [Ethics & Leadership](https:\/\/thefulcrum.us\/ethics-leadership\/)\n- [Video](https:\/\/thefulcrum.us\/video\/)\n- [Watch](https:\/\/thefulcrum.us\/resources\/watch\/)\n- [Listen](https:\/\/thefulcrum.us\/resources\/listen\/)\n- [Read](https:\/\/thefulcrum.us\/resources\/read\/)\n- [Discuss](https:\/\/thefulcrum.us\/resources\/discuss\/)\n- [Research Resources](https:\/\/thefulcrum.us\/resources\/research\/)\n\n[Skip to content](https:\/\/thefulcrum.us\/business-democracy\/trump-economic-policies-2673982163#site-content)\n\n[Project 2025](https:\/\/thefulcrum.us\/tag\/Project-2025)\n\nSearch & Section Navigation\n\n[Mission](https:\/\/thefulcrum.us\/about-us\/our-mission)[Team](https:\/\/thefulcrum.us\/about-us\/our-staff)[Contact Us](https:\/\/thefulcrum.us\/about-us\/contact-us)\n\n[![Logo](data:image\/svg+xml;base64,<svg width="212" height="80" viewBox="0 0 212 80" fill="none" xmlns="http://www.w3.org/2000/svg">
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[Business & Democracy](https:\/\/thefulcrum.us\/business-democracy\/)\\>\n\n# Investor-in-Chief: Trump’s Business Deals, Loyalty Scorecards, and the Rise of Neo-Socialist Capitalism\n## *The White House is using government control over the economy in ways that overturn traditional Republican values*Opinion\n\n![President Donald Trump standing next to a chart in the Oval Office.](https:\/\/thefulcrum.us\/media-library\/president-donald-trump-standing-next-to-a-chart-in-the-oval-office.jpg?id=61585856&width=1245&height=700&quality=50&coordinates=0%2C31%2C0%2C76)\n\nU.S. President Donald Trump discusses economic data with Stephen Moore (L), Senior Visiting Fellow in Economics at The Heritage Foundation, in the Oval Office on August 07, 2025 in Washington, DC.\n\nGetty Images, Win McNamee\n\n[![Steven Hill](https:\/\/thefulcrum.us\/media-library\/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy81MjUxNTA5OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTgyMjE2MTM5MX0.jhFMhq5x35Eiyn6mLufp7oSp8QX9QJzjSPCOW1HN1B4\/image.jpg?width=60&quality=50)](https:\/\/thefulcrum.us\/u\/stevenhill)\n\nBy [Steven Hill](https:\/\/thefulcrum.us\/u\/stevenhill)Sep 11, 2025\n\nSteven Hill\n\nSteven Hill was policy director for the Center for Humane Technology, co-founder of FairVote, and political reform director at New America. See more of his writing at his Substack newsletter [DemocracySOS](https:\/\/democracysos.substack.com\/).\n\n[See More Writings by author](https:\/\/thefulcrum.us\/u\/stevenhill)\n\nFor over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam.\n\nAnd then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere.\n***\nMost recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \\$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore).\n\nA week before, the Trump administration had [cut another revenue-sharing agreement](https:\/\/www.vox.com\/future-perfect\/458088\/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them.\n\nIn fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https:\/\/www.nytimes.com\/2025\/06\/15\/us\/politics\/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https:\/\/www.foxbusiness.com\/media\/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed.\n\nLast week, Trump [boasted on social media](https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https:\/\/www.cnbc.com\/2025\/08\/25\/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https:\/\/www.axios.com\/2025\/08\/15\/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share.\n\n### Firing of many economic leaders — illegally\nPresident Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling.\n\nMost recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913.\n\nJust recently, a federal appeals court [reinstated a commissioner](https:\/\/www.politico.com\/news\/2025\/09\/02\/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for \"inefficiency, neglect of duty, or malfeasance in office.\" But Trump fired her without giving any reason at all.\n\nHe did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https:\/\/thefulcrum.us\/truly-supreme-court) [temporarily stayed the reinstatement](https:\/\/www.laborrelationsupdate.com\/2025\/04\/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum\/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners.\n\nSo President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https:\/\/thefulcrum.us\/tag\/doge), before Trump and Musk’s high-profile falling out).\n\n### What if Democrats did the same?\nThe thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \\$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president.\n\nSo President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy.\n\n### Investor-in-chief\nPresident Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https:\/\/www.bbc.com\/news\/business-57392734).” But suddenly, Trump says he wants to make the United States the \"[crypto capital of the world](https:\/\/www.foxbusiness.com\/politics\/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world).\"\n\nWhy the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https:\/\/www.forbes.com\/sites\/zacheverson\/2025\/02\/20\/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics\/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https:\/\/thefulcrum.us\/the-new-world-of-ai) and crypto investments.\n\nA few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \\$2.9 billion](https:\/\/www.cbsnews.com\/news\/trump-family-net-worth-crypto-investments\/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https:\/\/www.cbsnews.com\/news\/trump-cryptocurrency-campaign-nashville\/). Trump, the Hotel King, is now the Crypto King.\n\nWhen you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https:\/\/thefulcrum.us\/corruption\/george-santos-lies) at every turn.\n\n**Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.\n\n## Join a growing community committed to civic renewal.\nSubscribe to The Fulcrum and be part of the conversation.\n\n## Latest news\n[![President Trump standing outside.](https:\/\/thefulcrum.us\/media-library\/president-trump-standing-outside.jpg?id=65551269&width=300&height=168&quality=50&coordinates=0%2C28%2C0%2C98)](https:\/\/thefulcrum.us\/ethics-leadership\/trump-administration-turnover)\n\n[Ethics & Leadership](https:\/\/thefulcrum.us\/ethics-leadership\/)\n\n### [Trump Administration’s Record-Breaking Level of Personnel Turnover](https:\/\/thefulcrum.us\/ethics-leadership\/trump-administration-turnover)\n[Austin Sarat](https:\/\/thefulcrum.us\/u\/austinsarat)\n\n15h\n\n[![Strikes Call For Ethical Treatment: The Need for Better Conditions](https:\/\/thefulcrum.us\/media-library\/striking-members-of-the-teamsters-local-210-walk-a-picket-line-outside-of-the-perrigo-company-on-september-15-2025-in-new-york.jpg?id=65543400&width=300&height=168&quality=50&coordinates=0%2C38%2C0%2C69)](https:\/\/thefulcrum.us\/economy\/us-working-conditions)\n\nEconomy\n\n### [Strikes Call For Ethical Treatment: The Need for Better Conditions](https:\/\/thefulcrum.us\/economy\/us-working-conditions)\n[Akash Belsare](https:\/\/thefulcrum.us\/u\/akashbelsare)\n\n15h\n\n[![Experts Say Heavy Use of Reconciliation Bills Could Backfire](https:\/\/thefulcrum.us\/media-library\/white-concrete-building-under-cloudy-sky-during-daytime.jpg?id=65561544&width=300&height=168&quality=50&coordinates=0%2C261%2C0%2C261)](https:\/\/thefulcrum.us\/governance-legislation\/gop-reconciliation-abuse-ice-funding)\n\n[Governance & Legislation](https:\/\/thefulcrum.us\/governance-legislation\/)\n\n### [Experts Say Heavy Use of Reconciliation Bills Could Backfire](https:\/\/thefulcrum.us\/governance-legislation\/gop-reconciliation-abuse-ice-funding)\n[Jaylyn Preslicka](https:\/\/thefulcrum.us\/u\/jaylynpreslicka)\n\n15h\n\n[![Scarier Than the Boogeyman](https:\/\/thefulcrum.us\/media-library\/boy-sitting-while-covering-his-face.jpg?id=65561161&width=300&height=168&quality=50&coordinates=0%2C1563%2C0%2C1563)](https:\/\/thefulcrum.us\/health\/government-child-neglect-immigrant-detention-conditions)\n\nHealth\n\n### [Scarier Than the Boogeyman](https:\/\/thefulcrum.us\/health\/government-child-neglect-immigrant-detention-conditions)\n[Elisabet Avalos](https:\/\/thefulcrum.us\/u\/elisabetavalos)\n\n15h\n\n## The Top 5\n[![Trump Even Wants the Postal Service to Help Erode Democracy](https:\/\/thefulcrum.us\/media-library\/white-product-label.jpg?id=65510498&width=300&height=168&quality=50&coordinates=0%2C0%2C0%2C1)](https:\/\/thefulcrum.us\/elections\/trump-even-wants-the-postal-service-to-help-erode-democracy)\n\n### [Trump Even Wants the Postal Service to Help Erode Democracy](https:\/\/thefulcrum.us\/elections\/trump-even-wants-the-postal-service-to-help-erode-democracy)\nApr 12, 2026\n\n[![Supreme Court](https:\/\/thefulcrum.us\/media-library\/supreme-court.png?id=50537550&width=300&height=168&quality=50&coordinates=66%2C0%2C67%2C0)](https:\/\/thefulcrum.us\/rule-of-law\/supreme-court-birthright-citizenship-14th-amendment-challenge)\n\n### [Blood or Soil? Why America is Turning Toward the 'Old World' Model](https:\/\/thefulcrum.us\/rule-of-law\/supreme-court-birthright-citizenship-14th-amendment-challenge)\nApr 11, 2026\n\n[![A person holding the U.S. flag, kneeling by a vigil.](https:\/\/thefulcrum.us\/media-library\/a-person-holding-the-u-s-flag-kneeling-by-a-vigil.jpg?id=65505993&width=300&height=168&quality=50&coordinates=0%2C12%2C0%2C95)](https:\/\/thefulcrum.us\/rule-of-law\/dhs-and-ice-abuse-allegations)\n\n### [Should I Stay or Should I Go? When To Cut and Run On America](https:\/\/thefulcrum.us\/rule-of-law\/dhs-and-ice-abuse-allegations)\nApr 13, 2026\n\n[![Trump Fed Pick Kevin Warsh Could Shake Up the Central Bank With His ‘Family Fight’ Model](https:\/\/thefulcrum.us\/media-library\/kevin-warsh-president-donald-trumps-nominee-to-helm-the-fed-is-expected-to-change-the-way-the-central-bank-operates.png?id=65476790&width=300&height=168&quality=50&coordinates=579%2C1%2C0%2C-1)](https:\/\/thefulcrum.us\/economy\/kevin-warsh-fed-reserve)\n\n### [Trump Fed Pick Kevin Warsh Could Shake Up the Central Bank With His ‘Family Fight’ Model](https:\/\/thefulcrum.us\/economy\/kevin-warsh-fed-reserve)\nApr 07, 2026\n\n[![Democracy Isn’t Eroding. It’s Evolving. The Question Is: Toward What?](https:\/\/thefulcrum.us\/media-library\/a-group-of-flags.jpg?id=65515328&width=300&height=168&quality=50&coordinates=110%2C0%2C110%2C0)](https:\/\/thefulcrum.us\/democracy\/democracy-evolving-not-eroding-shaping-its-future)\n\n### [Democracy Isn’t Eroding. It’s Evolving. The Question Is: Toward What?](https:\/\/thefulcrum.us\/democracy\/democracy-evolving-not-eroding-shaping-its-future)\nApr 14, 2026\n\n## Discover More\nFor over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam.\n\nAnd then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere.\n***\nMost recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \\$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore).\n\nA week before, the Trump administration had [cut another revenue-sharing agreement](https:\/\/www.vox.com\/future-perfect\/458088\/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them.\n\nIn fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https:\/\/www.nytimes.com\/2025\/06\/15\/us\/politics\/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https:\/\/www.foxbusiness.com\/media\/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed.\n\nLast week, Trump [boasted on social media](https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https:\/\/www.cnbc.com\/2025\/08\/25\/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https:\/\/www.axios.com\/2025\/08\/15\/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share.\n\n### Firing of many economic leaders — illegally\nPresident Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling.\n\nMost recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913.\n\nJust recently, a federal appeals court [reinstated a commissioner](https:\/\/www.politico.com\/news\/2025\/09\/02\/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for \"inefficiency, neglect of duty, or malfeasance in office.\" But Trump fired her without giving any reason at all.\n\nHe did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https:\/\/thefulcrum.us\/truly-supreme-court) [temporarily stayed the reinstatement](https:\/\/www.laborrelationsupdate.com\/2025\/04\/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum\/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners.\n\nSo President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https:\/\/thefulcrum.us\/tag\/doge), before Trump and Musk’s high-profile falling out).\n\n### What if Democrats did the same?\nThe thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \\$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president.\n\nSo President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy.\n\n### Investor-in-chief\nPresident Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https:\/\/www.bbc.com\/news\/business-57392734).” But suddenly, Trump says he wants to make the United States the \"[crypto capital of the world](https:\/\/www.foxbusiness.com\/politics\/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world).\"\n\nWhy the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https:\/\/www.forbes.com\/sites\/zacheverson\/2025\/02\/20\/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics\/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https:\/\/thefulcrum.us\/the-new-world-of-ai) and crypto investments.\n\nA few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \\$2.9 billion](https:\/\/www.cbsnews.com\/news\/trump-family-net-worth-crypto-investments\/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https:\/\/www.cbsnews.com\/news\/trump-cryptocurrency-campaign-nashville\/). Trump, the Hotel King, is now the Crypto King.\n\nWhen you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https:\/\/thefulcrum.us\/corruption\/george-santos-lies) at every turn.\n\n**Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.\n\nFrom Your Site Articles\n\n- [Just the Facts: Has Trump Made Stock Market Volatility Great Again? ›](https:\/\/thefulcrum.us\/business-democracy\/stock-market-under-trump)\n- [Trump’s Mirage Economy Is Putting America in Foreclosure ›](https:\/\/thefulcrum.us\/business-democracy\/economy-under-trump)\n- [Dollar in Decline: Trump’s Economic Policies and a Falling Dollar ›](https:\/\/thefulcrum.us\/money-politics\/us-dollar-decline-trump-presidency)\n- [Is Donald Trump Right? - The Fulcrum ›](https:\/\/thefulcrum.us\/governance-legislation\/president-donald-trump-2674163975)\n\nRelated Articles Around the Web\n\n- [An Evenhanded Analysis of Trump's Economic Policies \\| Hoover ... ›](https:\/\/www.hoover.org\/research\/evenhanded-analysis-trumps-economic-policies)\n- [How Donald Trump's economic policies, including uncertainty ... ›](https:\/\/theconversation.com\/how-donald-trumps-economic-policies-including-uncertainty-around-tariffs-are-damaging-the-us-economy-259809)\n- [Framing the next four years: Tariffs, tax cuts and other uncertainties ... ›](https:\/\/siepr.stanford.edu\/publications\/policy-brief\/framing-next-four-years-tariffs-tax-cuts-and-other-uncertainties-trump)\n- [Views of Trump administration tariff policies, GOP budget and tax bill ... ›](https:\/\/www.pewresearch.org\/politics\/2025\/08\/14\/how-americans-view-the-trump-administrations-tariff-policies-and-the-gops-budget-and-tax-bill\/)\n\n## Read More\n[![U.S. President Donald Trump is displayed on a television screen](https:\/\/thefulcrum.us\/media-library\/u-s-president-donald-trump-is-displayed-on-a-television-screen.jpg?id=62213862&width=700&height=393&quality=50&coordinates=0%2C51%2C0%2C57)](https:\/\/thefulcrum.us\/business-democracy\/trump-market-disruption)\n\nU.S. President Donald Trump is displayed on a television screen as traders work on the floor of the New York Stock Exchange (NYSE) on April 07, 2025 in New York City.\n\nGetty Images, Spencer Platt\n\n### [Trump 2.0 Policies Clash With Business School Fundamentals, Fortune 500 CEOs Warn](https:\/\/thefulcrum.us\/business-democracy\/trump-market-disruption)\n[Steve Corbin](https:\/\/thefulcrum.us\/u\/stevecorbin)\n\nNov 21, 2025\n\nLeaders of universities have expressed shock when actions by Donald Trump and his 2.0 administration officials have gone directly counter to what he and his appointees supposedly learned during their business-related college education. But what do professors know?\n\nI’ve been privileged to teach and serve as a Marketing department head at an Association to Advance Collegiate Schools of Business-accredited institution; only 6% of business schools worldwide have achieved AACSB recognition. As such, one gets to know the multi-year process that third-party evaluators, including corporate executives, use to rigorously examine the curriculum offerings of accounting, economics, finance, marketing, and management—and, subsequently—what principles well-trained business students should exemplify.\n\nKeep ReadingShow less\n\n## Recommended\n[![Redistricting](https:\/\/thefulcrum.us\/media-library\/image.gif?id=53720449&width=300&height=168&quality=50&coordinates=0%2C115%2C0%2C115)](https:\/\/thefulcrum.us\/g-redistricting)\n\n[Glossary](https:\/\/thefulcrum.us\/glossary\/)\n\n### [Redistricting](https:\/\/thefulcrum.us\/g-redistricting)\n[The Fulcrum](https:\/\/thefulcrum.us\/u\/ourstaff)\n\n01 January 2025\n\n[![Balance – The Golden Mean](https:\/\/thefulcrum.us\/media-library\/old-empty-scales-in-brass-colour-against-grey-background.jpg?id=60268250&width=300&height=168&quality=50&coordinates=0%2C379%2C0%2C379)](https:\/\/thefulcrum.us\/democracy\/balance-of-power)\n\nDemocracy\n\n### [Balance – The Golden Mean](https:\/\/thefulcrum.us\/democracy\/balance-of-power)\n[Amy Lockard](https:\/\/thefulcrum.us\/u\/amylockard)\n\n19 May 2025\n\n[![Just The Facts: Financial Facts on NATO and the U.S.](https:\/\/thefulcrum.us\/media-library\/different-currencies.jpg?id=59805609&width=300&height=168&quality=50&coordinates=0%2C197%2C0%2C16)](https:\/\/thefulcrum.us\/democracy\/nato-spending-by-country)\n\nDemocracy\n\n### [Just The Facts: Financial Facts on NATO and the U.S.](https:\/\/thefulcrum.us\/democracy\/nato-spending-by-country)\n[David L. Nevins](https:\/\/thefulcrum.us\/u\/davidnevins)\n\n07 April 2025\n\n[![Best and Worst U.S. Presidential Cabinets Ranked: What the Research Reveals](https:\/\/thefulcrum.us\/media-library\/the-oval-office-is-set-for-a-meeting-between-u-s-president-donald-trump-and-norway-s-prime-minister-jonas-gahr-store-at-the-wh.jpg?id=61546663&width=300&height=168&quality=50&coordinates=0%2C0%2C0%2C107)](https:\/\/thefulcrum.us\/ethics-leadership\/presidents-ranked-best-to-worst)\n\n[Ethics & Leadership](https:\/\/thefulcrum.us\/ethics-leadership\/)\n\n### [Best and Worst U.S. Presidential Cabinets Ranked: What the Research Reveals](https:\/\/thefulcrum.us\/ethics-leadership\/presidents-ranked-best-to-worst)\n[Steve Corbin](https:\/\/thefulcrum.us\/u\/stevecorbin)\n\n03 September 2025\n\n[![Stickers with the words \"I Voted Today.\"](https:\/\/thefulcrum.us\/media-library\/stickers-with-the-words-i-voted-today.jpg?id=65169638&width=300&height=168&quality=50&coordinates=0%2C209%2C0%2C-1)](https:\/\/thefulcrum.us\/electoral-reforms\/virginia-national-popular-vote-compact)\n\n[Electoral Reforms](https:\/\/thefulcrum.us\/electoral-reforms\/)\n\n### [Virginia On The Path to Join the National Popular Vote Interstate Compact](https:\/\/thefulcrum.us\/electoral-reforms\/virginia-national-popular-vote-compact)\n[Hugh Campbell](https:\/\/thefulcrum.us\/u\/hughcampbell)\n\n09 March\n\n[![A young man holding a smartphone to his ear.](https:\/\/thefulcrum.us\/media-library\/a-young-man-holding-a-smartphone-to-his-ear.jpg?id=65515020&width=300&height=168&quality=50&coordinates=0%2C0%2C0%2C0)](https:\/\/thefulcrum.us\/bridging-common-ground\/bridging-the-political-divide-2676708463)\n\n[Bridging & Common Ground](https:\/\/thefulcrum.us\/bridging-common-ground\/)\n\n### [A Conversation You’ve Been Putting Off?](https:\/\/thefulcrum.us\/bridging-common-ground\/bridging-the-political-divide-2676708463)\n[Joan Blades](https:\/\/thefulcrum.us\/u\/joanblades)\n\n[Ken Futernick](https:\/\/thefulcrum.us\/u\/kenfuternick)\n\n14 April\n\n[![Two containers, one with a U.S. flag and another with Canada's flag.](https:\/\/thefulcrum.us\/media-library\/two-containers-one-with-a-u-s-flag-and-another-with-canada-s-flag.jpg?id=62036057&width=700&height=393&quality=50&coordinates=0%2C83%2C0%2C138)](https:\/\/thefulcrum.us\/business-democracy\/canada-u-s-trade-war-2025)\n\nGetty Images, bymuratdeniz\n\n### [Just the Facts: U.S.–Canada Tariff War Escalates As Trump Raises Stakes](https:\/\/thefulcrum.us\/business-democracy\/canada-u-s-trade-war-2025)\n[David L. Nevins](https:\/\/thefulcrum.us\/u\/davidnevins)\n\nNov 05, 2025\n\n[**The Fulcrum**](https:\/\/thefulcrum.us\/electoral-reforms\/america-is-not-polarized) **strives to approach news stories with an open mind and skepticism, striving to present our readers with a broad spectrum of viewpoints through diligent research and critical thinking. As best we can, remove personal bias from our reporting and seek a variety of perspectives in both our news gathering and selection of opinion pieces. However, before our readers can analyze varying viewpoints, they must have the facts.**\n\nSince President Trump took office in January 2025, the US has imposed sweeping tariffs on Canadian imports, prompting Canada to retaliate with its own measures. As of October 2025, Canadian goods face up to 35% tariffs, while Canada has matched many of these with its own levies.\n\nKeep ReadingShow less\n\n[![Is America Still Welcoming Global Talent?](https:\/\/thefulcrum.us\/media-library\/close-up-of-american-visa-label-in-passport.jpg?id=60264619&width=700&height=393&quality=50&coordinates=0%2C155%2C0%2C66)](https:\/\/thefulcrum.us\/business-democracy\/us-visa-policy-changes-2025)\n\nClose up of american visa label in passport.\n\nGetty Images\/Alexander W. Helin\n\n### [Is America Still Welcoming Global Talent?](https:\/\/thefulcrum.us\/business-democracy\/us-visa-policy-changes-2025)\n[Wei Zhang](https:\/\/thefulcrum.us\/u\/weizhang)\n\nOct 22, 2025\n\nA few weeks ago, when new proposals limiting J and F visa expansion were open for public comment, immigration quickly became a hot topic again at our research center, where more than half the scientists come from abroad. Some worried about their plan, others traded news and updates about the H1-B. A colleague asked if I was anxious too. To my own surprise, I wasn’t.\n\nI used to be. But after weathering turbulent visa policies under different U.S. administrations, like many other international scholars, I have learned to stay flexible and mobile. My U.S. visa for a graduate program was delayed due to tensions between the U.S. and China several years ago. Up against a deadline for the program, I pivoted to Japan to continue the research training. What felt like a closed door became a new window: I fortunately joined a world-class team in tissue-engineering vascular medicine, broadened my view of clinical care and research, and began bridging my path as both practitioner and scientist. Committed to strengthening the “bench-to-bed” pipeline—learning real-world needs and translating research to meet them—I chose the United States again to carry this work forward.\n\nKeep ReadingShow less\n\n[![A close up of a train passing by quickly.](https:\/\/thefulcrum.us\/media-library\/a-close-up-of-a-train-passing-by-quickly.jpg?id=61723386&width=700&height=393&quality=50&coordinates=0%2C165%2C0%2C56)](https:\/\/thefulcrum.us\/business-democracy\/union-pacific-and-norfolk-southern)\n\nThe proposed merger between Union Pacific and Norfolk Southern could create America’s first coast-to-coast freight rail system.\n\nGetty Image, [Geraint Rowland Photography](https:\/\/www.gettyimages.com\/search\/2\/image?artistexact=Geraint%20Rowland%20Photography)\n\n### [Rail Merger Holds Promise for the Economy](https:\/\/thefulcrum.us\/business-democracy\/union-pacific-and-norfolk-southern)\n[Mario H. Lopez](https:\/\/thefulcrum.us\/u\/mariolopez)\n\nOct 09, 2025\n\nBoosting domestic industry and manufacturing continues to be a key economic theme. A recently proposed merger between two major railroad companies could advance those goals—and it carries particular promise for underserved communities who are often on the front lines of America’s workforce.\n\nThe merger of Union Pacific and Norfolk Southern would create the nation’s first transcontinental freight rail system, a vision pursued since 1869, when the “golden spike” famously connected the east and west.\n\nKeep ReadingShow less\n\nLoad More\n\n[Advisory Board](https:\/\/thefulcrum.us\/about-us\/advisory-board)[Privacy](https:\/\/thefulcrum.us\/privacy-policy)\n\n© Copyright 2026","attrs_readable_markdown":"For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam.\n\nAnd then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere.\n***\nMost recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \\$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore).\n\nA week before, the Trump administration had [cut another revenue-sharing agreement](https:\/\/www.vox.com\/future-perfect\/458088\/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them.\n\nIn fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https:\/\/www.nytimes.com\/2025\/06\/15\/us\/politics\/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https:\/\/www.foxbusiness.com\/media\/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed.\n\nLast week, Trump [boasted on social media](https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https:\/\/www.cnbc.com\/2025\/08\/25\/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https:\/\/www.axios.com\/2025\/08\/15\/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share.\n\n### Firing of many economic leaders — illegally\nPresident Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling.\n\nMost recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913.\n\nJust recently, a federal appeals court [reinstated a commissioner](https:\/\/www.politico.com\/news\/2025\/09\/02\/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for \"inefficiency, neglect of duty, or malfeasance in office.\" But Trump fired her without giving any reason at all.\n\nHe did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https:\/\/thefulcrum.us\/truly-supreme-court) [temporarily stayed the reinstatement](https:\/\/www.laborrelationsupdate.com\/2025\/04\/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum\/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners.\n\nSo President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https:\/\/thefulcrum.us\/tag\/doge), before Trump and Musk’s high-profile falling out).\n\n### What if Democrats did the same?\nThe thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \\$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president.\n\nSo President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy.\n\n### Investor-in-chief\nPresident Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https:\/\/www.bbc.com\/news\/business-57392734).” But suddenly, Trump says he wants to make the United States the \"[crypto capital of the world](https:\/\/www.foxbusiness.com\/politics\/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world).\"\n\nWhy the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https:\/\/www.forbes.com\/sites\/zacheverson\/2025\/02\/20\/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics\/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https:\/\/thefulcrum.us\/the-new-world-of-ai) and crypto investments.\n\nA few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \\$2.9 billion](https:\/\/www.cbsnews.com\/news\/trump-family-net-worth-crypto-investments\/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https:\/\/www.cbsnews.com\/news\/trump-cryptocurrency-campaign-nashville\/). Trump, the Hotel King, is now the Crypto King.\n\nWhen you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https:\/\/thefulcrum.us\/corruption\/george-santos-lies) at every turn.\n\n**Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. 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Trump’s Business Deals and Loyalty Scorecards - The Fulcrum

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Trump’s economic agenda reshapes GOP orthodoxy — from semiconductor shakedowns to AI investments — blurring lines between policy, power, and profit.

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For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam. And then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere. Most recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly $9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore). A week before, the Trump administration had cut another revenue-sharing agreement with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them. In fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a “golden share ” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its rank-and-file members support Donald Trump for president in 2024, is feeling betrayed. Last week, Trump boasted on social media that he would “make deals like that for our Country all day long.” In a recent CNBC interview , Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that rates 553 companies and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share. Firing of many economic leaders — illegally President Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling. Most recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913. Just recently, a federal appeals court reinstated a commissioner of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for "inefficiency, neglect of duty, or malfeasance in office." But Trump fired her without giving any reason at all. He did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court . Then the U.S. Supreme Court temporarily stayed the reinstatement while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners. So President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s DOGE , before Trump and Musk’s high-profile falling out). What if Democrats did the same? The thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to $37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president. So President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government is the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy. Investor-in-chief President Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “ scam .” But suddenly, Trump says he wants to make the United States the " crypto capital of the world ." Why the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have launched a family investment strategy beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in AI and crypto investments. A few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has increased by $2.9 billion thanks to its various tech-related investments, which now reportedly represent nearly 40% of Donald Trump’s personal net worth . Trump, the Hotel King, is now the Crypto King. When you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even corruption at every turn. Steven Hill was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.

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[Business & Democracy](https://thefulcrum.us/business-democracy/)\> # Investor-in-Chief: Trump’s Business Deals, Loyalty Scorecards, and the Rise of Neo-Socialist Capitalism ## *The White House is using government control over the economy in ways that overturn traditional Republican values*Opinion ![President Donald Trump standing next to a chart in the Oval Office.](https://thefulcrum.us/media-library/president-donald-trump-standing-next-to-a-chart-in-the-oval-office.jpg?id=61585856&width=1245&height=700&quality=50&coordinates=0%2C31%2C0%2C76) U.S. President Donald Trump discusses economic data with Stephen Moore (L), Senior Visiting Fellow in Economics at The Heritage Foundation, in the Oval Office on August 07, 2025 in Washington, DC. Getty Images, Win McNamee [![Steven Hill](https://thefulcrum.us/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy81MjUxNTA5OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTgyMjE2MTM5MX0.jhFMhq5x35Eiyn6mLufp7oSp8QX9QJzjSPCOW1HN1B4/image.jpg?width=60&quality=50)](https://thefulcrum.us/u/stevenhill) By [Steven Hill](https://thefulcrum.us/u/stevenhill)Sep 11, 2025 Steven Hill Steven Hill was policy director for the Center for Humane Technology, co-founder of FairVote, and political reform director at New America. See more of his writing at his Substack newsletter [DemocracySOS](https://democracysos.substack.com/). [See More Writings by author](https://thefulcrum.us/u/stevenhill) For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam. And then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere. *** Most recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore). A week before, the Trump administration had [cut another revenue-sharing agreement](https://www.vox.com/future-perfect/458088/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them. In fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https://www.nytimes.com/2025/06/15/us/politics/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https://www.foxbusiness.com/media/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed. Last week, Trump [boasted on social media](https://truthsocial.com/@realDonaldTrump/posts/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https://www.cnbc.com/2025/08/25/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https://www.axios.com/2025/08/15/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share. ### Firing of many economic leaders — illegally President Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling. Most recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913. Just recently, a federal appeals court [reinstated a commissioner](https://www.politico.com/news/2025/09/02/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for "inefficiency, neglect of duty, or malfeasance in office." But Trump fired her without giving any reason at all. He did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https://thefulcrum.us/truly-supreme-court) [temporarily stayed the reinstatement](https://www.laborrelationsupdate.com/2025/04/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners. So President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https://thefulcrum.us/tag/doge), before Trump and Musk’s high-profile falling out). ### What if Democrats did the same? The thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president. So President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy. ### Investor-in-chief President Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https://www.bbc.com/news/business-57392734).” But suddenly, Trump says he wants to make the United States the "[crypto capital of the world](https://www.foxbusiness.com/politics/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world)." Why the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https://www.forbes.com/sites/zacheverson/2025/02/20/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https://thefulcrum.us/the-new-world-of-ai) and crypto investments. A few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \$2.9 billion](https://www.cbsnews.com/news/trump-family-net-worth-crypto-investments/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https://www.cbsnews.com/news/trump-cryptocurrency-campaign-nashville/). Trump, the Hotel King, is now the Crypto King. When you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https://thefulcrum.us/corruption/george-santos-lies) at every turn. **Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776. ## Join a growing community committed to civic renewal. Subscribe to The Fulcrum and be part of the conversation. ## Latest news [![President Trump standing outside.](https://thefulcrum.us/media-library/president-trump-standing-outside.jpg?id=65551269&width=300&height=168&quality=50&coordinates=0%2C28%2C0%2C98)](https://thefulcrum.us/ethics-leadership/trump-administration-turnover) [Ethics & Leadership](https://thefulcrum.us/ethics-leadership/) ### [Trump Administration’s Record-Breaking Level of Personnel Turnover](https://thefulcrum.us/ethics-leadership/trump-administration-turnover) [Austin Sarat](https://thefulcrum.us/u/austinsarat) 15h [![Strikes Call For Ethical Treatment: The Need for Better Conditions](https://thefulcrum.us/media-library/striking-members-of-the-teamsters-local-210-walk-a-picket-line-outside-of-the-perrigo-company-on-september-15-2025-in-new-york.jpg?id=65543400&width=300&height=168&quality=50&coordinates=0%2C38%2C0%2C69)](https://thefulcrum.us/economy/us-working-conditions) Economy ### [Strikes Call For Ethical Treatment: The Need for Better Conditions](https://thefulcrum.us/economy/us-working-conditions) [Akash Belsare](https://thefulcrum.us/u/akashbelsare) 15h [![Experts Say Heavy Use of Reconciliation Bills Could Backfire](https://thefulcrum.us/media-library/white-concrete-building-under-cloudy-sky-during-daytime.jpg?id=65561544&width=300&height=168&quality=50&coordinates=0%2C261%2C0%2C261)](https://thefulcrum.us/governance-legislation/gop-reconciliation-abuse-ice-funding) [Governance & Legislation](https://thefulcrum.us/governance-legislation/) ### [Experts Say Heavy Use of Reconciliation Bills Could Backfire](https://thefulcrum.us/governance-legislation/gop-reconciliation-abuse-ice-funding) [Jaylyn Preslicka](https://thefulcrum.us/u/jaylynpreslicka) 15h [![Scarier Than the Boogeyman](https://thefulcrum.us/media-library/boy-sitting-while-covering-his-face.jpg?id=65561161&width=300&height=168&quality=50&coordinates=0%2C1563%2C0%2C1563)](https://thefulcrum.us/health/government-child-neglect-immigrant-detention-conditions) Health ### [Scarier Than the Boogeyman](https://thefulcrum.us/health/government-child-neglect-immigrant-detention-conditions) [Elisabet Avalos](https://thefulcrum.us/u/elisabetavalos) 15h ## The Top 5 [![Trump Even Wants the Postal Service to Help Erode Democracy](https://thefulcrum.us/media-library/white-product-label.jpg?id=65510498&width=300&height=168&quality=50&coordinates=0%2C0%2C0%2C1)](https://thefulcrum.us/elections/trump-even-wants-the-postal-service-to-help-erode-democracy) ### [Trump Even Wants the Postal Service to Help Erode Democracy](https://thefulcrum.us/elections/trump-even-wants-the-postal-service-to-help-erode-democracy) Apr 12, 2026 [![Supreme Court](https://thefulcrum.us/media-library/supreme-court.png?id=50537550&width=300&height=168&quality=50&coordinates=66%2C0%2C67%2C0)](https://thefulcrum.us/rule-of-law/supreme-court-birthright-citizenship-14th-amendment-challenge) ### [Blood or Soil? Why America is Turning Toward the 'Old World' Model](https://thefulcrum.us/rule-of-law/supreme-court-birthright-citizenship-14th-amendment-challenge) Apr 11, 2026 [![A person holding the U.S. flag, kneeling by a vigil.](https://thefulcrum.us/media-library/a-person-holding-the-u-s-flag-kneeling-by-a-vigil.jpg?id=65505993&width=300&height=168&quality=50&coordinates=0%2C12%2C0%2C95)](https://thefulcrum.us/rule-of-law/dhs-and-ice-abuse-allegations) ### [Should I Stay or Should I Go? When To Cut and Run On America](https://thefulcrum.us/rule-of-law/dhs-and-ice-abuse-allegations) Apr 13, 2026 [![Trump Fed Pick Kevin Warsh Could Shake Up the Central Bank With His ‘Family Fight’ Model](https://thefulcrum.us/media-library/kevin-warsh-president-donald-trumps-nominee-to-helm-the-fed-is-expected-to-change-the-way-the-central-bank-operates.png?id=65476790&width=300&height=168&quality=50&coordinates=579%2C1%2C0%2C-1)](https://thefulcrum.us/economy/kevin-warsh-fed-reserve) ### [Trump Fed Pick Kevin Warsh Could Shake Up the Central Bank With His ‘Family Fight’ Model](https://thefulcrum.us/economy/kevin-warsh-fed-reserve) Apr 07, 2026 [![Democracy Isn’t Eroding. It’s Evolving. The Question Is: Toward What?](https://thefulcrum.us/media-library/a-group-of-flags.jpg?id=65515328&width=300&height=168&quality=50&coordinates=110%2C0%2C110%2C0)](https://thefulcrum.us/democracy/democracy-evolving-not-eroding-shaping-its-future) ### [Democracy Isn’t Eroding. It’s Evolving. The Question Is: Toward What?](https://thefulcrum.us/democracy/democracy-evolving-not-eroding-shaping-its-future) Apr 14, 2026 ## Discover More For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam. And then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere. *** Most recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore). A week before, the Trump administration had [cut another revenue-sharing agreement](https://www.vox.com/future-perfect/458088/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them. In fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https://www.nytimes.com/2025/06/15/us/politics/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https://www.foxbusiness.com/media/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed. Last week, Trump [boasted on social media](https://truthsocial.com/@realDonaldTrump/posts/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https://www.cnbc.com/2025/08/25/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https://www.axios.com/2025/08/15/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share. ### Firing of many economic leaders — illegally President Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling. Most recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913. Just recently, a federal appeals court [reinstated a commissioner](https://www.politico.com/news/2025/09/02/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for "inefficiency, neglect of duty, or malfeasance in office." But Trump fired her without giving any reason at all. He did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https://thefulcrum.us/truly-supreme-court) [temporarily stayed the reinstatement](https://www.laborrelationsupdate.com/2025/04/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners. So President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https://thefulcrum.us/tag/doge), before Trump and Musk’s high-profile falling out). ### What if Democrats did the same? The thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president. So President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy. ### Investor-in-chief President Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https://www.bbc.com/news/business-57392734).” But suddenly, Trump says he wants to make the United States the "[crypto capital of the world](https://www.foxbusiness.com/politics/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world)." Why the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https://www.forbes.com/sites/zacheverson/2025/02/20/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https://thefulcrum.us/the-new-world-of-ai) and crypto investments. A few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \$2.9 billion](https://www.cbsnews.com/news/trump-family-net-worth-crypto-investments/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https://www.cbsnews.com/news/trump-cryptocurrency-campaign-nashville/). Trump, the Hotel King, is now the Crypto King. When you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https://thefulcrum.us/corruption/george-santos-lies) at every turn. **Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776. From Your Site Articles - [Just the Facts: Has Trump Made Stock Market Volatility Great Again? ›](https://thefulcrum.us/business-democracy/stock-market-under-trump) - [Trump’s Mirage Economy Is Putting America in Foreclosure ›](https://thefulcrum.us/business-democracy/economy-under-trump) - [Dollar in Decline: Trump’s Economic Policies and a Falling Dollar ›](https://thefulcrum.us/money-politics/us-dollar-decline-trump-presidency) - [Is Donald Trump Right? - The Fulcrum ›](https://thefulcrum.us/governance-legislation/president-donald-trump-2674163975) Related Articles Around the Web - [An Evenhanded Analysis of Trump's Economic Policies \| Hoover ... ›](https://www.hoover.org/research/evenhanded-analysis-trumps-economic-policies) - [How Donald Trump's economic policies, including uncertainty ... ›](https://theconversation.com/how-donald-trumps-economic-policies-including-uncertainty-around-tariffs-are-damaging-the-us-economy-259809) - [Framing the next four years: Tariffs, tax cuts and other uncertainties ... ›](https://siepr.stanford.edu/publications/policy-brief/framing-next-four-years-tariffs-tax-cuts-and-other-uncertainties-trump) - [Views of Trump administration tariff policies, GOP budget and tax bill ... ›](https://www.pewresearch.org/politics/2025/08/14/how-americans-view-the-trump-administrations-tariff-policies-and-the-gops-budget-and-tax-bill/) ## Read More [![U.S. President Donald Trump is displayed on a television screen](https://thefulcrum.us/media-library/u-s-president-donald-trump-is-displayed-on-a-television-screen.jpg?id=62213862&width=700&height=393&quality=50&coordinates=0%2C51%2C0%2C57)](https://thefulcrum.us/business-democracy/trump-market-disruption) U.S. President Donald Trump is displayed on a television screen as traders work on the floor of the New York Stock Exchange (NYSE) on April 07, 2025 in New York City. Getty Images, Spencer Platt ### [Trump 2.0 Policies Clash With Business School Fundamentals, Fortune 500 CEOs Warn](https://thefulcrum.us/business-democracy/trump-market-disruption) [Steve Corbin](https://thefulcrum.us/u/stevecorbin) Nov 21, 2025 Leaders of universities have expressed shock when actions by Donald Trump and his 2.0 administration officials have gone directly counter to what he and his appointees supposedly learned during their business-related college education. But what do professors know? I’ve been privileged to teach and serve as a Marketing department head at an Association to Advance Collegiate Schools of Business-accredited institution; only 6% of business schools worldwide have achieved AACSB recognition. As such, one gets to know the multi-year process that third-party evaluators, including corporate executives, use to rigorously examine the curriculum offerings of accounting, economics, finance, marketing, and management—and, subsequently—what principles well-trained business students should exemplify. 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Nevins](https://thefulcrum.us/u/davidnevins) Nov 05, 2025 [**The Fulcrum**](https://thefulcrum.us/electoral-reforms/america-is-not-polarized) **strives to approach news stories with an open mind and skepticism, striving to present our readers with a broad spectrum of viewpoints through diligent research and critical thinking. As best we can, remove personal bias from our reporting and seek a variety of perspectives in both our news gathering and selection of opinion pieces. However, before our readers can analyze varying viewpoints, they must have the facts.** Since President Trump took office in January 2025, the US has imposed sweeping tariffs on Canadian imports, prompting Canada to retaliate with its own measures. As of October 2025, Canadian goods face up to 35% tariffs, while Canada has matched many of these with its own levies. 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But after weathering turbulent visa policies under different U.S. administrations, like many other international scholars, I have learned to stay flexible and mobile. My U.S. visa for a graduate program was delayed due to tensions between the U.S. and China several years ago. Up against a deadline for the program, I pivoted to Japan to continue the research training. What felt like a closed door became a new window: I fortunately joined a world-class team in tissue-engineering vascular medicine, broadened my view of clinical care and research, and began bridging my path as both practitioner and scientist. Committed to strengthening the “bench-to-bed” pipeline—learning real-world needs and translating research to meet them—I chose the United States again to carry this work forward. 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A recently proposed merger between two major railroad companies could advance those goals—and it carries particular promise for underserved communities who are often on the front lines of America’s workforce. The merger of Union Pacific and Norfolk Southern would create the nation’s first transcontinental freight rail system, a vision pursued since 1869, when the “golden spike” famously connected the east and west. Keep ReadingShow less Load More [Advisory Board](https://thefulcrum.us/about-us/advisory-board)[Privacy](https://thefulcrum.us/privacy-policy) © Copyright 2026

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For over 100 years, the Republican Party has stood for free-market capitalism and keeping the government’s heavy hand out of the economy. Government intervention in the economy, well, that’s what leaders did in the Soviet Union and communist China, not in the land of Uncle Sam. And then Donald Trump seized the reins of the Republican Party. Trump has dispensed with numerous federal customs and rules, so it’s not too surprising that he is now turning his administration into the most business-interventionist government ever in American history. Contrary to Adam Smith’s “invisible hand” in the economy, suddenly, the signs of the White House’s “visible hand” are everywhere. *** Most recently, President Trump forced Intel, the struggling semiconductor company, to give the U.S. government a nearly 10 percent stake in the company in return for nearly \$9 billion in government funding from the Biden administration’s 2022 CHIPS Act. Trump had previously criticized that law, which was part of an industrial policy intended to boost semiconductor manufacturers. Previously, Trump had called for the resignation of Intel’s new chief executive, Lip-Bu Tan, based on vague allegations that Tan had invested in Chinese technology companies that U.S. officials say have links to China’s military (Tan is an American citizen who was born in Malaysia and raised in Singapore). A week before, the Trump administration had [cut another revenue-sharing agreement](https://www.vox.com/future-perfect/458088/nvidia-trump-h20-chip-ai-china) with the world’s largest semiconductor company, Nvidia, whose chips are critical to the artificial intelligence boom. Oddly, last April, the president had barred Nvidia from exporting its highest-grade H20 chips to China. But after Nvidia agreed to cough up 15 percent of its revenues to the government, Trump relaxed those export rules even though doing so appears to violate the constitutional ban on taxing exports. These were shakedown operations, pure and simple, and President Trump seems to be pretty good at them. In fact, a month before, in mid-June, the president shook down U.S. Steel and didn’t allow Japanese company Nippon Steel’s proposed acquisition of it to go through. For over a year, during his presidential campaign, Trump had spoken forcefully against this merger. Suddenly, he reversed and approved the merger, once Nippon agreed to allow the Trump administration to receive a [“golden share](https://www.nytimes.com/2025/06/15/us/politics/golden-share-us-steel-nippon-trump.html)” of the company. More than a regular share, it gives the president of the United States permanent and extraordinary influence over the company, including significant sway over its board and veto power over a wide array of company actions. Activities requiring the president’s approval include closing or idling plants before agreed-upon time frames and transferring production or jobs outside the U.S. The United Steelworkers union, which saw many of its [rank-and-file members support](https://www.foxbusiness.com/media/trump-secures-major-endorsement-pennsylvania-steelworkers-saved-jobs) Donald Trump for president in 2024, is feeling betrayed. Last week, Trump [boasted on social media](https://truthsocial.com/@realDonaldTrump/posts/115089582863713336) that he would “make deals like that for our Country all day long.” In a [recent CNBC interview](https://www.cnbc.com/2025/08/25/white-houses-hassett-says-government-likely-to-continue-taking-stakes-in-companies-similar-to-intel-deal.html), Trump’s director of the National Economic Council, economist Kevin Hassett, said that the administration is looking to gain stock equity in other companies, including military-related companies. So the White House is clearly not done, as it has announced the creation of a loyalty scorecard that [rates 553 companies](https://www.axios.com/2025/08/15/white-house-rating-big-beautiful-bill) and trade associations on how well they have supported President Trump's efforts. So what Trump is doing with these companies could soon become a template for dozens of U.S. companies in which the White House demands its golden share. ### Firing of many economic leaders — illegally President Trump has pressed both of his thumbs on the scales of the economy in other ways. For example, he has attempted to fire any economic leaders who don’t agree with him, even those who are constitutionally protected from presidential meddling. Most recently, he has attempted to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors, which oversees important functions such as establishing interest rates, money supply, inflation, and key components of national financial policy. If successful, this act could seriously undermine the trust and confidence of investors and policymakers around the world, since it would demonstrate that the Federal Reserve is no longer independent of the president’s whims and desires, as it was established to be in 1913. Just recently, a federal appeals court [reinstated a commissioner](https://www.politico.com/news/2025/09/02/trump-firing-ftc-member-dc-circuit-ruling-00540637) of the Federal Trade Commission whom Trump had illegally fired, the court ruling that a commissioner can only be removed for "inefficiency, neglect of duty, or malfeasance in office." But Trump fired her without giving any reason at all. He did the same thing previously when he fired a commissioner of the National Labor Relations Board, who was then reinstated by a federal district court. Then the U.S. [Supreme Court](https://thefulcrum.us/truly-supreme-court) [temporarily stayed the reinstatement](https://www.laborrelationsupdate.com/2025/04/u-s-supreme-court-temporarily-stays-nlrb-board-member-reinstatement-board-to-again-without-a-quorum/) while the top court decides the case sometime in the future. Even when courts reverse the president’s clearly illegal decisions, the situation is still intimidating for the harassed commissioners. So President Trump – the government’s chief executive – is regularly inserting himself into the very heart of the U.S. economy in state-sponsored ways that are alien to traditional Republican values and principles. This signals a huge philosophical shift, not only by Trump but by the Republican Party. Instead of being the “conservative” party, now the White House has fully embraced a kind of “neo-socialist” radicalism combined with an adoption of Silicon Valley’s militant mindset of “move fast and break things” and “do it now and apologize later” (perhaps influenced initially by Tesla CEO Elon Musk’s [DOGE](https://thefulcrum.us/tag/doge), before Trump and Musk’s high-profile falling out). ### What if Democrats did the same? The thing that is doubly ironic is that if a Democratic president did this – engaged in a shakedown of top companies for a government stake in their company, illegally fired top commissioners overseeing the economy, and more – GOP lawmakers and politicians would have been mounting a furious criticism over “government interference.” If a Democratic president had run up the debt to \$37 trillion, started a trade war with unpredictable tariffs, fired experts and commissioners who disagreed over his policies, Republicans would have attacked Democrats as “closet socialists.” The GOP House majority may well have drawn up articles of impeachment against a Democratic president. So President Trump is overturning 50 years of Republican orthodoxy, since President Ronald Reagan said “government *is* the problem,” and GOP leaders insisted on government playing as small a role as possible in the economy. Now, Trump is partially nationalizing the economy. ### Investor-in-chief President Trump, along with family members, is engaging in other unprecedented practices that impact the economy and raise important issues about conflicts of interest. For years, Donald Trump and his sons, Donald Jr. and Eric, showed no interest and were even dismissive of artificial intelligence technologies as well as cryptocurrencies. As recently as 2021, President Trump described cryptocurrency as a “[scam](https://www.bbc.com/news/business-57392734).” But suddenly, Trump says he wants to make the United States the "[crypto capital of the world](https://www.foxbusiness.com/politics/trump-vows-make-us-undisputed-bitcoin-superpower-crypto-capital-world)." Why the sudden volte-face? Simple. The Trump family has discovered that “there is gold in them thar hills.” They have [launched a family investment strategy](https://www.forbes.com/sites/zacheverson/2025/02/20/trump-eric-don-jr-ai-american-data-centers-dominari-artifical-intelligence-ethics/) beyond their traditional real estate and hotels portfolio, figuring out how to make a lot of money – billions of dollars – in [AI](https://thefulcrum.us/the-new-world-of-ai) and crypto investments. A few weeks after the White House loosened the Biden administration’s AI regulations, Donald Jr. and Eric Trump invested a lot of money in a new company, American Data Centers Inc., which aims to build high-performance computing infrastructure to support AI, cloud computing, and cryptocurrency mining. This investment positions the Trump family to profit richly from government backing for targeted AI companies, including data center expansion. CBS reports that the Trump family's net worth has [increased by \$2.9 billion](https://www.cbsnews.com/news/trump-family-net-worth-crypto-investments/) thanks to its various tech-related investments, which now reportedly represent [nearly 40% of Donald Trump’s personal net worth](https://www.cbsnews.com/news/trump-cryptocurrency-campaign-nashville/). Trump, the Hotel King, is now the Crypto King. When you combine the Trump family’s self-interest with global tariffs and all the other factors outlined above, it adds to the overall picture that the Trump family is trying to exert a heavy-handed and self-interested role in fundamentally remaking the U.S. economy. President Trump is steeped in overlapping public and private roles like no previous president, with the potential for ethics breaches and even [corruption](https://thefulcrum.us/corruption/george-santos-lies) at every turn. **Steven Hill** was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.

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