The Week that Was ...
Ending Sunday, April 13, 2025
Welcome to the latest edition of The Week that Was, my rundown of what happened last week, curated, in the loosest sense of the word, for your reading pleasure, or displeasure.
The theme of last week seemed to be that this, uhh, stuff, is more unpredictable than anyone knew. Who expected that? Tariffs roiled markets; the bond market spooked people who know about it; Donald Trump upended lives and careers based on a 9/ll denier; people got yippy; Mexico seeks energy independence; and more.
1. Photos of the Week: Argentinian Seniors Protesting Against Cuts to Old Age Pensions
2. Stock Market Swings Its Ass Off
3. People Getting Yippy, and Don’t Get Me Started on the Bond Market
4. Insider Trading
5. Apparently Bringing Back Manufacturing to the USA Doesn’t Include Smart Phones
6. Trump’s Brain, uhh, Trust: Laura Loomer, a Political Intelligence Army of One
7. Trump Wants to Deal with Iran; The Supreme Leader Is Open to U.S. Investment
8. Mexico Seeks Energy Independence
9. Ecuador Votes Today
10. Bonus Video: Kidnapping Scene from The King of Comedy
1. Photo of the Week: Argentinian Seniors Protesting Against Cuts to Old Age Pensions
© AP Photos/Rodrigo Abd
2. Stock Market Swings Its Ass Off
As the week started off, on Monday, six long days ago, the markets in the U.S. were not just tanking, they were submerging, they were cratering, they were really having an episode.
And then they were swinging. Swinging this way, that way, all over the place with promiscuous abandon.
I mean, it was bad. I mean, wow, seriously.
All due to the Trump’s ChatGPT-curated tariffs.
What happened?
After huge, I mean huuuuuge losses on Thursday and Friday of the previously week, the Dow was down a bit more, but the Nasdaq, excuse me, the tech-heavy Nasdaq, was up some.
Tuesday, wow, everyone went down. The tech-heavy Nasdaq was down 2.1%. Getting close to bear territory.
And everyone around Trump said he was not backing off the tariffs. And “everything” was on the negotiating table.
Wow. Must be a very sturdy table.
“President Trump says there will be no pause in the tariff plans, as Treasury Secretary Scott Bessent says everything is on the table for negotiations.”
Bessent: Everything on Negotiating Table for Tariffs
And some of Trump’s backers from the financial sector were having some regrets. Very prominent among them stands Bill Ackman, who announced his support for Trump due to distress at D.E.I and campus antisemitism. That’s right; he voted for and supported financially the most antisemitic president in a long time because of his distress and what he saw as antisemitism.
“’My bad.
“It was nearly 9 p.m. and Bill Ackman, public face of the billionaire class that embraced Donald Trump, was tweeting his way into the eye of the financial storm. ….
“Only months ago, Ackman celebrated Trump’s victory, predicting ‘the most pro-growth, pro-business, pro-American’ administration he’d seen in his adult life.
“Now, on a Sunday night — after nearly $6 trillion had been wiped out in an epic two-day market rout, with more pain to come — Ackman was launching into mea culpa mode.
“’I don’t think this was foreseeable,’ the hedge-fund mogul posted on X. ‘I assumed economic rationality would be paramount.’”
Some mea culpa, dude. More like rationalization and self-pity.
“Ackman, like so many on Wall Street, assumed wrong.” ….
“’There were people who were behind Trump for selfish reasons,’ said Jason Mudrick, who runs credit hedge fund Mudrick Capital Management. ‘Now it’s hit their stock portfolios, and they are saying ‘holy sh-t’ — they didn’t expect he would do it.’”
‘My Bad’: Bill Ackman Lays Bare Wall Street’s Big Fail on Trump
3. People Getting Yippy, and Don’t Get Me Started on the Bond Market
And then, suddenly, without warning, and without even telling his employees, such as Treasury Secretary Bessent, who went out and sold this, huh, stuff, Trump reversed course and paused all the tariffs for ninety days, except the tariffs on the PRC, usually just called China.
Trump said he did this because people were getting “yippy.” Not “Yippie,” but “yippy.” Actually, maybe not the latter, which appears to be an interesting website. Maybe this yippy.
Actually, it seems that the bond market may have had something to do with Trump’s reversal.
“But it wasn't necessarily turbulence in the stock market that reversed Trump's determination on tariffs. Instead, it was the bond market, according to how Trump answered a reporter's question about it.
"’The bond market is very tricky,’ Trump said. "I was watching it.’"
Trump Paused Tariffs Because People Were Getting 'Yippy'
So Trump blind-sided his minions:
“Wall Street has gotten its way for decades, Scott Bessent argued Wednesday morning, declaring ‘It’s Main Street’s turn.’ Then Wall Street had its best day in 16 years.”
And then …
“Hours after the Treasury secretary’s full-throated defense of Donald Trump’s ‘Liberation Day’ tariffs, the president embraced an idea pushed by billionaire hedge funder Bill Ackman: Pause the levies for 90 days….’”
“… Then the president pivoted.
“After a week of grinding their teeth, Wall Street executives have prevailed again, reestablishing their political potency. Trump’s move followed recession warnings from the likes of Jamie Dimon, whose TV appearance early Wednesday was watched by the president, as well as strong words from billionaires Ken Griffin and Stan Druckenmiller.
“…whoops and laughs erupted on trading floors at Citigroup Inc. and Barclays Plc as the S&P 500 notched its best day since 2008. … The richest people in the world added $304 billion to their combined net worth, the biggest one-day gain in the history of the Bloomberg Billionaires Index.
Wall Street Execs Privately Credit Dimon and Ackman for Swaying Trump on Tariffs
Why is the bond market so tricky?
“A week after Donald Trump shocked the world by imposing punitive tariffs on America’s trading partners, he shocked it again today when he announced a ninety-day pause on the biggest duties against most countries—notably excepting China, among a handful of others—while leaving in place a ten-per-cent across-the-board levy.
“The Administration tried to spin the midday move, which sent stocks rocketing upward, as an example of the President’s dealmaking prowess, claiming that the tariffs had inspired new trade deals with many countries. But the reality seems to be that Trump caved in the face of alarming disruptions in the huge market for U.S. Treasury bonds, which the American government uses to finance itself.
“A big sudden rise in bond yields equates to a big sudden fall in bond prices—which can be a sign that some financial institutions are in distress and being forced to sell at any price. On Tuesday, reports emerged that the source of this trouble might be the ‘basis trade,’ a process in which hedge funds borrow gobs of money to profit on the tiny differences in price between Treasuries and derivative securities, contracts designed to replicate the performance of these same Treasuries. When bond prices move unexpectedly, basis traders can face big losses and be subjected to margin calls, forcing them to raise cash by selling some of their portfolio. And that selloff, in turn, forces prices even lower.”
Why Trump Backed Down on Tariffs
For a further explanation, Puck News proved to be an excellent source.
“… forget the equity markets for the moment. The more telling signal of the coming financial calamity can be found in the bond market.
“Few people understand the machinations of the bond market, with its arcane argot and tendency toward inscrutability. But it’s the bond market that better telegraphs what the cost of capital will be, and how collective risk tolerances are changing, and how quickly. After all, when people start freaking out about whether they’ll get their money back, as contractually agreed by the government or by corporations, while also worrying about receiving contractually agreed interest payments, the shit really starts hitting the fan. That’s where we are now.
“On Monday, the 10-year Treasury yield backed up from 3.89 percent to around 4.12—a 6 percent move in one day, and a clear signal that bond investors are getting very nervous about whatever the heck is going on at the White House. On Tuesday, it backed up even more, to 4.25 percent—a 9 percent increase over two days. By Wednesday, the 10-year Treasury was yielding 4.54 percent. (After Trump announced the 90-day pause, the yield moved down slightly, to 4.4 percent; I’m sure he was hoping for more.) ‘What do bonds know?’ tweeted Lawrence McDonald, author of the new book How to Listen When Markets Speak …. ‘Last 20 years, large equity market risk-off events have—always—brought in ‘flight to quality’ buyers of long duration U.S. Treasuries. Not this time.’”
When the Bond Market Panics Like This…
4. Insider Trading!
Representative Marjorie Taylor Greene is not a dumb as she looks. In fact, she’s probably not dumb at all, just plays it well on television.
“The Republican congresswoman, an avid supporter of the Trump administration’s trade policies, not only bought stocks last week as others dumped them in a panic — she scooped up some of the biggest losers.
“Lululemon, Dell Computer, Amazon, the parent of Restoration Hardware and a few others hit hard by Trump’s tariff threats were down 40% on average late last week when she pounced.”
Nice work, if you can find it.
Rep. Marjorie Taylor Greene bought stocks hit hard by Trump tariffs during the market meltdown
One member of Congress showed her integrity: Alexandria Occasion Cortez.
“’Any member of Congress who purchased stocks in the last 48 hours should probably disclose that now,’ Ocasio-Cortez wrote on X Wednesday.
“’I’ve been hearing some interesting chatter on the floor. Disclosure deadline is May 15th,’ Ocasio-Cortez continued. ‘We’re about to learn a few things. It’s time to ban insider trading in Congress.’”
AOC Demands Ban on ‘Insider Trading’ in Congress After Record Stock Rebound
Now, let’s be clear, there are many members of Congress who play the market, and they do it well. One source of them is the Nancy Pelosi Stock Tracker.
5. Apparently Bringing Back Manufacturing to the USA Doesn’t Include Smart Phones
Which is smart, especially from the point of view of Apple, the great American company, and Samsung, the great American Korean company.
“Exemptions - backdated to 5 April - also include other electronic devices and components, including semiconductors, solar cells and memory cards.
"’This is the dream scenario for tech investors," Dan Ives, who is the global head of technology research at Wedbush Securities, posted on X. ‘Smartphones, chips being excluded is a game-changer scenario when it comes to China tariffs.’"
Trump exempts smartphones and computers from new tariffs
The dream of the U.S. made iPhone lives on, although the “experts” say it cannot happen.
“The biggest issue with Uncle Sam’s iPhone is that the U.S. doesn’t have the same workforce as China ….
“’The army of millions and millions of human beings screwing in little screws to make iPhones, that kind of thing is going to come to America,’” Commerce Secretary Howard Lutnick said on CBS on Sunday.
“Foxconn builds iPhones and other Apple products in massive campuses that include dorms and shuttles.
“Additionally, Foxconn over the years has come under scrutiny for worker conditions many times, including in 2011 when the company installed nets around some of its buildings after a rash of worker suicides.
And let’s look at pay:
“Chinese workers get paid far less than American workers. The hourly wage during the iPhone 16 surge was 26 yuan, or $3.63, with a signing bonus of 7,500 yuan, or about $1,000, according to the South China Morning Post. For comparison, the minimum wage in California is $16.50 per hour.
“Bank of America Securities’ Mohan estimated on Thursday that the labor cost for assembling and testing an iPhone in the U.S. would come in at $200 per iPhone, up from $40 in China.”
$200 vs. $40 for a $1000 iPhone is not that big a difference. I’d pay more for my next iPhone if I knew that the extra money was helping communities stay vital and alive. This is not about being against other countries; it’s about being pro-human. It’s about not laying waste to a community on the altar of a lower price. After all, iPhones ain’t cheap.
Here’s how much a ‘Made in the USA’ iPhone would cost
6. Trump’s Brain, uhh, Trust: Laura Loomer, a Political Intelligence Army of One
FDR had his brain trust. Persons such as Frances Perkins, Louis Brandeis, and Harry Hopkins. Later came along Felix Frankfurter and Robert F. Wagner.
Trump has Laura Loomer, a “31-year-old far-right internet personality, a denier of school shootings and 9/11, who describes herself as “proud Islamophobe” and “pro-white nationalist” and a “feisty Jewess.”
Julia Ioffe of Puck News interviewed Loomer, so you don’t have to.
She walked into the West Wing of the White House, and, hours later, five experienced members of the National Security Council were summarily fired. Allegedly, they were disloyal to Trump, and Loomer has the “receipts,” a/k/a screenshots.
Loomer has posted this about the firings.
The plot sickens:
“One former intelligence officer told me he thought Haugh had been let go because he had been too slow to pivot from Russia to China as an intelligence collection priority. Another told me that Haugh was actually fired because his portfolio included countering Russian election interference, an obvious irritant for a president who views the entire issue as a hoax and a smear on his legitimacy. More specifically, a third source wondered whether Haugh’s firing could be attributed to his leadership of the Russia Small Group, a team formed in 2018 by General Paul Nakasone, when he was head of the N.S.A., to identify and deter Russian interference. On the Hill, rumor had it that Haugh was actually fired because he was perceived as ‘a relative champion of LGBT service members.’”
None of those truly awful reasons was actually the reason, though, according to Loomer:
“’That’s not accurate,’ Loomer told me when I asked her about the alternative theories for why Haugh had been axed. ‘Those accusations are both false. I was very explicit in my tweet about why I thought General Haugh should be fired.’ She told me she did not believe that he was capable of being apolitical, because he had been nominated by Biden.
“’In other words, as a top Senate Intelligence aide told me, ‘there’s no other answer here. It’s as stupid as it looks from the outside.’”
However, as it turns out, Loomer has founded a political research firm, Loomered Strategies, which she claims performs:
“… comprehensive set of services, more than just political opposition research and vetting: due diligence for business clients, for example, as well as what she calls ‘matrimonial due diligence’ … Its services are available to both Republicans and ‘moderate Democrats,’ … Loomer demurred when I [Ioffe] asked her how much she charges for her services. ‘This is top-tier, executive-level vetting and research,’ she said. ‘You have to pay premier pricing for premier research.’”
“Loomer spoke extensively about her team of researchers and how she plans to be ‘the leading political opposition research firm in America.’ There’s been ‘a lot of interest from prospective political candidates’ and ‘high-level executives’ in retaining Loomered Strategies because, she said, ‘I deliver the receipts.’ When I asked her whether she could name any clients, she said, ‘No, we have very strict confidentiality agreements with all of our clients.’ She spoke constantly about the ‘we’ at Loomered Strategies, and our call was set up by somebody who told me to ‘kindly share your contact details, and we’ll schedule a call with Laura.’
However, drum roll, Loomer’s firm is a one-person operation:
“But after deflecting on all kinds of organizational questions for half an hour, Loomer eventually acknowledged the truth. ‘When I say ‘we,’ I’m talking about myself,’ she confessed. ‘I just launched,’ she admitted. ‘We all have goals and aspirations.’”
When speaking to Ioffe, Loomer mentioned one politician she is backing wholeheartedly, Ken Paxton of Texas, who was impeached and acquitted under corruption charges by the Republican legislature (remember, they charged him as well). Paxton is challenging Senator John Cornyn.
“Ken Paxton’s entry into the U.S. Senate race in Texas is becoming a major headache for Republicans.
“Top GOP senators were maneuvering to undercut the Texas attorney general even before he announced his primary campaign this week against four-term Sen. John Cornyn. Others urged President Donald Trump after Paxton got into the race to endorse the incumbent leadership adviser and former chair of the Senate campaign arm with a deep donor base.”
But now Paxton has Loomer in his corner.
Paxton’s challenge isn’t the only one worrying Senate Republicans
7. Trump Wants to Deal with Iran; The Supreme Leader Is Open to U.S. Investment
Israeli Prime Minister Benjamin Netanyahu traveled to Washington recently to meet with his best friend Donald Trump and continue their bromance. However …
“The Israeli prime minister had a few goals when he met Donald Trump at the White House on April 7th. He needed relief from a newly imposed 17% tariff on Israeli goods. He hoped to convince Mr Trump that Recep Tayyip Erdogan, the Turkish president, was meddling dangerously in Syria. And he wanted to explain that the time was right to bomb Iran’s nuclear facilities: diplomacy would be futile.
“The meeting did not go as he had planned. ….The tariffs stayed put. Mr Trump praised Mr Erdogan as a friend. And he announced that America would start ‘direct’ talks with Iran on April 12th. ‘Trump gave Netanyahu a red line: don’t do anything and mess this up,’ says an Israeli source.”
Trump rebuffs Netanyahu and gambles on a deal with Iran
This actually makes sense, from a Trumpian point of view. Iran has lots of oil, and it’s got some nice beaches as well.
It makes sense from a human point of view, in that peace is a good thing in this world. So, Trump making a deal with Iran need not provoke cognitive dissonance.
“In a stunning about-face, Reformist President Masoud Pezeshkian says Iran’s supreme leader has personally expressed his approval of US investment—framing Tehran as a "safe" economic partner. This follows Foreign Minister Abbas Araghchi’s description of the Iranian economy as a “trillion-dollar opportunity” for “American enterprises” in an op ed for the Washington Post. Coming ahead of diplomatic engagement with the US in Oman, the Iranian shift appears tailored to appeal to US President Donald Trump’s deal-maker persona.”
But what will Laura Loomer think?
In stunning U-turn, Khamenei said to approve of US investment in Iran
However, we’re also gearing up to do some bombing, and maybe start World War III.
“Satellite images analyzed Wednesday by The Associated Press show the deployment of at least six nuclear-capable B-2 Spirit bombers to Camp Thunder Bay on the island of Diego Garcia in the Indian Ocean.”
By the numbers: US deployment of B-2 bombers as tensions ramp up with Houthis and Iran
8. Mexico Seeks Energy Independence
In a story sure to inflame uninformed environmentalists who love to opine on other countries, Mexico is exploring fracking in a huge area of Mexico, the Burgos Basin, which has extensive natural gas resources.
At the moment, Mexico depends on the U.S. for 70% of its gas, and it is obvious that the U.S. is not reliable.
When AMLO directed PEMEX to expand a refinery in Mexico, these guys screamed. And insinuated that Sheinbaum, always “AMLO’s protégé,” was compromising her beliefs for political ambition, like an American politician would.
The truth was that Mexico exported its own oil to the U.S. for refining. AMLO simply wanted to bring that business back to his own country.
That process is still in progress.
Now, Mexico does not want to depend on Russia, I mean the U.S., for its natural gas.
“Mexico relies on its northern neighbour for 70 per cent of its gas supply, meaning an unpredictable US president could plunge parts of the country into darkness within days….
Sheinbaum, a former climate scientist, directed officials to explore fracking to help deliver energy independence, the executives said, while government officials had asked companies for their views on developing Mexican shale gas.
My first question to Christine Murray: Why is Sheinbaum a “former” climate scientist?
The rest of the article is simply a restatement of journalistic neoliberal talking points against Sheinbaum, AMLO, and MORENA.
Mexico looks to step up fracking in face of Donald Trump threat
9. Ecuador Votes Today
Ecuador is holding an election today. Like all elections, an important one.
It’s been a “leftist” and the incumbent?
Wait a sec! It’s between a conservative son of an oligarch and someone who cares about the people.
How is that for some ideological reframing?
“Noboa, a conservative young millionaire, and González have both promised voters solutions to the extortions, killings, kidnappings and other crimes that became part of everyday life as the country emerged from the pandemic. Analysts expect the result of Sunday’s vote to have a very tight margin.”
Ecuador’s incumbent president and a leftist lawyer again vie for the top job in election runoff
Bloomberg, at least, was a little more even-handed:
“Final polling ahead of the April 13 vote showed socialist challenger Luisa González, a lawyer and protege of former President Rafael Correa, running neck-and-neck with incumbent Daniel Noboa, the millennial heir to a banana fortune. Markets are poised to rally if Noboa can eke out a win, while bonds may be nearing a bottom as traders have priced in a González victory.”
Ecuador’s Election Hinges on Indigenous Voters Torn Between Security, Economy
10. Bonus Video: Kidnapping Scene from The King of Comedy
Kidnapping Scene from The King of Comedy