The Pathetic Billionaires’ Club - by Paul Krugman

Today’s newsletter will be a bit different from my usual. In general, I do data-driven posts, mainly about economics — and that will remain the norm. But right now, as some of the worst people in America are about to take power, doesn’t feel like the time for charts from FRED. So this entry will be informal and impressionistic, based partly on things I’ve seen, partly on speculation.

So: Much of the political and business world is prostrating itself at the feet of the least-qualified man, morally and intellectually, ever to occupy the White House.

It’s understandable if not excusable why many of those declaring fealty are doing so. If you look at what has happened to Liz Cheney or Adam Kinzinger you realize that Republican politicians who stand up to Trump destroy their political careers and put themselves at real personal risk. Many businesspeople — including media owners — fear that they will suffer monetarily if they cross the new regime.

But what’s truly extraordinary is the way billionaires have been abasing themselves before Donald Trump, a spectacle highlighted by Ann Telnaes’s now-famous cartoon — the one Jeff Bezos spiked, causing her to quit the Washington Post:

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