Politics
Column: Davos, where the rich and powerful go to show off their ignorance
Those of us who diligently follow financial forecasts know that the go-to place for mapping out the course of the economy over the coming 12 months is Davos, Switzerland, the host city of the annual World Economic Forum every January.
Rule of thumb: Listen closely to what the gathered business and political leaders predict, then take the other side. Or as the American economist Kenneth Rogoff said in 2020:
“No matter how improbable, the event most likely to happen is the opposite of whatever the Davos consensus is.”
“I think this negative talk about MAGA is going to hurt Biden’s electoral campaign.”
— Jamie Dimon, JPMorgan Chase CEO
It’s hard to find a single explanation for the long history of Davos attendees missing the signs of impending world recessions or confidently forecasting recessions that never arrive (among other errors).
But an interview of Jamie Dimon, the chair and chief executive of JPMorgan Chase & Co., aired Wednesday morning on CNBC offers a clue: The potentates and plutocrats come to Davos without the slightest clue of what they’re talking about.
As he basked in the limelight of a CNBC kiosk with snow-flecked Davos evergreens behind him and earnest, parka-garbed CNBC anchors in front of him, Dimon unburdened himself of some remarkably delusional judgments of current affairs and recent politics.
Dimon’s general take on politics was that Donald Trump wasn’t that bad as a president, and therefore Democrats should be more careful about attacking him and his supporters. “I think this negative talk about MAGA is going to hurt Biden’s electoral campaign,” he said.
Dimon attempted to get into the minds of MAGA supporters. “I don’t think they’re voting for Trump ’cause it’s family values,” he said.
“Be honest,” he said. Trump is “kinda right about NATO. Kinda right about immigration. He grew the economy quite well. Tax reform worked. … I don’t like how he said things about Mexico, but he wasn’t wrong about some of these critical issues, and that’s why they’re voting for him.”
We’ll have to unpack some of this ourselves, because Dimon’s CNBC interlocutors sat by silently as he spouted off. If they bestirred themselves to ask “how is he right?” those questions and his answers didn’t make it into the broadcast. So let’s begin.
Is Trump “kinda right about NATO”? While he was president, he told European Commission members (at Davos!), that “if Europe is under attack we will never come to help you and to support you,” according to Thierry Breton, a French commissioner. He said Trump added: “By the way, NATO is dead, and we will leave, we will quit NATO.”
Trump’s repeated promise to withdraw from NATO prompted Congress to insert a provision in the annual Defense Appropriations Act barring any president from quitting NATO without the approval of two-thirds of the Senate. The act, including that provision, was signed into law by President Biden in December.
If Dimon was referring to Trump’s withdrawal promise or his denigration of the mutual defense provision of the NATO treaty, which commits all NATO members to defending against an attack on any of them, then Dimon’s assertion contradicts his own opinion of the necessity of supporting Ukraine against Russia in the CNBC interview.
That battle “is about freedom and democracy for the free world,” Dimon said, urging American political leaders to explain to voters why supporting Ukraine is necessary. Ukraine “may be about whether the world is free and safe for democracy for a hundred years.” Ukraine isn’t a member of NATO, but supporting a European country under attack is obviously incompatible with quitting NATO.
Immigration? Trump’s most recent notable comment on this topic is that immigrants are “poisoning the blood of our country,” uttered at a Dec. 17 rally in New Hampshire. Was he “kinda right” about that?
The Trump administration’s immigration policy encompassed the outstandingly inhumane practice of family separation, under which thousands of children were forcibly removed from their families on this side of the southern border; as many as 1,000 children are still missing. Was that “kinda right”?
In October, the Biden administration settled a lawsuit over the policy by allowing families to remain in the U.S. while they search for their children and committed to ceasing family separations for eight years.
Dimon stated during the interview that securing the border is imperative. He wasn’t asked about, and didn’t mention, who’s responsible for blocking a sensible immigration policy. It’s Trump’s party: The House GOP caucus is refusing to accept a deal on immigration unless it includes draconian provisions that would ban almost all asylum and mandate the construction of a border wall — something that Trump was unable to accomplish himself during his four years in office.
Did tax reform work? No doubt the 2017 tax reform worked for taxpayers in Dimon’s class and corporations like his. But there’s is no discernible evidence that it achieved what its GOP sponsors claimed were its goals, growing the economy and raising so much government revenue that it would “pay for itself.”
As a share of gross domestic product, federal tax receipts plummeted after the 2017 tax cuts to 16% in 2020 from 17.4% in 2016. Nor did the tax cuts have any noticeable effect on wages, despite promises from Trump officials that average wages would be pumped up by $3,000 to $7,000 per worker.
The study that predicted such an outcome, observed Republican economist Bruce R. Bartlett in Senate testimony last May, was “more of a public relations document than a serious analysis; once its purpose was served and the legislation enacted, it was forgotten.”
The tax cuts did have a noticeable effect in the world Dimon occupies, however. The average tax rate paid by his corporation, JPMorgan Chase & Co., fell to 24.5% of net income in the five years since the cuts from 38.6% in the five years before their enactment.
It may be true or at least arguable, as Dimon said, that Trump “grew the economy quite well.” But there’s no question that in many respects his record pales in comparison to his successor’s.
In the first three years of his term — leaving aside the pandemic year of 2020, when employment cratered — Trump achieved average annual job growth of about 289,000. In the latest two years of Biden’s term — leaving aside the post-pandemic year of 2021, when jobs recovered strongly from the prior year’s losses — jobs grew by an average 481,000 a year.
One can only speculate about the source of Dimon’s view about MAGA politics. He’s a highly intelligent and accomplished executive; no one without his ability and perspicacity could have remained CEO of the nation’s largest bank company for 18 years and its chairman for 17. Much of what he has had to say over that period has been well worth hearing, especially when it concerns business, economics and finance.
Yet in issuing political proclamations, he sounds like someone out of his lane. It’s hardly unusual for someone so accomplished in one field and so rich to feel the impulse to stray into topics well beyond his field of expertise, especially when his opinions are sought by sycophantic interviewers in public. Who could resist?
That’s also why the cocksure predictions issuing from Davos year after year are so risibly unreliable, the vision of the future so clouded.
In 2022, for instance, the then-president of FTX.US, the cryptocurrency firm’s American unit, told attendees that the firm was in a “very good spot” and had so much capital it would soon be looking for acquisitions. The following year, its founder, Sam Bankman-Fried, was charged with fraud and the firm collapsed. That same year, Davos was certain that a recession in Europe was inevitable; it still hasn’t happened.
In 2008, no one at Davos noticed that the subprime crisis was erupting and therefore that it would produce a major recession. In 2016, no one at Davos expected Trump to win the election or the U.K. to stage Brexit, its departure from the European Union. The following year, the Davos organizers were so mortified that they actually scheduled a session on why the assembled pundits got so much so wrong.
The fact is that bringing together a host of successful but self-important luminaries to forecast the future is a mug’s game. They’re wrapped up in their own worlds and insulated from what’s happening on the ground.
Nor are they accustomed to being challenged in public. One such uncommon moment occurred during a panel at the 2019 meeting, discussing a proposal by Rep. Alexandria Ocasio-Cortez (D-N.Y.) for a 70% tax rate on income over $10 million.
Panelist Michael Dell, the computer entrepreneur, scoffed. “Name a country where that’s worked, ever,” he said.
Dell’s fellow panelist, economist Erik Brynjolfsson (then of MIT, now of Stanford), jumped right in. “The United States,” he said. “From about the 1930s through about the 1960s. … And those were actually pretty good years for growth. … There’s actually a lot of economics that suggests that it’s not necessarily going to hurt growth.”
Dell had nothing to say. The panel moderator, Heather Long of the Washington Post, did, however. The top tax rate exceeded 70% only “briefly, in the 1980s,” she said.
Not so. The top tax rate in the U.S., as Brynjolfsson said, exceeded 70% from 1936 until 1982, peaking at 94% in 1944-1945. And those decades encompassed some of America’s most prosperous periods.
But getting something so fundamental so wrong? Over the World Economic Forum’s 53-year history, that’s become a tradition.
Politics
Iran fires missiles at US bases across Middle East after American strikes on nuclear, IRGC sites
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Iran launched missile and drone strikes targeting U.S. military facilities in multiple Middle Eastern countries Friday, retaliating after coordinated U.S.–Israeli strikes on Iranian military and nuclear-linked sites.
Explosions were reported in or near areas hosting American forces in Bahrain, Qatar, the United Arab Emirates, Kuwait and Jordan, according to regional officials and state media accounts. Several of those governments said their air defense systems intercepted incoming projectiles.
It remains unclear whether any U.S. service members were killed or injured, and the extent of potential damage to American facilities has not yet been confirmed. U.S. officials have not publicly released casualty figures or formal damage assessments.
Iran’s Islamic Revolutionary Guard Corps (IRGC) described the operation as a direct response to what Tehran called “aggression” against Iranian territory earlier in the day. Iranian officials claimed they targeted U.S. military infrastructure and command facilities.
Explosions were reported in or near areas hosting American forces in Bahrain, pictured above. (Photo by Petty Officer 2nd Class Adelola Tinubu/U.S. Naval Forces Central Command/U.S. 5th Fleet )
The United States military earlier carried out strikes against what officials described as high-value Iranian targets, including IRGC facilities, naval assets and underground sites believed to be associated with Iran’s nuclear program. One U.S. official told Fox News that American forces had “suppressed” Iranian air defenses in the initial wave of strikes.
Tomahawk cruise missiles were used in the opening phase of the U.S. operation, according to a U.S. official. The campaign was described as a multi-geographic operation designed to overwhelm Iran’s defensive capabilities and could continue for multiple days. Officials also indicated the U.S. employed one-way attack drones in combat for the first time.
IF KHAMENEI FALLS, WHO TAKES IRAN? STRIKES WILL EXPOSE POWER VACUUM — AND THE IRGC’S GRIP
Smoke rises after reported Iranian missile attacks, following strikes by the United States and Israel against Iran, in Manama, Bahrain, Feb. 28, 2026. (Reuters)
Iran’s retaliatory barrage targeted countries that host American forces, including Bahrain — home to the U.S. Navy’s Fifth Fleet — as well as Qatar’s Al Udeid Air Base and the UAE’s Al Dhafra Air Base. Authorities in those nations reported intercepting many of the incoming missiles. At least one civilian was killed in the UAE by falling debris, according to local authorities.
Iranian officials characterized their response as proportionate and warned of additional action if strikes continue. A senior U.S. official described the Iranian retaliation as “ineffective,” though independent assessments of the overall impact are still developing.
Smoke rises over the city after the Israeli army launched a second wave of airstrikes on Iran in Tehran on Feb. 28, 2026. (Fatemeh Bahrami/Anadolu via Getty Images)
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Regional governments condemned the strikes on their territory as violations of sovereignty, raising the risk that additional countries could become directly involved if escalation continues.
The situation remains fluid, with military and diplomatic channels active across the region. Pentagon officials are expected to provide further updates as damage assessments and casualty reviews are completed.
Fox News’ Jennifer Griffin contributed to this report.
Politics
Why Iran resists giving up its nuclear program, even as Trump threatens strikes
Embassy staffers and dependents evacuating, airlines suspending service, eyes in Iran warily turning skyward for signs of an attack.
The prospects of a showdown between the U.S. and Iran loom ever higher, as massive American naval and air power lies in wait off Iran’s shores and land borders.
Yet little of that urgency is felt in Iran’s government. Rather than quickly acquiescing to President Trump’s demands, Iranian diplomats persist in the kind of torturously slow diplomatic dance that marked previous discussions with the U.S., a pace that prompted Trump to declare on Friday that the Iranians were not negotiating in “good faith.”
But For Iran’s leadership, Iranian experts say, concessions of the sort Trump are asking for about nuclear power and the country’s role in the Middle East undermine the very ethos of the Islamic Republic and the decades-old project it has created.
“As an Islamic theocracy, Iran serves as a role model for the Islamic world. And as a role model, we cannot capitulate,” said Hamid Reza Taraghi, who heads international affairs for Iran’s Islamic Coalition Party, or Hezb-e Motalefeh Eslami.
Besides, he added, “militarily we are strong enough to fight back and make any enemy regret attacking us.”
Even as another round of negotiations ended with no resolution this week, the U.S. has completed a buildup involving more than 150 aircraft into the region, along with roughly a third of all active U.S. ships.
Observers say those forces remain insufficient for anything beyond a short campaign of a few weeks or a high-intensity kinetic strike.
Iran would be sure to retaliate, perhaps against an aircraft carrier or the many U.S. military bases arrayed in the region. Though such an attack is unlikely to destroy its target, it could damage or at least disrupt operations, demonstrating that “American power is not untouchable,” said Hooshang Talé, a former Iranian parliamentarian.
Tehran could also mobilize paramilitary groups it cultivated in the region, including Iraqi militias and Yemen’s Houthis, Talé added. Other U.S. rivals, such as Russia and China, may seize the opportunity to launch their own campaigns elsewhere in the world while the U.S. remains preoccupied in the Middle East, he said.
“From this perspective, Iran would not be acting entirely alone,” Tale said. “Indirect alignment among U.S. adversaries — even without a formal alliance — would create a cascading effect.”
We’re not exactly happy with the way they’re negotiating and, again, they cannot have nuclear weapons
— President Trump
The U.S. demands Iran give up all nuclear enrichment and relinquish existing stockpiles of enriched uranium so as to stop any path to developing a bomb. Iran has repeatedly stated it does not want to build a nuclear weapon and that nuclear enrichment would be for exclusively peaceful purposes.
The Trump administration has also talked about curtailing Iran’s ballistic missile program and its support to proxy groups, such as Hezbollah, in the region, though those have not been consistent demands. Tehran insists the talks should be limited to the nuclear issue.
After indirect negotiations on Thursday, Oman’s Foreign Minister Badr al-Busaidi — the mediator for the talks in Geneva — lauded what he said was “significant progress.” Iranian Foreign Ministry spokesman Esmail Baghaei said there had been “constructive proposals.”
Trump, however, struck a frustrated tone when speaking to reporters on Friday.
“We’re not exactly happy with the way they’re negotiating and, again, they cannot have nuclear weapons,” he said.
Trump also downplayed concerns that an attack could escalate into a longer conflict.
This frame grab from footage circulating on social media shows protesters dancing and cheering around a bonfire during an anti-government protest in Tehran, Iran, on Jan. 9.
(Uncredited / Associated Press)
“I guess you could say there’s always a risk. You know, when there’s war, there’s a risk in anything, both good and bad,” Trump said.
Three days earlier, in his State of the Union address Tuesday, said, “My preference is to solve this problem through diplomacy. But one thing is certain, I will never allow the world’s number one sponsor of terror, which they are by far, to have a nuclear weapon — can’t let that happen.”
There are other signs an attack could be imminent.
On Friday, the U.S. Embassy in Israel allowed staff to leave the country if they wished. That followed an earlier move this week to evacuate dependents in the embassy in Lebanon. Other countries have followed suit, including the U.K, which pulled its embassy staff in Tehran. Meanwhile, several airlines have suspended service to Israel and Iran.
A U.S. military campaign would come at a sensitive time for Iran’s leadership.
The country’s armed forces are still recovering from the June war with Israel and the U.S, which left more than 1,200 people dead and more than 6,000 injured in Iran. In Israel, 28 people were killed and dozens injured.
Unrest in January — when security forces killed anywhere from 3,000 to 30,000 protesters (estimates range wildly) — means the government has no shortage of domestic enemies. Meanwhile, long-term sanctions have hobbled Iran’s economy and left most Iranians desperately poor.
Despite those vulnerabilities, observers say the U.S. buildup is likely to make Iran dig in its heels, especially because it would not want to set the precedent of giving up positions at the barrel of a U.S. gun.
Other U.S. demands would constitute red lines. Its missile arsenal, for example, counts as its main counter to the U.S. and Israel, said Rose Kelanic, Director of the Middle East Program at the Defense Priorities think tank.
“Iran’s deterrence policy is defense by attrition. They act like a porcupine so the bear will drop them… The missiles are the quills,” she said, adding that the strategy means Iran cannot fully defend against the U.S., but could inflict pain.
At the same time, although mechanisms to monitor nuclear enrichment exist, reining in Tehran’s support for proxy groups would be a much harder matter to verify.
But the larger issue is that Iran doesn’t trust Trump to follow through on whatever the negotiations reach.
After all, it was Trump who withdrew from an Obama-era deal designed to curb Iran’s nuclear ambitions, despite widespread consensus Iran was in compliance.
Trump and numerous other critics complained Iran was not constrained in its other “malign activities,” such as support for militant groups in the Middle East and development of ballistic missiles. The Trump administration embarked on a policy of “maximum pressure” hoping to bring Iran to its knees, but it was met with what Iran watchers called maximum resistance.
In June, he joined Israel in attacking Iran’s nuclear facilities, a move that didn’t result in the Islamic Republic returning to negotiations and accepting Trump’s terms. And he has waxed wistfully about regime change.
“Trump has worked very hard to make U.S. threats credible by amassing this huge military force offshore, and they’re extremely credible at this point,” Kelanic said.
“But he also has to make his assurances credible that if Iran agrees to U.S. demands, that the U.S. won’t attack Iran anyway.”
Talé, the former parliamentarian, put it differently.
“If Iranian diplomats demonstrate flexibility, Trump will be more emboldened,” he said. “That’s why Iran, as a sovereign nation, must not capitulate to any foreign power, including America.”
Politics
Video: Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
new video loaded: Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
transcript
transcript
Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
Former President Bill Clinton told members of the House Oversight Committee in a closed-door deposition that he “saw nothing” and had done nothing wrong when he associated with Jeffrey Epstein decades ago.
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“Cause we don’t know when the video will be out. I don’t know when the transcript will be out. We’ve asked that they be out as quickly as possible.” “I don’t like seeing him deposed, but they certainly went after me a lot more than that.” “Republicans have now set a new precedent, which is to bring in presidents and former presidents to testify. So we’re once again going to make that call that we did yesterday. We are now asking and demanding that President Trump officially come in and testify in front of the Oversight Committee.” “Ranking Member Garcia asked President Clinton, quote, ‘Should President Trump be called to answer questions from this committee?’ And President Clinton said, that’s for you to decide. And the president went on to say that the President Trump has never said anything to me to make me think he was involved. “The way Chairman Comer described it, I don’t think is a complete, accurate description of what actually was said. So let’s release the full transcript.”
By Jackeline Luna
February 27, 2026
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