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Column: Davos, where the rich and powerful go to show off their ignorance

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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

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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.

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“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.

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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.

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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.

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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.

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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.”

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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.

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Where Iran’s ballistic missiles can reach — and how close they are to the US

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Where Iran’s ballistic missiles can reach — and how close they are to the US

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President Donald Trump warned that Iran is working to build missiles that could “soon reach the United States of America,” elevating concerns about a weapons program that already places U.S. forces across the Middle East within range.

Iran does not currently possess a missile capable of striking the U.S. homeland, officials say. But its existing ballistic missile arsenal can target major American military installations in the Gulf, and U.S. officials say the issue has emerged as a key sticking point in ongoing nuclear negotiations.

Here’s what Iran can hit now — and how close it is to reaching the U.S.

What Iran can hit right now

A map shows what is within range of ballistic missiles fired from Iran. (Fox News)

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Iran is widely assessed by Western defense analysts to operate the largest ballistic missile force in the Middle East. Its arsenal consists primarily of short- and medium-range ballistic missiles with ranges of up to roughly 2,000 kilometers — about 1,200 miles.

That range places a broad network of U.S. military infrastructure across the Gulf within reach.

Among the installations inside that envelope:

IRAN SIGNALS NUCLEAR PROGRESS IN GENEVA AS TRUMP CALLS FOR FULL DISMANTLEMENT

  • Al Udeid Air Base in Qatar, forward headquarters for U.S. Central Command.
  • Naval Support Activity Bahrain, home to the U.S. 5th Fleet.
  • Camp Arifjan in Kuwait, a major Army logistics and command hub.
  • Ali Al Salem Air Base in Kuwait, used by U.S. Air Force units.
  • Prince Sultan Air Base in Saudi Arabia.
  • Al Dhafra Air Base in the United Arab Emirates.
  • Muwaffaq Salti Air Base in Jordan, which hosts U.S. aircraft.

U.S. forces have drawn down from some regional positions in recent months, including the transfer of Al Asad Air Base in Iraq back to Iraqi control earlier in 2026. But major Gulf installations remain within the range envelope of Iran’s current missile inventory.

Israel’s air defense targets Iranian missiles in the sky of Tel Aviv in Israel, June 16, 2025. (MATAN GOLAN/Middle East Images/AFP via Getty Images)

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Multiple U.S. officials told Fox News that staffing at the Navy’s 5th Fleet headquarters in Bahrain has been reduced to “mission critical” levels amid heightened tensions. A separate U.S. official disputed that characterization, saying no ordered departure of personnel or dependents has been issued.

At the same time, the U.S. has surged significant naval and air assets into and around the region in recent days. 

The USS Abraham Lincoln Carrier Strike Group is operating in the Arabian Sea alongside multiple destroyers, while additional destroyers are positioned in the eastern Mediterranean, Red Sea and Persian Gulf. 

The USS Gerald R. Ford Carrier Strike Group is also headed toward the region. U.S. Air Force fighter aircraft — including F-15s, F-16s, F-35s and A-10s — are based across Jordan, Saudi Arabia and Bahrain, supported by aerial refueling tankers, early warning aircraft and surveillance platforms, according to a recent Fox News military briefing.

Iran has demonstrated its willingness to use ballistic missiles against U.S. targets before.

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In January 2020, following the U.S. strike that killed Islamic Revolutionary Guard Corps Gen. Qassem Soleimani, Iran launched more than a dozen ballistic missiles at U.S. positions in Iraq. Dozens of American service members were later diagnosed with traumatic brain injuries.

That episode underscored the vulnerability of forward-deployed forces within reach of Iran’s missile arsenal.

 Can Iran reach Europe?

Most publicly known Iranian missile systems are assessed to have maximum ranges of around 2,000 kilometers. 

Depending on launch location, that could place parts of southeastern Europe — including Greece, Bulgaria and Romania — within potential reach. The U.S. has some 80,000 troops stationed across Europe, including in all three of these countries.

Iran is widely assessed by Western defense analysts to operate the largest ballistic missile force in the Middle East. (Majid Saeedi/Getty Images)

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Reaching deeper into Europe would require longer-range systems than Iran has publicly demonstrated as operational.

Can Iran hit the US?

IRAN NEARS CHINA ANTI-SHIP SUPERSONIC MISSILE DEAL AS US CARRIERS MASS IN REGION: REPORT

Iran does not currently field an intercontinental ballistic missile (ICBM) capable of striking the U.S. homeland.

To reach the U.S. East Coast, a missile would need a range of roughly 10,000 kilometers — far beyond Iran’s known operational capability.

However, U.S. intelligence agencies have warned that Iran’s space launch vehicle program could provide the technological foundation for a future long-range missile.

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In a recent threat overview, the Defense Intelligence Agency stated that Iran “has space launch vehicles it could use to develop a militarily-viable ICBM by 2035 should Tehran decide to pursue the capability.”

That assessment places any potential Iranian intercontinental missile capability roughly a decade away — and contingent on a political decision by Tehran.

U.S. officials and defense analysts have pointed in particular to Iran’s recent space launches, including rockets such as the Zuljanah, which use solid-fuel propulsion. Solid-fuel motors can be stored and launched more quickly than liquid-fueled rockets — a feature that is also important for military ballistic missiles.

Space launch vehicles and long-range ballistic missiles rely on similar multi-stage rocket technology. Analysts say advances in Iran’s space program could shorten the pathway to an intercontinental-range missile if Tehran chose to adapt that technology for military use.

For now, however, Iran has not deployed an operational ICBM, and the U.S. homeland remains outside the reach of its current ballistic missile arsenal.

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US missile defenses — capable but finite

The U.S. relies on layered missile defense systems — including Terminal High Altitude Area Defense (THAAD), Patriot and ship-based interceptors — to protect forces and allies from ballistic missile threats across the Middle East.

These systems are technically capable, but interceptor inventories are finite.

During the June 2025 Iran-Israel missile exchange, U.S. forces reportedly fired more than 150 THAAD interceptors — roughly a quarter of the total the Pentagon had funded to date, according to defense analysts.

The economics also highlight the imbalance: open-source estimates suggest Iranian short-range ballistic missiles can cost in the low hundreds of thousands of dollars apiece, while advanced U.S. interceptors such as THAAD run roughly $12 million or more per missile.

Precise inventory levels are classified. But experts who track Pentagon procurement data warn that replenishing advanced interceptors can take years, meaning a prolonged, high-intensity missile exchange could strain stockpiles even if U.S. defenses remain effective.

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Missile program complicates negotiations

The ballistic missile issue has also emerged as a key fault line in ongoing diplomatic efforts between Washington and Tehran.

Secretary of State Marco Rubio has said Iran’s refusal to negotiate limits on its ballistic missile program is “a big problem,” signaling that the administration views the arsenal as central to long-term regional security.

While current negotiations are focused primarily on Iran’s nuclear program and uranium enrichment activities, U.S. officials have argued that delivery systems — including ballistic missiles — cannot be separated from concerns about a potential nuclear weapon.

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Iranian officials, however, have insisted their missile program is defensive in nature and not subject to negotiation as part of nuclear-focused talks.

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As diplomacy continues, the strategic reality remains clear: Iran cannot currently strike the U.S. homeland with a ballistic missile. But U.S. forces across the Middle East remain within range of Tehran’s existing arsenal — and future capabilities remain a subject of intelligence concern.

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Iran announces test of new naval air defense missile in Strait of Hormuz as US military buildup continues
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Contributor: The last shreds of our shared American culture are being politicized

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Contributor: The last shreds of our shared American culture are being politicized

At a time when so many forces seem to be dividing us as a nation, it is tragic that President Trump seeks to co-opt or destroy whatever remaining threads unite us.

I refer, of course, to the U.S. men’s Olympic hockey team winning gold: the kind of victory that normally causes Americans to forget their differences and instead focus on something wholesome, like chanting “USA” while mispronouncing the names of the European players we defeated before taking on Canada.

This should have been pure civic oxygen. Instead, we got video of Kash Patel pounding beers with the players — which is not illegal, but does make you wonder whether the head of the Federal Bureau of Investigation has a desk somewhere with neglected paperwork that might hold the answers to the D.B. Cooper mystery.

Then came the presidential phone call to the men’s team, during which Trump joked about having to invite the women’s team to the State of the Union, too, or risk impeachment — the sort of sexist humor that lands best if you’re a 79-year-old billionaire and not a 23-year-old athlete wondering whether C-SPAN is recording. (The U.S. women’s hockey team also brought home the gold this year, also after beating Canada. The White House invited the women to the State of the Union, and they declined.)

It’s hard to blame the players on the men’s team who were subjected to Trump’s joke. They didn’t invite this. They’re not Muhammad Ali taking a principled stand against Vietnam, or Tommie Smith and John Carlos raising fists for Black power at the Olympics in 1968, or even Colin Kaepernick protesting police brutality by kneeling during the national anthem. They’re just hockey bros who survived a brutal game and were suddenly confronted with two of the most powerful figures in the federal government — and a cooler full of beer.

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When the FBI director wants to hang, you don’t say, “Sorry, sir, we have a team curfew.” And when the president calls, you definitely don’t say, “Can you hold? We’re trying to remain serious, bipartisan and chivalrous.” Under those circumstances, most agreeable young men would salute, smile and try to skate past it.

But symbolism matters. If the team becomes perceived as a partisan mascot, then the victory stops belonging to the country and starts belonging to a faction. That would be bad for everyone, including the team, because politics is the fastest way to turn something fun into something divisive.

And Trump’s meddling with the medal winners didn’t end after his call. It continued during Tuesday night’s State of the Union address, when Trump spent six minutes honoring the team, going so far as to announce that he would award the Presidential Medal of Freedom to goalie Connor Hellebuyck.

To be sure, presidents have always tried to bask in reflected glory. The main difference with Trump, as always, is scale. He doesn’t just associate himself with popular institutions; he absorbs them in the popular mind.

We’ve seen this dynamic play out with evangelical Christianity, law enforcement, the nation of Israel and various cultural symbols. Once something gets labeled as “Trump-adjacent,” millions of Americans are drawn to it. However, millions of other Americans recoil from it, which is not healthy for institutions that are supposed to serve everyone. (And what happens to those institutions when Trump is replaced by someone from the opposing party?)

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Meanwhile, our culture keeps splitting into niche markets. Heck, this year’s Super Bowl necessitated two separate halftime shows to accommodate our divided political and cultural worldviews. In the past, this would have been deemed both unnecessary and logistically impossible.

But today, absent a common culture, entertainment companies micro-target via demographics. Many shows code either right or left — rural or urban. The success of the western drama “Yellowstone,” which spawned imitators such as “Ransom Canyon” on Netflix, demonstrates the success of appealing to MAGA-leaning viewers. Meanwhile, most “prestige” TV shows skew leftward. The same cultural divides now exist among comedians and musicians and in almost every aspect of American life.

None of this was caused by Trump — technology (cable news, the internet, the iPhone) made narrowcasting possible — but he weaponized it for politics. And whereas most modern politicians tried to build broad majorities the way broadcast TV once chased ratings — by offending as few people as possible — Trump came not to bring peace but division.

Now, unity isn’t automatically virtuous. North Korea is unified. So is a cult. Americans are supposed to disagree — it’s practically written into the Constitution. Disagreement is baked into our national identity like free speech and complaining about taxes.

But a functioning republic needs a few shared experiences that aren’t immediately sorted into red and blue bins. And when Olympic gold medals get drafted into the culture wars, that’s when you know we’re running out of common ground.

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You might think conservatives — traditionally worried about social cohesion and anomie — would lament this erosion of a mainstream national identity. Instead, they keep supporting the political equivalent of a lawn mower aimed at the delicate fabric of our nation.

So here we are. The state of the union is divided. But how long can a house divided against itself stand?

We are, as they say, skating on thin ice.

Matt K. Lewis is the author of “Filthy Rich Politicians” and “Too Dumb to Fail.”

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Video: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

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Video: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

new video loaded: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

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Hillary Clinton Denies Ever Meeting Jeffrey Epstein

The former first lady, senator and secretary of state, Hillary Clinton, told congressional members in a closed-door deposition that she had no dealings with Jeffrey Epstein.

“I don’t know how many times I had to say I did not know Jeffrey Epstein. I never went to his island. I never went to his homes. I never went to his offices. So it’s on the record numerous times.” “This isn’t a partisan witch hunt. To my knowledge, the Clintons haven’t answered very many questions about everything.” “You’re sitting through an incredibly unserious clown show of a deposition, where members of Congress and the Republican Party are more concerned about getting their photo op of Secretary Clinton than actually getting to the truth and holding anyone accountable.” “What is not acceptable is Oversight Republicans breaking their own committee rules that they established with the secretary and her team.” “As we had agreed upon rules based on the fact that it was going to be a closed hearing at their demand, and one of the members violated that rule, which was very upsetting because it suggested that they might violate other of our agreements.”

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The former first lady, senator and secretary of state, Hillary Clinton, told congressional members in a closed-door deposition that she had no dealings with Jeffrey Epstein.

By Jackeline Luna

February 26, 2026

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