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Elon Musk announced plans for the Department of Government Efficiency (DOGE) to investigate how certain members of Congress have amassed significant wealth despite modest salaries. He raised concerns about potential financial misconduct involving funds from the US Agency for International Development, suggesting a circuitous route of money that may benefit lawmakers. Musk's visit to Wisconsin also included support for conservative judicial candidate Brad Schimel, where he distributed $1 million checks to draw attention to his campaign against "activist judges."
Elon Musk announced a DOGE-led investigation into the wealth of Democratic lawmakers, questioning how they accumulate millions while earning $200,000 annually. He suggested a complex corruption scheme involving taxpayer money funneled through NGOs, potentially benefiting politicians like Maxine Waters and Chuck Schumer. During a town hall in Wisconsin, Musk also awarded $1 million checks to attendees and emphasized his goal to influence the upcoming Supreme Court vote in the state.
Elon Musk is transforming the federal government into a corporate entity, mirroring his authoritarian management style from the private sector. His actions, supported by Trump, undermine democratic principles, as he exercises unchecked power reminiscent of a business executive, prioritizing authority over accountability. This shift threatens the social safety net and exposes workers to increased exploitation, reflecting a broader trend of corporate authoritarianism in governance.
Top Trump administration officials inadvertently shared sensitive military plans in a Signal messaging group that included a journalist, prompting calls for a congressional investigation into the breach of national security. Defense Secretary Pete Hegseth denied sharing war plans, while Democratic lawmakers condemned the incident as illegal and reckless. The White House confirmed an investigation is underway, with President Trump reportedly unaware of the situation.
Senate Minority Leader Chuck Schumer defended his vote for a Republican spending bill to avert a government shutdown, asserting it was a principled decision to prevent greater harm from a shutdown, which he warned would empower Trump and Musk's Department of Government Efficiency. Despite backlash from within his party and calls for his resignation, Schumer emphasized the necessity of his vote to protect essential government services and avoid a situation where the executive branch could unilaterally determine what is deemed "essential." As tensions rise among Democrats, concerns about the party's direction and electability loom ahead of the 2026 midterms.
Senate Democratic leader Chuck Schumer has stated he will not resign despite backlash from some party members after voting for a Republican spending bill to prevent a government shutdown. He defended his decision as a principled move to avoid greater harm, even as progressive activists called for his resignation and potential primary challenges. Schumer's actions have led to protests and a postponement of his book tour, while Vermont Senator Bernie Sanders criticized the leadership but declined to discuss potential challengers.
Illinois Governor JB Pritzker is advocating for working-class individuals affected by federal funding cuts, notably at the Soybean Innovation Lab, which is set to close. During a statewide tour, he criticized President Trump’s policies and called for unity among Democrats, while also expressing concern over the potential economic impact on farmers and the broader community. Pritzker's remarks have drawn attention as he positions himself as a prominent voice against Trump’s administration and its effects on Illinois.
US stock markets experienced a relief rally despite a significant drop in consumer sentiment, with the Wall Street index losing 3.1% for the week. Political developments alleviated government shutdown fears, but recession concerns resurfaced following comments from Treasury Secretary Scott Bessent. Attention now turns to the upcoming FOMC meeting, where the Fed is expected to maintain interest rates at 4.25% - 4.50%.
AUD/USD ended last week at 0.6326, marking its fifth gain in six weeks, driven by concerns over US trade policies and improving risk sentiment. Key influences this week include US trade policy, interest rate meetings, and Australia's employment report, expected to show a gain of 20,000 jobs with the unemployment rate steady at 4.1%. A stronger jobs report could lead the RBA to hold rates steady in April, while technical analysis suggests potential for further gains towards the 200-day moving average at 0.6525-0.6535.
President Trump announced plans for a national crypto reserve, including Bitcoin, ether, XRP, Solana, and Cardano, aiming to position the U.S. as the "Crypto Capital of the World." While proponents see potential taxpayer benefits, critics express concerns over taxpayer money being spent on volatile assets.In a separate development, Taiwan Semiconductor Manufacturing Company plans to invest $100 billion in the U.S. over the next four years to enhance semiconductor production, following the CHIPS Act aimed at reducing reliance on Asian manufacturing.
Chuck Schumer
People
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