Wednesday, November 4th, 2026
Bill Bonner, from Ardmore, Ireland
‘It’s not the money; it’s the principle of the thing.’
First, here’s the news you already have. NBC News:
Democrats capture full control of Congress, NBC News projects, fueled by victories in deeply Republican states
‘It’s the total repudiation of Trumpism,’ said a breathless TV commentator. “You join a cult, sooner or later you’re going to end up in Jonestown.”
For many years, there’s been a drive to ‘get money out of politics.’ But yesterday, the big money bought squat. Newsweek:
Republicans had a night to forget on Tuesday, and so did their biggest donor. Tesla and Space X CEO Elon Musk gave more than $445 million to Republican causes this cycle, according to an analysis of federal filings, making him the top donor of the 2026 midterms by a wide margin. Democrats clinched the Senate majority, and the party also won the House.
Big Money sloshes through US politics water through a broken hull. Sometimes, it is contained. Sometimes it sinks the ship.
One of the most amusing...and telling...stories in this election season was the remarkable pirouette performed by Haley Stevens. You know the core of it already. The Democratic candidate lost in the primary to Abdul El-Sayed. Already...we suspect there is something funny going on. How could you lose to a guy named Abdul El-Sayed?
But Haley couldn’t beat him...even with $30 million in her campaign chest, given to her by friendly, pro-Israel donors.
So, then Ms. Stevens, according to the etiquette of the trade, was expected to rally round her party’s standard bearer. As late as Friday of last week, she swore she was “voting straight Dem!!!” How many straight Dems there are up in Michigan, we don’t know...but she was backing them. But then came the Sabbath, giving her time to reconsider. The Nation reports:
Early Sunday morning…, without warning, she appeared with [Republican candidate, Mike] Rogers at a Detroit church and announced that she was endorsing him.
What changed her mind? Was it her love for Israel — she says “Israel comes to me in my dreams.” Or was it the millions of dollars which came to her when she was wide awake?
As it turned out…the money wasn’t enough to stop El-Sayed. The Hill:
Democrat Abdul El‑Sayed won the Michigan U.S. Senate seat, defeating Republican Mike Rogers and becoming the first Muslim American elected to the U.S. Senate
Whatever the story with Ms. Stevens, money may not make the world go ‘round, but it gives it a spin. Especially the political world.
El-Sayed wants what all progressive Democrats want -- more money to finance an expanded role for the political elite. The Detroit News:
El-Sayed proposes universal coverage with a single-payer system (the government) that would effectively end the private market. To fund this expansion of government spending, El-Sayed proposes taxes on wealth and jobs and shifting federal revenue, likely away from military and defense funding.
It would likely cost $25 to $30 trillion over 10 years, according to an estimate of additional federal financing for comprehensive Medicare for All from the Committee for a Responsible Federal Budget’s 2020 analysis.
The War on Poverty has been going on sixty years. In 1970, the US spent $2,681 per person in poverty. Now, the total is over $33,000. Poverty rate? About the same…depending on how you calculate it.
In 1970, the total spent on transfer payments was $67 billion. Now, it is $5 trillion.
This is free money we’re talking about. Unearned money.
And now that El-Sayed is getting a space in the Senate parking garage, he promises to put more of it ‘in your pocket.’
But he also says he wants “money out of politics.”
That didn’t stop him from trying to raise money – even from rich people. “For folks who have not given that full $54,300,” he told a fundraising group, “I hope that you will consider doing it.”
The voters say they want a man ‘with principles.’ But a little ambiguity about them never kept anyone out of the Senate.
Stay tuned...
Regards,
Bill Bonner
I suppose this means I'm not going to get my $5000 for voting Republican...
Let's face it. The Republican team wouldn't have had these problems if Donnie had told Netanyahu to pound sand instead of obeying his command to bomb Iran. Donnie also picked two incompetent candidates, Paxton in Texas and Lady Lindsey's sister in Georgia.