Unfortunately Bessent went from someone who had legitimacy and a successful career behind him, to just the latest blindly loyal sycophant. At this point, he just makes up things every single day to justify whatever Trump does. This idea that the rate cap is somehow made up for in other ways is just the latest thing.

Another great example of this is at Davos, where today he said several times that Europeans are being “hysterical” over the Greenland threat (https://www.morningstar.com/news/marketwatch/2026012019/four...). He actually said they need to “take a deep breath”. Again, trying to cover for Trump.