Our new defacto president is the avatar of bubble economics.

Even the other oligarchs, thry made something at dramatic scale to justify their wealth. Microsoft did sell a lot of software. Facebook got 176 billion people on board to blast adverts at. They’re trillion dollar firms that do correspondingly large run rates.

Tesla is still a minor player in its space, and SpaceX is inherently a narrow business. Even PayPal, where the horrors all came from, isn’t a major value add, it’s a thin mask atop the clunkiness of American payment rails that should have been replaced by something like FedNow by 2003.

But he’s taken these tiny fundamentals and convinced Wall Street to puff more air into them than a fresh bag of Lay’s.