Combine Trump’s moves to take direct government stakes in corporations with his moves against financial transparency and it couldn’t be clearer he is moving the United States toward a crony capitalism in which he, his family, and his loyal retainers will make out like bandits.

The phrase “crony capitalism” was much-popularized by observers of Russia during Putin’s early years in power, so it is fitting that Trump is also pushing Putin’s approach to the rule of law in that era — which was, to borrow an old phrase, “for my friends, everything; for my enemies, the law.”

The first time is tragedy, Marx wrote. The second, farce. nytimes.com/2025/09/15/…