Ideas: Trump’s Last Loyal Constituency

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Photo: ANDREW HARNIK/Getty Images via AFP

Photo: ANDREW HARNIK/Getty Images via AFP

The administration delivers a win for financial crooks at the expense of honest businesses.

First published in The Atlantic on August 16, 2026.

by David Frum, The Atlantic

August 20, 2026

| reading time: 5 Min.

“Many secrets; no mysteries.” That’s the master code of the Trump administration. When it does something strange, there’s never any mystery as to why: Somebody close to the president, or possibly the president and his family themselves, intends to score a dishonest dollar. Exactly who and how may be secret. Exactly why is no mystery.

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