Liberal Hollywood legend flees California
Mogul claims it has nothing to do with California's wealth tax....
Hello Capitalists,
Here is everything you should be watching today:
A major Hollywood Liberal flees California, claims it isn’t about wealth tax
Florida gets $4M of wealth migration AN HOUR as high-tax states spiral
Bernie Sanders dodges growth question as Socialism defense crumbles
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Liberal Hollywood legend flees California, claims it has nothing to do with wealth tax
Legendary filmmaker Steven Spielberg has relocated to New York City, officially becoming a resident on January 1, 2026, as California pushes a proposed one-time 5% wealth tax on residents worth $1 billion or more. His representative insists the long-planned move is solely to be closer to family, despite speculation linking it to the tax that could cost him hundreds of millions.
Iconic Manhattan move : Spielberg and wife Kate Capshaw settled into the prestigious San Remo co-op on Central Park West, home to past celebrity residents like Bono and Mick Jagger.
Business expansion : On the same day as the residency change, Amblin Entertainment opened a new office in New York City, signaling deeper East Coast ties.
Tax proposal details : The union-backed 5% one-time levy targets billionaires as of January 1, 2026, potentially costing Spielberg around $355 million based on his $7.1 billion net worth, payable over five years if approved in November.
Political fallout : House Republicans seek to block the tax amid claims of $1 trillion in wealth fleeing California, fueling a national debate over taxing the ultra-rich.
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Florida gets $4M of wealth migration AN HOUR as high-tax states spiral
Florida is attracting more than $4 million in wealth migration every hour as high-tax states like New York, California and Illinois hemorrhage income at over $1 million hourly, Florida Chamber of Commerce CEO Mark Wilson warned, describing their escalating taxes as a “death spiral” fueling the Sunshine State’s rise to the world’s 15th-largest economy.
Wealth inflow relentless : More than $4 million in wealth crosses into Florida every hour, day and night, sustaining steady migration despite a drop in daily new residents from 1,000 to 500-600.
High-tax exodus accelerates : States such as New York, Illinois, California and New Jersey lose over $1 million in income per hour due to rising income and property taxes that stifle innovation and opportunity.
Florida’s tax paradox thrives : Tax revenues rise even as rates fall, driven by business relocations, investments and private-sector growth that shrinks the public sector while boosting jobs and economic diversification.
Global ambition surges : Having surpassed Spain to rank as the 15th-largest economy worldwide, Florida targets a top-10 global spot by 2030 through population growth, poverty reduction and a pro-business climate attracting billionaires and enterprises.
Bitcoin dips to $64K low in ongoing 2026 meltdown
Bitcoin plunged below $65,000 on Monday, hitting a low near $64,830 amid escalating geopolitical tensions and President Trump’s announcement of 15% retaliatory tariffs, driving investors from risky assets like crypto into safe havens such as gold.
Sharp weekend-to-Monday drop: The cryptocurrency slid nearly 5% from Sunday levels, reaching $64,324 o ver the weekend—its lowest since early February—before partial recovery attempts amid thin liquidity.
Year-to-date losses mount: Bitcoin has shed 24% so far in 2026, reflecting persistent crypto sector struggles against broader uncertainties including trade policy shifts and Middle East military positioning.
Broader market context emerges: The decline mirrors volatility in equities like the S&P 500, with no major ETF outflows or liquidations specified, but highlighting ongoing rotation away from high-risk digital assets.
Tariff uncertainty fuels flight: Investors shifted to gold (up 20% YTD) and silver (up 23% YTD) as Trump’s 15% tariffs and potential Iran strike added macroeconomic pressure, exacerbating Bitcoin’s risk-off selloff.
Hedge Funds dump bitcoin ETFs first
Hedge funds that fueled the Bitcoin ETF boom are leading the exodus, slashing holdings 28% in Q4 2025 as Bitcoin plunges nearly 50% from its October peak amid tariff fears and fading arbitrage profits.
Sharp Hedge Fund Retreat : Aggregate Bitcoin ETF allocations among major hedge funds dropped 28% from Q3 to Q4 2025, per CF Benchmarks data, signaling rapid de-risking after last year’s buildup.
Brevan Howard Sells Big : Brevan Howard cut its BlackRock iShares Bitcoin Trust stake by about 86%, reducing from roughly $2.4 billion to $275 million in the fourth quarter.
Bitcoin Basis Trade Fades : Popular arbitrage strategy of buying spot ETFs while shorting futures has seen yields shrink to around 4% from double-digits due to crowding and competition.
Market Momentum Shifts : Bitcoin’s decline alongside macro risks like tariffs has eroded its appeal as a hedge, prompting systematic position cuts following the October blow-off top.
Treasury sounds alarm on booming private credit risks
Treasury Secretary Scott Bessent expressed concern Friday about the rapid growth of the $1.8 trillion private credit market, vowing close monitoring to prevent risks from spilling into the regulated financial system and harming individual investors, amid scrutiny of firms like Blue Owl Capital.
Market Growth Scrutiny : The $1.8 trillion private credit sector has expanded dramatically outside traditional banking, raising questions about its opacity and resilience after avoiding major crises so far.
Regulatory Spillover Fears : Bessent emphasized protecting the regulated system from private credit issues, referencing past crises like subprime mortgages and noting Treasury’s authority to investigate if needed.
Blue Owl Actions Highlighted : Recent moves by Blue Owl Capital, including asset sales and limiting investor cash-outs in funds, have intensified market worries and contributed to stock declines in the sector.
Analyst Reassurance Offered : Experts like Oppenheimer’s Chris Kotowski downplay immediate credit quality deterioration, viewing certain transactions as market-realistic rather than signs of broader trouble.
Bernie Sanders dodges growth question as Socialism defense crumbles
At a Stanford AI town hall on Friday, a student pressed Sen. Bernie Sanders on why U.S. capitalism drives massive tech innovation and growth while Europe’s social democratic model lags—prompting the longtime socialist to pivot to healthcare, free college, and American homelessness instead of addressing incentives or institutions.
Question Exposed Flaw: A sharp student query highlighted U.S. dominance in frontier tech firms despite similar education levels to Europe, demanding explanation of growth drivers over inequality.
Sanders Pivoted Repeatedly: He responded by praising European systems for universal healthcare, low-cost college, and childcare, avoiding any discussion of economic incentives or innovation structures.
Pressed Further Dodged: When asked directly about sources of American prosperity, Sanders shifted to domestic woes like 800,000 homeless people and 60% living paycheck to paycheck.
Critique Stings: The exchange highlights that socialism excels at critiquing inequality but fails to explain growth, citing France’s wealth tax reversal due to capital flight and lost GDP as evidence incentives matter.
Flees CA for NYC ??? Leaves one toilet for a dirty toilet!?
Is that old Geezer Bernie still around. He should have retied LONG ago