Scott
Verified User
Great article I just read with the title of this thread. Quoting the introduction and conclusion below:
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Few people have heard of Lee Hanley — or William Lee Hanley Jr, in full — a businessman and political donor from Greenwich, Connecticut. Yet by the time of his death in 2016, just before Donald Trump’s first election as president, Hanley had played a significant role in the evolution of Right-wing politics over more than three decades. Steve Bannon, the original architect of Trump’s MAGA platform, called him one of the “unsung heroes” of American history. “He had a real love of the hobbits, the deplorables,” Bannon said, “and he put his money where his mouth was.”
In a new book, The Haves and Have-Yachts, a collection of essays written for The New Yorker over the past decade, Evan Osnos describes Hanley as “a bon vivant, with a fondness for salmon-coloured slacks, and a ready checkbook for political ventures”. Hanley inherited, and expanded, a family business in construction supplies and oil. In 1980 he campaigned for Ronald Reagan in Connecticut, developing an approach that, Osnos writes, “uncannily prefigured Trump’s electoral strategy” by assembling “a coalition of conservative elites and the white working class”. Over the next decades he funded numerous organisations and initiatives that promoted a low-tax, small-state conservatism, including publishers, non-profits, and a powerful lobbying firm, Black, Manafort and Stone. (Roger Stone had been one of Reagan’s campaign managers; he would also, along with Paul Manafort, advise Trump.)
Then, after Mitt Romney’s defeat in 2012, Hanley commissioned a pollster to look deeper into the underlying mood in the United States. He was informed that “the level of discontent in this country was beyond anything measurable”. Hanley became convinced that Trump was the only politician capable of channelling this energy in a favourable direction, and set about converting other wealthy donors to the cause. It was a canny investment. Even as Trump gave expression to the anger of Bannon’s “hobbits”, his presidency brought immense material rewards for wealthy Americans, most obviously in the form of tax cuts, deregulation, and financial benefits during the Covid pandemic.
Reflecting on the role of figures like Hanley, Osnos concludes: “The story of Trump’s rise is often told as a hostile takeover. In truth, it is something closer to a joint venture, in which members of America’s elite accepted the terms of Trumpism as the price of power.” That bargain is still paying off today. Trump’s latest budget, which cleared the House of Representatives last month, pledges to entrench and expand the tax cuts passed during his first term. By some estimates, those earning above $500,000 will receive more than a trillion dollars in tax cuts over the next decade, while a similar amount will be cut from government health insurance and food assistance programmes. If we add to this the Trump family’s brazen use of office for self-enrichment, the privileges granted in return for financial contributions, and the political powers given to billionaires such as Elon Musk and David Sacks, then surely all but the most gullible can conclude that America’s regime deserves to be called oligarchy — rule by the wealthy few.
[snip]
In truth, more than one of America’s elite groupings have helped to pave the way for the chaos of Trump’s second term. Since the election, many on the Left have acknowledged their own part in making voters feel frustrated and insecure, whether through the condescending tone of cultural institutions or the dysfunction of Democrat-governed cities. It is possible for an irresponsible and exploitative super-rich class to coexist with wasteful and ineffective governments; in fact, this now seems to be the status quo in much of the Western world. Osnos is right, however, to observe that the disillusionment created by elites is now forcing them to embrace unpredictable forms of populism to maintain their power. Trump will surely not be the final iteration of this process.
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Full article:
unherd.com
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Wessie du Toit
June 4, 2025Few people have heard of Lee Hanley — or William Lee Hanley Jr, in full — a businessman and political donor from Greenwich, Connecticut. Yet by the time of his death in 2016, just before Donald Trump’s first election as president, Hanley had played a significant role in the evolution of Right-wing politics over more than three decades. Steve Bannon, the original architect of Trump’s MAGA platform, called him one of the “unsung heroes” of American history. “He had a real love of the hobbits, the deplorables,” Bannon said, “and he put his money where his mouth was.”
In a new book, The Haves and Have-Yachts, a collection of essays written for The New Yorker over the past decade, Evan Osnos describes Hanley as “a bon vivant, with a fondness for salmon-coloured slacks, and a ready checkbook for political ventures”. Hanley inherited, and expanded, a family business in construction supplies and oil. In 1980 he campaigned for Ronald Reagan in Connecticut, developing an approach that, Osnos writes, “uncannily prefigured Trump’s electoral strategy” by assembling “a coalition of conservative elites and the white working class”. Over the next decades he funded numerous organisations and initiatives that promoted a low-tax, small-state conservatism, including publishers, non-profits, and a powerful lobbying firm, Black, Manafort and Stone. (Roger Stone had been one of Reagan’s campaign managers; he would also, along with Paul Manafort, advise Trump.)
Then, after Mitt Romney’s defeat in 2012, Hanley commissioned a pollster to look deeper into the underlying mood in the United States. He was informed that “the level of discontent in this country was beyond anything measurable”. Hanley became convinced that Trump was the only politician capable of channelling this energy in a favourable direction, and set about converting other wealthy donors to the cause. It was a canny investment. Even as Trump gave expression to the anger of Bannon’s “hobbits”, his presidency brought immense material rewards for wealthy Americans, most obviously in the form of tax cuts, deregulation, and financial benefits during the Covid pandemic.
Reflecting on the role of figures like Hanley, Osnos concludes: “The story of Trump’s rise is often told as a hostile takeover. In truth, it is something closer to a joint venture, in which members of America’s elite accepted the terms of Trumpism as the price of power.” That bargain is still paying off today. Trump’s latest budget, which cleared the House of Representatives last month, pledges to entrench and expand the tax cuts passed during his first term. By some estimates, those earning above $500,000 will receive more than a trillion dollars in tax cuts over the next decade, while a similar amount will be cut from government health insurance and food assistance programmes. If we add to this the Trump family’s brazen use of office for self-enrichment, the privileges granted in return for financial contributions, and the political powers given to billionaires such as Elon Musk and David Sacks, then surely all but the most gullible can conclude that America’s regime deserves to be called oligarchy — rule by the wealthy few.
[snip]
In truth, more than one of America’s elite groupings have helped to pave the way for the chaos of Trump’s second term. Since the election, many on the Left have acknowledged their own part in making voters feel frustrated and insecure, whether through the condescending tone of cultural institutions or the dysfunction of Democrat-governed cities. It is possible for an irresponsible and exploitative super-rich class to coexist with wasteful and ineffective governments; in fact, this now seems to be the status quo in much of the Western world. Osnos is right, however, to observe that the disillusionment created by elites is now forcing them to embrace unpredictable forms of populism to maintain their power. Trump will surely not be the final iteration of this process.
**
Full article:
Trump’s bargain with the oligarchs
unherd.com
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