Trump can’t win a primary.

1. What @WillieGeist is trying to get across to @NikemaWilliams on @Morning_Joe is that the GOP is nationalizing their message & making their message high stakes, tapping into voters anger at Trump's loss to get them to vote in a Jan. run-off & that Ds NEED TO DO THE SAME. Its

2. about giving Trump power- its about giving low-info voters, who are the bulk of the electorate motivation to cast ballots in the run-off. This is WHY turnout plummets in these things on the D side- the GOP keeps their messaging on stakes (control of the senate to fend off

3. socialism) while Ds go off into policy. That is a losing strategy. It just lost them nearly a dozen House seats & the chance to cut into partisan gerrymandering by flipping 4 state houses. They can't make that mistake here bc control of senate is everything here. If Ds have it

4. Biden can get some policy done- if Ds don't, the GOP will block everything. Biden will be a lame duck from day 1. So the message should be "hey voter, did you know you have a super vote? That's right, with your one vote, you can elect 2 senators that will give Ds control of

5. senate & with it REAL police reform. With it, Dreamers not getting deported to countries they've even been to- potentially to die from lack of insulin. With it, the power to save the pre-existing conditions coverage for millions of Americans, including Nicu babies who'd in

1/Today's @bopinion post is about Trump's taxes, and what they show about how America allocates capital.

We appear to have some big problems.

2/Trump has a bunch of businesses that lose money. Our financial system has lent him money to throw into unsuccessful golf courses, hotels, and so

3/A lot of these loans are loans that Trump hasn't even paid back yet, using loopholes in the tax system to avoid paying taxes on those unpaid debts.

Why would creditors give money to a guy who wastes the money on bad businesses and doesn't even pay them back?

4/One seemingly obvious answer is that capital is just really cheap these days. Companies are able to borrow more easily than at any time in the last few decades.

5/But this presents us with a mystery.

Why hasn't an abundance of cheap capital caused the return on financial capital to fall? Interest rates are low, but stock returns have held up strongly.

NEW: Before he left office, Trump filed his final financial disclosures with @OfficeGovEthics. I’ve had a read through them. The income he is claiming in respect of his Scottish resorts is entirely divorced from the reality set out in black in white in his UK accounts. Thread 👇

Firstly, Trump lists his income from ‘golf related revenue’ at Turnberry as $9.8m. Which is interesting, given the latest UK accounts for Turnberry's parent company registered losses of £2.3m ($3.1m) for the 12 months to 31 Dec 2019.

Even the turnover in the UK accounts - listed as £19.6m ($26.8m) is a country mile off that income figure listed in Trump's OGE filings. Comparing like for like, even accounting for that weird 'golf related revenue' descriptor, it's not even close.

If you drill down in more detail, and subtract the administrative expenses at Turnberry's parent firm from its turnover in order to get closer to whatever that 'income' figure entails, the number is still £12.5m ($17.2m).

And if you go deeper, and account for the gains the company made in foreign exchanges, and deduct depreciation and amortisation costs, the figure is £9.9m ($13.6m). Still a way off the OGE number.