Bulwark Takes: WTF 2.0 – Everything is Terrible (Featuring Judd Legum) Release Date: March 4, 2025

In the episode titled "WTF 2.0: Everything is Terrible" of Bulwark Takes, host JBL engages in a candid and comprehensive discussion with Judd Legum, the founder of Popular Information and a prominent figure in political journalism. The conversation delves deep into the current state of American politics, media corruption, the influence of cryptocurrency in political maneuvers, and the evolving landscape of journalism platforms like Substack. Below is a detailed summary capturing all key points, discussions, insights, and conclusions from their dialogue.

1. Introduction and Setting the Stage

The episode begins with a light-hearted exchange as JBL addresses Judd Legum, mentioning his notable newsletter, Judd's Judgment. JBL expresses admiration for Judd's impact on political discourse through Popular Information.

Notable Quote:

JBL [00:06]: "Judd is the guy who actually gets results. And it's been amazing to watch the growth of Popular Information."

2. Trump's Tariff Strategy and Potential Corruption

The conversation shifts to recent retaliatory tariffs imposed by President Trump in response to measures by Canadian Prime Minister Justin Trudeau. JBL questions whether Trump's tariff policies are genuine economic strategies or tools for personal and political gain.

Key Points:

• Judd acknowledges tariffs as a method for Trump to centralize power.
• Judd [02:20]: "Tariffs fit really clearly into [Trump's] strategy of maximizing presidential power... It puts him at the center of the conversation."
• Discussion on the inevitability of reciprocal tariffs and their impact on consumer prices.

3. Monetization of the Presidency through Libel Lawsuits

JBL posits that Trump is innovating in corruption by using defamation lawsuits against major media outlets as a means to funnel money directly to him.

Key Points:

• JBL [05:24]: "It's a way to monetize the presidency."
• Judd agrees, highlighting Trump's strategic anticipation that media companies would settle frivolous lawsuits, thus providing him with substantial funds.
• The use of NDAs in settlements prevents media from speaking out, consolidating Trump's influence over media narratives.

4. The Decline of Media Independence: Focus on The Washington Post

The discussion turns to the shifting editorial stance of major media houses, particularly The Washington Post, under Trump's administration.

Key Points:

• Judd [07:47]: Expresses sadness over the decline in independent reporting at The Washington Post.
• Judd [08:12]: Compares the editorial changes to Elon Musk's management of Twitter (referred to as "X"), framing it as a public relations maneuver to align with Trump.
• The exodus of talented reporters to other platforms signifies a weakening of robust media accountability.

5. Cryptocurrency as a Vector for Political Corruption

Judd and JBL delve into the problematic intersection of cryptocurrency and politics, focusing on Trump's launch of "Trump Coin" and the establishment of a strategic crypto reserve by the U.S. government.

Key Points:

• Judd [12:30]: Criticizes the creation of a strategic crypto reserve, questioning its practical use and highlighting its benefits primarily for crypto investors and Trump's financial interests.
• Discussion on the "pump and dump" schemes facilitated by government-backed crypto initiatives.
• The involvement of key figures like Barron Trump and Justin Sun raises alarms about potential corruption and unchecked financial influence.

Notable Quotes:

JBL [16:07]: "Buying up these tokens... it's really an amazing amount of corruption. Just basically unlimited, anonymous transfers of money to the President of the United States."

Judd [21:36]: Describes the situation as "an all-time corruption scandal from A to Z."

6. The Evolution of Journalism Platforms: Substack's Rise

Judd shares his insights on the shift from traditional journalism to subscription-based models, particularly through platforms like Substack. He recounts his transition from Think Progress to Popular Information and the factors that contributed to Substack's success.

Key Points:

• Judd [24:28]: Highlights the instability of ad-based revenue models that led him to explore subscription models.
• The success of Popular Information on Substack inspired other publications, including The Bulwark, to adopt similar strategies.
• Emphasis on the sustainability and independence offered by subscription-based journalism.

Notable Quote:

Judd [27:48]: "I saw a path there that we could account for a lot of our revenue through this member model. People seem to be into it."

7. Political Positioning and Perception of The Bulwark

JBL addresses the changing perception of The Bulwark, questioning whether its political grounding has shifted or if it's merely the external environment that has evolved.

Key Points:

• Judd [33:19]: Reiterates Popular Information as a progressive publication focused on impactful storytelling.
• Acknowledges the shift in public perception, moving from being seen as "never Trump conservatives" to being recognized for substantive reporting.
• Judd [34:14]: Emphasizes the importance of persistent journalism in creating a better-informed society despite setbacks.

8. The Impact of Investigative Journalism and Corporate Behavior

Judd reflects on his investigative work, particularly regarding corporate responses to political events like January 6th, and how companies have backtracked on their commitments over time.

Key Points:

• Maintained trackers to monitor corporate pledges and noted significant backsliding.
• Judd [38:22]: "Once you get to know more about how an organization or a company acts, that can be important in the future."
• Advocates for long-term optimism, believing that persistent reporting can eventually lead to positive societal changes.

9. Final Thoughts: Assessing Current Political Threats

In a concluding segment, JBL poses a provocative question about the relative dangers posed by figures like Trump and Elon Musk.

Key Points:

• Judd [41:32]: Asserts that Elon Musk is currently more dangerous than Trump, citing Musk's expansive influence and unchecked ventures.
• Discusses how Musk's actions, particularly in domains like cryptocurrency and media (e.g., Twitter), have far-reaching implications for democracy and financial integrity.

Conclusion

The episode wraps up with JBL expressing appreciation for Judd's insights and highlighting the importance of Popular Information in holding power accountable. The candid conversation underscores the intricate ties between politics, media, and emerging technologies, painting a concerning picture of the current American socio-political landscape.

Final Quote:

JBL [42:14]: "Good show. Long show. Thanks to Judd for being here. If you're not onto Popular Information, go and hit subscribe on the Substack. He really does do the Lord's work."

Overall, this episode of Bulwark Takes provides a sobering examination of the mechanisms of power in contemporary America, the erosion of media independence, and the potential for corruption through modern financial instruments like cryptocurrency. Judd Legum’s expertise offers listeners a critical lens through which to understand and navigate these complex issues.