Government Shutdown, White House Renovation: Who Is Footing the Bill for Trump's $300 Million “Private Banquet Hall”?
Original Article Title: "Government Shutdown, White House Demolition: Trump's $300 Million 'Private Banquet Hall' and Its Crypto Backers"
Original Article Author: Ding Dang, Odaily Planet Daily
While the U.S. government is in a shutdown, the excavator in the White House East Wing is roaring day and night.
U.S. President Trump personally approved this grand demolition operation, not for national security or to make "America Great Again," but to build a privately financed 80,000-square-foot banquet hall next to the White House.
A "Demolish and Rebuild" Ceremony
The White House East Wing, built in 1942, was originally the entrance symbolizing the system and power: the First Lady's Office, the White House Military Office, and the Social Secretary's Office were all located in that modest yet dignified building. For decades, it has been the first door for countless visitors to step into the center of American power. Now, that door is temporarily closed. The White House announced last month, citing banquet hall construction, an indefinite suspension of all public tour activities.
As early as August of this year, Trump proposed to build a new banquet hall at the White House. At that time, he said that the new banquet hall would be "next to but not touching" the existing structure. By October 22, he personally confirmed in the Oval Office: "To correctly complete this work, we must demolish the existing structure," because consulting with architects revealed that demolishing the entire White House East Wing would be more effective than partial demolition. Otherwise, it would damage the new banquet hall, a "very, very expensive, beautiful building." As he spoke, a model of the White House was placed on the table in front of him, with him holding a rendering of the White House banquet hall.

Therefore, the originally planned new banquet hall, designed to accommodate 650 people, ended up being expanded to accommodate nearly a thousand, with the cost increasing from the initial $200 million to around $300 million. A White House spokesperson stated that the East Wing would be "completely" modernized and rebuilt in the end.
Where Is the Money Coming From?
This is not a federal budget expenditure but a "private crowdfunding" event. Trump stated that the $300 million cost would not be borne by taxpayers but by private donors, including himself.
It makes sense, as according to the latest survey by the Financial Times, the Trump family's crypto business has generated over $1 billion in pre-tax profits over the past year. When accounting for mark-to-market gains, their net worth may have increased by billions of dollars. In the face of such financial strength, donations are probably just a public relations expense to "leave a mark in history."
Last week, Trump held a fundraising dinner, stating that he had received donations from some "generous patriots, extraordinary American companies." According to the list of donors released by the White House on October 23, the list includes some of the largest U.S. tech companies, including Amazon, Apple, Google, Meta, and Microsoft. Google's subsidiary YouTube has agreed to contribute over $20 million to the project. Additionally, defense and telecom giants such as Lockheed Martin, Comcast, T-Mobile, and Palantir are also on the list.
Of particular note, the cryptocurrency industry has also made its way onto the White House's donor list. Ripple, Tether America, Coinbase, and the Winklevoss brothers (both Cameron and Tyler appear on the list) are all mentioned. Ripple has become a symbol of the cryptocurrency industry's "anti-regulation" stance due to its long-running legal battle with the SEC; Coinbase has long been navigating the lobbying system in hopes of earning the label of "legitimacy."
Over the past decade, the cryptocurrency industry has touted itself as a "decentralized revolution," opposing the monopoly of traditional power. Now, they have entered a corner of history with a "donation" and have proven through a single bill:
The decentralized future ultimately also needs a center.
Of course, not everyone is thrilled about this reconstruction. "To my mind, this grand banquet hall is a moral nightmare," said Richard Painter, a veteran attorney who served as White House legal counsel in the George W. Bush administration. "It's about raising money through the channels to power... These companies all want something from the government."
The brick wall of the White House East Wing is coming down, and a new hall is being built. In this "rebuilding ceremony," new benefactors are entering the scene. The rules of the Washington game have not changed—it's just that this time, crypto capital has finally received its ticket to enter.
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Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.
The following is the original content:
Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.
In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.
When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."
Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.
A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.
I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.
Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.
But everyone overlooks one thing: the current state of these software products is simply terrible.
I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.
From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.
Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.
I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.
This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.
Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.
But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.
As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.
We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.
We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.
The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.
My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.
At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.
If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.
Source: Original Post Link

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