The Trump administration subpoenaed New York Times reporters over their Air Force One story. Not over fake news. Not over leaked classified intel. Over security concerns about a plane.
The reporters wrote about problems with the new Air Force One. The administration responded by issuing subpoenas. That's like your doctor suing you because you told people the waiting room smells like feet.
Air Force One is a Boeing 747 that costs more than the GDP of several nations and still can't get delivered on time. The Times reported on security issues. The White House decided the appropriate response was legal threats instead of, you know, fixing the security issues.
This is the same administration that tweets classified satellite imagery at 2 AM but gets mad when journalists report on a f*cking airplane. Priorities sharper than a marble.
The subpoenas went to several journalists. Plural. Because one wasn't enough. They needed to subpoena multiple people who committed the crime of writing down words and publishing them in a newspaper. Revolutionary stuff.
Retail traders saw this headline and immediately started buying defense contractor stocks because they think subpoenas are bullish. They're now holding Lockheed Martin calls and wondering why their portfolio looks like it got audited by the IRS.
The Times says the administration issued the subpoenas. The administration will probably deny it or claim it was about something else or blame a low-level staffer who doesn't exist. Standard protocol when you do something stupid and everyone notices.
None of this matters for markets. None of this changes your portfolio. But some guy in New Jersey just panic-sold his entire position because he thinks press freedom correlates with the VIX.
Photo by The Now Time on Unsplash
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