In an unprecedented condemnation of the Trump administration, former President Barack Obama said President Donald Trump was taking advantage of his position to profit off his family with cryptocurrency investment while presenting himself to the American public as a genuine pro-government populist who cared about the financial struggles Americans faced daily. Speaking at a packed rally in Norfolk, Virginia, for Democratic gubernatorial candidate Abigail Spanberger, Obama painted a grim picture of an administration defined by self-dealing, calling it an “all tricks and no treats” presidency where “every day feels like Halloween.”
A Tale of Two Economies
Stumping for Spanberger, a former CIA officer, Obama drew a sharp contrast between the fortunes of the Trump family and those of the rally attendees. “You’ve got to ask yourself… is the economy working better for you?” Obama challenged the crowd. “Because it sure has gotten better for Trump and his family. Since he’s been in office, the whole crypto business and other ventures have made hundreds of millions of dollars.”
The former president alleged that these gains were not just the result of smart business, but of influence-peddling. He claimed the investments came from “foreign nationals and rich folks investing because they want to stay in the President’s good graces.” This, Obama argued, was part of a broader pattern of prioritizing “billionaire pals and finance bros” who see their tax bills go down while ordinary families see their costs go up.
The World Liberty Financial Connection
At the heart of Obama’s criticism is World Liberty Financial, a cryptocurrency venture that has become a financial juggernaut. According to reports, members of the Trump family, operating through an umbrella company, own a majority stake—more than half—of the crypto firm. This venture has reportedly generated hundreds of millions of dollars, a fact Obama seized upon to question the president’s priorities.
While the Trump family has pivoted to digital assets, Obama argued that the president has been focused on superficial projects, such as “paving over the White House Rose Garden so folks don’t get mud on their shoes” and building a “$300 million ballroom.” He quipped to the Virginia crowd, “If you can’t visit a doctor, don’t worry, he will save you a dance.”
‘Designed to Distract You’
Obama also took aim at the president’s prolific and often bizarre social media presence. He cited “weird videos of a U.S. president with a crown on his head flying a fighter jet” as part of a deliberate strategy of distraction. He argued that the “over-the-top rhetoric” and “fabricated conspiracies” are designed to pull public focus away from the administration’s core agenda. “They do it so you won’t notice,” Obama warned. “So you won’t notice that while they’re helping the wealthiest, most powerful people in the country consolidate more wealth and more power, your bills are still going up.”
A Warning for Voters
The former president’s speech was a full-throated condemnation of the current White House, framing the administration as one of “lawlessness and recklessness and mean-spiritedness and just plain craziness.” He admitted to the crowd in Norfolk that while he had warned of the dangers of a Trump presidency, the reality has been “worse than even I expected.”
His message was a stark reminder of the stakes in the Virginia election, portraying Spanberger as a public servant in contrast to an administration Obama claims is focused on personal gain over public good.
All Tricks and No Treats
Obama’s use of “Halloween” as an analogy appealed to the audience because it illustrated everything he has said about the administration’s policies as being a bait-and-switch, so to speak. He accused Republicans of putting on a “big show” by scapegoating minorities and “targeting transgender folks” to divert attention from the fact that they have failed to improve the lives of working families. As the rally concluded, his critique of the Trump family’s crypto fortune hung in the air, a potent symbol of what he described as a presidency for the privileged few.
