Jittery Wall Street traders should remember that the alternative to Donald Trumps economic plans was Kamala Harris devastating socialism
The stock market dropped nearly 1,200 points Wednesday as investors digested Fed Chair Jerome Powell’s halting explanation of persistent inflation.But that wasn’t their only worry.Wall Street traders I speak to are also getting a little shaky that Donald Trump’s economic plans, including his tax-cutting intentions, aren’t being clearly articulated and seriously discussed.Ditto for deregulation.
Both seem to be taking a back seat to Trump attacking and suing the Des Moines Register for some errant presidential poll.Throw in some Elon Musk, the smart but famously erratic mega-billionaire and now top adviser to Trump.He emerged during the week as a budget-deal killer using his X social media platform some 150 times to foment vitriol over the spending measure, some of it warranted, though some of it could have waited until Trump officially takes office.You have some just cause for the jitters, which isn’t a lot of fun if you have skin in this market the last week or so.That’s why it’s time to remember that the alternative to the Trumpian craziness would be worse: cackling Kamala Harris selling warmed-over socialism and market statism as hope and joy. There’s even a good chance that when Trump’s incongruous economic stew finally cooks, the markets and the economy will be just fine.A second Trump presidency was always going to be a wild ride.
His closest advisers are a mishmash of traditional supply-siders, like Treasury Secretary nominee Scott Bessent, a former hedge fund trader, reborn protectionists like VP-elect J.D.Vance, and anti-Wall Street populists.
Steve Bannon, the political mastermind of Trump I, isn’t in the second administration, but the famously ardent populist runs an influential podcast.He still has the president’s ear.Then there’s the mastermind of the madness — Trump himself.
Morning Report and Evening Update: Your source for today's top stories Please provide a valid email address....