President-elect Donald Trump is one of the richest men ever to have been elected president, more so than even Kennedy and Jefferson. And yet Trump built his movement on the backs of the homegrown “blue collar” worker while near-taunting the Wall Street types that normally support Republican administrations. But even with the full support of the average Republican, Trump may well find life as president very difficult without Wall Street behind him. Indeed, it already looks like the Gaetz nomination for Attorney General rocked American investors to the core. They must only now see that Trump meant everything he said about dismantling the Justice Department and the system generally.
Wall Street is likely less interested in the politics of all of it and more focused on whether Gaetz can be a serious and effective A.G. generally, one not appointed to just seek revenge and dismantle the system. Gaetz doesn’t have any experience prosecuting anything, never mind the incredibly complex banking and finance laws that provide stability throughout the banking world, restraining some of Wall Street’s criminal excesses and thereby providing a level playing field.
CNBC’s Adrew Sorkin was interviewed this morning and made a telling observation about Wall Street’s reaction to the Gaetz announcement. (Video Below)
“When [the Gaetz announcement] first came across the phone, there were people including, by the way myself, who thought it was a parody account, who literally thought it was The Onion and they didn’t believe it and the shift in tone went from, ‘Wow, we’re going to have a great economy and all of these things and I don’t have to worry,’ to, ‘Okay, maybe now I have to worry’ was like in the blink of an eye.”
In the blink of an eye? True – the banking sector, of all sectors, had to know that Trump’s election would toss “normalcy” out the window. That’s what his supporters wanted. But at least some of Trump’s richest supporters likely wanted to keep things a little more normal than this. Sorkin went on:
“And then all night it was the same thing with my phone lighting up from people… who I think are still hopeful … about the economic issues… But when it comes to law and order, when it comes to the Justice Department and what this is ultimately going to look like, what prosecutions are going to look like, that threw a lot of people back on their feet.”
It probably threw a lot of people back on their feet because the alternative was falling forward in a face plant. As I’ve written many times, the business world craves stability. It is needed to properly evaluate investment opportunities. These decisions are hard enough when everything is good and stable, it can be all but impossible amidst a system thrown into chaos. The Gaetz nomination demonstrated just how far Trump was willing to go against established expectations.
Sorkin finished with an ominous prediction about whether these power brokers might stand up in opposition to Gaetz as Attorney General. No, it sounds as though they fear retribution or punishment from Gaetz or Trump himself if they dare do so:
“The question is whether they can stand up and say so publicly and I think unfortunately the answer is still no and especially no because of the role this individual may ultimately play,
Again, this isn’t going to impact Trump’s support from the vast majority of his actual voters – who likely luxuriate in the thought of Wall Street and, well – everyone else, all going insane over the thought of Gaetz dismantling it all.
It is probably best to wait and see what happens. The dynamic is changing fast, almost by the hour… Exactly the opposite of what big business wants to see. Trump could pull the nomination back, just not because anyone on Wall Street demanded it.
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Not one person will EVER opppose king f@ckface the first. Not one. But, they never saw this coming?!? Funniest thing I have heard in a very long time. What will the markets ultimately do? That is the question. Of course, that’s before the tariffs, mass deportations, etc. destroy our economy.
Maybe they should call some of their billionaire cohorts in Russia…the ones not in jail, or that ‘accidentally’ fell out of a window. Putin owns everything and all of them that are left. Given that 80% of wealthiest individuals INHERITED their assets, no wonder they’re too stupid to play chess.
They were so horny for their tax cuts and deregulation, they didn’t consider he was going to donkey-f**k the economy. My only joy will be watching the rich pukes cry when it finally sinks in.
About NOW is when these people start thinking about an economy run without the stable basis of law and order?
It looks like we’re about to be deep into FAFO 2, with the FA part completed and the FO part just beginning.
What did they really think was going to happen if their man Trump was elected, (complete with SCOTUS approved legal immunity) They wanted those onerous legislations ‘interfering’ in their business gone, now they get to find out how hard it is to run business when you don’t have a level playing field – indeed worse, a playing field tilted at random directions at random times.
Well, they got it.
Suddenly Elizabeth Warren doesn’t look so bad does she?
FAFO 2 begins, after FAFO 1 the tariffs reveals itself.
What will FAFO 3 be I wonder?
And of course it’s too late to change any other FAFOs, they’ve already completed the FA stage by supporting Trump, we’re just waiting for all the FOs.
What was that ancient Chinese curse?
愿你生活在有趣的时代
Yuàn nǐ shēnghuó zài yǒuqù de shídài
May you live in interesting times.
They sure are interesting aren’t they?
The real key is “may you LIVE”…many won’t. My daughter just had my 2nd grandchild. The first month she was told the baby wouldn’t survive the pregnancy and would die inside of her. Fortunately, and baffling to the MDs, the months following showed problem mysteriously resolved. If my daughter lived in Texas or a draconian red state, and if things hadn’t changed, my daughter would have risked dying along with the baby. I can’t say online what I may have done had that been the case. Point being the American Nazi Party doesn’t give a rat’s ass how many women are going to die, many leaving other children without a mother. There are some reasons in this world for retribution to bring some type of justice to the evil, especially now that we’re no longer a nation of laws…except if you’re poor.
‘An unjust law is no law at all.’ St. Francis
these ‘men’ are terrified of strong women, the far right hate that the white male who owns land aren’t the only ones who can vote. this is all about control.
Except there’s no such “curse” from Chinese.
From https://en.wikipedia.org/wiki/May_you_live_in_interesting_times
“Despite the phrase being widely attributed as a Chinese curse, there is no known equivalent expression in Chinese. The nearest related Chinese expression translates as “Better to be a dog in times of tranquility than a human in times of chaos.” (寧為太平犬，不做亂世人) The expression originates from Volume 3 of the 1627 short story collection by Feng Menglong, Stories to Awaken the World.
Evidence that the phrase was in use as early as 1936 is provided in a memoir written by Hughe Knatchbull-Hugessen, the British Ambassador to China in 1936 and 1937, and published in 1949. He mentions that before he left England for China in 1936, a friend told him of a Chinese curse, “May you live in interesting times.”
There’s more to it, as well. The late Terry Pratchett even makes an appearance in the Wiki article with a quote (that even he concedes may not be true) about the “interesting times” “curse” being the lowest of a trilogy of Chinese curses.