Your generous
donations help keep
this site running.
Visa/MC/PayPal accepted.
The world's richest man and the world's most powerful man got into an online fight yesterday, which began when Elon Musk tweeted out: "Donny Trump is a poopyhead!" -- to which Donald Trump immediately responded: "No YOU'RE the poopyhead Elon!!!"
Well, no. That's not actually how it happened. But it's not that far from the reality, sad to say.
In the annals of warfare, at times new inventions completely revolutionize how wars are fought. The full list of these is long, so here are just a few prominent historical examples: gunpowder, the rifle cartridge (as opposed to musket balls), the machine gun, airplanes, and tanks. War-changing inventions don't always have to be offensive weapons -- radar would certainly qualify. In each case, however, the introduction of something new onto the battlefield has completely changed how wars are fought. Battleships had to give way to aircraft carriers. Before that, cavalry gave way to tanks. So it goes.
This week, Wall Street figured out something about Donald Trump (that Vladimir Putin has known for quite a while now) and gave it a catchy name: "TACO." This stands for: "Trump Always Chickens Out."
Donald Trump may accomplish one big thing as president, in his second term. He may speed up the judicial process to the point where its decisions are still actually relevant when they are handed down.
I say this after the legal whiplash of the last 24 hours or so, as first two federal courts ruled (independently of each other) that Trump's worldwide tariffs were illegal, and then today an appellate court temporarily halted the injunction (which would have erased all the tariffs Trump announced on "Liberation Day"). So we're now (temporarily, at least) back to where we were before yesterday's rulings, as the appellate court has asked both the plaintiffs and the Trump administration to file their responses in the next two weeks. They could issue a final ruling on the appeal at any time after that. Obviously, no matter which way the appellate court rules, this case seems destined for the Supreme Court in the end, but nobody knows how fast they'll rule on it (if they followed their normal schedule, it'd take at least six months or so for a final ruling, but they may well expedite the case).
There are two basic ways to successfully deal with a bully: you can stand up to him, or you can laugh at him. Wall Street is apparently now taking the second route, as traders openly ridicule Donald Trump.
There's a new acronym making the rounds on Wall Street: "TACO," or (more specifically) the "TACO trade." It stands for "Trump Always Chickens Out," and it refers to the resilience of the markets after a cycle which is becoming more frequent in Trump's tariff war. The cycle starts when Trump, in a fit of pique, announces insanely-high tariffs will be levied. The market then tanks. Trump then backs off and announces he will be "pausing" the tariffs, or severely rolling them back. The market then gains back what it had lost.
Once again, the Republican Party has laid out its real agenda, in the form of a federal budget. And once again, they have proven what their real priorities are: cutting taxes on the wealthiest Americans no matter what -- no matter who has to pay for it, or how.
Donald Trump seems to now be in full retreat on his trade war. Which is good news, since American consumers are the ones who would have paid the price for it all. The strategy for other countries to follow is becoming clear now -- just wait Trump out, and eventually he will cave on his own, due to political and economic pressures increasing on him over time.
This strategy worked wonders for China, as last weekend Trump dropped his tariff levels against the country by a whopping 115 percentage points. This was precisely what China had been demanding he do before any trade negotiations could even begin. All they had to do was wait.
What would you think if an arsonist set fire to your house, waited until the flames were causing major damage, and then rushed in and put (most of) the fire out? Would you thank the arsonist for saving your house, or would you be angry with him for starting the fire in the first place? Would you look around your home, now drenched in water and with some spots still smoldering and burning, and be thankful? Probably not.
If you'll check a historic calendar (which is easy enough to do), you will clearly see that there are three possible days which could validly be celebrated as marking the end of World War II. They are: August 14th, August 15th, or September 2nd. The initial announcement of the surrender of Japan was made on August 14th, in Japan. Due to the nature of time zones, this happened when it was August 15th in America already. Then the formal surrender, which happened on the deck of the battleship U.S.S. Missouri, was signed on September 2nd. The president at the time, Harry Truman, announced the United States would celebrate what was known as "V-J Day" (for "Victory over Japan Day") on September 2nd. So that would be the most likely day you'd expect any subsequent American president to announce as a new semi-holiday, since it was when World War II actually officially ended. But you'd be wrong.
Yesterday, the NBC show Meet The Press aired an interview that host Kristen Welker had held with Donald Trump two days earlier. It generated a lot of news, since it's one of the few interviews he has given as president to a news organization that doesn't inhabit the rightwing echo chamber. It generated a lot of headline quotes, including Trump answering: "I don't know" to the question: "Don't you need to uphold the Constitution of the United States as president?"