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.

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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.

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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.

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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.

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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.

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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?"

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Donald Trump hit two milestones this past week: his first 100 days in office, and his first quarter of negative G.D.P. growth. True to form, he celebrated the first of these with a rally, while blaming the second on Joe Biden. He even tried to front-load any bad economic news in the second quarter as Biden's fault too. Oh, and for good measure, Trump expressed a desire to become the next pope. Which would probably be fine with plenty of Americans -- as long as he quits his current job in order to do so.

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Donald Trump's trade war is on the brink of going from bad to worse. Up until now, American consumers have seen the stock market tank (and go through wild swings) and are beginning to see higher prices for some of the things they buy. But all that's about to go into overdrive, as the shock to the global trading system works its way down all of the supply chains. The next big phase of this may wind up being empty shelves in the stores -- which is going to be a monumental psychological shock to consumers.

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Which brings us to Trump's strongest point, albeit one where his polling is also falling fast. On the subject of the southern border, the public does approve of what Trump has been doing. But on the larger subject of immigration, Trump is underwater in most polls, after starting out his term with those numbers in the positive ranges.

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Donald Trump's first 100 days of his second term as president has been a real horrorshow. I use this term deliberately, mostly because it can be used in two opposing ways... at least, if you either speak Russian or are a fan of Anthony Burgess. It can be used in the traditional English meaning of "something that is difficult to deal with or watch because it is so bad or unpleasant." It can also be used as Nadsat future-teen slang from the novel (and film) A Clockwork Orange, where it was borrowed (Anglicized) from the Russian word khorosho -- which actually means "good." So how you personally use it will depend on how you see Trump.

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