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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."
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.
Since today is Memorial Day, I'd like to begin with a remembrance of our most forgettable war, the War of 1812. How forgettable was this war? Well, its bicentennial passed by a few years ago, but the country as a whole took little notice. That's pretty forgettable, as these things are measured. In fact, only one event during this war has become what one might call (if one were in the mood for a pun) a "Key" moment, but more on that in due course.
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.
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.
There is no shortage of colorful language (and memes!) being used today to describe the new Trump Tax we're all about to pay -- after having been "liberated" from, y'know, paying less money for stuff. I chose the term financial pundit Ross Gerber used to describe it for the headline, as it seemed the most descriptive:
Remember when the Republican Party, as a whole, absolutely revered the memory of Ronald Reagan? It really wasn't that long ago. Their devotion was so pronounced that we even took to using the term "Saint Ronald of Reagan" whenever we wrote about Republicans lauding him to the skies, just to poke fun at their deification (or at the least, canonization or beatification) of a politician that, in our humble opinion, really didn't deserve such devotion.
Jumping forward to the present, each incoming president gets to choose how to decorate the White House, which includes the art on the walls of the Oval Office. We have to say it was somewhat of a surprise to learn that Donald Trump in his second presidency chose to hang a painting of Reagan on the wall overlooking the same desk Ronnie used to sit behind. We learned this fact from the following article, which (please note) was written before what just happened in the Oval Office today:
Since today is Memorial Day, I'd like to begin with a remembrance of our most forgettable war, the War of 1812. How forgettable was this war? Well, its bicentennial passed by a few years ago, but the country as a whole took little notice. That's pretty forgettable, as these things are measured. In fact, only one event during this war has become what one might call (if one were in the mood for a pun) a "Key" moment, but more on that in due course.
Happy Second of July, everyone! Happy Independence Day!
Now, you may be thinking: "Has Chris gone bonkers? Why is he jumping the gun, two days early?" The answers to these important queries are: No, Chris has not gone any more bonkers than usual; and, in fact, the rest of you are celebrating a fictitious event on a fictitious anniversary date. So there.