So there's a public gathering in Washington this week that aims to fix what's wrong with the Democratic Party. It is called "WelcomeFest" and is yet another effort to make the party "more moderate" (they talk of being "partisan centrists"), while admittedly trying to emulate the amount of energy from the progressive side of the party. One of the founders of the "Welcome Party" summed this up: "We respect the very robust and multifaceted effort on the progressive faction of the party over the last few years. They had a lot of clear coherency behind it, and there was a lot of action. We are essentially just trying to emulate that faction of the party." However, one has to wonder what they really mean when they talk of being centrists and moderates, since the lion's share of the funding behind the effort comes from Democratic deep-pocket donors, instead of being supported by any sort of authentic grassroots effort.

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Elon Musk is back in the news. He's upset over the Republican budget bill and he's having a hissy fit about it online. Musk seems destined to lose this battle, since by coming out against the bill he set himself at odds with Donald Trump -- and Trump is a lot more popular with the Republican base than Musk. On the other hand, Musk has an almost unlimited amount of money and he's quite willing to toss millions at political causes when he feels like it. So it's tough to really predict how any of this is going to play out.

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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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Will Democrats have an opening to pick up a Senate seat next year... in Texas? Personally, I have to remain skeptical, since Texas has long been the source of perennial disappointment for Democrats who have the dream of "flipping Texas blue." It's an enticing dream, to be sure, because Texas would be incredibly pivotal in electing a Democrat back into the White House. Flipping Texas blue in the Electoral College would make it practically impossible for a Republican to put together the 270 votes needed to become president. But flipping it blue even in a Senate race (or a governor's race, for that matter) has not happened yet, despite several exciting campaigns and lots of money donated to the cause. After all, even Ted Cruz -- one of the most-disliked senators around -- managed to win re-election. So it's a stretch, at best, to imagine John Cornyn being defeated by a Democrat next year.

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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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Republicans in Congress are at the "rubber meets the road" phase of constructing their new budget, where they have to put actual numbers down on paper and add them all up. The next few weeks are going to be a dizzying frenzy of dealmaking and adjustments, as differing priorities are weighed against each other. But at the heart of their plans is a big "tax cut." I put that in scare quotes because the American taxpaying public is probably not going to see it in quite the same way as the Republicans do. The public, in fact, is going to be left wondering: "Tax cut? What tax cut? I don't see a tax cut anywhere!" Which could make the whole thing a hard sell, politically.

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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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