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.

Read Complete Article »

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."

Read Complete Article »

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.

Read Complete Article »

Donald Trump never admits he's ever been wrong about anything. His narcissistic personality won't allow him to, most likely, but no matter what the psychological reason behind it is, Trump infamously never admits a mistake. This weekend he came about as close to admitting being wrong as he ever has, which was remarkable enough.

Read Complete Article »

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.

Read Complete Article »

Disasters happen. It's a fact of life. Mother Nature occasionally decides to wreak havoc, and there's not a whole lot humanity can do about it. Steps can be taken to mitigate the worst features of a disaster (such as strengthening building codes), people do what they can to cope with disasters when they strike, and then the affected area goes through a phase of recovery and rebuilding after the disaster is over. Natural disasters can't be prevented, but we do everything we can in their aftermath to ameliorate the suffering. That's the way it is supposed to work, in any case.

Read Complete Article »

Donald Trump visited Capitol Hill today, in an attempt to browbeat his fellow Republicans into supporting a budget bill. Speaker Mike Johnson has his own self-imposed deadline of passing the bill this week, before Memorial Day. Whether this plan succeeds or not is still very much in doubt, however.

Read Complete Article »

House Speaker Mike Johnson is trying, once again, to herd his Republican cats. As usual, this comes to the fore in the form of a budget bill. With a razor-thin majority and several competing factions, the question is whether he can assuage all of them enough to drag his bill over the finish line this week before Congress scarpers off on vacation once again.

Read Complete Article »

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.

Read Complete Article »

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.

Read Complete Article »