It has been a week of dangerous precedents being set -- and it's not over yet.

One precedent that didn't get much media attention (but which is truly disturbing) was Donald Trump giving a nakedly political speech to American soldiers in uniform, where he pre-screened the crowd for both looks and ideology. One memo sent out before Trump arrived specified: "No fat soldiers." Another stated: "if soldiers have political views that are in opposition to the current administration and they don't want to be in the audience, then they need to speak with their leadership and get swapped out."

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The most important battle over immigration policy isn't being fought on the streets of Los Angeles right now, but rather over the airwaves. This is the fight for public opinion, and it could go either way. If the public largely sides with Trump's immigration tactics, it will strengthen his hand. But if the public decides the tactics go too far then it will weaken him in the long run. How the events of this week are ultimately seen by the public could be the deciding factor. Is Donald Trump and his administration doing what the voters elected him to do, or is he vastly overreaching in a dictatorial fashion? That's the entire rhetorical battle in a nutshell.

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There has been a very dangerous development in the Los Angeles protests, although so far it seems to be a series of isolated incidents as opposed to any sort of blanket policy. Journalists covering the protests and the police response have been targeted by police using what is now being called "less-than-lethal" weapons (non-lethal rounds such as rubber bullets). And so far, it appears that this targeting has happened not from the members of the National Guard or U.S. military (who have now been deployed, in a serious escalation of the situation by Donald Trump) but rather from local and state police forces. Which is almost more worrisome, since it can't be chalked up to the federal militarization of the response to the protests.

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We seem to be quickly headed for a confluence of events that is going to produce a rather shocking split-screen moment next weekend. We could be simultaneously watching a parade that is ostensibly being given for the celebration of the U.S. Army's 250th anniversary, while we also watch the national military being deployed on the streets of American cities. That's a jarring contrast, you have to admit.

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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.

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While I do realize that a very entertaining playground fight between the world's most prominent schoolboys is currently raging, I am going to exercise a monumental amount of restraint and not address the dustup between Elon Musk and Donald Trump today. Besides, by tomorrow, there'll probably be several more amusing developments to talk about, right?

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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."

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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).

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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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