It was a week to remember in Washington and a week to forget on Wall Street.
In the nation’s capital, President Trump continued to drain the swamp of his own appointees.
The departed included Secretary of State Rex Tillerson, attorney John Dowd, and National Security Adviser General H.R. McMaster.
Their replacements—respectively, CIA Director Mike Pompeo, Fox News talking head Joseph DiGenova, and uberhawk John Bolton—are uniformly more hard line and supportive of the president than were their predecessors.
Meanwhile, Trump, newly liberated to the point, Vanity Fair reported, of “f__ing doing it my way,” slapped tariffs on Chinese imports worth up to $60 billion a year. China responded with some targeted tariffs of its own.
Meanwhile, on the Left Coast, Facebook’s CEO Mark Zuckerberg remained silent for days after it was revealed that Cambridge Analytica, the data firm that helped the Trump campaign in 2016, had taken personal information on some 50 million Facebook users without their consent.
Talk of trade wars and political instability drove the Dow Jones Industrial Average down 1,000 points and the S&P 500 4% through noon Friday. Facebook’s crisis shaved 12% from its share price and helped push the Nasdaq Composite index down 5% this week.
How real is the risk?