Complacency, Thy Name Is Trump

 

When you’re President Donald Trump and you snap your fingers, the courts and the media don’t stand at attention.

But when you tell Wall Street to jump, the answer always is: “How high”?

On Thursday, the U.S. Court of Appeals for the Ninth Circuit upheld a lower court’s stay on the administration’s controversial travel ban on people from seven mostly Muslim countries that have a history of sponsoring or spawning terrorism.  The legal fight may go to the U.S. Supreme Court.

And despite chief White House strategist Stephen K. Bannon’s admonition to the media to “keep its mouth shut and just listen for a while,” news organizations like The Washington Post and The New York Times have published story after story about internal battles in the administration, extensive leaks, and apparent conflicts of interest in the Trump family.

But when the president floated the vague notion that within the next few weeks, he would unveil a “phenomenal” tax plan,  yet provided no details, all three major market indexes achieved new all-time highs.

Like Trump supporters during the campaign, Wall Street has focused on all the positive things the administration may do (tax cuts, deregulation, infrastructure building) while ignoring everything else (possible tariffs, trade wars, etc.)

Is it missing the forest for the trees?

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