“To some extent the market’s resilience is justified; in other cases, however, it looks like a case of when rather than if potential shocks get priced in.”
“So although populism has proved unpredictable in recent years, the rise surely increases the risks to the current world order and could set off a financial crisis at some point soon.”
“No matter what color, shape or origin, modern-day right wing populism just cannot shake off its fascination with Mein Kampf.”
“I’d be ashamed ten years from now if those weaselly little putzes, whose voices are getting a lot higher every week as this presidency starts to look worse and worse weren’t still [after me].”
“I’m talking – obviously, about Gary Cohn and some other people. That if you don’t like what he’s doing and you don’t agree with it, you have an obligation to resign.”
“…history reminds us that there exists a greater proximity between laughable and dreadful than calmer times would admit.”
“…politics will probably play a greater role in affecting markets than we have experienced any time before in our lifetimes but in a manner that is broadly similar to 1937.”
Bannon can talk about “going to war” for Trump against Congress and the “globalist” elements in the White House all he wants, but the bottom line is that Steve already went to war – and he lost.
Today was Bannon’s last day in the Trump administration and on Friday evening we learn that it was also his first day back at the old barnyard.
“We are grateful for his service and wish him the best.”
” At a time of rock-bottom confidence in public institutions, it is notable that the intelligence oversight system, a system with hardly a trace of populism in its design, actually works effectively at its core purpose: assuring the public that the intelligence community is doing its job within the law.”
“Moreover, voter irrationality, like voter ignorance, is intractable because, paradoxically, it is in one important respect quite rational. Individual votes matter infinitesimally and becoming informed is expensive, and so it makes sense to treat voting as a way to express one’s emotional state, declare one’s group identity, or indulge one’s prejudices.”
“Trump has turned out to be far, far worse than I imagined. He has instituted policies so right wing they make Ronald Reagan, for whom I worked, look like a liberal Democrat.”
“Yet, the chart which struck me as most relevant in the whole thing showed how market response to either Fed or ECB meetings has become calmer and calmer, whereas the response to the three major G7 political events of the last year (and a bit) has been so dramatic.”
“Capitalism is exiting the historical scene. However, before it disappears, capitalism will continue to inhabit the world of undead.”