On the Night After Christmas

Here’s hoping you all had a merry Christmas, or at least a merrier one that President Donald Trump seems to have had. For Trump, who was forced by public relations reasons to forestall a planned golfing vacation at his ritzy Mar-a-Lago resort in sunny south Florida, it wasn’t so much a Christmas as it was a “Festivus.”
Fans of the classic “Seinfeld” sit-com will recall that “Festivus” was a holiday the George Costanza character’s cranky father invented as an alternative to Christmas, and was devoted to the “airing of grievances” and “feats of strength.” Our cranky president spent most of Christmas Eve and Christmas airing a wide variety grievances via “Twitter” and a rare Christmas news conference, about everything from the damned Democrats to the special counsel investigation into the “Russia thing” to the alleged idiot that Trump appointed to chair the Federal Reserve, and trying his best to convince the public the he’s far stronger than any of them.
Although we try our best to ignore the news on Christmas Eve and Christmas, we read and watched enough that we were not convinced.
The third partial government shutdown of Trump’s first two years in office looks bad enough that Trump felt compelled to remain in frigid Washington rather than enjoy the sunny climes and opulent golf course at Mar-a-Lago, and the Democratic majority that’s soon to be installed in the House of Representatives has no apparent incentive to cave to the unpopular president’s demand for five billion dollars of funding for his unpopular campaign promise of a big and beautiful wall along the entirety of America’s border with Mexico. Partial government shutdowns are also unpopular, and although Trump is now blaming this one on the Democrats the “fake news” networks can gleefully replay the very real video of Trump recently bragging to the Democratic leaders in Congress that he’ll take all the credit for this one. Trump is already saying that he doesn’t need a wall across the entire Mexican border, and is talking about “steel slats” rather than the 30-foot-tall concrete and rebar structure he once envisions, and concedes that the Democrats can call it a mere fence if they want, and he’s pretty much given up on the campaign promise that Mexico will happily pay for it,
The former Federal Bureau of Investigation director and decorated Marine combat veteran in charge of the “Russia thing” probably isn’t much intimidated by Trump’s “tweets,” either, so we expect that will continue to vex Trump well into the next year. Trump’s remaining Republican allies in Congress are increasingly disinclined to protect Trump from that, too, and have increasingly little incentive to do so.
Our best guess is that the stock markets will continue their recent swoon when the reopen today, and that the Fed chairman Trump appointed and can’t fire without causing a political and economic crisis probably won’t be budged by any presidential “tweets.” The Fed has recently nudged the prime interest rate toward historical norms, but the markets are also spooked by the Trump trade wars that have raised the cost of a steel-slat border barrier by 25 percent, and the inevitable cyclical slowing of the global economy that won’t be helped if the central bank of the all-important American economy is perceived as acting in the short term political interests of an unpopular president, so once again Trump doesn’t seem to be negotiating or “tweeting” from a position of strength.
Starting today Trump will be dealing with all this with an acting Attorney General, an acting defense secretary, an acting secretary of the interior, an acting chief of staff who’s moonlighting on the job while running the Office of Management and Budget that’s overseeing the partial shutdown of the government, no ambassador to the the United Nations or South Korea at all, and an understaffed White House legal team responding to all the subpoenas that the “Russia thing” investigation and the incoming Democratic House majority will surely be serving in the coming weeks.. This isn’t likely to reassure the markets or Trump’s already skeptical international and domestic allies, but Trump’s die-hard fans can still reassure themselves that at least he fights.

— Bud Norman

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