I’m not a fan of Trump and in this case CEOs are correct, but I love that Trump is casually telling Wall Street to fuck off. If this attitude of disdain for the stock market continues, he might be a successful President. Excessive deference to Wall Street was a key Biden administration flaw.

Disdain for high asset values is a predicate for building a middle class. It’s not enough. Scott Bessent’s ‘detox’ comment about the economy sounds too close to Andrew Mellon’s ‘purge’ argument about the late 1920s. But it’s not nothing.