Physical Feats: “Obamacare repeal is a 53-inch vertical leap,” he said. “It’s humanly possible, but there’s no practical way I’ll ever be able to do it.” He bent to touch his toes, a trader’s gut smoothing the slow descent. “Not sure I could do it even with a trampoline,” he admitted, eyeing the free weights. “Tax reform is a 400lb bench press,” he said, straining to slap a 45lb plate on the lonely bar. “It’s been done. Just not by many people. But there’s no shame in putting up 300lbs, and Trump could even claim victory by pressing 250lbs. That would be something.”
Physical Feats II: “But here’s the thing, when you set your sights too high, and come up really short, you tend to stop trying so hard,” he continued. “When you attempt to leap the wall full speed, but hit it face first, you don’t tend to do it again.” Trump has made a habit of attempting feats that most people don’t. Now he’s trying to do a lot of them simultaneously. And he needs congress to spot him. “No one can do all these things. Few people can ever hope to do one. And it’s about to start getting really obvious to everyone watching that Trump is no exception.”
- wknd notes by Eric Peters
Eric Peters nails a very important idea about how the chaotic first 100 days of the Trump administration could lead to disappointment for those hoping to see the pro-business agenda get enacted.
Fortunately, the entirety of the recent run in stock prices cannot be fully ascribed to optimism about President Trump. For starters, the rally is global – with emerging markets and European stocks outperforming the S&P 500 year to date for the first time in god only knows how long. Additionally, the economy had begun accelerating heading into the election, not just after the outcome was announced. The buyers were going to come in no matter what, the only thing that would have changed would have been the narrative we used after the fact.
So yes, a healthcare bill flop that leads to inertia regarding tax reform will be a letdown – but a catastrophic one? When so many people didn’t believe in this guy’s competence to begin with? I don’t know.