Gotta Admire The Guy Sitting In The Middle Of The Swamp On His Gold-Plated Toilet

Who among us does not aspire to sit on a gold-encrusted toilette, surveying the swamp that one has just filled with…but let me not descend into unseemly details.  Details about exactly how the next bubble will be inflated.  The right wing has whined and quibbled and moaned about the supposed monetary manipulations that have kept asset prices bubbling these last few years.  Will they object to the humongous deficit-spiking stimulus on tap in 2017?  Insufflate me?  No, insufflate you!

David Runciman addresses the hypocrisy to come: “the heart of {Silicon Valley investor Peter} Thiel’s case for Trump is that the generation of Americans represented by the Clintons–the baby-boomers–had inflated one bubble after another in their desperate desire to avoid facing hard truths and continue their own soft existence.  There hadn’t just been equity bubbles and housing bubbles: there were humanitarian bubbles and political correctness bubbles–anything to keep the wolf of how-things-really-are from the door.  Yet the idea that Trump, who…has been as cosseted as anyone, offers something different is laughable.  The Trump bubble is likely to be the biggest of all” (London Review of Books, 1 Dec. 2016).

If the Trump bubble bursts soon, he might be able to blame Obama, but I think it’s more likely that we will see an ugly spectacle of blame and retribution, especially if another financial crisis is accompanied by millions getting shut out of health care by insurance market chaos caused by the uncertainty of “repeal and delay.”  (And watch out too for when the “Putin Hearts Trump” bubble bursts.)  Remember when Republicans beat Obama over the head over the business “uncertainty” he supposedly caused?  Isn’t the new Trump uncertainty exhilirating?  Maybe not, if you were discounting some of what Trump said as innocuous boasting or joking, particularly if it was directed at others, but took him very literally when he promised something that would benefit you.  

How to play (or just survive) the Trump bubble?  That’s a question to take seriously and literally.

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