First, yesterday the new Treasury Secretary, Steve Mnuchin, whose name looks suspiciously like munchkin, when asked by CNBCs Becky Quick whether the Trump Administration sees the stock market as a scorecard he replied “Absolutely” – “this is mark to market”. Oops. Now aside from the fact that he used the should-be-banned word absolutely, this was the Wrong Answer. Who’s prepping these guys anyway? The correct answer is that while it is nice to have Wall Street seemingly validate their intentions by rocketing higher, it is main street at whom their ministrations are aimed. Idiot. Now, in his defense, his boss has said much the same thing. “Trump has essentially said “Yeah isn’t that great? It means they realize we know what we are doing”. Oops. For a guy who said only a few months ago we are in a huge fat bubble, this is an about face. And it is very stupid. If we are in a bubble, that means it will crash. And pretty soon, meaning on his watch. So embracing the bubble as validation of ones self is stupid. Especially when the whole point is that he is trying to help main street, not wall street. So why do they not say something like “We are here to help main street. If Wall Street likes the results then great.” This foolishness will come back to bite them.
Speaking of foolishness coming back to bite them, what is going on with the ACA, AKA Obamacare? These guys passed 6 repeal bills in the last 6 years, each of them vetoed by Obama. Democrats said they didn’t have any alternative and these were empty gestures. Now the same guys have been in the lead for much of that time, Ryan and McConnell. So what I want to know is, why do they not have an Obamacare repeal ready to roll now that they actually have the ability to make it stick? I mean what the hell have they been doing for 6 years? They didn’t think the would ever really get the chance? That is not a very good excuse. If the Congress goes through March without repealing that absurd legislation one can only conclude that the Democrats were right – there is no there there. Instead we have the disaster-in-the-making Attorney General Jeff Sessions affirming the use of private prisons, one of the greatest lunacies of all time… But that would be a third complaint so I will have to save that for another time.