the president is mentally unstable

The Editorial Board @editorialboard.bsky.social

1. I want to suggest today that what we are seeing on Wall Street and
in markets around the world is the sudden realization that the
president is mentally unstable - that he has dementia, probably - and
as a result of that realization, investors no longer have any faith in
Donald Trump.

2. Yes, I know.

The conventional explanation for why markets have been tanking is the
realization that Trump really meant what he said on the campaign
trail, and that his position on tariffs and trade wasn't just
rhetorical but firmer, stronger and more ideological than investors
believed.

3. But if Trump's position were a matter of conviction, markets might
be able to adjust, as conviction would beget a clear explanation and a
coherent plan of action, which in time would beget some kind of stable
order that investors might not like in the end, but could come to
trust.

4. That's not what's happening. Trust is long gone. On Monday, the S&P
500 fell 2.4% "in another wipeout," according to the AP. The Dow Jones
fell 2.5%, the Nasdaq 2.6 percent. More worryingly, the AP said, is
that US gov't bonds and the value of the dollar also fell.

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