Day 74: Smoot-Hawley is Not a Porn Star

In my previous post, I predicted that the results of Trump's Smoot-Hawley 2.0 would be bad. But even I didn't expect that two-day drop-off that we are witnessing in the markets: As the accompanying New Zork Times article relates: The S&P 500 dropped more than 10 percent in two days and the tech-heavy Nasdaq Composite Index closed in a bear market on Friday, capping one of Wall Streetās worst weeks since the start of the coronavirus pandemic in 2020. The U.S. rout followed losses in global markets. Worries about an escalating global trade war set off by President Trump overshadowed a positive reading on Friday about the health of the American labor market. To put this in perspective, over the last two days , Donald Trump has presided over a staggering 6.6 trillion dollar loss due to his economic incompetence . To put that in perspective further, since taking office Team Trump has lost over 11 trillion dollars of economic value due to destru...