Derek Thompson

performing an act of or performing the job of efficiency rather than a department of actual efficiency itself.

performing an act of or performing the job of efficiency rather than a department of actual efficiency itself.

performing an act of or performing the job of efficiency rather than a department of actual efficiency itself.

As Ezra said, we're sort of speed running a particular experiment here of what does executive power look like if we do away as much as possible with checks and balances? And I would submit that we're already starting to get some feedback loops from the market. The stock market is not the economy, but it is a very clear voting mechanism.

As Ezra said, we're sort of speed running a particular experiment here of what does executive power look like if we do away as much as possible with checks and balances? And I would submit that we're already starting to get some feedback loops from the market. The stock market is not the economy, but it is a very clear voting mechanism.

As Ezra said, we're sort of speed running a particular experiment here of what does executive power look like if we do away as much as possible with checks and balances? And I would submit that we're already starting to get some feedback loops from the market. The stock market is not the economy, but it is a very clear voting mechanism.

And what's clear is that many institutional and retail investors think that the current economic regime is pushing us toward a recession that we don't have to have. Right. Donald Trump has insulated himself from any feedback loop or any sense of criticism that his tariff policy might not be the best course of strategy for American industry or global relations.

And what's clear is that many institutional and retail investors think that the current economic regime is pushing us toward a recession that we don't have to have. Right. Donald Trump has insulated himself from any feedback loop or any sense of criticism that his tariff policy might not be the best course of strategy for American industry or global relations.

And what's clear is that many institutional and retail investors think that the current economic regime is pushing us toward a recession that we don't have to have. Right. Donald Trump has insulated himself from any feedback loop or any sense of criticism that his tariff policy might not be the best course of strategy for American industry or global relations.

And as a result, what we have is, I think, fairly described as a kind of purposeful chaos. I mean, What other term can you use if a tariff is being announced at 9 a.m. and then taken away at 3.30 p.m. and then 10 days later announced at 9.37 and then renegotiated at 2.45? This is not a principled theory of the perfect tariff level on international trade.

And as a result, what we have is, I think, fairly described as a kind of purposeful chaos. I mean, What other term can you use if a tariff is being announced at 9 a.m. and then taken away at 3.30 p.m. and then 10 days later announced at 9.37 and then renegotiated at 2.45? This is not a principled theory of the perfect tariff level on international trade.

And as a result, what we have is, I think, fairly described as a kind of purposeful chaos. I mean, What other term can you use if a tariff is being announced at 9 a.m. and then taken away at 3.30 p.m. and then 10 days later announced at 9.37 and then renegotiated at 2.45? This is not a principled theory of the perfect tariff level on international trade.

This is, I think, much more parsimoniously explained by just an expression of Donald Trump's personality. This is a New York real estate guy. He loves making big, awesome pronouncements and then using those big, awesome pronouncements in order to negotiate little one-on-one dealings where he can rest for himself a personal sense of power or money or pride.

This is, I think, much more parsimoniously explained by just an expression of Donald Trump's personality. This is a New York real estate guy. He loves making big, awesome pronouncements and then using those big, awesome pronouncements in order to negotiate little one-on-one dealings where he can rest for himself a personal sense of power or money or pride.

This is, I think, much more parsimoniously explained by just an expression of Donald Trump's personality. This is a New York real estate guy. He loves making big, awesome pronouncements and then using those big, awesome pronouncements in order to negotiate little one-on-one dealings where he can rest for himself a personal sense of power or money or pride.

Announcing these tariffs in a sort of chaotic way forces world leaders to get on the phone with him and say, Donald, what can I give you to bring down the tariff? This is personality standing in for politics. in a way that's totally unmolested by anybody else's sense of, hey, that'll maybe chill it on the tariff policy. Hey, let's maybe slow down on the deportations.

Announcing these tariffs in a sort of chaotic way forces world leaders to get on the phone with him and say, Donald, what can I give you to bring down the tariff? This is personality standing in for politics. in a way that's totally unmolested by anybody else's sense of, hey, that'll maybe chill it on the tariff policy. Hey, let's maybe slow down on the deportations.

Announcing these tariffs in a sort of chaotic way forces world leaders to get on the phone with him and say, Donald, what can I give you to bring down the tariff? This is personality standing in for politics. in a way that's totally unmolested by anybody else's sense of, hey, that'll maybe chill it on the tariff policy. Hey, let's maybe slow down on the deportations.

I'm not so sure about this particular move over here. Instead, you have an executive branch that's just a full manifestation of Donald Trump's mind. And I do think that the early returns, if you look at consumer sentiment, if you look at the stock market, if you look at the 10-year yield,

I'm not so sure about this particular move over here. Instead, you have an executive branch that's just a full manifestation of Donald Trump's mind. And I do think that the early returns, if you look at consumer sentiment, if you look at the stock market, if you look at the 10-year yield,