Chaos and Idiocy
Lying and Tariffs and a Bear Market, oh my!
I need to start off by saying that I’m not a lawyer, a politician, or an expert on world affairs. I have two master’s degrees (business and communication) and half of a PhD in educational leadership that I didn’t finish because my COVID-forced retirement helped me realize that I didn’t need to be Dr. Wylie after all. However, I do have opinions!
Caving Law Firms
I have to admit that I’ve never heard of most of this giant law firms that have been in the news lately. I wouldn’t know my Skadden Arps from a Wilmer Hale. We do have some family members in the legal profession, but they never shared their knowledge of the big guns of the business. In the case of the firms that are now kowtowing to the administration out of fear (loss of status and revenue, mainly), I can only shake my head. Just like Bezos, Zuckerberg, Cook, and the other ultra-wealthy tech bros, these firms are sucking up to the administration because to do otherwise might jeopardize their status in the legal world.
I hope some of their clients take a stand and find new firms that aren’t capitulating to the administration. I hope they lose revenue anyway. It is infuriating to me that hitching your wagon up to the trump train would ever be a good thing for anyone, but that’s just me. I also hope that more of the attorneys and partners in those firms take the high road and resign. (Second Gentleman Doug Emhoff, I’m waiting.)
(As I’m editing this, I’m listening to the MeidasTouch Network on YouTube where the Democrats are listening to testimony from former DOJ and Skadden attorneys about what is happening in the justice system. I greatly admire the courage of those testifying.)
See You on the Back Nine
Back when Obama was in the White House (oh, I long for those days), the current occupant (who was just a failed TV game show host back then) complained about how much Obama was golfing. Well, in the “every accusation is a confession” world, the donold has spent 27% of his days in office on the golf course as of this writing. He even chose to golf rather than to be present at the dignified transfer of the bodies of the four soldiers who died tragically in Lithuania.
I am seething about this. Once, Joe Biden checked his watch during a similar dignified transfer of fallen soldiers, and the right-wing media pounced on him like it was an impeachable offense. Donold doesn’t even go to the event, and 🦗🦗🦗🦗. I know that he has said that he has no respect for our military, especially those who give the ultimate sacrifice. But the fact that the media isn’t all over him about this just burns me to the core.
Golf away, Donnie, while the world burns. Maybe I should start calling you Nero.
Tariffs ‘R’ Us
The tariffs are now official, by executive order. Congress is supposed to have the power to levy taxes and tariffs, but they willingly handed that function over to the executive branch. So Donold came up with a ridiculous formula to levy tariffs on all goods from other nations and territories, including one whose population is mostly penguins. He made his announcement after the close of the stock market last Wednesday, but that didn’t stop the freefall that happened on Thursday and Friday, and is continuing today as I write this.
The dude campaigned on lowering prices on day one and now we can all look forward to even worse inflation because of these stupid tariffs. And now he says that he doesn’t really care that prices will go up. Because the truth is that he has never cared about anyone but himself.
There are those who say that this plan is intended to bankrupt farms and companies so that the oligarchs can snatch them up at discounted prices. I’m not ultra wealthy, and so I can’t really comment on that except to say that we watched the movie Twisters the other day. One of the tornado-chasing crews was financed by a wealthy guy who would pay cash to families who had lost everything in the storm. Of course, his payment offer was way under market value. Needless to say, he wasn’t the good guy in the story.
Now Donnie is saying that these countries that have the highest tariffs are coming to the negotiating table to try to get them removed. I remember when we used to provide aid and support for other countries for things like medicines, food, and services. Now we strong-arm them into submission so that their exports won’t be taxed. Geez, we’re so nice!
The New Concentration Camps
Regular people who want nothing more than to live the American dream have been abducted and transported to a giant prison in El Salvador without any form of due process. Claims that they have committed crimes or belong to terrorist gangs are unsubstantiated. CBS reported that 75% of the 238 Venezuelans who were subjected to extraordinary rendition have no criminal record whatsoever. Most of the remaining individuals have only minor crimes, like shoplifting or trespassing, on their record. A dozen, just 0.5%, have committed serious crimes.
We have a system for accusing, indicting, and trying criminal cases, and it does not involved placing those accused in high-security prisons in another country.
If this situation makes you think of Auschwitz-Birkenau, Dachau, or Buchenwald, then you’re on the right track.
Feeling Bearish
The stock markets have closed for the day, and the Dow and S&P 500 both closed lower today, although not as badly as they did last week. This could be become of some bargain hunters who believe that the worst of the market reaction to the tariffs is behind us. I’m not at all confident, but I will be riding out the crisis with a trust in our modest, diversified portfolios that our losses won’t be too bad.
One important thing to remember is that we should look at percentage drops in the market, rather than point drops, to keep everything in perspective. The worst percentage drop in the market was Black Monday 1987, when the Dow Jones Industrial Average dropped by 22.6%. In contrast, last Thursday’s percentage drop was only 5.5%. It was the third largest drop in points ($2,231.07) but way down the list of the worst drops by percentage. That’s what happens when the DJIA is in the 40,000 range rather than the 2,000s.
I do think we will see some wild swings in the market for as long as the tariffs are in place. If you look at the stock market from 5 years ago, during the early weeks of the COVID pandemic, you can see that many of the largest swings in the market happened between late February and early April, 2020. We could easily see similar levels of activity over the next several weeks.
Moments of Optimism
There was a scheduled protest in Evansville, Indiana, that I had planned to attend. We had brutal storms from Wednesday last week through yesterday (Sunday), and the organizers rightfully decided to reschedule the rally for this coming Saturday, April 12. I’ve got my sign ready and am looking forward to being there!
Watching the protests unfold on Bluesky on Saturday while we stayed inside, warm, and dry were incredibly inspiring. As people shared photos of the protests, I was moved and energized by the patriotism of everyone who participated. This Saturday will feel a little anticlimactic, only because we won’t feel like part of something huge, but it won’t stop us from letting our voices be heard. Another nationwide day of protest is scheduled for April 19, and I hope our local organizers are planning for another day then. I’ll be there!
A friend in California shared some of the photos that she took of the rally in Walnut Creek, in the East Bay. Here are some of the best signs:
She wanted me to say that there was a great turnout with throngs of people and folks in cars being very supportive. Walnut Creek is pretty liberal, politically, so it’s not surprising that there would be such a great mass of people - but it’s encouraging nonetheless!
I will definitely be taking photos at the rally on Saturday. If you attended a protest where you are, leave a comment and share how you felt during the rally.
That’s It For Now
There is so much that’s awful happening right now, but these are the things that are prominent in my head today. I’m sure tomorrow will bring new atrocities and ridiculousness. I can’t wait. (Yes, yes I can.)
Stay strong, friends!