Watch the stock market now

Watch the stock market. It ain’t gonna be pretty. Investors have been betting on legislation and changes in regulations that stimulate economic growth. Not “economic development”, mind you, but economic growth. With the failure of the Republican’s so-called “healthcare” bill, which represents a big loss for the Trump administration, the sense is that perhaps some of the other items on the agenda may also be in trouble, including tax reform and immigration reform and massive infrastructure spending. The first major test of Trump’s great deal making skills turned out to be one huge flop. It was a display of amateurishness and ineptitude. Not exactly the most promising characteristics for tackling successfully things like tax reform and immigration reform, which are both nearly as difficult and complex as healthcare insurance reform.

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