Convicted felon President Trump’s frenemies on Wall Street are pretty obviously sick of the tariff bullshit, but have also settled on the idea that every day will be TACO Tuesday, a wealth management douchebag/podcast host tells the Washington Post in a brief newsletter bit.
“I don’t think there is an adoration of his business abilities, but, generally speaking, the investor class likes that he is there, would prefer if he did less,” said Josh Brown, CEO of Ritholtz Wealth Management and a host of “The Compound” podcast or show or whatever. “Everyone that I talk to says, ‘Can this guy just go fucking play golf?’ They like his policies, as far as deregulation, they would like the tax cuts to be extended, I just think they would like there to be less news every day.”
Brown then stated the obvious about whether the TACO thing will drive a course correction: “He’s 78 years old. Does a leopard change its spots? He has strong beliefs about tariffs, I think he likes when his pronouncements make the news and I think he likes the idea that the markets will see past the tariffs because his Big Beautiful Bill is coming and the economy is doing okay. The consensus is that the tariffs will get swallowed up inside of corporate margins and a little bit of higher prices for consumers. And that seems to be playing out. And so far, investors are just weathering it.”
The “a little bit of higher prices for consumers” part is great stuff. Revelatory for how little it affects some investor class chode personally because it’s a regressive tax on consumers and the absolute increase on products everyone buys has zero effect on his bottom line – and for the related political angle, like it’s not really that important for him if the GOP takes a beating next year after not just failing to fight inflation but enacting policies that deliberately increased it. Brown can just fucking play golf without worrying about either angle as long as he and his buddies get their tax cut.