Don’t underestimate Trump

Trump not only showed up for the St. Louis debate that Sunday, he stood on the stage and told Clinton that if it were up to him she’d “be in jail.” Ten days later, Trump insisted at the Las Vegas debate that allegations made against him by nine women of groping and other unwelcome physical contact were so baseless that he “didn’t even apologize to [his] wife” for his actions.

.. It is dangerous to underestimate Trump’s survival skills.

.. how tenaciously Trump pursued power, along with five key assets he has to maintain his grip on it

  1. .. Trump is an incredibly skilled politician.
  2. Second, there is the power of the presidency
    • Well-regarded people — such as national security adviser H.R. McMaster and Deputy Attorney General Rod J. Rosenstein — have shown a willingness to sacrifice their own credibility to protect Trump
    • a retinue of prominent law firms appear ready to provide legal and public relations cover in defense
  3. the desire of many observers to try to normalize Trump and get “back to business.”
    1. an agenda of repealing Obamacare and cutting taxes.
    2. It might take shockingly little .. for pundits to conclude that he is “back on track.”
  4. intensity of his most devout supporters
    1. he was probably right when he said that he “could stand in the middle of Fifth Avenue and shoot somebody
    2. this group is 25 percent to 40 percent of the electorate
    3. they make up a majority of Republican primary voters in most Republican-held districts
  5. die-hard supporters are more devoted to Trump than they are to the rule of law.
    1. an increasing number of Americans generally, and Trump supporters specifically, have “lost faith in democracy.”
    2. he may even be at his most dangerous in “wounded animal” mode.

It’s Chicken or Fish

.. are there a few good elected men or women in the Republican Party who will stand up to the president’s abuse of power as their predecessors did during Watergate?

.. But we already know the answer: No.

The G.O.P. never would have embraced someone like Trump in the first place — an indecent man with a record of multiple bankruptcies, unpaid bills and alleged sexual harassments who lies as he breathes — for the answer to ever be yes.

.. Virtually all the good men and women in this party’s leadership have been purged or silenced; those who are left have either been bought off by lobbies or have cynically decided to take a ride on Trump’s Good Ship Lollipop to exploit it for any number of different agendas.

.. Are there tens of millions of good men and women in America ready to run and vote as Democrats or independents in the 2018 congressional elections and replace the current G.O.P. majority in the House and maybe the Senate?

Nothing else matters — this is now a raw contest of power.

.. they enjoy, exercising raw power against their opponents.

.. Democrats and independents should not be deluded or distracted by marches on Washington, clever tweets or “Saturday Night Live” skits lampooning Trump. They need power.

.. they have power and are not afraid to use it, no matter what the polls say.

.. they will use that power to cut taxes for wealthy people, strip health care from poor people and turn climate policy over to the fossil fuel industry until someone else checks that power

.. The party has lost its moral compass.

.. Just think about that picture of Trump laughing it up with Russia’s foreign minister in the Oval Office, a foreign minister who covered up Syria’s use of poison gas. Trump reportedly shared with him sensitive intelligence on ISIS, and Trump refused to allow any U.S. press in the room. The picture came from Russia’s official photographer. In our White House!

.. it is a threat to the rule of law,

freedom of the press,

ethics in government,

the integrity of our institutions,

the values our kids need to learn from their president and

America’s longstanding role as the respected leader of the free world.

Buffett Assails Money-Manager Fees as Berkshire Reports Profit Rise

Billionaire also declares victory in his $1 million bet with another asset manager that low-cost index funds would out earn hedge funds over a decade

 Warren Buffett intensified his attacks on Wall Street money managers Saturday, saying that investors wasted more than $100 billion over the last decade on expensive advice.
.. “The bottom line,” Mr. Buffett wrote, is that “when trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.”
.. Book value, a measure of assets minus liabilities that is Mr. Buffett’s preferred yardstick for measuring net worth, rose 10.7% in 2016, compared with a 12% total return in the S&P 500, including dividends.

.. Berkshire’s BNSF railroad subsidiary. Net earnings at Berkshire’s railroad fell 16% in 2016 due largely to a drop in coal demand.
.. Ajit Jain, widely considered to be one of the leading candidates to take the Berkshire CEO job when Mr. Buffett is no longer on the scene
.. Berkshire, he said, is still willing to buy back its shares if prices fall below 120% of book value.
.. Mr. Buffett praised some companies, including Bank of America Corp., for buying back shares. “Some people have come close to calling [buybacks] un-American—characterizing them as corporate misdeeds that divert funds needed for productive endeavors,” Mr. Buffett said. “That simply isn’t the case.”
.. Berkshire has warrants to buy 700 million shares of Bank of America at $7.14 apiece. The stock closed Friday at $24.23, so Mr. Buffett is looking at a paper gain of about $12 billion.
.. He attributed America’s “miraculous” economic growth to “human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law.”
.. He instead saved his sharpest comments for pricey money managers who pledge to beat the market, saying that in his lifetime he has identified “ten or so professionals” who can do so successfully.
.. “If 1,000 managers make a market prediction at the beginning of a year, it’s very likely that the calls of at least one will be correct for nine consecutive years,” he wrote.
.. In 2007 Mr. Buffett bet $1 million that his chosen index fund, the Vanguard 500 Index Fund Admiral Shares, would outperform hedge funds over the next decade.
.. Mr. Buffett in his letter Saturday praised Vanguard founder Jack Bogle as a “hero.”
.. “If a statue is ever erected to honor the person who has done the most for American investors, the handsdown choice should be Jack Bogle.”

Is American Democracy Strong Enough for Trump?

I find it hard to imagine a personality less suited by temperament and background to be the leader of the world’s foremost democracy.

On the other hand, as a political scientist, I am looking ahead to his presidency with great interest, since it will be a fascinating test of how strong American institutions are.

.. Americans believe deeply in the legitimacy of their constitutional system, in large measure because its checks and balances were designed to provide safeguards against tyranny and the excessive concentration of executive power. But that system in many ways has never been challenged by a leader who sets out to undermine its existing norms and rules. So we are embarked in a great natural experiment that will show whether the United States is a nation of laws or a nation of men.

 .. President Trump differs from almost every single one of his 43 predecessors in a variety of important ways. His business career has shown a single-minded determination to maximize his own self-interest and to get around inconvenient rules whenever they stood in his way, for example by forcing contractors to sue him in order to be paid.
..He could also have argued that the mainstream media, which thinks of itself as a fourth branch holding the president accountable, is under relentless attack from Trump and his followers as politicized purveyors of “fake news.” Acemoglu argues that the main source of resistance now is civil society, that is, mobilization of millions of ordinary citizens to protest Trump’s policies and excesses, like the marches that took place in Washington and cities around the country the day after the inauguration.
.. I argue in my most recent book that the American political system in fact has too many checks and balances, and should be streamlined to permit more decisive government action.
.. I still believe that my earlier position is correct, and that the rise of an American strongman is actually a response to the earlier paralysis of the political system.
.. His strategy right now is clear: He wants to use his “movement” to intimidate anyone who gets in the way of his policy agenda. And he hopes to intimidate the mainstream media by discrediting them and undermining their ability to hold him accountable. He is trying to do this, however, using a core base that is no more than a quarter to a third of the American electorate.
.. And Trump has not done a great job since Election Day in alleviating the skepticism of anyone outside of his core group of supporters, as his steadily sagging poll numbers indicate. Demonizing the media on the second day of your administration does not bode well for your ability to use it as a megaphone to get the word out and persuade those not already on your side.
.. It is absurd that any one of 100 senators can veto any midlevel executive branch appointee they want. In some respects, unified government will alleviate some of our recent dysfunctions, which Trump’s opponents need to recognize.
.. It is important to remember that one of the reasons for Trump’s rise is the accurate perception that the American political system was in many respects broken—captured by special interests and paralyzed by its inability to make or implement basic decisions. This, not a sudden affinity for Russia, is why the idea of a Putin-like strongman has suddenly gained appeal in America.
.. However, the single most dangerous abuses of power are ones affecting the system’s future accountability. What the new generation of populist-nationalists like Putin, Chávez in Venezuela, Erdogan in Turkey, and Orbán in Hungary have done is to tilt the playing field to make sure they can never be removed from power in the future. That process has already been underway for some time in America, through Republican gerrymandering of congressional districts and the use of voter ID laws to disenfranchise potential Democratic voters.