NOW YOU SEE HOW DONALD TRUMP RUINS EVERYTHING AND PLUNGES US ALL INTO TOTAL DEVASTATING HORROR

I said yesterday that the narrative about doom — OMFG THE MARKETS ARE CRASHING, TRUMP IS A MORON WHO IS DESTROYING THE GLOBAL ECONOMY — was probably exaggerated. Today:

Markets will continue to go up sometimes and go down sometimes, and there’s a fair debate to be had about the degree to which the DJIA is connected to any form of underlying reality about value. I’ll hear any argument that’s an argument, not a mindless recitation of the Orange Man Bad ritual. People who oversell panicked narratives for political team sports and status-seeking groupthink compliance will continue to be worthless idiots. Also:

Imagine the UNSPEAKABLE TERROR HORROR of yields on 10-year Treasury notes soaring as high as 4.49%, WHAT THE HELL IS TRUMP DOING!?!?!?!? Doom and ruin, horror and terror and crisis and agony!!!!!! Unless….

To make what I said yesterday more explicit, it’s unclear what Trump’s endgame is, and we’re all guessing about the future on the basis of our ability engage in mindreading. This uncertainty is the reason I linked to competing views, and said we’re all trying to hash it out. I’m not trying to tell you that I know the end of the story. Wherever the administration intends to land this thing, I can’t guarantee they’ll stick the landing. But in the face of all that uncertainty, I’m ABSOLUTELY certain that we’re burdened by a dimwitted mob of slogan-chanting morons whose self worth is based in their ability to smugly repeat whatever they heard on NPR this morning. We live in a terrible information environment, but I’ve usually done okay by ignoring the bleating of the herd.

Look for ground truths, tune out 95% of the daily noise, and FIDO.