Democracies are electing people who don't respect things like a free press, an independent judiciary and minority rights. And sometimes all it takes is an ill-timed recession or corruption scandal for this to happen.
The problem is that while the tax-cutting story the Trump administration was telling might be true for a small, open economy, it was never going to be for a large and slightly closed one like our own.
For a long time, Italy has been Europe’s hidden crisis. Now, though, it’s becoming much more open.
The Fed is going to be driving Trump crazy for a while.
Employers appear to be doing whatever they can, whether it's forcing noncompete agreements onto workers or entering non-poaching agreements themselves, to try to maintain their bargaining power in the face of lower unemployment.