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EVERYONE’S LOOKING FOR A JOB, spinning their agendas, and pointing fingers. Welcome to the stunned capital, where intrigue and ambition collided yesterday after the stunningly easy Trump election victory.
IT’S IMPOSSIBLE to cover all of the angles that erupted yesterday, but here are some of the highlights that stood out for us:
1. The blame game: The long knives are out for Joe Biden, for not dropping out sooner, and Kamala Harris, for not realizing how devastating it was to ignore illegal immigrants, high crime and inflation. They thought they could spin their way out of those flaws but they could not. And the Harris-Biden team made lots of gaffes, lots of unforced errors.
2. The issues that matter: What had the Democrats really stunned yesterday? Polls that showed abortion wasn’t the dominant domestic issue, and other polls that, incredibly, showed Hispanic voters moving toward Trump — even after the racial “humor” in the final weeks of the campaign.
3. What do the Democrats stand for? The Republicans can claim growing support among the working class, while the Democrats have the enormous task of coming to an agreement on what issues to emphasize. Hint — it may not be poor messaging; it might be the message itself, not the spin.
4. Get the resumes out: Democrats already are lining up for the 2028 campaign; early candidates include Govs. Gavin Newsom, Gretchen Whitmer and Maryland Gov. Wes Moore. And Harris may be back. As for Republicans with resumes, watch Marco Rubio, who can have virtually any job he wants, starting with Secretary of State.
5. A cautionary note: The Republicans could over-play a strong hand: too radical on tariffs, embracing Robert F. Kennedy, spending political capital on big new tax cuts, etc. GOP insiders already are quarreling over how much of the Project 2025 agenda they should accept.
These issues are just the tip of the iceberg — what about Ukraine? Should defense spending get a haircut? Could the bond market continue to worry about over-stimulation as nervous traders see inflation that is not subdued?
WE’RE HEADED INTO A FASCINATING STAGE — the Sunday talk shows will be worth watching. Everyone in town will be eager to plug their own agendas — the bazaar will be open for bargaining as a new administration takes shape in this stunned capital.
Related: What Does a Second Trump Term Mean for the Markets?
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