We Are All Keynesians Now

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The Wall Street Journal reports that investors are giddy at the possibility of Republicans finally embracing crude Keynesian stimulus. Isn’t that funny? Republicans have been screaming about government spending for the past eight years, but investors are now pretty sure they’ll happily blow a great big hole in the deficit. I wonder what changed their minds?

Of course, there’s more to Wall Street’s happiness than just that. Thanks to newfound hopes of government spending, bank deregulation, and fat profits for Big Pharma, the stock market hit record highs today:

The moves partly reflected expectations that a Trump administration would push to scale back financial regulation and increase government spending in a bid to boost economic growth….Thursday’s gains came as the president-elect’s transition team promised to dismantle the Dodd-Frank law, regulation that came out of the financial crisis….Pharmaceutical companies also jumped, with some analysts and investors saying drug-pricing restrictions would have been more likely under Democrat Hillary Clinton. Health-care companies had sold off sharply heading into the election.

JP Morgan Chase and Goldman Sachs were big winners today. And bonds are doing well on expectations of higher inflation under Trump. This is all certainly good news for rich people, but I wonder what Trump has in mind for all those rural working-class whites in Michigan and Wisconsin who put him over the top? Oddly, Wall Street doesn’t seem too worried that he’ll do anything at all for them.

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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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