Politics is about to get even nastier.
That may be hard to believe, but here it comes. Ten weeks to the midterms: the stakes could not be higher. The Democrats want to re-take control of the House, so they can move to impeach the president. They will have the full backing of a very noisy media.
Mr. Trump will travel the country rallying his supporters behind growth and prosperity. Dozens of speeches are planned.
The left will scream: impeach him. Remove him. Trump's base will demand he stays, and completes the job of making America great again.
Into this toxic mix, throw the possibility of an October surprise: it could come from special counsel Robert Mueller, with some last minute revelations. It could come from the president, with a big trade deal, or some kind of breakthrough with Iran or North Korea. With so much at stake, both sides will pull out all the stops.
Put it like this: if the Democrats win back the House, they will move to impeach. They will stop any further tax cuts or tax reforms. They will call a halt to deregulation. The border will stay porous. There will be no wall. Sanctuary cities will remain.
If the GOP keeps control of the House, we'll get tax reform part two. Funding for the wall gets a boost and a squeeze on sanctuary cities is almost certain. But more importantly, the pro-business, pro-growth party, the Republicans, will retain their power. The president can stay on his MAGA course.
So here we are, Wednesday, Aug. 22, 2018. The day we mark the longest run-up in stock prices ever: 3,453 days. We are digesting the guilt of the president's former campaign manager and his former lawyer. And the Dow shows little or no reaction.
For some time our headline has been political turmoil. The market shrugs it off.
Let’s hope that shrugging off continues.