Exceptionalism, Until the Landslide Brings It Down
If Trump 2.0 is the first stone rolling downhill, how much will momentum carry along with it?
Life on the edge in San Clemente, California.
Photographer: Mario Tama/Getty
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After another huge selloff, it’s best to say that what’s going on isn’t an eruption or an earthquake. If there’s a good geological metaphor, it might just be a landslide; it doesn’t start so dramatically or damagingly, but as time goes by gains momentum and gets harder to stop. That makes this selloff different from most, and also makes it even harder to grasp where the market is going next.