Donald J. Trump will take the oath of office Friday, January 20. This fact is disorienting for many but viewed as promising by others. Trump’s election is part of the larger picture, that we live in a new age of uncertainty, suspended between an old order and a new one being formed. "Business as usual"
When I vacation to my happy place—The Grand Tetons and Yellowstone National Park—the market usually misbehaves. Last year, the S&P 500 fell more than 10% in just four trading days, only to finish up 0.9% for the week. Volatility is remarkably low at the present time, and this is the season volatility often picks up.
Losses in financial markets since the year’s start have engendered fears of a replay of the 2008 financial crisis. Justin Lahart of The Wall Street Journal explains the crucial differences between then and now. Paul Krugman of The New York Times dissects China’s problems and discusses the potential for psychological contagion. Finally, Liz Ann Sonders