I've made no secret of my disdain for Trump. I think he is the scion and now leader of an organized crime family, that he suffers from at least one serious mental illness that endangers all of us (narcissistic personality disorder) that he is a buffoon, he cheats at golf, and has bad taste. But I don't think he's totally to blame for the mishandling of the Covid-19 epidemic. No President can really run the US government, although Trump has clearly proven that one really bad President can damage it. Trump has obviously been poorly supported by the medical establishment. Epidemiologists should have been screaming to the media instead of mumbling about it in papers and conferences, ever since it first began to spread in China. I'm an avid consumer of the media (an ex-reporter) and I really didn't hear much from those guys until a month or so ago. The head of Health and Human Services, who knew how bad this was going to get back in early January, first delegated his chief of staff to inform somebody on the National Security Council about it -- in other words, dump it into the bureaucracy where it takes weeks for anything to trickle out. He then waited even longer before he even talked to Trump directly (all part of a WAPO story.) The guy should have been screaming in Trump's ear the next day, after he learned about the China problem, and other advisors should have pushed Trump hard to get out in front of it. Instead, they appeared to think they only had a political problem, and let the real problem, the disease itself, boil up from underneath. If Trump in mid-Janary had gone out front and said, "We may have a problem not of our devising, but a problem nevertheless, and we have to do everything we can to protect ourselves, and I'm appointing the VP to manage the problem day by day," then everybody now would think he was actually doing a great job. Instead, he got a lot of bad advice and has spent the last two months stepping on his own dick, and it's almost like he's being blamed for the disease, rather than just being blamed for being his usual self (an inept bumbling fool.) What he and his advisors have blown here is the possibility that he might look like a true leader in a crisis that everybody could understand that he couldn't prevent. But he's *still* insisting that it's not going to be that bad, and he's exacerbating the inept bumbling fool judgment. To say it in a few words: he has been badly served by his underlings. Some of us thought that might happen in a true crisis, and now it has.
And now he has two crises to manage. The oil market just went in the toilet, and that by itself could drag us into a recession. If we had a President who wasn't an inept bumbling fool, he might be able to get with OPEC and the Russians, bang some heads together, and get a floor under oil prices -- some kind of agreement to run at least through the easing of the COVID-19 panic. But I've got the feeling we're going to see him actually tap-dancing on his dick, not just stepping on it.
My only relief comes from the fact that Trump scared me so badly that over the past few years I shifted most of my investments into bonds, which have been doing quite nicely lately -- prices for mine are going up as yields fall through the floor -- and that sometime soon, I'm going to liquidate the bonds and stick a bundle of cash into Exxon-Mobil. At Friday's prices, which are almost sure to drop tomorrow, Exxon-Mobil's dividend yield is 7.3%, or $73,000 annually for every million you stick in. And if the stock goes back to the price it was at just a couple of months ago (and it will) you'll make 30% on the stock, as well. If I die from COVID-19 because of Trump's bumbling, at least I'll go with a smile on my face.