The stock market is … the ultimate voting machine, reflecting prospects for earnings growth, stability, liquidity, inflation, taxation and predictable rule of law.

This is from one of the few analysts on Wall Street who was bearish on a second Trump term.  The key point to me is the last in the opening paragraph: our financial system relies on the Rule of Law.  For all the tariff concern, I think the decline in US equities is equally, or more, attributable to his other violations of norms and the continued degradation in the Rule of Law.

> it cannot be defunded; seized, nationalized

I think these three are wrong