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Jim Kharouf Jim Kharouf - John Lothian News President & Editor-in-Chief

 

It was after midnight and the realization that Donald Trump is going to be president of the United States stunned, saddened and angered me. This is what our great country has descended to – a nation of angry white people who voted more than the brown and black people.

It’s quite simple really – more people loved Trump’s hate and BS than believed Hillary Clinton’s boring establishment BS. And so, here we are, on the precipice of all that is right with democracy and wrong with America.

We’ll rationalize it by saying we are bigger than this president – we are better than this man, a misogynist, a racist and by all accounts, a jerk. But we’d be wrong. The American people have voted for this and they will get it.

It’s anyone’s guess now what impact this will have on the country, as no formal plan was ever made clear during the campaign. It is possible that we will see a new phase of de-regulation across many sectors of the economy. Whether that means yet another overhaul of financial regulation is a good question. Will we see the Dodd-Frank Act undone in the way Trump has promised to dismantle Obamacare? Will Trump, who received little or no support from Wall Street, seek the populist pitchforks and tear the structure down? That might make both Trump and Main Street happy.

If Trump tilts against the G20 agreements, we could see a new level of regulatory arbitrage. And for the markets, we will see volatility, lots of volatility. (See more from John Lothian below.)

We, as voters, will have to do some serious soul searching about where this country will go from here. Some of us, I suspect, will look at everything and say it won’t be that bad, will it? Some will say let’s give him a chance. Let’s let Donald run this country like the awesome businessman he thinks he is.

The fact is, this is essentially like the juvenile band leaders who pushed for Brexit. There really is no plan. And that will be figured out in due course as well by those who told lies and pushed for the agenda they wanted.

Donald Trump represents the big middle finger to the diversity of the United States. He represents the people who are angry with Washington, who feel disenfranchised, who feel left behind. He is the crazy bus driver who says, “Who wants to drive this thing off of the cliff and see what happens!”

“Whoo, hooo – you drive on, man!”

And so here we are, in the stench of people like Chris Christie, Newt Gingrich and Rudy Giuliani who will lead this country into something. What I do not know.

I fear for my children’s future all of sudden and wonder what becomes of the great melting pot that made America great, and strong, and innovative and the envy of many.

This may seem like whining in the aftermath. But it isn’t. When one person seizes on the fears and points out a scapegoat for our troubles, you can only believe that history is repeating itself. History does repeat itself.

Is this the end of the world? Republicans don’t think so, although some are pretty worried.

I never thought I’d say I am embarrassed by our president, but this is an embarrassment that most, if not all of us, will regret. Those of us who voted for Trump will regret this. This country will regret it.

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About Author

Kharouf is CEO of John J. Lothian & Co. and editor-in-chief of John Lothian News (JLN). He edits the John Lothian Newsletter, MarketsWiki and MarketsReformWiki.