Wall Street has always struggled to understand Washington, flummoxed by its Byzantine procedures and arcane rituals.
But even though New York is sending one of its most powerful businessmen to Washington as president in 2017, Wall Street may be misunderstanding the new Trump team, too, a person familiar with the Trump transition told CNBC.
This person argues that Wall Street is expecting a typical Republican administration, in which lower taxes and slashed regulations give a huge boost to corporate chieftains. But, the person said, that's only part of what Wall Street should expect from Trump. The new president instead will be turning a generation of Republican orthodoxy inside out, the source said.
"Bowing at the altar of free markets is out," the person said. "It's not a traditional Republican government. We have a lot of people whose religion is free markets, but this will be a principle of America First. If you're making products and doing things that help the country, great. But crony capitalists are going to be on the dart board."
Of course, this is the view of just one individual, but may offer a glimpse into the thinking at Mar-a-Lago these days.