President-elect Donald Trump's transition continues to go smoothly. Better than smoothly. Confidently. More than confidently. Transcendently.
And to top it all off, the Dow is up 9 percent since the election, while economic-sensitive small-caps have jumped nearly 16 percent. These are signs of Trump confidence.
Hard-nosed investment manager Ray Dalio, founder of Bridgewater Associates and a non-political guy, expects the Trump years to be as transformational as the Reagan-Thatcher years. Dalio says the Trump era could "ignite animal spirits" and "shift the environment from one that makes profit-makers villains with limited power to one that makes them heroes with significant power."
That's as good a summary as I have found.
Since the election, I have argued that the Barack Obama/Hillary Clinton war against business will come to an end, and that America will once again reward success, not punish it. And while the Left has demonized Trump's cabinet appointees as a terrible group of successful business people, free-market capitalists such as myself regard this group as very good indeed.
Why shouldn't the president surround himself with successful people? Wealthy folks have no need to steal or engage in corruption. Their business success demonstrates that they know how to achieve goals and convince skeptics that good deals can be made to the benefit of both sides. Isn't this just what America needs?
And most of these folks aren't political. They won't be afraid to reach across the aisle for bipartisan solutions. And that includes Mr. Trump himself. For many of his years he was a Democrat. Just like Ronald Reagan. Just like me.
I've always loved Winston Churchill's comment that "If you're not a socialist in your twenties, you have no heart. But if you're not a capitalist in your thirties, you have no mind."
In our new book, JFK and the Reagan Revolution, Brian Domitrovic and I explain how the two great pro-growth tax-cutting presidents -- JFK the Democrat, Ronald Reagan the Republican -- used civility and respect to communicate key ideas in a bipartisan effort that yielded terrific results for American prosperity.