Happy Talk versus Hard Talk

On Friday President Trump declared a national emergency. The market shot up 10% in a relief rally. Why would people be relieved that there was an emergency? Because they already knew we were in one.

Previously they were only getting “happy talk” from leaders — invocations to stay calm, dismissals of the seriousness of the problem, empty reassurances that things would get better. What people wanted was “hard talk” —…