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2/ It's a strong and credible narrative, and better than many extremely alarmist ones, but you have to be aware of its limitations.
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3/ There are two main problems with the "market likes trump --> all is good" story: externalities and insurance costs.
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4/ Externalities: what *doesn't* the market price well within its time horizons? For example lost economic value of future grad students
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5/ (And here I don't mean just Muslim countries: reputatational damage means the US loses cream of talent from everywhere)
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7/ Taking time off from work to go protest, especially for low-wage workers etc. is part of how "checks and balances are working" happens.
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8/ There's costs to lawsuits. There's costs to civil servants taking principled stands and resisting executive orders.
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