The equity markets seem to keep pretending that the tax cut bill is a big surprise, as with each trading day it gets “priced in” again. Last night’s trading was no exception:

Whereas the action in Bitcoin was, shall we say, a little more volatile (to put it in perspective, it would be as if the Dow futures traded down 1200 points if you can imagine such a thing).

In any case, the tax bill is pretty much a risk-free political move, because no matter how badly the effects of this bill are misrepresented (e.g. it’s good for the middle class, it will create good jobs, and all that other crap), none of it can be demonstrably disproved. For the first few years, it’ll be “give it time”, and for the rest of eternity, no one will really know for sure.