And insofar as he's not Trump, that he does accept, cherish and understand democratic norms, institutions and conventions in a way that Trump never could, Biden will make a real difference.
Some quick thoughts on what we just saw
Firstly hardly a unique insight but hard to overstimate the difference between the two last inaugurals. America has meandered sharply along its political arc.
Biden's rhetoric reached high. Every sentence seemed purposefully...
BREAK: Joe Biden is inaugurated as the 46th President of the United States.
— Lewis Goodall (@lewis_goodall) January 20, 2021
The Trump administration is over.
And insofar as he's not Trump, that he does accept, cherish and understand democratic norms, institutions and conventions in a way that Trump never could, Biden will make a real difference.
But that aura will disappear quickly. A governing project it will not make
Because the big overarching question for me, watching this, is which of those two inaugurals, Trump or Biden's, is going to seem unusual in the future.
Right now, we can't know the answer to that question, which man will be the blip.
After all a future Trump may be a tougher opponent. Because though he may have been a wannabe authortitarian, he wasn't especially skilful at it. Someone with more political skill, who has learnt some of the lessons Trump has inadvertently taught...
So though today feels like an ending, it might not be. It may just be an interregnum-a brief restoration. Ensuring that it's not is perhaps Biden's biggest task.
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I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.