We Are Being Governed by the Trump Organization Inc.

Wall Street analysts recently began joking that the best way to predict the behavior of President Trump — and make money in the process — was by practicing the “TACO trade,” which stands for “Trump always chickens out.” You can always bet on Trump rolling back a reckless tariff.

This mocking of Trump’s inconsistency, which drives him nuts — “Don’t ever say what you said,” he told a reporter who asked him about it — not only is accurate but also deserves to be more widely applied.

One day he is pushing Ukraine away; the next day he is shaking Ukraine down for its minerals; the next day Ukraine is back in the fold. One day Vladimir Putin is Trump’s friend; the next day he’s “crazy.” One day Canada will be the 51st state; the next day it is the target of tariffs. One day he brags that he hires only “the best” people; the next day more than 100 experts at the National Security Council are pushed out just weeks after many were hired. One day the president hosts a gala at his Virginia golf club for the biggest buyers of his memecoin, who spent a combined $148 million for the chance to hear him give a talk standing behind the presidential seal, and the White House spokeswoman suggests it’s not corruption because the president was “attending it in his personal time.”

Trump is governing by unchecked gut impulses, with little or no homework or coordination among agencies. He respects no real lines of authority, has his golfing buddy (Steve Witkoff) act as secretary of state and his secretary of state (Marco Rubio) act as his ambassador to Panama. He compels anyone who wants to stop him to take him to court, while blurring all lines between his legal duties and personal enrichment.

What is this telling us? We are not being governed anymore by a traditional American administration. We are being governed by the Trump Organization Inc.

In Trump I, the president surrounded himself with some people of weight who could act as buffers. In Trump II, he has surrounded himself only with sycophants who act like amplifiers. In Trump I, he ran a standard, but chaotic, administration. In Trump II, the president is unchained and running the U.S. government exactly the way he ran his private company: out of his hip pocket and with only the markets or the courts able to stop him.