“We all knew that Donald Trump would react badly to defeat. But his refusal to concede, the destructiveness of his temper tantrum and the willingness of almost the entire Republican Party to indulge him have surpassed even pessimists’ expectations.
Even so, it’s very unlikely that Trump will manage to overturn the election results. But he’s doing all he can to wreck America on his way out, in ways large and small. Among other things, his officials are already trying to sabotage the economy, setting the stage for a possible financial crisis on Joe Biden’s watch.
To the uninitiated, the sudden announcement by Steven Mnuchin, the Treasury secretary, that he’s terminating support for several emergency lending programs created back in March might not seem like that big a deal. After all, the financial markets aren’t currently in crisis. In fact, defying Trump’s prediction that “your 401(k)s will go to hell” if he were to lose, stocks have risen substantially since Biden’s win.
Furthermore, much of the money allocated to those programs was never actually used. So what’s the problem?”