A year after arriving in Washington promising to hand power back to the people, the president has instead given the city’s insiders precisely what they wanted.
On a drizzly January afternoon one year ago, a newly sworn in President Donald J. Trump stood on the steps of the United States Capitol, doing his best to terrify America’s ruling class.
“Today, we are not merely transferring power from one administration to another, or from one party to another,” Trump declared, peering out at a sea of supporters, “but we are transferring power from Washington, D.C., and giving it back to you, the people.”
From Washington to Wall Street and beyond, a deep sense of unease permeated gatherings of high-status respectables at the dawn of the Trump presidency. The situation seemed dire: A madman had been swept into office in a wave of populist rage directed at them—and in that hallucinatory moment, it felt as if he was capable of anything. Would he tank their stock portfolios with a single tweet? Imprison their favorite New York Times columnists? Start a trade war with China, or a nuclear war with North Korea? And what to make of this mysterious movement he now marshaled?