There has been much discussion over the last several years about the existence of “two Americas.”
The politics of recent days notwithstanding, there are more likely three.
Main Street, Wall Street and Washington are becoming ever more separated, operating, in many ways, entirely independently of one another.
It’s most evident on Wall Street. Despite political gridlock, if not outright dysfunction, in Washington and a pervasive sense of unease, maybe even dread, on Main Street, the stock market appears immune to the risks that used to affect it on a regular basis.