After more than a year of staff turmoil in the White House, stock markets have not merely survived but thrived. They have also shown an ability to rebound very swiftly after the sharpest sell-offs. But even bearing these cautions in mind, there is reason to believe that the Gary Cohn resignation will be different. Cohn was regarded not only as Wall Street’s representative in a White House that included virulently populist elements, but also as an indispensable adult in the room. The same cannot be said of any of the other names in the long list of White House personnel to leave their jobs over the past year. The market’s instant negative reaction therefore speaks volumes about Wall Street’s underlying confidence in the President’s judgment when left to his own devices. He has delivered a number of policies that have stimulated earnings and share prices, and markets have reacted accordingly, but US President Donald Trump is not trusted. Further, Cohn’s resignation was inescapably lin...

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