Let’s parse the carefully crafted language of his scripted video. Trying to sound tough on trade, he said he’d “issue a notification of intent to withdraw from the Trans-Pacific Partnership.” That’s a big yawn, considering that President Obama had already given up on TPP because he knew it could never get through Congress. Trump didn’t even mention Nafta, but other reports this week suggest he’ll renegotiate it rather than withdraw from it. This is a considerable pullback and promises even less than it appears to. In the past week I’ve spoken with former officials from Canada and Mexico, both of whom make the same point: Nafta is over 20 years old, and there are plenty of parts they’d be happy to renegotiate. What would come out of the negotiations? That’s a long way off.

On deregulation, another popular campaign promise, Trump said he’ll “formulate a rule saying that for every new regulation, two old regulations must be eliminated.” The key words are “formulate a rule,” which is easier said than done. For starters, what constitutes “a regulation,” and will any attempt be made to distinguish between piddling ones and gigantic ones? Remember that Dodd-Frank mandated adoption of the so-called Volcker rule, which could be stated in a sentence. But the rule as eventually formulated – it took over three years – is 71 pages long. Investors don’t foresee radical change to the regulatory regime but just figure some kind of deregulation is on the way, and they like that.

Trump saved his most dramatic walk-back for his most popular issue, immigration. He didn’t talk about illegal immigrants. He didn’t even mention deportations or a wall. He didn’t explain how he’d deliver on his campaign promise that “day one, my first hour in office, those people are gone,” referring to illegal immigrants who had been arrested for any reason. He just said he “will direct the Department of Labor to investigate all abuses of visa programs that undercut the American worker.” Read that sentence carefully. He isn’t ordering action of any kind on immigration, just an investigation with no set deadline. Remarkably, he doesn’t say that he necessarily has a problem with visa programs “that undercut the American worker.” He only wants to investigate “abuses” of such programs. He spoke sternly, but the substance of what he said is almost pure air.

For now Trump is speaking loudly and carrying a little stick. Investors heard his broad message: No trade war, a general tendency toward deregulation, and no immediate crackdown on immigration or illegal immigrants. They figure these severely watered down versions of his campaign stances are good for business, and they’re probably right. Whether they will satisfy his supporters, and whether they justify the Dow above 19,000, remains to be seen.

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What We're Reading Today

Federal judge blocks overtime bump
A week before new rules are set to make 4 million employees newly eligible for overtime, U.S. District Judge Amos Mazzant III blocked the measure on grounds that the Labor Department lacks authority to impose it. Pushed by President Obama, the rule makes anyone earning less than $47,476 a year eligible for time-and-a-half pay. The decision, plus the advent of the Trump administration, puts the overtime change into doubt. NPR

Lufthansa pilots strike
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Facebook builds censorship tool
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Meg Whitman looks to "drive down the middle of the highway"
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Building Better Leaders

Has Trump's rise signaled the end of empathetic leadership?
The "alpha-male" business leader who's extremely aggressive and doesn't listen is an old model that even some women leaders use. It can even be effective so long as there's diversity of thought when making decisions.  Fast Company

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Trump's Thoughts

Trump won't pursue Clinton prosecution
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Trump disavows the alt-right
Trump said he doesn't "want to energize the group, and I disavow the group." If they're encouraged by his election, he said, he wants to figure out why. Trump said advisor Steve Bannon wouldn't have been hired if he were part of the alt-right. Fortune

Trump to continue business ties
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Amazon looks to fight fakes
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Barnes & Noble gets a boost...
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Nearly 60% of Americans want Trump...
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Even Apple will hold a Black Friday event
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