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Callum Borchers of the Washington Post summarizes the three angles of the investigation by Special Counsel Mueller into Russia's role in the 2016 presidential election. This report points out that it was not until the firing of FBI director Comey that the investigation took a new turn by looking into the possible obstruction of justice in the case of National Security Adviser Flynn.

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Exceptional reporting in the Washington Post on the meddling in the U.S. election by Russia and president Putin. This report provides some inside details on how the issue was handled by Trump during the period before and after the election based on 50 interviews with Trump connected officials. According to the report Trump treated any thought that he was elected by factors other than his charisma and personality as an affront. When confronted with evidence from intelligence reports by U.S. spy chiefs on Jan. 6 at Trump Tower, Trump railed at the idea that he could not have won the election without outside help. Trump's larger than life personality made him take on the challenge of winning the president from outside with unconventional tactics. Here the same larger than life personality and ego conflicts with the effort of Republican advisers who sought to put the Russian issue behind them by accepting the findings of the intelligence community.

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The Washington Post gives the green light to most of the nominees of DJT except Pete Hegseth at Defense, RFK Jr. at Health and Human Services, Tulsi Gabbard for National Intelligence, and Russell Vought for Office of Management and the Budget (OMB). RFK Jr has support for his stand on obesity and drug costs, if he convinces the Senate on vaccines. Jamieson Greer was Deputy Trade Representative under USTR Robert Lighthizer, Greer and Stephen Miran at Council of Economic Advisers give DJT the resources to create a level playing field for America in world trade, business and manufacturing at home, to reverse the lack of government support of three decades that destroyed much of American manufacturing. Elise Stefankik is a good choice of young Congresswoman from upstate NY who has potential to put America's position before the world.  Kristi Noem brings good experience at Homeland Security as 2 term governor of South Dakota, and experience in Congress. Dough Borghum is a two term governor of North Dakota and is a good choice for Interior Secretary. Tom Homan as Border Security Head complements Noem and Borghum as a Border Patrol Agent who has worked, the WSJ says, under 6 administrations including the Obama administration and is likely to combine immigration goals of DJT with realism. Homan would focus on getting immigration right so that the migration issue is resolved cutting out crime, illegal migration, and restoring the southern border.    ...

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Responding to criticism of the Clinton Foundation which has affected Hillary Clinton's ability to win voter support in her contest with Bernie Sanders, the Clinton family has decided to take action in August 2016. The Clinton Global Initiative will be discontinued in 2017. Bill Clinton and Chelsea Clinton will stop raising funds for the Clinton foundation. The Clinton Foundation will not accept funds from foreign donors. What started as a do-good effort to raise funds for worthy causes such as world health, poverty and hunger turned out -because of its very success in raising large amounts of money from corporate donors- into a distraction for the election campaign of Hillary Clinton in 2016. It opened up Hillary Clinton to charges of having conflicts of interest from outsiders Sanders and Trump. Hillary Clinton discontinued her association as a board member of the foundation in 2015 when she began her campaign. Bill Clinton continued to give paid speeches and raised $2.6 million. All that fund raising appears to have been a big mistake and not even fair to the candidate, as it gave rise to misperceptions about the candidate going far beyond what the Clintons ever understood about was happening. As former Labor Secretary Robert Reich put it, it gives rise to accusations of impropriety that may affect an election, without the voters getting a chance to evaluate the candidates on the basis of what each candidates program or agenda is. In this the Clinton family may have realized that in retrospect the entire foundation activity appears to be a small matter, when put next to the choices facing the U.S. and the world in 2016 for the next decade and beyond. The Clinton Foundation in future would be managed by people independent of the Clinton family and circle. The next step would be setting it up as a public foundation, a new board and professional staff. Was it all worth the problems it has created for voters being able to get a clear idea of what each candidate offered, an not acting as a huge and dangerous distraction which Hillary Clinton and the country and the world could do without, considering the significance of making good choices in a general election- very much so. The foundation and the fund raising made it possible for outsiders Sanders and Trump to turn this election into one of slogans and accusations, to which the Clintons were unprepared to respond, acting as a distraction  which was bad for the country and the world. ...

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Hong Kong's new chief executive, Leung Chun-ying, is intervewed by the WSJ's Te-Ping Chen, Jeffrey Ng, and Robert Thomson. He was elected by 1200 business and political leaders in 2012. The term ends in 2017, by which time China says it will hold direct elections with universal suffrage in Hong Kong. Leung plans pro-growth policies and says Hong Kong's growth rate of about 4% for the last two decades lags too far behind Singapore's over 6% growth rate. No action is planned to reduce property prices by providing new land supply. He sees more room for growth in maritime insurance and ship financing services to complement Hong Kong's development as a global shipping center, citing London as an example. To improve the problem of cramped housing space and small apartments he is looking at ways to build new towns in the New Territories, which are on the border with mainland China. Leung will not change Hong Kong's flat tax structure, and is not going to follow Singapore's example in granting tax holidays. Growth in China will be about 7% in 2012, and future growth will depend on how fast China shifts from export led growth to domestic consumption....

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The risk premium for investors in the U.S. stock market is about 5.4%. The risk premium is the higher return investors expect above the return on less risky government bonds to assume risks of a volatile stock market.This is the finding of researchers Fernando Duarte and Carlo Rosa at the New York Federal Reserve. It is the weighted average of 29 models used to calculate the average over the last 50 years. This is close to what it was after the bear market of the mid 70's and when shares were in a slump in 2009, and suggests a positive outlook for stocks. A separate indicator is the cyclically adjusted price earnings ratio of the American stock market developed by Robert Shiller of Yale, which averages profits over 10 years. This is at 23.2 in May 2013, and above the historical average, suggesting the U.S. market gains may not be too much higher from this point. Inflation is low, and commodity prices are lower which gives central banks in the U.S. and the eurozone more room flexibility in monetary policy. Japan's central bank is increasing the money supply to fight deflation and other central banks are cutting rates. This adds to the positive picture for U.S. share prices and stock market....

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The Fed's efforts so far to revive lending have done little to create confidence even though the rate cuts have lowered the federal funds rate to 1.5%. Bernanke's efforts to randomly spread liquidity across the economy is not helping frozen credit markets and jumpstarting lending. Business Week's Coy and Reed call it "helicopter money" that is spread all over the landscape and remin readers that Bernanke was referred to "Helicopter Ben" after one of his speeches citing Milton Friedman in 2002. Friedman coined that metaphor. Paul Welfens, president of the European Institute of International Economic Relations in Wuppertal, Germany says "its very dangerous not to have a strategy, as the situation is worsening because no one is doing a program to restore confidence." Gordon Brown's plan in the UK to jumpstart lending by injecting capital into the banks for equity stakes is supported by Business Week's Coy and Reed. Coy and Reed suggest a targeted approach including not wasting money on weak banks that may be consolidated or allowed to disappear. They cite Robert Diamond, President of Barclays bank who says that "as the tide goes out the weak models and the weak managements are revealed, we are goiing to see significant consolidation in banking across Europe."...

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Former FBI chief Comey tells the U.S. Senate Intelligence Committee that he had turned over all his memos of conversations with president Trump to Special Counsel Mueller. It would be for Mueller to examine this for possibility obstruction of justice. Comey said Mueller would have to "try and understand what the intention was there and whether that's an offense." The matter relates to an FBI probe into Mr. Flynn, a Trump adviser, during the 2016 election year for ties to Russia.

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Tom Hanks and Robin Wright in the movie "Here" a technical experiment in deaging and new kind of cinematography different from the past. Robin Wright's vision of growing up as adults in the 1960's, the period John F. Kennedy was campaigning in 1956 and in 1960 in Wisconsin, with radio the main medium and life moving slowly. There is this image from a writer in Wisconsin about that time when John Kennedy turned up at a supermarket in suburbs of Wisconsin to talk to customers for his Wisconsin campaign, and with Robert Kennedy also in the store, Mrs Kennedy takes a microphone and talks to customers at the store about JFK's campaign.  A new spirit of social change was being felt in the air when Kennedy represented this not just for America but for the Free World across Asia, Latin America, and Africa. It is this optimism that America felt and reaches out for again. It is also a period of optimism in the US and the Free World, a spirit John Kennedy really captured. The FDR-Truman period laid behind the chapter of excesses of capitalism and Roosevelt's response, Truman set the Free World's response to the Soviets, Eisenhower period completed the Interstate Highway System but was stagnant in other respects. It is this Wisconsin campaign that put Kennedy on the map for the Democratic nomination in 1960 with a new feeling in the air about what America could really aspire to and aspire for. ...

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Paul Waldman reports in the Washington Post that a lawyer for Michael Flynn, former National Security Advisor to president Trump, has ended communications with Mr. Trump's legal team. This marks a new turning point for the Mueller investigation. Waldman says this could mean Flynn is cooperating with the Mueller investigation, though this is not yet certain. He says president Trump may respond differently to Flynn as the investigation proceeds. 

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Attorney General nominee William Barr sayshe will not interfere with the Mueller Russia investigation, calling it "vitally important" that this investigation be completed. This happens as there is increased scrutiny of President Trump's interactions with Russia. This follows a report that the Federal Bureau of Investigation had opened a counter intelligence probe into Mr. Trump in 2017, as questions were raised about the abruptness of the firing of FBI Director Comey.  Mr. Barr defended a memo he had written critical of Mr. Mueller for his theory of obstruction of justice by Mr. Trump. He said he considers that a minor aspect of Special Counsel Mueller's probe. Barr says the memo did not question the special counsel's core investigation into Russian interference in the 2016 election. Mr. Barr was Attorney General under George H.W. Bush and would follow his earlier prioritizing of crime fighting and immigration policies. He needs some support from Democrats to be nominated, and to win this support he reiterated that "where judgements are to be made by me, I will make those judgements solely on the law."  ...

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With heightened scrutiny of president Trump's interactions with Russia, and lack of detailed documentation of what was said at meetings, Mr. Trump told reporters - "I never worked for Russia." House Democrats are looking at whether there was an effort to limit documentation of meetings. 

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The Post points out that the Mueller investigation is here to stay as it is composed of some of the nation's top investigators and leading experts on every aspect of this investigation. It says that the Manafort indictment is only the first step, and the competency of this investigation is at a high level, as Mueller has put together a solid team of investigators. It points out the sharp contrast with elected officials in Washington. 

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The Economist's view is that trade and currency tensions are too high to result in an accord along the lines of the 1985 Plaza Accord. There may be a general underestimation of how strongly the American public feels about trade and jobs issues, and the currency issues that are intertwined with trade issues. This includes the Economist. See the 2010 survey of American public opinion (Murray, Belkin, WSJ, Oct 2, 2010, Americans Sour on Trade), which shows that better educated and higher income professionals are also shifting to firm opinions on trade that impacts jobs in the U.S. Also see Roubini's recent analysis (interview with Peter Stein, WSJ, 10/2/2010, Yen Revaluation for China's Own Sake), on why it is imperative in China's own interest to move forward with a currency revaluation. Economist Robert Gordon of Northwestern University (Peter Coy, Business Week, 9/30/2010, Why One Economist Predicts Slow US Economic Growth), recently pointed out that his models show a significant slowing down of the U.S. economy over the next two decades, the slowest growth since the Presidency of George Washington. This means growth slowing down to 1.5% in the period 2007-2027, from 1.93% in the prior three decades, which he says leaves less money for everything from tackling carbon emissions to infrastructure needs. ...

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Robert Frank, an economist at Cornell and visiting Professor at the Stern School of Business at NYU, says this deficit increasing our debt burden is entirely different from the way in which the Bush administration increased the national debt. During the last 8 years the Bush deficits increased the national debt by almost $5 trillion. But people went for larger mansions, and consumers went on aconsumption binge, and the Bush tax cuts were skewed to help the wealthy. Now to address the economic crisis a similiar amount of about $5 trillion will be needed but it will be spent quite differently. Money spent on ropads and building infrastructure that is needed is money well spent on any dimension. Especiallyfor America's crumbling roads and bridges and highways. If postponed these would cost more or twice as much to fix. Frank's point is that alot depends on what you do with the money. At recent interest rates servicing $10 trillion in debt costs about $400 billion annually. He says thats quite manageable. Just by instituting agasoline tax of $2 agallon as the Europeans do and are not alot poorer dfor this, the US could generate $100 billion ayear. When Americans are using mass transit in the largest numbers in 50 years, it also makes sense to build better faster transportation systems between major cities, like the high speed trains in Europe....

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Gerlad Seib points out that one should look less at what president Trump accomplished in the first 100 days and more at how he operated and learned during this initial period. This is certainly true because much of what happened in the first 100 days contradicts some of the tone that Trump setup during the campaign. When it comes to governing Trump has made an effort to learn and adapt and show resilience in the face of early setbacks on the travel ban and the health care bill, the Flynn episode. After this early period Trump took on a more disciplined approach, gave more room to and listened to more respected advisors- Tillerson on foreign affairs in shaping policy with Russia leading to Tillerson's presence at Lucca massacre memorial in Italy sending a clear signal about U.S. policies in line with its role in the past century in world affairs, Gary Cohn and Ross on economic policy and seeking Cohn's advice on tax plan, Ross's on NAFTA negotiations with Mexico. As a result the NAFTA fears were calmed down with statements by Wilbur Ross, the Commerce Secretary, that the goal was a win-win relationship with Mexico. Trump worked with his party in Congress to have the Supreme Court nomination of Gorsuch approved. Meetings with Merkel of Germany and Jinping of China were carefully planned and new relationships established as Seib points out, without ruffling trade relations. The appointment of Robert Lighthizer, as Trade Representative, also shows that efforts to give the U.S. a more level playing field in trade will be resolutely pursued in the win-win context. Lyrarc has profiled Lighthizer earlier in this decade after his op-eds in the media as he correctly anticipated the changing public mood on the need for fairness in trade relations. On relations with China and South Korea, Jim Mattis has taken the lead, and Pence's visit to South Korea also show deftness in handling what is one of the most difficult issues in foreign affairs. Mattis and Tillerson also have helped reinforce the Republican party policies on NATO and Europe, with the visit of NATO secretary general Stoltenberg to the White House. In the end it is how much you can learn in the first year, how much you listen, and the courage to act in difficult situations, the willingness to act contrary to one's instincts and self interest where necessary, that matters. This is especially true in an environment where as Seib points out the Democratic Party stands opposed to the Trump administration following a bitter election campaign.   ...

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Rubin's final goodbye letter to Vikram Pandit at Citigroup as he left his advisory position. "My great regret is that I and so many of us did not recognize the serious possibility of the extreme circumstances that the financial system faces today." With those words buried somewhere in the letter Rubin leaves Wall Street.