These powerful Americans yawned when Trump threatened to cancel midterms

The lack of market reaction to the news that Donald Trump ordered his Justice Department to investigate criminal charges against Fed Chair Jerome Powell surprises many people. After all, everyone knows that the claims about cost overruns being the basis for the investigation are nonsense. Trump wants to threaten Powell with criminal charges because he ignored Trump’s demand that he lower interest rates.

This ordinarily would be seen as a very big deal. Ever since Richard Nixon, presidents...