There will be a second act and a third act to the Washington chaos that most people think ended with the Robert Mueller investigation. And Wall Street had better be paying attention.
There were widespread rumors Friday that the report by special counsel Mueller was coming after the stock market closed that day.
So it wasn’t surprising that the uncertainty over the contents of the report — along with a continuation of bad economic news here and around the globe — sent the stock market spiraling downward.
As you probably heard, the Mueller report has been handed over to Attorney General William Barr. The main points: There will be no new indictments, there was no collusion between the Trump campaign and Russia, and if there was any obstruction of justice by the president, the special counsel wasn’t going after it.
With the Mueller probe over, Wall Street was able to relax a bit on Monday. But that won’t last.
Investors have been mostly worried that Trump was in legal trouble. If that were true and his presidency were in jeopardy, it would hurt trade deals and the economy in general.
I’ve been telling you for months that the issue of his campaign colluding with the Russians during the last presidential election was not going to be a problem for Trump.
But the Mueller probe was just Act One. And this is a three-act drama that could end up being a tragedy.
If you’ve been following this even half closely, you already know some of the details. The FBI, whether intentionally or because of ineptness, botched the Hillary Clinton e-mail investigation.
And then, for reasons only their shrinks would know, high-ranking members of the FBI went along with a concocted, nonsensical dossier on the Trump campaign. Then those conspirators leaked these facts to a media that was against Trump to begin with and had sworn off any semblance of ethical responsibility.
While everyone was paying attention to Mueller probe, they were missing several other major investigations that are now going to take center stage. This is what I am referring to as Act Two.
The inspector general of the Justice Department, a guy named Michael Horowitz, has been working for years on two reports concerning what happened during the election campaign. The first one criticized the FBI’s conduct in the Clinton’s e-mail investigation.
But there’s another classified version of that report. And Horowitz is also conducting a second probe on the issuance of questionable warrants against Trump’s people. That report is a year late and is expected to be issued within months.
There have also been investigations by the House and Senate Judiciary and Intelligence committees, which are likely looking into the same matters as Horowtiz is. Since the Democrats took control of the House this year, the investigations by the two branches of Congress are probably going to be consolidated on the Senate side.
And all of these probes will eventually be turned over to Justice, which is controlled by the Republicans.
Congressman Devin Nunes of California, who was the head of the House Intelligence Committee when the Republicans had control, has already said his probe turned over “many” criminal referrals to the Justice Department.
So, unless Trump and the Republicans decide to pull their punches, people are going to be charged with crimes. Who?
There are big names in contention: Ex-FBI head James Comey, former Deputy FBI Director Andrew McCabe, underling Peter Strozk and others in the FBI. Also, the past heads of intelligence agencies who signed requests for nonsense warrants.
Hillary Clinton? Maybe, if she knew what was going on.
Former Attorney General Loretta Lynch and Bill Clinton for their infamous tarmac meeting in Phoenix? And while it’s unlikely that there will be any action against ex-President Obama, his reputation will be harmed if he knew of the wrongdoing.
And there’s also a probe of the Clinton Foundation that was recently moved from Little Rock, Ark., to parts unknown.
Act Three will be when the Democrats come back at Trump.
There’s a presidential election next year, and the Democrats are not going to sit quietly by and let Act Two be the end of the story.
Whether it’s some action coming out of New York on the fed or state office, which is said to be looking at the business dealings of Donald Trump, or something else, you can be sure that there will be an Act Three.
There’s one more twist in this story that could be the most explosive.
Mueller this weekend said there was no collusion between the Trump campaign and the Russians. And Mueller already indicted some Russians for what that country was doing during the election — basically, some minor social media trickery.
That is the sort of nonsense our intelligence services pull during the Russian and Ukrainian elections.
Wall Street and the American public may be sighing relief now. But if I’m right, this is just a time to catch our breath before the next act begins.