For the record. Wall Street’s Keynesian Blindness to Trump’s Supply‑Side Revolution. Wall Street has the story wrong. The US is growing at 4 per cent, powered by a capex boom and an explicit attempt to rebuild the country’s productive base. Yet the dominant narrative still treats this as a tired, late‑cycle surge destined to end in recession and a weaker dollar. That’s why money is rushing into utilities and staples at 50 times earnings, while AI and software are being dumped indiscriminately. What investors have missed is the Trump–Bessent project: to use productive capital, bank deregulation and supply‑side economics to deliver strong, non‑inflationary growth. This is not another sugar‑high stimulus. It is an effort to raise potential output and shift the structure of the economy. Look at positioning and the verdict is obvious. The rush into gold, the historic underweight in the dollar, the wholesale rejection of AI‑linked equities – all express the same view: Trump and Bessent will fail. Markets are behaving as if the only possible outcomes are inflation, crisis or both. This is what happens when an industry dominated intellectually by Democrats and Keynesians keeps reaching for the same demand‑side playbook. AI hype and Trumpian turbulence have undoubtedly exhausted investors. But fatigue is not a framework. The real question now is whether Wall Street can abandon its reflexive Keynesianism long enough to see that this may be the beginning of a new supply‑side era, not the classic late cycle trade.