MEGAN MCARDLE: Paul Krugman Hardest Hit:

Late in election season, as pundits tried to feign uncertainty about the inevitable Clinton coronation, a few folks considered what might happen to the financial markets if Donald Trump were elected. The answer a lot of them came up with was pretty dire: a big crash. Against all predictions, Trump was elected. And then, right on schedule … the stock market indices soared to new records?

Umm, what?

That’s the question that a lot of folks in the punditocracy are asking: Why do markets seem so happy about Trump?

Pundits who are asking that haven’t paid attention to the last 8 years.