The overdone “Trump bump,” a reference to the Dow Jones Industrial Average’s relentless post-election romp to 21,000, is finally coming to an end, and with good reason. It was always a chimera anyway, and just a matter of time before the moneyed class, which recognizes executive incompetence when it sees it, finally came to its collective senses. After all, what is the president of the United States if not our nation’s C.E.O.? And two months into the job, it has become blatantly obvious the we have made the terrible mistake in hiring someone so deeply unqualified, and without the slightest aptitude for the challenges of the big desk. If Trump were beholden to a genuine board of directors, like most C.E.O.s, he would have been already fired for cause.

Instead, we are stuck with our duly elected buffoon, though he must contend with his 360-degree reviews, which are a veritable poo-poo platter of losing. There is, of course, the ongoing embarrassment regarding Trump’s Twitter addiction—as I have written before, this rattle really should be taken away from him—particularly his assertion that the Obama administration wiretapped his Trump Tower office in the days leading up to the November election. He has provided no evidence to back up his claim, in typical fashion. Despite sworn testimony from the F.B.I. director James Comey, Trump persists. According to the latest Gallup poll, only 39 percent of Americans approve of Trump’s handling of the presidency so far. I agree with him that the number feels fake; it seems too high to me.

Video: Donald Trump: Full-Time President, Part-Time Maestro

Worse, however, Trump now must contend with the fact that he has now, once and for all, lost the Wall Street Journal editorial board. True, he lost columnist Bret Stephens long ago, but now he has lost the Republican mainstream, too. In a searing editorial, on March 21, the Journal went nuclear. The editorial board remains baffled why he persists in making his wiretapping claim, despite any evidence that it happened. “Yet the president clings to his assertion like a drunk to an empty gin bottle,” it wrote, “rolling out his press spokesman to make more dubious claims.” The paper noted that the wiretap tweet was also costing Trump politically by handing “his opponents a sword,” which it certainly has. They are using it to help sabotage many of the very policy initiatives—for instance, repealing Obamacare, lowering taxes—that he was supposedly hired to make happen, and which Wall Street enthusiastically anticipated. “All of this continues the pattern from the campaign that Mr. Trump is his own worst political enemy,” the Journal continued. “He survived his many false claims as a candidate because his core supporters treated it as mere hyperbole and his opponent was untrustworthy Hillary Clinton. But now he’s president, and he needs support beyond the Breitbart cheering section that will excuse anything.” He was, the paper, concluded, in danger of becoming a “fake president.”

As far as Wall Street is concerned, losing the support of the Journal could be fatal. The recent drop in the Dow is just the tip of an iceberg increasingly starting to jut above the water line. As I’ve noted before, the smart money guys at Goldman Sachs figure that Trump’s promised tax cuts may not come until 2018, at best. Trump’s health-care reform—the one that would remove 24 million Americans from coverage—already appears dead on arrival. The nonpartisan Tax Policy Council figures that Trump will increase the federal debt to $27 trillion, from the current $20 trillion, despite his campaign promises that he would do precisely the opposite. The bond market, which is twice the size of the stock market, has already correctly noticed that Trump’s alchemy is a cause for financial concern. Since the election, the yield on the 10-year Treasury bond has backed up 26 basis points, to 2.40 percent. If Trump’s much ballyhooed promise to reform financial regulations comes-a-cropper too, that could be the last straw.

Paul Ryan, the Speaker of the House, likes to talk euphemistically about Trump as an “unconventional” president. But it’s so much worse than that. In his campaign, candidate Trump promised that we would be winning so much that we would get sick of winning. It’s clear now that, to use Journal politesse, that was just more Trump hyperbole. What’s really dawning on the markets is that Trump is utterly incompetent. Why has it taken this long? It’s one thing to be “unconventional” and to promise to “drain the swamp” in Washington; it’s quite another to prove, in a matter of weeks, that those were simply the hollow musings of a lunatic. We all know where this is heading, even if millions of Americans are not yet ready to admit it: let’s face it, Donald, you’re fired.