...a United States presidential administration that almost certainly will not be able to deal quickly and competently with a massive financial crisis.

Meh, admittedly this sidenote but ... this is why the Fed is separate from the administration and why the Senate insists on competent people for Treasury while allowing loon like JFK jr for Health. The Fed already quietly supports a lot of capital allocation in the economy and is basically fending off crisis continually.

So-called "modern monetary theory" says the state prints money and exerts control and there's no problem. Yes, with enough, the state can stop any plunge. It's just that means enterprises - in the US - depend on the state rather than the markets. And this promises more of USSR like collapse than a market crisis. See Hyman Minski etc

Edit: and this doesn't mean there can't be a crisis of sorts. It's like 2008 or the failure of Silicon Valley Bank. One player falls, the rest supported, the excess is culled a little and then comes back twice as hard.