The deluge of leaks, seemingly emanating from what insiders call "deep Washington," the permanent bureaucracy and long-time intelligence operatives, have not been supportive of the Trump narrative about Russian ties.
All of this threatens not only to undermine the Administration's agenda, but its very legitimacy. That should be of some concern, not only to Washington, but to Wall Street and Main Street.
In addition, The New York Times has reported that at least three former Trump campaign officials are being investigated for potentially illegal contact with Russian intelligence operatives amid concerns, as yet unproven, that they may have colluded to weaken Hillary Clinton's changes of wining the presidency, while assisting then-candidate Trump.
If any of this is proven true, it goes, almost without saying, that it would represent a political, and geo-political scandal, for which there is no precedent. Watergate, Teapot Dome and other crises in the White House would pale in comparison.
The stock market has not given the possibility a single thought, given the near historic reduction in risk, the depressed level of the VIX, or so-called, "fear index,' and the general optimism that has propelled the market since early November.
No one, in his right mind, would desire a scandal in which a foreign adversary had a role in electing a U.S. president amid hopes that his, or her, policies would then prove favorable to the offending country.
That is the stuff not only of treason, but also of war.
The President has denied knowledge of such contacts and has said, repeatedly, he has no business interests in Russia, no political ties to Russian officials or oligarchs, nor does he owe any Russian banks, nor individuals, any money.
We can only hope that this is true. But if this Administration should be compromised by the taint of foreign assistance, the financial markets at home, and abroad, are ill prepared for the storm that may be brewing.
On its own, the U.S. economy, far from being a "mess,' is doing quite well and supportive of equity valuations, rich though they may be.
If there is any hint of concern, it is in the behavior of gold and Treasury securities. We have seen early signs of a "flight to quality" in their recent rallies, amid the political uncertainties about which Wall Street appears unconcerned.
We'll see which markets are right. But I wouldn't stop paying attention to the barbarous relic nor U.S. bonds. They may be hinting that there is more serious trouble brewing in Washington than anyone on Wall Street currently expects.
Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. Follow him on Twitter @rinsana.
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