Photos: Inauguration Day in Washington

Meryl Streep

Putin: Friend or foe?

Putin: Friend or foe?

Dominating recent political news is the debate over whether Donald Trump is being played for a fool by Russian President Vladimir Putin.

The media are rife with incredulous panic that Mr. Trump is insufficiently concerned about Russia's alleged Hillary hacking, and so rigid in his support of Mr. Putin that he could become even more complicit than President Barack Obama in enabling Russia's global expansion.

A bigger concern, however, should be whether Mr. Putin is about to fall out of favor, particularly after the recent release of salacious and unverified opposition research alleging the Russian Bear would attempt to blackmail Mr. Trump.

Donald Trump's friends have a...