Last night's NFL contest between the Indianapolis Colts and the New England Patriots was one of the best games I have seen in a while. With Tom Brady hurt and a super depleted secondary, the Patriots fought for all 60 minutes last night and never gave the Colts any room for mistakes. The Colts needed to win last night to have any playoff chance, and Peyton Manning did not let his team down. As a Pats fan I wish they would have won, but a loss in a great game can be accepted.
It seems like this presidential campaign has been going for forever. Well, it all ends tomorrow night. While Economic Disconnect stays out of things political, I have a few observations about this election that have bearing on the financial world. You have been warned, somewhat political discussion to follow!
Democrat Super majority
If the latest poll are correct there is a solid chance the Democrat party may attain as many as 60 seats (or more) in the Senate, and further extend their edge in the House. Both super majorities will be "filibuster proof" as they can end any Republican efforts to stop legislation.
Anytime either party has a major edge, I think that is a bad thing. Gridlock and compromise keep crazy things from passing, but a big majority may embolden the Dems to go for even the most left ideas. While those on the right deserve a drubbing for supporting the bailout bills, I can see a cascade of new spending bills going forward. Add all that to the already strained US finances and I think you can see where I am going with this.
Will Anything Change?
One of the main reasons I do not do political commentary is because I do not believe our system works. The total failure of the entire government to stop the housing bubble shows that our leaders have no ability or knowledge about finance. Heads should roll. Anyone that voted for TARP should be gone. Anyone talking about stopping foreclosures should get gonged.
None of that is going to happen. Barney Frank will get re elected in a walk. So will Charles Schumer. So will almost every incumbent this election. I am a firm believer in the old line "you get what you deserve" and the US as a whole certainly will have the government they deserve after this election.
As far as an endorsement, I do not have one. Neither Obama nor McCain has presented a coherent strategy to do anything about the economic debacle we are in. Both seem content to allow the FED/Treasury to do whatever the hell they want. Both candidates are looking to spend big money going forward. I do not think there is much difference between the two, so vote as you will.
I know democracy is great and we should all be excited about election time. It stinks that there are so few good candidates to choose from. Let us all hope that whomever wins (Obama leads all pols I have seen) it will be by the large margin so that a repeat of the Florida recount does not happen.
Have a good night.