Markets started off quietly ahead of Election Day 2020. Most traders look ready to move past the election volatility irrespective of the outcome. We’ll soon know if the polls got it right or were way off base again.
But politics is a distraction from the markets rather than a driver of it. With an economy still working to recover from pandemic shutdowns — and with many areas looking to expand shutdowns amidst a rise in cases — the election (and it’s inevitable recounts) will likely be the least of concerns for investors. Perhaps markets are just starting to price in the next round of stimulus, which seems a given no matter the outcome.
Now here’s the rest of the news:
It Doesn’t Matter Who Wins – by PJ O’Rourke
America is an enormous ship of state, too big and complicated for any single person to control it…
Our ship of state is an old-fashioned square-rigged treasure galleon, but with a crew of 16 million. That’s the number of people employed by America’s federal, state, and local governments. This makes for a vessel almost three times the size of Norway (population 5,435,400).
Of course, in theory, there’s a captain – the president. But that’s just one of the helms men. There are also 435 congressmen, 100 senators, and nine Supreme Court justices with their hands on the wheel.
Let’s assume that this gang of jack-tars trying to steer all agree on which direction the boat should go. (That has never happened but, for fun, let’s say it does.) Trump gets re-elected, holds the Senate, and retakes the House – “Right full rudder!” Or Biden wins, keeps the House, takes the Senate, and the ghost of Ruth Bader Ginsburg comes to Amy Coney Barrett and Clarence Thomas in their dreams and convinces them to join People For the American Way – “Left full rudder!”
But somebody still has to go around convincing the ship of state’s 16 million crew members – busy battening hatches, furling mainsails, weighing anchors, shivering timbers, and whatever else it is that sailors do on sailboats – to get with the program and make sure something happens with the steering gear. Trump hasn’t had much luck in the past four years. And Biden strikes me as being about as effective as The Skipper, captain of the S.S. Minnow on Gilligan’s Island.
Meanwhile, America drifts where the ebb and flow of circumstance take it…
November 03, 2019
Daylight Savings Time Begins! With an extra hour added to the weekend, there’s no better time to discuss ‘The Time Management Myth.’
It supposedly takes 10,000 hours to become an expert at anything!
I think I’m at the 100 hour point in Graphic Design. 😉