I’m just not certain I can take it any longer.
You know I have a theory. The theory goes like this (and I admit, up front, it’s far fetched)… Sometime during the Cold War, certain powers that be in the U.S. and Europe decided, in the name of keeping the West free, to innoculate their states periodically with a nasty dose of tyrannical gov’t . They did this knowing that electoral politics would eventually usher in a balancing freedom-oriented policy regime that would relax the tyrannical restraints and allow natural markets to “flush out” the body politic as it were, and restore the “classical” economy to it’s normal value-creating state of spreading prosperity.
A lot of people think that first post-War inoculation shot came with Jimmy Carter’s inept single term. However, I believe Carter was really just the capper of a particularly loathsome trio that started with Lyndon Baines Johnson and was followed directly by Richard “Wage /Price Freeze” Nixon and his milquetoast second veep, Gerald Ford. Those three created a cycle of war and inflation (Nixon took us off the gold standard for good as well) and stupid economy gumming regulation that culminated in the body politic crying Uncle for a respite.
In that regard, Reagan only had to do a few things, just as Romney will only have to do a few in January of 2013. Like Reagan did, Romney will only have to undo some of the more illogical (and unrealistically ideological) regulatory burdens thrown up over the last six years since the Pelosi-Reid wagon rolled out of the 2006 electoral winner’s box. Too, Romney will have to dismantle Obamacare, and that might get sticky, considering it’s tar-baby-like, multi-thousand page, unfunded legal status. Tax reform will also take some hard work and many late night battles over ideology and dollars and cents (sense?)
But our economy is a funny thing. It’s self-repairing for one thing. In fact, ironically, all it really needs is for the beatings to cease for morale to really improve. Everyone who ever got past elementary economics knows that does not mean blaming regulatorily-enforced high carbon fuel prices on “speculators” instead of on a police-state-level blind ideology that won’t take even the most elementary steps (Keystone is not just a great light beer, Mr. President) toward self-preservation. Smart citizens — and even not so smart, but just not so readily blinded citizens — eventually grasp the simple basics of supply & demand, and from that can intuit where the power to manipulate markets really resides.
But the good news is that such dunce-cap buffoonery will soon be over. The sleights of hand, the excuses and the kabuki grow wearisome for all but the most ardent of clinging acolytes. The counter-scams and red herrings grow less comic and more maudlin. Soon gone.
SLW under $30, RGLD under $60 and EXK under $9.00 are birthday presents like not even Midas’s daughters received on the days of their betrothal. If I get ten seconds of meeting-less, conference call-less bliss tomorrow, I may even pick up a bail of in the money options.
Bless you for your patience with me, and with our economy, ever resilient.