THINGS HAVE CHANGED…
Today’s post is sure to anger a bunch of you. My libertarian friends (you know who you are) will probably be the most outraged, but I suspect many will misinterpret my observations about society’s most likely path as my belief regarding the proper course. So let me try to be clear. I have no interest in asserting I know what should be done, but rather I am focused on what will be done. If you want to debate the theoretical, then there are a myriad of websites for you to choose from. Whether you are conservative or liberal, hard-money or gasp Keynesian, there is a place for you to feel safe and share your views about society’s optimal direction. But let me tell you right now – this isn’t it.
So put aside your political views and try to deal with only probabilities as opposed to your desires regarding economic policy.
Although the Republicans are supposedly the party of fiscal conservatism, we all know that sort of talk is only for when they are not in power.
Again – please do not email me with your political rant. I have no dog in this hunt. When it comes to the markets, I am politically agnostic and the only religion I worship is that of the Market Gods.
There should be little surprise that under Republican stewardship, the greatest fiscal stimulus in the past decade has been instituted. Not saying if it is good or bad because my opinion is completely irrelevant.
But I would like you to step back and think about the recent bout of U.S. economic outperformance. It’s probably fair to say that relative to the rest of the developed world, American fiscal policy has been easier while monetary policy tighter.
…click on the above link to read the rest of the article…
