grantlack said:
JohnRoberts said:
The only independent I liked was Lieberman CT, but I think even he is retiring.
i used to like lieberman as well, but in the last decade or so it seemed like he and mccain were both following the same farcical script of "what can i do to keep myself relevant today?"
being in iowa, i've had a steady flow of junk mail for almost a month. i have no landline, but they somehow got ahold of my cell number and harassed me at least 4 times a week with calls to volunteer. that was enough for me. i decided they had probably badgered enough other people into voting and elected to abstain.
Lieberman, is a man of the left, even though his own party rejected him, He would cross the aisle and vote his conscience on important issues. He co-sponsored numerous pieces of legislation with Mccain addressing hot button topics that many in congress were unwilling to touch. I don't agree with every position they both took, but I appreciate them actually addressing the difficult issues, it is obscene how some important issues have been kicked down the road and mishandled or ignored.
We now get to experience the result of this unwillingness to address difficult issues as we approach a fiscal "perfect" storm as temporary tax cuts expire and sequestration legislation kicks in. Sequestration which is mandated spending cuts and tax increases was considered so odious to both sides that they would surely work together to resolve the budget imbalance, but so far they haven't and the complexion of the congress has not changed. I expect more "temporary" remedies, while these legislators don't seem to understand that business needs certainty and a future they plan on, not more temporary postponements, that could reverse and bite them later.
As these feckless legislators argue with each other the weak economy approaches another leg down (jan 13) because of this mismanagement.
I try to remain optimistic but am not feeling very positive this morning. The only good news I can take from this election is that it wasn't so tight that people became angry and rejected the electoral college. The EC was designed to make close races appear less close and it looks like it is working (a good thing). If the race was undecided last night, the economic trajectory would be even worse.
I probably need to sell some stocks since expected increases in capital gains, means lots of people will be selling in the next few months to lock in profit at the lower rates (looks like other people have the same idea today). But sitting on cash will just lose buying power due to inflation. If I was younger I would buy a bigger house since housing is an out of favor asset class these days, but I have no use for a bigger house. I guess it could be worse. I could be one of the millions looking for a job in this sputtering economy.
Good luck to us all, and congrats to all those who voted for this outcome, you got your wish.
As usual I hope my pessimism is unwarranted.
JR
PS: For a bit of optimism I believe housing has bottomed or is very close, and there is much pent up capital in business that is being held back over fear over the future for regulatory burden and employee cost. This election suggests 4 more years in this same direction so business needs to adjust for this new overhead structure and move "forward". Slow growth is better than no growth.