Archive for November 7th, 2018

Bottom line: The stock market likes the results.

November 7, 2018

Brace for 2 years of Congressional theatrics, legislative gridlock, Executive Orders and  judicial appointments.

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Here are a couple of morning after thoughts from the election:

  1. Big win for prognosticators … on balance, the election turned out the way Silver, et. al., said it would – split decision with an expanded GOP majority in the Senate.
  2. Money down rabbit holes … big money bets by Bloomberg, Streyer, Soros, etc., made for some tight races, but no wins.
  3. Obama was a non-factor … the candidates that he stumped for came up short: Gillum, Abrams, Cordray (former head of BHO’s CFPB)
  4. So were the celebs … think: Oprah, Buffett, oh yeah, Taylor Swift.
  5. MSNBC first with many calls … I was flipping channels and MSNBC beat Fox to the punch on many calls (e.g. Cruz over Beto); big exception was Fox’s early call that the House would flip.
  6. Another Reid Rule kicks in … remember how Harry Reid refused to take up hundreds of bills passed by the GOP led Congress? Well, what goes around, comes around … gridlock is alive and well.
  7. Time for “pen and phone” … remember how a stymied Obama turned Executive Orders into a governance art form? A favorable judiciary looked the other way as Congress was rendered inconsequential.  Bet on Trump to apply the precedent.
  8. Here come the judges … no secret that the GOP will use its Senate majority to pack the courts with Constitutionalists … again, big thanks to Harry Reid for implementing the nuclear option.
  9. Tax migrants sigh relief … couple of close calls – especially Florida – but tax & spend progressives were fended off … whew!
  10. Stock market is up … past couple of days have been good and today’s futures are up … let’s see if that trend is enduring.

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