Wednesday, November 7, 2012

Thoughts On The Election (Updated)

The results of yesterday's election was disappointing. Already today there is a plethora of analysis on why Romney lost and Obama won. (See here, for instance). While I thought Romney was too moderate, like many other conservatives, I would have crawled over broken glass (to borrow the metaphor from Glenn Reynolds) to vote for Romney over Obama, and think most other conservatives felt the same. I don't believe that the loss was due to a lack of enthusiasm on the part of conservatives or Republicans. And, although the MSM has worked hard to minimize and cover for Obama on various issues and scandals, the big issue--the economy--was there for all to see. So, what this election boiled down to is that a majority of Americans (albeit, a slim majority) simply liked what Obama stood for--big government and free handouts--more than what Romney represented. Basically, the majority of Americans have chosen bread and circuses.

What I wanted to focus on in this post is what the future portends. The stock market is a pretty good indicator of what the financial markets think: the Dow fell 270 points, and the Nasdaq also declined sharply, purportedly because:
The sense of business as usual cascaded to Congress as well, where Republicans held control of the House of Representatives and Democrats held the Senate. As a result of the remaining sharp divisions in the White House and on Capitol Hill, market participants almost immediately shifted their focus to the looming fiscal cliff. The fiscal cliff refers to the painful spending cuts and tax hikes that will automatically go into effect in January should politicians in Washington, D.C. not get the nation's fiscal situation under control.
Dave Ramsey has stated, however, that he believe the wealthy will move to protect their wealth rather than invest in the economy. So, we can expect slower job growth. (There may be a bump upward because of hiring for the holiday season, but expect that we will continue to see the lackluster job growth, or even see it stutter to a stop early next year).

This editorial at Investors Business Daily suggest that we will see the media start doing their job vis-a-vis this Administration, and actually explore what Obama wants to do this second term (no one really knows), take a serious look at the state of the economy, take some interest in the ballooning federal debt and entitlements and Obama's non-existent plans to not deal with the debt, start reporting on the looming "fiscal cliff," take a harder look on the problems with Obamacare, and maybe even start reporting on Benghazi. I doubt that after 4 years the tingle will so suddenly wear off. 

I expect to see further wars in the Middle-East, with an increasingly isolated Israel forced to take its own steps to stop Iran developing nuclear weapons. (See this piece at the Debka File).

J. Christian Adams attempts to reassure us that, while Obama is a demagogue, the Constitution was written to protect us from demagogues through its separation of powers. That would be true if the Federal government was operating the way the Constitution intended it to. However, Congress has ceded so much authority to federal agencies (and even non-government entities such as the Federal Reserve), that Congress has largely become irrelevant. That is why the Presidential elections have become so important--the real power is in controlling the Federal bureaucracy.

Update: I was listening to the Michael Savage show, and his belief is that the election was lost for two reasons: (1) election fraud, and in particular, voting by illegal aliens; and (2) a lack of turn out by Republicans, which he ascribes to Romney being too centrist. Savage took a dim view of the future, indicating that now the liberal socialists can do whatever they want. He also reflected that the United States has lost the unique culture and ethos that set us apart from the rest of the world, and compared the U.S. to czarist Russia, with the very rich elites standing in for the Romanovs.

Anyway, here are some updates from the Ulsterman Report. The Wall Street Insider apologizes profusely for letting everyone down.  The Military Insider was blunt--the voters failed to do the right thing, the next step is to put Obama through his own "Watergate," and a warning not to contact him again. The White House Insider is focusing on anomalies in the voting, writing:
Last night not adding up. A major shift in the final hours or some serious anomalies in the actual vote counts. Voter turn out was depressed for both sides. All prior evidence states otherwise. How is that possible? Don’t know. At this point not worth discussing because I don’t have an answer for you so don’t ask.
He is concerned that Obama may have had help of people within the Republican party. 

 Rush Limbough calls it voting for Santa Claus rather than bread and circuses, but it is the same thing.

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