Forget the applause lines, balloons and video tributes, the most striking thing about the GOP and Democratic conventions is the preternatural pep of the delegates. It's all but impossible to understand how anyone without a dog in the fight can possibly take the words of politicians at face value. Somewhere in the wake of 9/11 the country lost it's way. Since then there's been little in the way of tangible progress towards regaining national momentum. The blame belongs to both parties; anyone who says otherwise is deluded or sitting under a stovepipe American flag hat in Charlotte.
Todd Schoenberger of the Black Bay Group thinks a Romney victory could soothe an economy paralyzed by fiscal uncertainty, helping corporate America get back on track.
"If you have the GOP that takes over the White House you're going to have companies that are going to feel a little more secure," says Schoenberger in the attached clip. Once a fiscal plan is in place, particularly if it's pro-business, companies will put their cash-heavy balance sheets to work. "If that's the case, that's good for stocks."
Not really. The palaver being spouted this week and last isn't about finding solutions. It's about blaming someone else for everything bad that's ever happened and vowing to never give an inch to the other side. Bombast makes for a great speech but it isn't policy. There's been no tangible, realistic, fiscal plan offered by either side. Just muckraking and noise. Former President Clinton made the first real mention of cooperation of the season in his speech last night. Alas, ex-Chief Executives have no more power in Washington than they do on Wall St.
Returning to the now, Schoenberger thinks the picture for Americans will get a little clearer with the first debate on October 3rd. Over the course of 90 minutes with hard-hitting Jim Lehrer as moderator, either President Obama or Governor Romney will have to offer specifics, as Schoenberger sees it. That's when he thinks Romney gains the advantage that will give Americans a glimpse of our economic future.
"You've got to have some type of strategy moving forward to get this country moving again," he says. "We haven't had it but I think we will on October 3rd."
After a decade of flailing about, both America and the equity markets would welcome the certitude.
- Politics & Government