The stock market would probably be up 500+ points at least on rational economic and most especially energy policy. The beginning of an epic bull run built on average economic growth.
Folks the Schiller PE is a very real concept. A possible agreement to hike taxes now with promised future reduction in spending will stave off a disaster but not correct the glaring economic imbalances of Obama passively chasing his agenda. The Fed has been remarkably successful in manipulating interest rates but this should not be confused with controlling them.
Something in the Schiller PE has to change. Call me crazy but I am not expecting a sudden increase in economic growth to a normal recovery of 4% next year.
As you can see we will not correct the ethanol insanity but rather going to increase bio-fuel insanity even as we all agree it makes global warming worse. It is not a small issue..
Romney victory would not have changed any of the circumstances facing this country and a dis-functional congress still has to come up with solutions. Growth for the USA will be slow for at least the next 10 years, regardless of who's in the White House.
The American consumer borrowed themselves into debt and can no longer re-finance their homes to get out. That's the game changer. For 20 years the average American has been spending more than they make, with the difference coming from the equity in their homes. Now with home values depressed, most Americans are under water on their mortgages and can no longer refinance.
We, as a nation, are learning to live within our means. And that means 1%-2% GDP growth. If the Federal gov't decides to balance the budget all at once, that's a 6% hit on GDP. It will be 2008 all over again.
Regardless of who's in the White House. (Read the Constitution, the President is not dictator and cannot accomplish much without the approval of a dis-functional Congress)
The economic options which could lead us to the economic growth the world needs are in policy like embracing natural gas and ending the insane ethanol Progressive corruption.
The dysfunction is in the Presidency which is empowered with an EPA beyond our Constitutional balance of powers and protections. The Obama EPA is going to attack natural gas with unnecessary fracturing regulations as the states have an excellent record and refuses to follow the Renewable Fuel Standard Law and cut the mandates.
Nor should we expect Obama to show respect for the Balance of Powers our Founders' definition of an American Patriot require. He refused to follow the Renewable Fuel Standard law and cut the mandates just as he broke our immigration laws or refused his duty to defend DOMA.
It is completely irrational to attempt to blame Republicans for Obama's clear and present abuse of power which clearly exceeds his Constitutional Authority. It is just as delusional to imagine the same Bible passages used to support the Divine Rights of Kings and slavery should be offered as proof Obama has the 'mandate of heaven' based on a 50.2% popular vote victory..
Agree 100% about Schiller PE also the foolishness about putting our food and feed into our gas tanks while all we need is under our feet.
But alas, he lost , America is going to suffer 4 more years except for the moocher class who will enjoy life knowing they don't have to work for their food, lodging and obamaphones. They learned you don't have to work, just vote.