Tuesday, November 2, 2010

Goodbye, Great Bond Bull Market

HERE WE ARE on the eve of an election on which precariously hangs the fate of the nation, if not the universe. We know that because both the contending parties tell us so. We have to own up, though, to some small kernel of doubt, since lo! the many elections we've been witness to over the years were invariably also described as being crucial for the fate of the nation, if not the universe.

But as someone who staunchly believes in Winston Churchill's conclusion that democracy is the worst political system devised by man except for all the others, the history of this nation compels us to diffidently suggest that truly "crucial" elections have been rare as hen's teeth and the country has survived even the numerous times the populace perversely has chosen to throw rascals in instead of out.

Still, this election, whatever the outcome, does boast a significant distinction from all its midterm predecessors. Not, unfortunately, in the quality of the candidates; they're easily as mediocre or worse a crop as any produced in the past couple of hundred years. But where they truly stand out is in the enormous sums raised on behalf of their candidacies. As Will Rogers put it so aptly, "politics have gotten so expensive that it takes lots of money even to get beat." (more)

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