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.
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