Friday, November 16, 2012

The presidential election is over. One of the interesting outcomes of the contest is the use of the Super PAC money and corporate donations set in motion by the Supreme Court's ruling in the Citizen's United case. Donors like Sheldon Adelson spent over 50 million dollars in support of a candidate who lost. This is a tremendous redistribution of wealth. Mr. Adelson has recycled a significant amount of money to media outlets, copy writers, admen and political consultants. This amounts to a private economic stimulus program. I assume the wealthy donors are concerned with tax policy and part of their contribution was to ensue US tax policy would remain friendly. Just how much extra tax will Mr. Adelson have to pay on an annual basis that would justify a 50+ million effort?

After every election half the country is disappointed, I understand that because I have only voted for the winner 4 times out of 11 presidential elections. We owe the winner, who represents the majority of the country some leeway to implement their campaign promises. The American people generally vote the economy, if the incumbent is reelected the people are saying the economy is OK, if the economy is not OK we elect the challenger. Whoever loses needs to accept the result and go gracefully into the good night. Mr. Romney does not need to vilify the electorate by impugning their motives. We are not all on the dole, most people want to work and create a good life for their family so we need to stop the talk about how half the country are moochers and somehow the Administration ladled benefits on part of the population for their votes. Mr. Romney did not convince enough voters that he was a better alternative to Mr. Obama, period.

Speaking of going gently into the good night Alan Greenspan who as chairman of the Federal Reserve could not have been more wrong or have chosen a worse policy for the US needs to disappear from the airwaves. We should have some minimum standard for past performance before we allow a person to air their opinions in public again. Whatever standard we decide is right Mr.Greenspan will certainly fall short.

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