"As tough as the 2000 election has been, governing afterward could prove even tougher. After the closest election in more than a century, neither party will be able to claim any mandate from the people for sweeping changes.
Financial fallout
Financial markets expressed their preference for divided government, and it looks like they'll get the next best thing: weak government.
Financial instruments trading overnight reflected traders' acceptance that the uncertain result would be OK, whichever way the final trees fell. Stock futures, currencies and U.S. treasurys were little changed in foreign and overnight markets.
"If there is great ebullience because of something that happens, I would be wary of that and not get too caught up in it," said Michael Holland of Holland & Co. Listen to the full interview.
"We think Mr. Bush will find it very difficult to push through his whole plan," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. Bush's "ability to reach across the partisan divide will be tested to the full, and quickly." Shepherdson made his comments before the Florida vote narrowed again.
The financial markets closed mixed Tuesday as investors awaited the results, unwilling to commit funds to any stock or stock group without knowing who will be the next president or which party will have a majority in the House and Senate.
One big winner in the campaign: the polling community, which consistently said the race was a dead heat. Analysts who forecast the electoral votes were also dead-on, for the most part.".........CBS marketwatch |
