As a matter of fact, i would love it if the Bruins were in the national championship but our defense stinks, so I'll leave it at that.
To the point: I am not going to argue with you about the impact of Clinton's demise on foreign markets. A fast review of financial headlines domestically and internationally will give you at least the press's interpretation to support that view. Also take these foreign markets' performance compared with the press's explanation for that performance, and their contradictory performance in light of Wall Street's and a hypothesis begins to develop.
That said: Giving the Republican Congress the credit for the Bull Market is like giving the Democratic congress, who approved Bush's measures (because I assume you are crediting him with the beginning of that process), credit for bringing the US out of recession. And I am also assuming you understand the importance and implications of the legislative branch vs. the Executive branch in determining fiscal policy.
Regardless, the credit mostly belongs to Alan Greenspan, who Bush originally nominated and Clinton later also nominated as Chairman. So, as much as we would like to argue over who gets the credit, I would argue the credit ly in a carefully managed monetary policy. The euphoria in Internet investing, which spurred todays rally, has more to do with a Barron's article today than any Republican policy. The Market will only respond to actual political changes and not perceived shifts in political momentum. Fact is, Clinton's still in office and most of us in the market are content with that, but we will follow the Senate hearing closely. |
