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Willisms

« Trivia Tidbit of the Day: Part 584 -- Globalization. | WILLisms.com | Trivia Tidbit of the Day: Part 586 -- Cap & Trade Bad For America. »

Trivia Tidbit of the Day: Part 585 -- Filibuster-Proof Government Bad For America

Markets Prefer Checks & Balances-

Eric T. Singer's Congressional Wealth Destruction Monitor that the market performs a lot better in periods where there is a chance of a Senate filibuster than in periods with a filibuster-proof majority:

filibusterproofmajority.gif
On Monday, Senator Specter switched parties and joined the Democrats, which may result in the Democrats having a unified, filibuster proof government within months. If this does happen, history suggests it will not be good news for investors. There have been three times since the Great Depression when the President had a completely filibuster proof one party majority to work with in Congress:

* 1935 through 1942
* 1963 through 1966
* 1977 through 1978

In gross price returns, excluding dividends, the stock market compounded at an average rate of 1.3% during the 14 unfilibustered years, as compared to an overall average of 6.2% since 1933.

Without a filibuster threat, Congress is more likely to get drunk on power, and redistribute the hangover to us. Buyers beware.

Those were all just golden eras in American politics, weren't they? When we think about when some of the greatest long-term damage has been done to the underpinnings of liberty (philosophically-speaking) and to the fiscal balance sheet of this country (talking in more pragmatic terms), it was during the 1930s and 1960s. Let's hope this current period is more like the late 1970s. We all know who was elected right after the late 1970s.

Let's work to get there. A lot of wealth generation or destruction depends on it.

-------------------------------------

Previous Trivia Tidbit: Adapting Incorrectly To Our Changing World.

Posted by Will Franklin · 1 May 2009 07:24 AM

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