WASHINGTON, March 23, 2017 – Thursday’s action on Wall Street was yet a further continuation of the stock market’s current, unique March Madness Theater of the Absurd. The market is attempting a sideways correction to the exuberance (but fun) excesses of the recent Trump Rally.
That spectacular post-election bull move now may or may not be at an end. Depending, that is, on whether or not you accept the standard media narrative of the complete, utter, permanent and disastrous failure of a presidency that’s just passed the 60-day market, every moment of which has been under siege either by left-wing Democrat dead-enders supported on the streets by lavishly Soros-funded fake ninjas; or by die-hard #NeverTrumpers in the president’s own party who seem to have a pathological death wish for themselves and for what’s left of this country.
A combination of #NeverTrumpers and ideologically pure “conservatives” have been stymieing the ever-morphing House attempt—led by Paul Ryan—to get as close to repealing and replacing Obamacare as they can. Ryan’s approach raises plenty of issues, but so do all other approaches.
Obamacare is a multi-headed monster of spectacularly increasing costs, income redistribution, and industry payoffs that was actually meant to eventually fail, driving the country into the kind of single-payer healthcare nirvana that the Democrats—most of whom have no experience in business—think will win them voter gratitude and posthumous statues on Washington’s ever-shrinking mall, the U.S. equivalent of the Pantheon.
Dismantling it and getting back to some semblance of competitive, capitalistic normalcy, quite frankly, cannot be done by countering one piece of monstrous legislation with another. This writer’s advice, FWIW—repeal and replace Obamacare in incremental pieces of legislation. These omnibus bills just don’t work.
The Democrats have taken roughly 50 years (since LBJ) to destroy this country by turning it into the kind of failed half-assed socialist states that have already failed in Europe. Sadly, it could take at least this long to bring our country back, so Republicans need to focus rather than preen about ideological purity like Democrats.
But we’ve already digressed to long into the standard, leftist narrative. That narrative blames the failure of Thursday morning’s vigorous rally attempt on the “failure” of House Republican leadership and the “failure” of President Trump. This certainly didn’t help the market tone, given that Obamacare replacement also involves some serious tax and penalty relief that surely must tie in to the Republicans’ next vaunted legislative goal, which is to cut taxes. Seriously.
That’s not what’s wanted by the elite DC Establishment, which can never have enough of our money. So we will continue to get this narrative of failure, as the Democrat left can’t figure out any other way to beat Republicans in 2018 except by promulgating fake news.
As peripheral as this kabuki theater is to the essence of the market, as always, a narrative, true or false, if repeated long enough and loudly enough somehow morphs into a fake but enduring “truth.” That’s what’s going on right now, and only Donald Trump and Sean Spicer seem to have the cojones to oppose this nonsense, not those wavering or ideologically pure Republicans on the Hill.
The Republicans need to (trigger warning) MAN UP, get serious, pass some significant legislation and learn how to lead rather than to suck up and follow, or that’s what they’ll be doing in 2019. They also need to support their president, since he’s the only one they’ve got and since none of their genuinely talented top candidates could beat him in the primaries.
With a united front, this party could get the ball rolling on massive improvements and revitalization of this country, which as of now it sorely needs. That would certainly help put to an end the Democrat left’s full-court press on a false narrative of failure that eventually will undermine this year’s stock market optimism.
Right now, whatever the fake media reports or spins, the latest market malaise is actually corrective in nature. But if the Republicans don’t get together, they’ll be repeating their ideological purity follies from the past and could be repealed and replaced themselves. The consequences of this are too horrendous to contemplate.
But tomorrow’s another day, and another end-Obamacare vote is being promised. (Maybe.) Early evening futures are looking robust once again. But we’ll wait and see what the gossip and hearsay is on Friday morning.
*Cartoon by Branco. Reproduced with permission and by arrangement with LegalInsurrection.