312 points, and the media claims it's because of Europe. Sure. There wasn't a major event yesterday that confirmed we'd get four more years of extreme deficit spending, draconian regulation, and high taxation or anything, no! It's all about Europe!
New taxes, that is, besides Obamacare, because the Democrats will try to get Cap and Tax passed again. "Electricity prices will necessarily skyrocket," since we're not about to start building nuclear power plants any time soon.
But Karl Denninger asserts that it's the debt warning from Fitch that's behind the drop, not Europe.
The Obama plan has clearly been "raise spending in the first term, raise taxes in the second"--he can try to do that, but the House remains in Republican hands. Obama will instead have to find a way to raise taxes that doesn't involve the legislative process--but anything he tries must necessarily be extra-constitutional, as the Constitution specifically gives the House of Representatives control over taxation. You cannot raise taxes (or impose new ones) without going through the House.
We won't be rid of Obamacare, but that was a given regardless of who won.
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JayG thinks the GOP will take the wrong lesson from this defeat. I agree.
Conservatism is largely about liberty and government leaving people the hell alone. The GOP is not interested in conservatism; as JayG points out, the GOP is just as much a big government party as the Democrats. This has been true since about 1996 (or 1998 at the latest) and the Bush years further cemented it.
The GOP, however, will tell itself that it lost the "moderates" and that means moving further left. The party of "Democrat Lite" will turn into the party of "Democrats ca. 1980". *sigh*
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Weer'd pretty well echoes my feelings about the way the election turned out:
Now for those of you concerned about the 2nd Term showing the “REAL Obama”, I’ll point out this is the man who had a Super Majority in the Legislature...and he went on vacation. That’s the REAL Obama.Obama's got four more years to demonstrate just what a SCOMF he is, and to showcase the complete intellectual bankruptcy of the Democrat party.
What we WILL get is some more expanding of government athority...but we’d have gotten that with Romney. We’ll probably see another bailout-type thing going up the pike...but we’d have gotten that with Romney. We’ll probably put troops into Libya...but we’d have gotten that with Romney.
Liberals: THE US IS STILL RACIST RACIST RAAAAACCIIIIIIISST!!!It's not all doom and gloom, here. I don't think America is "over" just because a Democrat won re-election; I do think there will be significant hardship before 2016, but I think that would have happened in any event at this point. We've simply spent too much money that we don't have.
People: We elected a black President twice in a row. STFU.
On the plus side, the crash will come on a Democrat's watch, as noted previously.
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I'm pleased to report that my stomach monkeys are gone.
Whatever it was that was causing the cramps has departed. I managed to sleep quite well today. I didn't get up until 3 (I did feed the cat at 11) but I slept, finally. Having the phone on "do not disturb" helped.
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Supposed to have temps in the mid-60s on Saturday. Hopefully I can ride the motorcycle a bit then.