Sunday, March 16, 2014

Like taking your sister to the Prom

Both Bloomberg and Marketwatch draw a "dating" analogy between Jeb Bush and the recent infatuation Wall Street has with him.  The best way to play that out reads like the typical John Hughes teen movie from the Reagan '80s:  The girl you really wanted (Christie) stands you up, and you don't want to get laughed at for staying home, so you show up "stag" with your sister (Jeb), and maybe wind up spending the night afterward with a "six pack" beauty queen (Paul Ryan, Scott Walker, John Kasich) you pick up when you get there, after spending the evening avoiding other dateless skanks (Rand Paul, Ted Cruz, Mike Huckabee, Rick Santorum) who try to dance with you.   

Jeb, despite his inherent unelectability and manifest abysmal poll numbers, is no doubt the favorite of the GOP "Establishment" right now, but it's still in the flirty stage.  "The Establishment is looking for another favorite [to replace Christie], according to Greg Valliere, a wonk at Washington, DC speculator think tank, Potomac Research Group.  "And by Establishment, I mean Wall Street," he admited bluntly.  And the Establishment is afraid.  Not only do they face potential threats from the left, as usual, from the "Warren" wing of the Democrats, but from the movement conservatives on the right who now understand that crony capitalism and cartel economics don't produce the Ayn Rand and Jeffersonian nirvana of maximum freedom and free markets they so idealize.

Could it be the speculator class finally realizes thirty plus years of gutting bucket shop laws, and outsourcing trade that has impoverished the post World War II middle class, and blunted the very economic and social mobility domestically that props up the "American Dream," and all the ideological apologetics that go with it, may have negative consequences?  Probably not, but one John Taft, great-grandson of portly President William Howard Taft, and grandson of "Mr. Conservative" Robert A. Taft, who is CEO of RBC Wealth Management, likened his current fear to "hiding under my desk during the air-raids because of the Cuban missile crisis," when "literally the future of humanity hung in the balance."  The "humanity" he speaks of probably is himself and other portfolio churners like him, but at least he didn't drop a Gowdin's bomb, and go to the Holocaust and Kristallnacht for a parallel to the future of his class like another speculator recently did.

Though they dumped him in 2012 for one of their own "chop shop" operators, Wall Street largely supported Obama in 2008, considering McCain kept comparing himself to trust buster T.R. and picked the unpredictable Palin, parochial darling of the anti-plutocracy Voelkisch element the right wing base that would eventually fold into the Tea Party.  They carp about him now, though he bailed out their butt after the Crash of '08 with Bush's Goldman Sachs written preexisting scheme, and while the middle and working classes still languish, Wall Street bonuses are at record levels, and market indexes at or near them.  If not Jeb as their protector, the eventual "six pack" beauty queen for them may wind up being Hillary.

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