Townhall Finance
DC Misses Another Layup
by John Ransom 

First the bad news: In a basketball shoot around witnessed by reporters Obama missed 20 of 22 shots including a layup. On the brighter side, North Korea is restarting its shuttered nuclear facility in order to process weapons grade nuclear material to target the US; the Cyprus contagion has not abated, but seems to be spreading; factory orders fell in the US and Europe; and unemployment remains little changed-- except for all those people who stopped looking for work. 

No wonder the S&P 500 is making new highs. 

As the world runs from one man-caused-crisis to another, something in our Up-Is- The-New-Down world has to give. Either the temporary insanity suffered by the power elite worldwide will subside or the governing systems we’ve relied on to keep relative peace since World War II will breakdown completely. 

Simply put: The highs on the S&P aren’t wrong, they are actually depressed. In fact, the S&P should be quite a bit higher. If politicians would simply get out of the way and reverse many of the “reform” measures they’ve taken over a dozen years, the index would trade as high as +1,800. But the sad reality is that while our politicians take jump shots, miss layups and work on their handicaps- pun intended- commerce suffers from lack of real leadership. Instead, business has been lulled by the only business that governments care about: lobbying. 

And if the proof of the pudding is in the eating, then Wall Street’s appetite, where they really make money, is proof enough of our political failures… 

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