“I was going to vote for Ron Paul,” one Virginian told our local news station here in Baltimore, “I guess now it’ll be Barack Obama.”
He makes about as much sense as anyone during this election.
As you might imagine, we don’t have much to say about it. Except maybe to look in the mirror and chastise ourselves a bit.
With Obama’s win, we’ll have to endure at least three months of his team preening. They’ve already claimed the victory a “referendum” on the president’s progressive agenda… higher taxes, stifling regulation, nationalized health care, drone wars overseas…. what’s not to like?
The results are a bit surprising, we will say that much. Obama has won 303 of the electoral votes tallied as of this writing. Romney only cajoled 206 out of mostly rural areas. Nationally, that’s a thumping by any means. In the popular vote, 2.5 million more people — so far — have voted for the incumbent than those casting a ballot for his challenger.
Still, over 50 million people voted for Mitt Romney.
“The sooner Obama’s policies fail completely,” we said on Sept. 28, “(which a quick tour of history tells us they will)… the sooner we can get back to the core principles of private enterprise, capital accumulation, investment and cooperation…”
This morning, we look around and ask: Who’s left to make that argument?
“The white portion of the electorate dropped to 72%,” say analysts on NBC. “The president won just 39% of that vote. But he carried a whopping 93% of black voters (representing 13% of the electorate), 71% of Latinos (representing 10%) and also 73% of Asians (3%). What’s more, despite all the predictions that youth turnout would be down, voters 18-29 made up 19% of last night’s voting population — up from 18% four years ago — and President Obama took 60% from that group.
“Obama’s demographic edge creates this dilemma for the Republican Party: It can no longer rely on white voters to win national elections, especially in presidential cycles. Indeed, according to the exit poll, 89% of all votes Mitt Romney won last night came from whites, compared with 56% for Obama… Come 2016, the white portion of the electorate will probably drop another couple of points, to 70%…”
To remain even tangentially relevant, the Republican Party will have to ditch its exclusive appeal to white males… and make the pitch for free markets and civil liberties to a broader audience.
We don’t think they’re up to the challenge. Not with their current leaders, anyway.
The preceding article was excerpted from Agora Finacial’s 5 Min. Forecast. To read the entire episode, please feel free to do so here.
Addison Wiggin is the executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He's the creator and editorial director of Agora Financial's daily 5 Min. Forecast and editorial director of The Daily Reckoning. Wiggin is the founder of Agora Entertainment, executive producer and co-writer of I.O.U.S.A., which was nominated for the Grand Jury Prize at the 2008 Sundance Film Festival, the 2009 Critics Choice Award for Best Documentary Feature, and was also shortlisted for a 2009 Academy Award. He is the author of the companion book of the film I.O.U.S.A.and his second edition of The Demise of the Dollar, and Why it's Even Better for Your Investments was just fully revised and updated. Wiggin is a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post as well as major network news programs. He also co-authored international bestsellers Financial Reckoning Day and Empire of Debt with Bill Bonner.
All talk of free markets is pure insanity in a society whose money is controlled by a private crime syndicate. Get to the heart of the matter or STFU.
I used to be in the so-called “conspiracy” camp, believing in a “private cabal pulling the strings.” After two years, I realize the problem is much bigger than that. The State is the power structure. They’re the ones with a license to steal. The public loves welfare. It loves war. This is a systemic problem. We are Rome.
very well put, I am not a wing-nut. I am systematically having my wealth stolen, actually the whole baby-boomer sector is having their wealth stolen, by a filthy group of Jews referred to as the Federal Reserve.
White males are the ones who are the back bone of the free enterprise system. Throw in a couple of minorities, who actually stayed awake during school, and there’s the driving force behind the U.S. being the economic power house of the world. It surly wasn’t a group of porch monkeys thinking of ways to scam the man.
When it comes to central bankers and the global economy, you might say the inmates are running the asylum. Today, Addison Wiggin sits down with Jim Rickards to discuss the ever-changing world of finance, the likelihood of hyperinflation hitting the U.S., and the massive economic experiment being conducted by the world's central bankers. Read on...
ISIS is a radical terrorist organization wreaking havoc across Northern Iraq. But its members come from all over the world - including many from Western Countries. The question no one's asking is why... Why are foreigners flocking to the Middle East to fight alongside ISIS? And how far does Obama really want to go? Chris Campbell explores...
When it comes to the stock market, October gets a bad rap. It's true, there have been some major crashes in October (ahem... Black Monday, Black Tuesday, etc.) but on a shorter timeline this month hasn't been nearly as bad as you might think. Today, Greg Guenthner offers an optimistic look at the month investors love to hate. Read on...
Big government doesn't come cheap. And right now the U.S. government is one of the biggest in history. So far the budget writers have been able to move money around to keep the machine moving. But as Byron King points out, that will soon become much more difficult. Read on for the full story...
In the late '90s, financial TV personalities like Jim Cramer became mega stars - often drawing more ratings the ESPN. But that was over 15 years ago... That couldn't happen again, could it? Today, Wayne Mulligan details the new flock of personalities that are set to cash-in on a different kind of investment boom. Read on...