“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.
As the business publication Quartz reports, "Cisco projects video to represent 71% of all mobile data traffic by 2019, up from about 55% last year, and representing the bulk of mobile traffic growth."
Bill Bonner writes with his mouth wide open… staggered by the shabby immensity of it… a tear forming in the corner of his eye. Yes, he's looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971.
There may be a long trip to India in your future if you have hepatitis C. That’s because the Indian Patent Office recently rejected Gilead Sciences’ application for a patent on Sovaldi. You may remember Sovaldi, the nearly miraculous “cure” for hep C that was approved by the FDA a little more than a year ago.
Use what analogy you will: a car, a clock, a chemistry experiment... the point remains that the Fed believes it can control the economy. Indeed the Fed will stop at nothing to realize the goals of its dual mandate" to maximize job growth and maintain price stability. But, as Jim Rickards expalins, that conceit always ends in disaster. Read on...
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The median forecast of the 76 economists Bloomberg surveyed undershot the actual total by 75,000. And the highest estimate was still 49,000 short. Not even close guys. Try again next month.