The stock market has been downright exhuberant since Monday. On Monday and Tuesday, this was judged to be in anticipation of divided government. Today's rally was in celebration of divided government.
Now we know what the markets mean by divided government.
Gridlock has its attractions and that, apparently, includes the contents of today's on-the-air interviews with the new barons of capitol hill. John Dingell, for example, wants nationalized health care ASAP to save Detroit's auto makers. Many others were equally ambitious.
If you believe that divided government is the closest that we will ever get to no government (which may be true), then hold your nose and enjoy.
Ticket-splitting was never this good.
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A blog exploring the intersection of economic thinking and urban planning/real estate development and related big-think themes.
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