Wednesday, January 9, 2008

Wall Street and Yesterday's Primary by Norman Markowitz

This is a very very quick note, a small bite of food for thought. When I was a graduate student at the University of Michigan over forty years ago, there was a truism that liberals sometimes liked to quote. When Democrats won a major victory the stock market went down and when Republicans won it went up (there was empirical evidence going back many decades that generally supported this proposition). For what it is worth, when Obama won in Iowa, the market took a plunge and when Clinton won in New Hampshire it saw a sharp rise. Karl Marx might accuse me of engaging in "vulgar Marxism" but capitalist politics in the U.S. can get pretty vulgar.

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