Connecticut 18 years Senator Joes Lieberman has failed to win his own party primary for reelection. The figures are almost final, and country club liberal Ned Lamont defeated Senator by 52% to 48%. The actual voting date has 142,000 votes to 136,000 votes. How did Lamont have done and what it means for the country in elections next November, and financial markets?
Lieberman self-imploded to be in touch with its base. What makes the most surprising result is that he is one of only three sitting U.S. senators to deny the nomination of his party in the last 25 years. It 'was his party's candidate for the vice presidency of the United States only six years ago. This is a man running for the presidency itself only two years ago. In her mind when she ran for the presidency had to believe he was going to win the nomination, otherwise he would not even try. How does a man like this who has spent his entire life in politics, let them be swept away by a novice, who was the contact with life every day for life?
One thing is to support the policies of President Bush. It 's another to appear to be welcoming, and partly at the hip, with a sitting president who has 58% disapproval rating among the American people. The first thing we must realize is that the primary was never about Ned Lamont. Mr Lamont appears as a physically attractive, affable individual. He is a descendant of the Trust Fund, which traces its roots to his great grandfather Thomas William Lamont, who was a partner of JP Morgan and Company, when Mr. Morgan was the most powerful banker in the financial world. Ned Lamont was educated at America's best private schools including Harvard and Yale, where there are buildings named for members of his family. He lives in Greenwich, CT., A rich, isolated communities, if there ever was one.
It was fascinating to see Ned Lamont declared victory with three African-Americans behind standing right behind him, two of which are household names, the Rev. Jesse Jackson and Reverend Al Sharpton. What made it even more interesting is that Greenwich must have the smallest percentage of African Americans among its inhabitants together in any city of its size in America. The policy is actually imitating art.
How did Lamont have done? First, the wrong question, he did not get done. This campaign is the product of Internet bloggers absolutely brilliant Liberal injury which gave rise to the grass roots to go out and defeat Lieberman. Lamont would be a one-eyed, pirate PEG legs, and the Liberals would play the same way. These bloggers mobilized young people including foreigners, and others to enter into silence in Connecticut, and unseat the conservative sitting Democratic Senator, Mr. Lieberman. Thousands of independent voters were persuaded to move from independent to Democrat to vote in this primary. Thousands more were recorded for the first time.
It 'was a brilliant, well-orchestrated, and eventually effective way to go. It shows the union of the Internet, and people's power. And 'the beginning of the next wave of politics. And 'as decisive, and perhaps more decisive than the advent of television and the transformation of the presidency when President John Kennedy became the first candidate to use that medium effectively. The day of the defeat of Joe Lieberman is the turning point of a new American policy based on the power of the Internet.
I think this a positive use of power. Mr. Lamont is irrelevant for this event. What is important is that the money will be raised by the Internet giant, on behalf of candidates. I sincerely hope that this dwarf the money that is given by lobbyists who essentially have controlled this country for years. These lobbyists do not act in the interests of the people, but in the interests of certain isolated, wealthy, powerful interest groups. These groups want what they want, without any thought to the needs of mainstream America.
Both our political parties are in the grip of these private interests. The interests are different for each party, but just as powerful. Is there any conservative Republican in his heart of hearts believe that the current Congress is the philosophy of the conservative Republican? Barry Goldwater, Mr. Conservative would turn in his grave if he saw what the current Congress has passed in terms of legislation, and the unprecedented amount of debt that has accumulated on the future of our children. At the same time, liberals do not have a viable alternative and that is why they lost power during the 1994 congressional election campaign.
What does this mean for financial markets in the U.S.? I suspect at least, the Democrats will resume seats in both houses of Congress next November. The party traditionally takes the same power. With the tailwind of Iraq to back the Democrats, if they had any coherent plan of action, they would take both houses of Congress. I have yet to see such a plan, and the smart money says it's more likely that they will have a house, since the Democrats are still trying to figure out what they believe.
It is more likely to adopt the House of Representatives, and this then gives the chairmen of various committees NEW Democratic House the power of subpoena. The Democrats will exercise that power in an attempt to undermine the sitting President, and will actually do so. At least, this stagnation of the means at the other end, a step toward impeachment, probably on groups of violating the constitutional right. They relate to privacy through wiretapping and the National Security Agency. Regarding financial markets, they'd jam to return.
Apart from that tens of billions of dollars needed for insurance companies to act as an intermediary in a national pharmaceutical program for the elderly do not deserve control of three branches of government. A party that has so badly mismanaged the situation in Iraq does not deserve control of three branches of government. A party that creates tax cuts is good in my opinion, but not a party that borrows hundreds of billions of dollars from foreigners. It then gives the money to the wealthy class in America as tax cuts, leaving the debt with your children. This party does not deserve to control three branches of government. Financial markets will pick up this and respond positively to the return of gridlock.
It 'will be fascinating to see how poor Joe Lieberman has begun, and among other things, would not be surprising to see the following scenario. The Republican candidate for Senator from Connecticut to waive the application. The Republicans nominate Joe Lieberman in his place, while also running on the Independent line. Poor Joe the end, after all, is re-elected in November.
Good luck
Richard Stoyeck
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