Don’t Bet on Gridlock

Just when I was starting to feel good about the potential for gridlock Peter Schiff throws a money wrench into the situation.  Many of the pundits have been saying that gridlock is good and will prevent Washington from passing any legislation that will adversely affect the markets.  Thus, giving Wall Street one less thing to worry about.  However, Schiff sees it differently. 

Peter is concerned that we may face bi-partisan cooperation.  How could cooperation be a bad? His position is “that the most likely result of both parties “working together” is Democratic support of Republican pork, in exchange for Republican support of Democratic pork, which will wreak further havoc on the country’s already dismal balance sheet. In addition, grandiose and ill conceived pet programs on both sides have much better chances of actually being passed. The last thing we need is Democrats and Republicans actually working together.”

Wow, I would not have thought that cooperation could be bad.  I need to think that through some more.

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