Trouble Trio?: Harry Reid, Nancy Pelosi, Barack Obama
Wall Street on G.O.P.: The Background on John
By LAWRENCE KUDLOW | September 5, 2008
On CNBC this week Jack Welch, GE’s chief executive officer from that firm’s salad days in the 1980s and 1990s, pointed out the dangers of a three-house Democratic sweep. He says it’s dangerous for both the stock market and the economy. And he wants to know why the St. Paul Republicans aren’t running against Harry Reid, Nancy Pelosi, and Barack Obama.
Mr. Welch made the point that the last time the Democrats had control of all three houses in Washington the Jimmy Carter administration was in charge. That was a time of economic and stock market malaise. However, when Washington was divided — as was the case when Ronald Reagan and Bill Clinton were in the White House — the economy and the stock market took off.
“With Pelosi and Reid pushing him,” Mr. Welch said, “there’s no limit to the taxes [Obama will] raise.” Mitch McConnell, who joined Mr. Welch on our show, was in full agreement: “You’ve got a prescription for turning America into France,” the Senate minority leader said, “which is exactly what the Democrats want to do if they get all three [houses.]”
I agree completely. A three-house Democratic sweep is a vital issue and Senator McCain and Governor Palin should be raising it. A three-house sweep is bad for the economy and the stock market. And will someone tell me exactly why the St. Paul Republican’s aren’t mentioning the economy?