Richard Karlgaard, in the latest issue of Forbes, has good news about the future of this country. He list seven reason for optimism, one of which is the success of the midterm elections. Conservatives proved they could not only mobilize the conservative vote but also convince Obama independents their vote was misplaced. In a conservative landslide not equalled since 1942 Republicans proved that capitalism was alive and on the march.
Other hopeful indicators are nongovernment deleveraging is over at last and the stock market trend is up. Small business recovery is underway with the purchase of small trucks, a leading indicator. Credit contraction has stopped and the threat housing will decline and hurt the economy as it did in 2007 is no longer there.
QE2 is getting a big push back from our global trading partners and even within the Federal Reserve itself. It’s becoming apparent this type of monetary policy is no substitute for more powerful pro-growth policies and the best news of all with the heralding in of new dynamic private companies; entrepreneurship is not dead.