It’s quiet on Wall Street today.
Oh, markets are open, and the Dow Jones Industrial Average is down about 140 points as of midday. But it’s a low-volume day, as trading sessions immediately following holidays usually are.
This one feels a little bit different, though, this July 5. It’s got very little to do with Wall Street, at least directly. It’s all about Imperial Washington.
Justin Amash, The Great
We won’t know for many months whether it’s had any real impact. Indeed, Thomas Paine was still writing “these are the times that try men’s souls…” half a year after the Declaration of Independence.
But Justin Amash set a benchmark yesterday that should – should – resonate through November 2020 and beyond.
The Washington Post published a resounding opinion piece on Independence Day by Amash – the U.S. Representative for Michigan’s 3rd congressional district. In it, he declared, “Our politics is in a partisan death spiral. That’s why I’m leaving the GOP.”
Justin Amash relies on no less than George Washington to animate his reasoning:
True to Washington’s fears, Americans have allowed government officials, under assertions, of expediency and party unity, to ignore the most basic tenets of our constitutional order: separation of powers, federalism and the rule of law. The result has been the consolidation of political power and the near disintegration of representative democracy.
John Whitehead of The Rutherford Institute framed our present condition well, a couple days before Justin Amash graced the company town’s company paper with his prose:
In fact, had the Declaration of Independence been written today, it would have rendered its signers extremists or terrorists, resulting in them being placed on a government watch list, targeted for surveillance of their activities and correspondence, and potentially arrested, held indefinitely, stripped of their rights and labeled enemy combatants.
Great news for the Republican Party as one of the dumbest & most disloyal men in Congress is “quitting” the Party. No Collusion, No Obstruction! Knew he couldn’t get the nomination to run again in the Great State of Michigan. Already being challenged for his seat. A total loser!
Look, I’m from the Great State of Michigan. I actually represented the Great State of Michigan in Congress. That was before I served Ronald Reagan as the Director of the Office of Management and Budget.
Now, I hold out hope that the Donald may still prove himself the Great Disruptor. But the evidence is in: He’s no Ronald Reagan. Period.
Nor – and this is more important in the heat of this moment – is he in Justin Amash’s league of patriots.
Justin Amash is legit. He believes in all those words Thomas Jefferson and John Adams and James Madison and Alexander Hamilton wrote so long ago.
And he gets it in ways few seem to get it anymore. Including the former game-show host in the Oval Office, the careerists and climbers “representing” on Capitol Hill, and all the grifters who leech off the entire fetid ecosystem.
When he writes of the founders that “they designed a political system so ordered around liberty that, in succeeding generations, the Constitution itself would strike back against the biases and blind spots of its authors” he gets to the heart of what it means to be a nation of laws, not a nation of men.
Ours is a nation of principles, not personalities.
Cancel the Duopoly
And it’s not just The Big Things. It’s the little things, too. It’s all bile, bombast, braggadocio, and bullshit, all the time.
As in, Bubblevision and the Tweeter-in-Chief will tout today’s better-than-expected jobs report as more evidence of MAGA. Indeed, a couple hours after the Bureau of Labor Statistics report came out this morning, we got this from the Donald: “JOBS, JOBS, JOBS!”
It’s impossible for one individual alone to keep up with all the president’s nonsense. So David Rosenberg is a blessing in these times:
Half the payroll gain came from the ‘Birth-Death’ BLS guesstimate; and prime-adult male employment actually sagged 97k in June, collapsing 338k over the past three months, which hasn’t happened since September 2009. Lift open the shiny hood and check out the sputtering engine.
MSNBC and CNN will trumpet Justin Amash while Fox News trashes him. Don’t take it from them. They’re appropriating him for their own purposes.
The best thing to do – maybe the only thing to do – is to declare your own independence.
Let’s cancel the duopoly
(But Do Sign Up For This…)
Desperate times call for… “common sense” measures.
And these are desperate times… Markets are corrupted by monetary central planning. They’re confused. And the road back is going to be treacherous.
We’re looking at a major re-pricing for all financial assets. And thousand-point intraday or day-to-day swings are part of that equation. Those can be frightening… for “buy and hold” investors.
I have a different approach, one that combines strategy and tactics into a plan flexible enough for you to survive and thrive amid the coming chaos. It’s called “The Stockman Model.”
All we’re after is a little stability, perhaps a chance to pocket a windfall when opportunity presents…