GIVEN ALL the talk about the need for real political change, it’s remarkable how few people recognize it when it finally occurs. Wall Street, taking its cue from the Federal Reserve, continues to fret that moderate economic growth will reignite inflation, missing the bigger Washington picture. Most business and financial journalists, usually more insightful than the general news reporters, believe that despite November 8, it will remain business as usual in Washington.
The evening-news anchors have adopted the Democratic mantra crafted by White House Chief of Staff Leon Panetta and House Minority Leader Richard Gephardt: The Contract with America is a repeat of Reaganomics (as if the longest peacetime expansion in history were a bad thing), with tax cuts for the rich, more defense spending, and big deficits.
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