The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
James Burnett, editor of The Trace, an independent, non-profit media organization dedicated to expanding coverage of guns in the United States, swings by Times Square to discuss legislative responses to the horrific killing of 49 people at an Orlando nightclub, and the role firearms regulation will play generally in the upcoming presidential election.
from The Great Debate:
I may be the one person who listens to the election news and thinks about Benjamin Harrison. You don’t remember him? President of the United States from 1888-1892? The scion of a political dynasty that yielded enough failed presidencies to make the Harrisons the Bushes of the 19th century? So why do I think of Harrison? Because this is an election year that centers on money.
The stock market has, over time, gotten somewhat more used to the idea that U.S. federal government activities add to market consternation and volatility, not reduce it. In the 1990s, there used to be a catchphrase that “gridlock was good for equities,” but that came during a long period of economic growth and on the back of policies that Wall Street generally supported – financial services reform, welfare reform, and not much else. That’s no longer the case. We’ve already seen the detrimental effects on the markets of the U.S. debt ceiling fiasco that led to the first-ever downgrade of the U.S. credit rating in 2010 and subsequent fights about the debt ceiling (though that has abated somewhat).