Sarah Palin rides to the sound of the guns. It was a chilly, wet and blustery afternoon in Madison, Wisconsin — one more appropriate for a late-season Packers game than a springtime political rally. The stirring NFL Films theme, “The Classic Battle,” would’ve been a more apt musical choice than Van Halen’s “Right Now” to accompany Palin as she entered the stage outside the state capital building to address thousands of Tea Party members, along with a good number of extremely hostile, expletive-hurling government union rowdies.
With one op-ed piece in the WSJ, Sarah Palin has made a lasting impact on the dynamic of the upcoming Republican presidential race — even if she doesn’t run. (Though I think she will.) By strongly endorsing Rep. Paul Ryan’s outstanding Roadmap for America’s Future, Palin has set a floor for how radical and sweeping an agenda the 2012 candidates can offer. Anyone offering less will look timid and inconsequential and most un-Tea Party-esque. One of the big knocks against Ryan’s plan is that few of his colleagues are supporting it. Now the most high-profile Republican in America has given it her seal of approval. The Ryan Roadmap is quickly becoming the de facto GOP economic platform. And if Palin does decide to run, she immediately starts out with a specific and coherent agenda. Candidates beware: Bullet points and platitudes aren’t going to cut it.
The only people in Manhattan who are probably eager for a Sarah Palin presidential run are the supposed comedy writers at “Saturday Night Live.” Wall Street bankers, on the other hand, not so much. Big Money has been snarkily dismissive of Palin’s recent opining on monetary policy, the dollar and the dangers of inflation. But guess what? A “free-market populist” campaign in 2012 would likely further highlight that Palin’s not too big a fan of them, either. And her economic musings are yet another sign she’s running
Of course, Sarah Palin is quite right in her concerns about the economic impact of more quantitative easing. At best, Ben Bernanke’s efforts may add a third of percentage point to GDP. Maybe. And at what cost? Bubbles in commodities and emerging markets, capital controls, currency interventions, further erosion of America’s role as an economic model. All for, as Palin puts it, “temporary, artificial economic growth.” Or as Kevin Warsh of the Fed puts it:
Some fascinating numbers from longtime Democratic pollster Doug Schoen (via U.S. News & World Report). Among them: Voters prefer Bush over Obama, want the GOP to control congress, favor extending all the Bush tax cuts, don’t favor another term for Obama and would give Palin nearly 20 percent of the vote if she ran as a third-party presidential candidate.
For Sarah Palin, it’s Tea Party first, Republican Party second:
Some in the GOP, it’s their last shot, it’s their last chance. We will lose faith, and we will be disappointed and disenchanted from them if they start straying from the bedrock principles. … If they start straying, then why not a 3rd party?
The state of the dollar probably hasn’t been a first-tier political issue in the United States since, say, the presidential election of 1896. Back then, it manifested as whether or not America would stay on the gold standard or switch to a bimetallic one. (The William Jennings Bryan “cross of gold” speech and all that.)
So Sarah Palin gave her big speech in Hong Kong. She talked about eliminating cap gains and estate taxes, giving people tax breaks to buy their own health insurance, and took a few shots at the Fed. That section was particularly interesting. (A bit of video here.) Here is the WSJ’s take: