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Morning Money On Reality of Economic Solutions Or Why The Election Is Useless?

by John on 09/26/2012

I’m joking about the election being useless.

However, Politico’s Morning Money, a daily email update on politics and finance, confirmed a lot of what I have been talking about in this election season.

My contention: It really doesn’t matter who wins.  Obama and Romney will have no choice on how to fix the economy and jobs.  Even though neither candidate is really talking about the specifics enough.

Ben White writes Morning Money.  You can read it and sign up for it free here.  His Twitter is: @morningmoneyben

As you will see in the Informed Not Inflamed instructional videos, soon to be published here, I recommend to you to sign up for Morning Money.  It’s like having a personal secretary keeping you up-to-date on the day ahead.  In addition, Ben throws in a little humor and some sports shout-outs.

This morning he revealed some of his conversations with corporate executives who are pushing Washington on a tax and spending deal to avoid the fiscal cliff.

He writes:

The executives have said their efforts could help offer cover to Republicans afraid of signing onto any deal that might anger hard-core tea party leaders or anti-tax advocates such as Grover Norquist.

What’s interesting is that these executives are not opposed to increased revenues to the Treasury – from their own companies.  That’s a buzz word for higher taxes.

“We don’t really care if our taxes go up a little if we can just get this done and take this threat way from the economy,” one top executive at a Fortune 100 company told [Morning Money] this week.

Here’s what I have been telling you for months now.  From Morning Money:

These executives say either an Obama II or Romney administration could enlist them to sell a deal both inside and outside the Beltway. They all suggest the final package will look something like Simpson-Bowles.

Ah yes, Simpson-Bowles: otherwise known as the Informed Not Inflamed broken record.  Here is the link.  Read it.  You won’t get it from the mainstream media — either local news, cable news, or national news.

Like Simpson-Bowles, these executives express my optimism that there are still economic good times, if not a boom, ahead.

….[M]any believe that coupled with a recovering housing market, a domestic energy boom and a lessening threat from Europe, a functional Washington could finally open the door to a significant economic expansion that would cut the jobless rate and slice into short term deficits and long-term debt.

Ironically, in the same morning email, White quotes a survey of CFOs who are pessimistic.  40% see the economy worsening in the final quarter of 2012. 

That’s because Congress and the President are sitting on their hands waiting to see the election results.

On the other hand, there is a surge in economic confidence by most Americans.  The increase in housing prices is one reason.  I think the other reason is we have survived what appeared to be economic Armageddon and we’re still standing.

There are looming problems, though.

I just finished shooting an hour long video for Newsmax with Steve Bannon, the producer of the documentary Generation Zero, and financial advisor Sean Hyman.  I will let you know its release date.

They, too, cite the pending financial disaster we face.  But they also see a light at the end of the tunnel if government and all of us start using common sense: reduce debt and invest wisely. 

Doing nothing is not an answer.  Clearly, corporate executives realize they need to be involved with Congress — and not just for personal greed.

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