Couldn't resist an Obama take on the election. The result was so unexpected as to be unbelievable. The Tories emerged with a clear majority; The Liberal Dems were destroyed, perhaps forever; The Scottish Nationalists are probably still trying to figure out how the hell this happened and Labor...well, the longest day turned into one of the worst days in their history.
I still haven't gotten my arms around what all this means except for the simple stuff Like David Cameron being able to push through his agenda without cutting side deals here and there with the no longer existent Libs. But, there is so much more to this with ramifications extending most certainly to Europe and to the U.S. as well. If the Euros are concerned about a Grexit and what that would do to the Union, what then would be the effect of a Brexit? Remember, Cameron promised a referendum on British membership. He will have to fulfill that promise absent a dramatic change of course in Brussels.
I' going to take the weekend to talk to everybody I know and try to figure this out as there is no other story so big or so important. If nothing more, London will probably still remain as the center of the financial universe which is not at all a bad thing if the political-driven stupidity of the past couple of years can be halted and I suspect it will. So, unless something else takes over, we'll be back on Monday with an analysis that hopefully will make sense.
Job number came in as expected and unemployment is down to 5.4%. The DOW responded, having nothing better to do, and rose 250 points or so helped no doubt by the election. Great stuff...except that the percentage of the work force actually working fell below 70%. It's been 40 years since that happened. Oh yeah, last month's numbers got revised to practically nothing. Why do I believe less and less of what the government tells me.
Happy Mother's Day, moms.
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