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The Bush Trade



"With a strong sense of history, George W. Bush last week made the case for "a forward strategy" of idealism in American foreign policy. He dared to place his Big Idea - what has become the central theme and purpose of his presidency - in the direct line of aspirations expressed by three of the past century's most far-seeing and controversial U.S. presidents.

He evoked Woodrow Wilson trying to make the world safe for democracy in 1918; then F.D.R. in 1941 giving hope of freedom to peoples enslaved by Nazism; finally, Ronald Reagan telling a skeptical Britain's Parliament in 1982 that a historic turning point had been reached and Communist tyranny could not stop the march of freedom. "From the Fourteen Points to the Four Freedoms, to the Speech at Westminster, America has put our power at the service of principle," Bush said. "The advance of freedom is the calling of our time."

-William Safire, The New York Times 11/10/03-

"Borrowing, whether by the federal government or individual consumers, has become the preferred (perhaps only) way to make ends meet. What's been driving this so-called red-hot economy is not the solid growth in jobs and wages that is essential for a flourishing middle class, but an orgy of refinancing and an irresponsible mixture of tax cuts and federal spending that is creating monster deficits. In short, we're mortgaging the nation's future.
On Friday the Federal Reserve reported that consumers had jacked up their borrowing in September by the largest amount since the beginning of the year. The $15.1 billion increase in consumer borrowing was 9.7 percent higher than in August, and pushed total consumer debt to $1.97 trillion. "

-Bob Herbert, The New York Times 11/10/03-

I normally do not digress from market commentary, and here although I walk a thin line, I believe this has significant implications for the markets. We all have a say in how our country is run. I am for individual freedom, everyone is. The argument is how to get there.

Any trade (decision) must weigh the reward for the risk (potential cost). I found it interesting that on the same page today in the New York Times one editorialist spoke of reward and the other of risk.

When we take a quick glance at our current situation, it seems we have the best of all worlds: an economy that is picking up and the workings of the greatest power on earth to free the oppressed. When we take a step back and really look at this trade objectively, how many of you would truly take the risk?

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No positions in stocks mentioned.

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