[lbo-talk] An Orgy of Speculation?

[Wojtek S]

Joanna: "Also, keep in mind that this is almost an election year and
that they will do everything humanly possible to keep the shit from
hitting the fan before Nov 2012."

[WS:]  I do not think it is that important.  The persona of the POTUS
may be important for the electoral circus, but it does not mater for
big business, because no matter who gets elected, he or she will do
what "the markets" demand.

If Brenner (_The Economics of Global Turbulence_) is correct, the rise
of speculation results from secular declining profitability of
investments in manufacturing.  This is a global systemic problem, so
the outcome of local elections (even in the US) does not matter,
especially that to date  no political party (right or left) has been
willing or able to go against the wishes  of "the markets" - at least
in OECD countries.

Wojtek