I’ll expect a small market crash in Q1. With senate control, and possible confirmations for Bernie-left people in key the red-scare bears will be out in force.
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This will likely be a good thing. The market is too important to be left to market fundamentalists. They’re now almost the main threat to healthy markets. They are to the economy as creationists are to biology. Blind faith getting in the way of inquiry.
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I think free marketers are in denial about how much economic damage Covid has done and how much state-driven repair will be needed. And how unwilling people are to give Wall Street yet another get out of jail free card. Public will correctly demand a public stake in any bailout.
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“Socialism” has become such a catch-all provocation for a broad and peculiar sort of American moral panic, I’m actually kinda curious to see how the pragmatic horse-trading between AOC/Bernie crowd and center actually works out. Everybody is expecting gulags and holodomors.
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It is vastly overblown Galtian panic. I think there’s barely even appetite for a tenth of great society type ideas. We’re all Reaganites now. It’ll be good to get the supposedly “socialist” idea space converted from abstract demons to specific proposals.
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