"I want to be reincarnated as the fucking Bond Market!" -- James Carville in 1992

[Kurt_and_Hunter]

When Bill Clinton was elected in 1992 he had the same big-stuff FDRish aspirations as any incoming Dem would. During the transition it was impressed on him, however, that lowering interest rates was absolutely Job One.

Carville wanted to apply the tax increase revenue for all the progressive helpful type stuff they'd campaigned on, but Bill Clinton kept rebuffing him because of the effect of new spending on the US treasuries market.

In practice, the focus on reducing the deficit drag on interest rates was a meaningful component of 1990s growth. (Though technology driven productivity gains were probably more of it and low rates did eventually feed the internet bubble.)

At one point Carville blew up and said, "When I die I want to come back as the bond market because apparently it's more important than the fucking Pope!"

If the parties are responsible (unlike G W Bush) presidential transitions are usually bracing reality checks of one kind or another. Always have been.

Obama is lucky in that, like FDR in 1932 (and unlike Clinton in '92), he's taking the reigns at a point when wild deficit spending is essential. So he can have more free-spending fun than Clinton.

[denem]

1. It's better than being reincarnated as the fucking Stock Market.

Joe Liebermans next life. Complete with Joementum.

[Forkboy]

2. He would have to die first, naturally.

:think:

[denem]

3. OK, but Carville as Pope has possibilities.

[Kurt_and_Hunter]

4. ---