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In The News – Thursday, November 6th, 2014 Edition
Posted Nov 06 2014 6:30AM
  •  Election Update: Good ole Edwin Edwards couldn’t quite pull it off but he did force a runoff on Dec. 6th. At 87, he had his 35 year old wife and 1 year old son at his side. As I said, one of the great characters in American politics. As of right now Republicans will have 52 seats but that could rise when the results from Alaska are final and Louisiana has their runoff. 54 seats would be at the top of anyone’s pre-election estimate. The Republican House majority will be the largest since the Great Depression. How are the Republicans likely to try to wield their newfound power? The obvious things are the Keystone Pipeline, Obamacare (100% of newly elected GOP senators campaigned on repealing Obamacare)  and Immigration, but Tax Reform could be one of the big issues. Interestingly, Harry Reid’s take on the election is, “The message from voters is clear. They want us to work together.” I think that is true but I don’t think that was the message voters sent Tuesday. I think it was more “Harry we want your _ _ _  out of there and replaced with someone who will actually let things come to a vote on the floor of the Senate. Good riddance. Here’s an example of how gracious Harry was in defeat. His spokesman, Adam Jentleson, had this to say on Twitter, “The fact that we got our butts kicked up and down the block only makes it more hilarious that Scott Brown lost.” What a pluperfect jerk!

  • Here is the map of the United States showing the make-up of the 114th Congress: House of Representatives map.

  • Another interesting footnote to the election is that the 2nd Amendment seemed to be a clear winner and running on a platform of increased gun control wasn’t.

  • And there is no joy in Mudville. Hollywood is aghast that they had so little effect on influencing voters. Go figure.

  • And remember Sandra Fluke? Yeah? Neither did the voters.

  • What to Buy now on the Republican Takeover. Coal, Natural Gas and Medical Devices? Energy stocks jumped yesterday and dominated the Groups moving up. They were deeply oversold. From CNBC’s John Harwood, What the GOP sweep [pounding] will mean for business, economy. As of right now Republicans will have 52 seats but that could rise when the results from Alaska are final and Louisiana has their runoff. 54 seats would be at the top of anyone’s pre-election estimate.

  • As I mentioned last week, Alan Greenspan gave an absolutely wonderful indication that Gold should be shorted. Here’s an update on his thoughts. Remember that historically he has been a great contrary indicator. He still thinks that Gold goes “measurably higher”. Perhaps at some point, but I expect $1000/oz. is in the cards first.

  • I’m close to replacing all my incandescent bulbs. With a 20+ year life, and falling prices, LED bulbs are becoming very interesting to me. They are now reaching 100 lumens/watt and have surpassed compact fluorescents in terms of efficiency.

  • By the way, did you notice this? I don’t think you were supposed to. I’m just so surprised that the DOJ picked election night to release 64,280 pages of subpoenaed documents relating to the Fast and Furious investigation. Imagine doing that while everyone’s attention is diverted? I’m shocked…