My penance

Earlier today I attempted to explain it wasn't detrimental to this sites readership numbers that I did not pay attention and write a dissertation on the VP debates. Well, Dude Man's paternal guardian made clear they had my back, but perhaps some penance wouldn't hurt. He suggested maybe a summary of others' debate analysis. Good idea, but I'm going to go another direction for reparations.

Today, oil hit an all time high, but the market still gained 62+ points. Investors took kindly to the VP debate outcome - Cheney's clear victory. The Market usually reacts well to the strength of an incumbent administration and the likelihood of its re-inauguration in January - it certainly does not like change. Now, some moderate economists will try to make the argument the market is reacting well today because investors are now confident whoever wins in November there will be no great changes. I would not touch that argument with a 10-foot pole. Why? Because the focus was on the VP candidates last night, one being trial lawyer John Edwards. If you don't think there are any mortal economic enemies more at war with each other than investors and trial lawyers you're fooling yourself. So today, the investors made it clear, despite the rise in oil prices, which could ultimately cause some inflation, they were satisfied Edwards was put in his place last night.

Oh, the President's speech this morning didn't hurt, either. Actually, it probably had more to do with the market's gains today than I'm giving it credit.