You are more than welcome to disagree with me on politics, but the reality of the situation is that politicians like Malloy/Maduro/Bachelet are not good for markets, and the reformers like Macri and Modi are.
I’m sure someone is going to write in the comments section that stocks perform better under Democratic presidents, which is absolutely true, but part of that is because 1) monetary policy is usually easier, 2) short-term fiscal stimulus becomes a priority, and 3) economic reforms work with a long lag.
As for Connecticut: it was once a state teeming with industry, full of gleaming skyscrapers and insurance companies, a burgeoning aerospace industry, plus tourism. Not much left, aside from the leaves in the autumn.
I’ve also never been to a US state where people are so profoundly demoralized, just absolutely miserable. Even in parts of the Deep South, which always show up at the bottom of quality-of-life metrics, there is more hope than there is in Connecticut, where the only thing people are convinced of is that things will never get any better.
To that I say: If you keep doing what you always did, you’ll keep getting what you always got.
Jared Dillian is editor of Mauldin Economics' The 10th Man.
This article was originally published at Mauldin Economics.