Excerpt of the Day: Don Luskin on the Post-Election Economy

The proprietor of the indispensable poorandstupid.com blog, in his weekly Smart Money column, is definitely a “glass is half-full” guy when reading the election results:

Here’s how I read it. Voters prefer the kind of economics that Republicans used to stand for — but mostly don’t anymore. Republicans who still do got elected on Tuesday. Democrats who stand for that agenda got elected, too. Ballot propositions that adhered to those principles passed; those that didn’t, flopped.

So investors should be comforted that, even after a Democratic sweep, it just could be that both the Republicans and the Democrats have moved a little closer to economic principles that are good for growth — and good for investing.

The situation isn’t without risk, though. In my judgment, the Democratic congressional leadership doesn’t share the same pro-growth agenda as an increasing proportion of the rank-and-file. We’re going to hear a lot from them about more regulation, new government powers and new spending programs. None of it will probably go anywhere — but you never know.

With a little luck and a little wisdom, this could be a great time to be an investor.

Let’s cross our fingers and hope he’s right.