|Charts & Fundies||
Historically Republicans have been good for the stock market but this time is a little different. If they come in and put pressure on domestic spending then the market drops. The market has gotten used to uncle Sam. Some would say this is a good thing, businesses need to get off the government crack and take the lumps now rather than later. Others would say this is going to be disastrous and the pain we take now will last so long that we'ill lose a lot more than we would have if we had soften the blow with government spending. I tend to agree with the latter (but I'm a government crack head having made good money last year in stocks) I have to think that Republicans that won seats last night will want to keep them come next election. That said I think they'll think long and hard before they throw the country down the shitter. What's widely thought is that the Republicans will take control of the committees and flex their agenda there... Here's I think will happen.
Rep. Paul Ryan from Wisconsin. The rising star of the Republican party will likely take over run the House Budget Committee. He's super conservative and will be pushing to cut spending. The question is, will he cut too much? We'll find out soon enough.
Rep. Spencer Bachus from Alabama. Who'll most likely take over the House Financial Services Committee. He'll be gunning for the Fin. Reg. bill looking to undo the "Too Big To Fail" provisions that some say creats an elite class of banks giving them a sure back stop by the Government.
Rep. Jerry Lewis from California. He'll most likely take over the House Appropriation Committee which would give him the ability to block funding for every thing from Obamacare to the new tax filings rules for small businesses.
Rep. Dave Camp from Michigan. Is expected to take over the House Ways and Means Committee will push hard to extend the Bush tax cuts that he voted for in the first place. The house ways and means committee is where tax proposals start, so he's right were he wants to be.
Rep. Darell Issa from California. He'll likely take over the House Oversite and Government Reform Committee. Who's chief of staff Larry Brady's nick name given to him by the Washington Post is "A Dimocrats Worst Nightmare" is expected to call Tim Geithner infront of the committee and grilling him on the bank bail out.