Word: gridlocks
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Uncertainty is the bane of Wall Street, and in America you don't get any more uncertain than an Election Day that was everything but. The markets can't start dreaming of gridlock in Washington until they actually get a president-elect, so the Commotion by the Ocean down in Florida has laid a bit of a bad trip on traders and investors used to watching politics out of the corner of their eyes...
...this goes on? These are uncharted waters for the markets, too, but a reasonable guess is that Wall Street can go on worrying primarily about its own problems for a while. The markets love gridlock, and for a while the Endless Election only confirms that next year, Washington will be seized with it. But if the thing takes another turn, one that starts to touch seriously on faithless electors and President Dennis Hastert, it will get ugly...
...interest in "serving the people of New York," a cause that can be advanced no matter who takes the White House. Sure, a Gore presidency would make it infinitesimally easier for congressional Dems to pass big-ticket items, but a nearly perfectly balanced House and Senate means gridlock will likely prevail no matter who becomes president...
...will there be a crisis of legitimacy for whoever emerges from this unaccustomed bramble? (The stock market gave its answer, no; it prefers gridlock...
...wins will inherit the same right-down-the middle Congress; the next president will find it exceedingly difficult to govern, and in the markets' estimation that's okeydoke. Which is why a President-elect Gore, being the more combative candidate, would likely get his own round of market plaudits - gridlock means guaranteed use of the surplus for debt repayment, and nothing about Washington fills the markets' sails like a really good Plan B - a priority additionally endorsed by the Almighty Greenspan...