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05 November 2008

Race for the Senate

Yesterday's election has indeed proved the analysts correct, it was a historic election. With the Democrats in the White House, attention turns to the Senate. The Senate has picked up about five seats so far, but they are not likely to get to the 60 number people were concerned about.

Some would like to have seen 60 democratic Senators to prevent republican filibusters, others thought it would give the democrats too much control. However it turns out, the democrats will have control and will push their policies forward. Can the democrats and republicans work together in a bipartisan manner? They've struggled with this so far, but then the republican president embraced divisive tactics and policies. Maybe with change coming to Washington, partisanship will leave as well.

How will this affect the markets? Indeed there will be some industries that benefit more than others. The energy sector will hold its own just on pure fundamentals and the fact that it will take years for any alternative energy source to come to market and challenge crude oil as a primary energy source. But many think this sector will not benefit from Obama's policies.

How about the economy in general? Can a change in policies put a bottom to the recession that is baked in the cake? Or is the mess that's been created too big for any change in the White House to stop in the short term?

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