“It’s the Government, Stupid”
When Bill Clinton ran for president, his internal campaign slogan was, “It’s the economy, stupid,” which meant that the economy was the big issue, the one that drove all others. Today I believe that the government is driving the economy, and so as we try to assess the risks to the stock and bond markets—and therefore to investments in our client portfolios—I think, “It’s the government, stupid” is a good internal slogan.
To analyze that statement,