Donald Trump’s apparent loss to Joe Biden would be far less troubling had Biden not chosen a left-wing extremist for his running mate. Then again, it would have been far more troubling if Republicans had failed to keep control of the Senate. The one hopeful sign about the resilience of American institutions is that the preference of the electorate for divided government seems to remain strong. Since Franklin Roosevelt’s time, only Kennedy and Johnson had and kept control of both houses for more than two Congresses. The rapidity with which Clinton, Obama and Trump lost that control of Congress seems to be a warning that there is still a middle that rejects partisan attempts at radical change. That may be due to the different geographic makeup of the House and Senate more than the continued viability of the center, but it remains a brilliant achievement of the Founders. Markets are already celebrating a return to divided government: Bloomberg news stated on November 9 that “A GOP-led Senate with a Democratic president is "one of the better scenarios" for stocks, JPMorgan said, as it would limit market-negative policies but lessen trade uncertainty. The firm expects a rotation to value and said once there's full election clarity, bond yields may grind higher. Goldman Sachs cut its 10-year Treasury yield forecast on prospects for a divided Congress.” ... Read More