Yesterday some of my classmates fretted about how the stock market would collapse today because of health care reform passing the House.
Yawn. With half an hour to go, the NASDAQ, DOW, and oil are up; bonds are down; gold is down. All the indicators are within 1% of Friday's closes.
What a disaster:
Conservatives and Republicans today suffered their most crushing legislative defeat since the 1960s.
It's hard to exaggerate the magnitude of the disaster. Conservatives may cheer themselves that they'll compensate for today’s expected vote with a big win in the November 2010 elections.
Yeah, that's not Josh Marshall; that's David Frum. He continues:
At the beginning of this process we made a strategic decision: unlike, say, Democrats in 2001 when President Bush proposed his first tax cut, we would make no deal with the administration. No negotiations, no compromise, nothing. We were going for all the marbles. This would be Obama’s Waterloo – just as healthcare was Clinton’s in 1994.
Only, the hardliners overlooked a few key facts: Obama was elected with 53% of the vote, not Clinton’s 42%. The liberal block within the Democratic congressional caucus is bigger and stronger than it was in 1993-94. And of course the Democrats also remember their history, and also remember the consequences of their 1994 failure.
This time, when we went for all the marbles, we ended with none.
What a lovely spring day we're having in the U.S.