We’re not sure where Mario Gabelli’s political views lie, but it’s refreshing to hear an investor refuse to spout the simplistic line: markets love gridlock.
Anyone who believed that got their clock cleaned going long the day before the Scott Brown election in Massachusetts earlier this year.
The big-name investor told CNBC this morning that a GOP takeover will mean no more spending, no more stimulus, and thus no more stock-boosting sugar rush.
We made this point back in May, after the primary victory of Rand Paul.
It may be good for the long-term health of the economy for the Democrats to have a check and for more political balance, especially if the deficit is your big concern. But if you think that this will translate into some immediate juice for stocks, you’re not paying attention to the desperate thirst for more cash coming from DC.
Business Insider Emails & Alerts
Site highlights each day to your inbox.