The greatest long-term risk to the U.S. economy and stock market is not Europe, a housing retrenchment or oil, but rather, the nation’s flawed political process, legendary trader Mark Fisher told a packed crowd of about 500 wealth advisers and their clients in Chicago last week.
“Just imagine if we had a ‘None of the Above’ box as a third option on the ballot and if that box outnumbered the two other candidates, they could never run again,” said Fisher, eliciting the biggest response of the night from the crowd. “I know this sounds crazy, but it may be a way to finally get the right people to run and break this two-party system controlled by money.”
The market seems to prefer the gridlock that the country most likely will face come 2013, rather than any new bold economic policies that have a slim chance to arise from the two major parties or an upstart third party. According to the latest contracts on event-betting site Intrade, President Barack Obama has a 62 percent chance of re-election. Leading Republican contender, Mitt Romney , will only garner about 35 percent of the vote. However, the Republican party is the odds on favorite to control both Houses of Congress.Page 1 of 4 | Next Page