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Affluent Christian Investor | September 20, 2017

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An Election Postmortem – A Wave by Any Other Name

Rep vs Dem

There is a danger in two things shortly after an election: Excessively mourning the results, and excessively celebrating the results. No election, ever, means nearly as much as we want to think it does. Culture trumps politics. For a conservative Republican to believe that America woke up Wednesday morning more personally responsible and interested in limited government than they were a few days ago is insane. Now, the good news there is that America was never as interested in a statist society as the doomsdayers portend either. At our core, we are a center right country, and I am quite confident we will remain such. Only professional fundraisers have a right to say that a given election means the end of the Republic, and only fools believe that with 54 Republican senators we can now get on to the business of fixing all that ails the world. In reality, some very, very good things took place Tuesday night, and a lot of work remains to be done.

I believe NBC, the WaPo, you, me, and anyone else knew that the GOP would take the Senate Tuesday night. I believe we were in danger of losing either KS or GA (probably not both), and that didn’t happen. I believe we could have lost one of CO, AK, or IA on the day of. But the polls were clear as can be (aggregate, composite polls like what RCP offers): Seven states were coming, and eight/nine were a possibility. We got nine. (I am counting Alaska and Louisiana and assuming the Dem, Warner, holds in VA if they recount). So really, the mere sending of Harry Reid to the irrelevant pile where that unpatriotic windbag belongs is not a surprise, though I concur it is a victory. But just like stock prices only respond to good news when it is a surprise, I want to focus on unexpected good news.

The Governor seats were simply extraordinary Tuesday night. Deep blue states going red, and deep blue states ALMOST going red, is a big deal. The wave of people who doubt the efficiency of government, if not its morality or legitimacy, must be converted from the state house to the White House. This election may not have been a rejection of nanny state government (I wish it were), but I do believe the failed ObamaCare website, the VA hospital debacle, the pension crisis countless states face, and the foreign policy miscalculations of this administration all serve up a highly skeptical omelette about the COMPETENCE of big government. I make a moral argument against big government (or rather, for individual freedom), but voters are content to ride along side me with an efficiency argument against big government (right now). The GOP would be wise to message this immutable law into 2016: Big government will always mess it up, always (when the task in question is outside the scope of their legitimate power).

I am mystified why so many on the right are skeptical about what this GOP majority will do. I challenge the haters to name one single malignant law that the post-2010 Republican House has allowed to enter the fray. I get that there are still pouty children in our party wondering why we can’t pound our fist and get everything we want, but from a checks and balances standpoint, this GOP has held the line. We did not elect bad Republican senators on Tuesday night. Gardner, Cotton, Sullivan, Cassidy, Ernst, and Tillis are conservative stars. They are grown-ups. They are ready for the task at hand. Unlike 2002, we scored in both quantity AND quality Tuesday night. For this we should be grateful.

Scott Walker’s re-election is a big deal. The public employee unions are losing their power in much of America (not in California). They are the demon of American politics and they have shown more contempt for the good of the American people than any other force or special interest in American history. This battle is not over but we are making incremental progress (not in California). We have more work to do.

The Virginia Senate seat is the biggest surprise of the election, and obviously us Monday Morning quarterbacks now wish we had supported Gillespie. I’d love to know who is polling that state so I could fire them (right, Eric Cantor?), but I suspect it reinforces the thesis that a lot of purples are just not happy being blue right now.

The Republicans will win the 2016 Presidential election if they nominate a likable and charismatic and competent candidate who can avoid being polarizing (sorry Cruz and Paul) and also hold the line of ideological solidity and political competence. We have folks on the bench who can do that. I’ll address this more as time goes by.

The GOP does not have a mandate now to start acting stupid. The American people want to see action, but they also want to see maturity, poise, and sobriety. We do not need to go along to get along, and we do not need to come off like radicals and flamethrowers jockeying for a plug from Rush Limbaugh. The GOP ought to rule for the next two years the way they got elected two days ago. They nominated sensible and impressive candidates, and they ran disciplined campaigns. Let’s go work for two years with sensibility and discipline. Good things will happen.

I agreed with leadership’s decision to not attempt a Contract with America II in advance of this election. This was a referendum on the failed Presidency of Barack Obama and the American people’s dissatisfaction with governmental incompetence. But now, it is imperative that we proactively lead with issues. We may not override Presidential vetoes, but corporate tax reform, the Keystone pipeline, energy export allowances, school choice, and a host of pro-growth, pro-jobs issues exist that we can and should push, promote, and fertilize. As Thatcher said to Bush Sr., now is not the time to get wobbly.

David L. Bahnsen, CFP®, CIMA® is the founder, Managing Director, and Chief Investment Officer of The Bahnsen Group, a private wealth management boutique based in Newport Beach, managing over $1 billion in client assets. David has been named as one of Barron’s America’s Top 1,200 Advisors as well as On Wall Street’s Top 40 Advisors Under 40 and Financial Times Top 300 Advisors in America. He brought The Bahnsen Group independent through the elite boutique fiduciary, HighTower Advisors, in April 2015 after eight years as a Chairman’s Club Managing Director at Morgan Stanley and seven years as a First Vice President at UBS Financial Services. He is a frequent guest on CNBC and Fox Business and is a regular contributor to Forbes.

David serves on the Board of Directors for the National Review Institute and the Lincoln Club of Orange County, and is a founding Trustee for Pacifica Christian High School of Orange County.
David’s true passions include anything related to USC football, the financial markets, politics, and his house in the desert. His ultimate passions are his lovely wife of 15+ years, Joleen, their gorgeous and brilliant children, sons Mitchell and Graham, and daughter Sadie, and the life they’ve created together in Newport Beach, California.

 

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