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The 18½ Minute Gap
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Thursday, November 20, 2003
I'm sure it's just coincidence
I mean, everybody knows Republicans are better for the economy, right?
Economic Scene: Which Party in the White House Means Good Times for Investors?:
"Professors Santa-Clara and Valkanov look at the excess market return - the difference between a broad index of stock prices (similar to the Standard & Poor's 500-stock index) and the three-month Treasury bill rate - between 1927 and 1998. The excess return measures how attractive stock investments are compared with completely safe investments like short-term T-bills.

Using this measure, they find that during those 72 years the stock market returned about 11 percent more a year under Democratic presidents and 2 percent more under Republicans - a striking difference."

I guess it's possible that Republicans always manage to get voted out of office just as their brilliant economic policies are taking effect, or that they're really, really unluckly.

But I wouldn't bet on it.

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