Armstrong Economics Blog/Politics
Re-Posted Nov 10, 2018 by Martin Armstrong
While we are still waiting for the final election results to determine if we elected a Bearish Reversal in the Senate for the Democrats, the dust is beginning to settle and people in the political realm are beginning to review the results closer. While many of the press try to claim Trump’s calling the election a victory is false, in fact, they are dead wrong. It is now clearly established that Donald Trump’s election was by no means an accident or some one-time fluke. His victory in the Senate clearly established for the first time that a populist can retain power for more than a single election.
Now Trump still has a hold on the Senate and the rest of the Republicans will begin to take him more seriously. That means his nominations for various posts can be expected to push through and the Democrats will be powerless to stop that position. The Democratic victory in the House is really like Don Quijote fighting windmills. Yes, they will now have subpoena power to go after Trump. But the House can bring an impeachment against the President and need 258 votes to do so, but the trial must take place in the Senate. The Democratic party will hold anywhere between 46 and 48 seats in the US Senate and that means it was a NET LOSS and there is NO CHANCE they will be able to take the Senate before 2024. The Democratic party currently holds 49 seats and if they come in at 46, that will be a MAJOR sell signal for the Democrats moving forward. They will do their best to obstruct Trump for the next two years in a desperate hope of winning the White House in 2020. Yet they may appear so obstructive, it could easily come back to push them down significantly if they end up with less than 47 seats in the Senate.