The American Spectator

Reader Mail

State of the Race

5.17.07 @ 12:01AM

PIT STOP
Re: Ashby M. Foote III's Of Stocks and Stockcars:

Ashby Foote offers an interesting analogy, yet an incomplete analysis in his comparison of "Stocks and Stockcars." Foote uses the comparison of the strongest S&P sectors in the last five years to make the case that the U.S. economy has lost its leadership position in the world economy. That may or may not be the case, but unlike a NASCAR race, the economic race has no finish line. Thus, Foote has made a mistake common in extrapolation analysis whereby the view from today is used to make predictions about the future.

Although Energy, Mining and Raw Materials stocks have fared the best in the past five years, there is no compelling logic to suggest that will be the case for any period into the future. All one has to do is examine the mentality of the retail investor in the late '90s to see how that thinking can not only turn out wrong, but get you in trouble.

When the S&P 500 was measured "over the last XX years" in 1999 for example, it led investors to believe the norm was an average annual rate of return for stocks that was 13, 15 or 17% (depending on the starting point). But what is forgotten is that the "end" point turned out to be a pretty famous market peak. Any "average annual rate of return" figures will be skewed depending on where the particular index is at the "end" point.

Unlike a NASCAR event where participants have a very specific end to their race, the financial markets and world economy will go on as long as we do. Today's "slingshot" often ends up as yesterday's burst bubble.
-- William Stewart

POWER POINTS
Re: Quin Hillyer's Back Bush Now:

Mr. Hillyer, in your effort to rouse the (conservative) troops in support of Bush, half of your points are well taken and half fall flat. I agree with your first point that the war in Iraq a must-win, both on the battle field and in Congress. This is repeated in your fourth point, viewed from the other side of the coin; the GOP wins by standing strong while Democrats lose by continuing to act irresponsibly. But on other points it appears that you expect the leader to be led to glory (possibly against his own wishes) by his supporters, which is curious at best and foolhardy at worst.

You want Bush to get credit for the economy, but to trumpet the short-term success opens the door for sour notes on the long-term overspending that will potentially undo the joy we now feel. Although that day may not come until after 2008, or come at all, it's a real problem for consideration that was completely avoidable by Bush. Likewise, you want to curtail policies that drive up gas prices by asking Congress to suspend bills they already passed. These being the same policies that Bush touted in his SOTU address and that he still supports.

You ask for support on judicial nominations while I'm still woozy from the Harriet Miers fiasco. And Bush has done himself no favor by leaving Gonzales in place when Alberto sounds like a man unaware of his own job responsibilities. Let Bush show that he can make good nominations (judicial or cabinet), then show that he will support them (there are many judicial nominations that have gone nowhere while Bush has been mostly silent), and finally show that he can correct his own mistakes. At that point, he will be leading and I will be fully supporting, not worrying, laughing or crying.

You request support for Bush to make English the official language at the same time that Bush is celebrating the 2006 Republican tail-whipping by working with Democrats to pass some sort of amnesty bill previously rejected by conservatives. I can barely express, in English!, my outrage at such a superficial waste of time on language legislation while our country is still being invaded by foreigners.

As I see it, Bush trips his own supporters as often as he leads them. The real test going into 2008 is not whether we can make the Bush presidency a success, but whether the candidates now fighting for the nomination can prove themselves worthy of election by facing the anger and adversity weighing down the GOP and delivering solid leadership to pull us back on track. The one who can do that, like pulling the sword from the stone, is destined to be king (or at least president for four years).
-- Tom Cook
Raleigh, North Carolina

That's the ticket! Keep pressing it home. Conservatives and Republicans have to stop their moaning and cringing and come up to the firing line with Mr. Bush. We have a great president. He merits all our support.
-- W. G. Wheatley

THE MORAL AUTHORITY
Re: W. James Antle III's Mixed Blessings:

I confess to ambivalence where Reverend Mr. Falwell is concerned.

On the one hand he was a strident voice that told Christians to be proud of their faith and be open in supporting those who furthered our ability to celebrate God's wonders.

Letter to the Editor

topics:
Education, Trade, Health Care, John McCain, Mainstream Media, Catholicism, Abortion, Constitution, Law, Iraq, Israel, Energy