I have generally sided with the critics who say Bush does not focus nearly enough on making his case, on currying public opinion, on conspicuous speechmaking. But it's also fair to say that he simply says what he's going to do, then immediately sets about doing it. And that is not a bad legacy to leave. In the final analysis, he will be characterized as a president who moved in bold strokes with little concern for how it would play with his critics. There is a lesson for all of us in there.
The mainstream media are carping and whining that the president’s recent economic conference in Washington was comprised of supporters rather than dissenters — as though this is some great surprise. The president, they said, was just preaching to the choir. They called the meeting an exercise in political propaganda that was just paying off big campaign donors. As usual, big media missed the big story: In a master stroke of message communication the president spoke directly to the nation in certain terms about his visionary economic plans for the next four years.
Over two days last week, George W. Bush gave three full-fledged statements on his economic intentions. Reading through his comments one is struck by the clarity of his message. Each of his key points is pro-growth, incentive-based, and investor- and owner-oriented. His economic message favors entrepreneurs, importuning for more saving and capital formation as well as a healthy dose of deregulation.
In short, Bush is prescribing market-oriented measures that will spur prosperity and wealth creation. He’s clearly rejecting government planning and entitlement. This is another dose of cowboy capitalism from the president. It is Schumpeterian capitalism. Entrepreneurial capitalism. Ownership capitalism.
One of the best barometers of the health of the political economy and the future outlook for business and economic growth is the U.S. stock market. Since the election, stock indexes have gained 6 percent. Since Bush took the lead in his reelection bid way back in August, the averages are up more than 12 percent.
Question: What does the stock market know that the mainstream media do not? Answer: almost everything.
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