The Republican’s landslide win yesterday might have huge effects on President Obama’s economic policy. Lobbyists were quick to submit wish lists to the Republican majority, the main objectives on their agenda being tax cuts, loosening environmental protection laws, and revoking the health care reform, writes the Huffington Post. To what extend these wishes will be granted is unclear, but there already is one big winner of the elections: The financial services industry!
The Republicans are now in charge of the House Financial Services Committee and look set to delay or weaken new laws to control finance and to countermand many of the regulations put in place by the Obama administration after the Lehman collapse, says Aman News.
I think that instead of wasting time by fighting over rules which will hopefully help to stabilize the American (and therefore also the global) finance system and apparantly are necessary, everybody in American politics should concentrate on fighting against the devastating unemployment to generate a sustainable GDP growth through consumption!
Therefore, Republicans should care less about Big Business’s wishes (they are the ones who do the lobbying) but more about Small Business, who create the jobs. Watch Bob Rice and Andrew Zalasin, both from Venture Capital companies, argue for Small Business on Bloomberg TV.
To learn more about the business implications of the election results, check this Wall Street Journal article