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The political tsunami is underway



Message to big-spending incumbents:

Rep. Joe Sestak defeated five-term incumbent Sen. Arlen Specter in Pennsylvania’s Democratic primary election. Mr. Specter is the third incumbent in as many weeks to lose his re-election bid in an intra-party contest.

With 65% of precincts reporting, the Associated Press called the race for the two-term Mr. Sestak, 53% - 47%.

Mr. Sestak defied the party establishment, including President Obama, in mounting a primary challenge to Mr. Specter, who switched parties last year in part to improve his re-election prospects.

Rep. Sestak faces Republican Pat Toomey in the fall election.

http://online.wsj.com/article/SB10001424052748703957904575252061587373610.html?mod=djemalertNEWS

This is huge. The people are very upset, and they are taking their revenge. At this point it seems difficult to underestimate the positive changes, from the perspective of a supply-sider or non-Keynesian, that will occur with the November elections. Very bullish.

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