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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.

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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