Robert Prechter, of Elliot Wave Theorist fame, used to talk about popular music and the pulse of the economy. In college, I wrote a paper on the correllation betwen Country music popularity and recessions. The long wave has morphed into sub-par growth from outright recession.
Last night's Grammy Awards was a Death March of faux gravitas, staged meloncholy and Emporer's New Clothes cultural divide. The pulse of the economy? Somewhere between "lighten up already" and "Nurse, get the paddles!" The country is intensely sad and angry, my friends; and not the Old Man sending back soup at a deli variety. The sub-title for Grammy ads might as well have been "Rock is Dead, long live Rock."
So, what, if anything, can we extrapolate to markets from last night's dirge ? (Cut to T Swizzle reaction shot) The sad muddle along has further to go. In 1991, struggling back from inflationary flare ups and real estate messes on both coasts, 10,000 Maniacs released Our Time in Eden. The hit single was These Are Days. The mood turned and so did the economy. 1992, 6.6% GDP. 1993, 5%. And even into the great Bond Wreck of 1994, 6.3%.
Forget the Fed. Tune out the election. What the US needs is some good new music.