“Stick a fork in them there Dems. They're done.”
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Sure enough, and just as I predicted last week, the media's already saying Republicans rule, and Democrats drool. After a midterm clobbering, they might as well be packing, because the dye is cast, and Democrats are dead.
Leaving aside they've lost the Senate, have pundits lost their minds? Do they not recall what happened just two years ago, after the presidential election? Back then it was Republicans who looked like they were on life support -- desperately in need of finding a base they couldn't reach and minorities and women they couldn't come close to winning over.
To add insult to political injury, not only had Republicans failed to win a presidential election that was all but theirs for the taking, but they lost still more Senate seats as well, and with those victories, Democrats had built a formidable 55-45 majority (with two Independents voting with them).
That's about the breakdown...in reverse...REPUBLICANS will now enjoy in the Senate. Go figure. But then again, as I've reported, this historically figures because it has a way of happening often...very often.
Remember 1992, when the elder George Bush was considered unstoppable for reelection, and those Democrats who did challenge him were dismissed as little more than the Seven Dwarfs, including one particularly controversial but politically gifted Arkansas governor named Bill Clinton. Recall how the media insisted he was going nowhere -- the same media that said the same of his reelection prospects after Republicans stormed the House of Representatives in the 1994 midterm election and all but doomed him a one-termed.
This stuff happens with companies as well. Remember it was last year at this time that the business press was all but writing Apple's epitaph. The story line ran that Apple (NASDAQ:AAPL) was losing its bite and rival Android phones were ruling the world. Then came iPhone 6, and the rest is history…for now.
Or Netflix (NASDAQ:NFLX) only three years ago...its stock walloped after the clumsy rollout of a new and pricier membership plan that supposedly doomed its online presence -- today that’s but a memory as Netflix continues to redefine that online presence and shake traditional broadcasters to their core.
Then there's IBM (NYSE:IBM). Talk about a company whose fortunes have risen and fallen time and time again. Given up for dead just a few decades ago before a cookie guy named Louis Gerstner turned the famed computer giant's fortunes around-- then lost in the Apple whirlwind before it righted itself once again as a technology services powerhouse; only to tumble yet again on disappointing revenues and earnings in this latest reports quarter on fears it has lost its magic forever.
Don't count on it, at least if history is any guide. Because they used to say the same about a company called Starbucks (NASDAQ:SBUX), whose business model of selling pricey coffee seems ridiculous, before it wasn't, or Facebook (NASDAQ:FB), whose public stumble out the gate supposedly proved the social networking site wasn't ready for prime time, before it was.
We can go back to bosses like Lee Iacocca, who reportedly didn't know what they were doing, before they proved they clearly did. Or good old Harry Truman, who no way in hell could ever be elected in 1948, before he easily did.
History is full of those who rise from their political or corporate graves, so you'd think the media would remember it's prognostications that went to similar graves. The danger in forgetting history is forgetting the lessons of history, and for the media, not stepping back and simply pointing to that history.
That's not to say Democrats aren't in trouble. They are. Or that Republicans show no signs of stumbling. Right now, they aren't.
But if we've learned anything by now, it's just that all this is now. Just a moment in time.
Far be it from me to predict what happens next, or who will be happening next. Suffice it to say if the media has come to a conclusion, conclude that conclusion can be argued.
Don't believe me. Believe...history.