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SMW for 24 March 2023




AT THE CLOSING BELL ON 24 March 2023


Dow Jones 32,237.53 +132.28 (0.41%)
S&P 500 3,970.99 +22.27 (0.56%)
Nasdaq 11,823.96 +36.56 (0.31%)

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Quote for the Day:

All of which brings us to a critical transition: by the end of the 1960s, the political fluidity of 1800 to 1932 was gone. Three decades of national success had produced, for the first time, a capital elite large enough to challenge a political change that threatened its power. The continuing enlargement of Permanent Washington over the next quarter century would further confirm the trend's ultimate power, but it was probably far enough along in 1972. We can only say "probably." Because Watergate, too, played a role in undoing the Republicans, we can't know whether their antiestablishment upheaval could have succeeded without that scandal. Perhaps the Washington elite could have repulsed Nixon's transformation in any event, but perhaps not.

Kevin Phillips. Arrogant Capital: Washington, Wall Street, and the Frustration of American Politics. Little, Brown and Company. © 1994.