Establishment Food Fight

I said people were going to anticipate the end of the Obama era. I didn't say it was going to happen in the first week of the year. This was obviously the roughest week in equity markets. But Donald Luskin noted in our paper that the 70% decline of oil prices over the last year represents $2.9 trillion of savings to consumers world-wide. This is enormous. You couple this with people seeing the end of the Obama era, and eventually we're going to get more discussion about tax reform in the Republican primary. I think that optimism starts coming back.