Earlier this morning on CNBC James Grant, the publisher of The Interest Rate Observer, exclaimed: “If you had run for President I would have voted for you!” Grant had thrown his hat into the Mark Sanford (South Carolina, Rep.) ring. Sanford was speaking from the Republican Governors Conference in Miami. Sanford is becoming an outspoken critic of government monetary intervention of operating companies. His illustration is South Carolina’s BMW plant which was built in SC, according to Sanford, because of its right to work laws. And when Sanford sees a bailout of Detroit coming he balks. Why, to paraphrase Sanford, should we be rewarding these folks? He is clearly against TARP, recognizing that it is unlikely to ever be repaid. When asked how he felt this economic malaise will play out he replied: “Brutally”.
At 9:30am the Governors will hold a press conference with Sarah the current rock star.
