The headline-making testimony of former FBI director James Comey turned out to be another non-event for the markets, noted financial expert and nationally syndicated radio and television host Dan Celia.
In a new op-ed for Townhall.com, where he is a featured columnist, Celia talked about what some are calling a "shock" in the oil markets, the Comey testimony, this summer's "do-nothing" Congress and how politicians have relied on an ignorant voter—one who is actually smarter than most politicians assume.
"I find it amazing that oil inventories could be a shock to anyone tracking or analyzing the energy sector," Celia wrote. "Everything over the past two years has been based on inventories being high. This is the reason for the dip in oil prices; the cause is lower demand. With that in mind, I would expect that we would concentrate on the cause of high inventories, not necessarily the effect. Thankfully, we are starting to see demand picking up a bit as the Asian economy seems to be growing in exports and manufacturing.
"However," he continued, "to concentrate on demand will require a legislative body here in America getting some work done. It will require doing what is necessary to get America back on track for the good of its people. That shouldn't be too much to ask when the House of Representatives and the Senate will only work together for about 35 days between now and Sept. 30. I suspect it's even harder to believe that someone in "leadership" is not demanding work to be done and legislation passed for the sake of the American people, who have a right to be upset about congressional representatives and their frequent vacations."
Celia said a key to solving many economic issues—both at home and abroad—is the quick passage of tax reform policies, necessary for corporate America to get on track and stay on track.
"Getting back on track means expansion of America's economy, manufacturing and workforce employment—and, yes, even expansion in global manufacturing," he said. "All will be somewhat dependent on what is done with tax reform. The main legislative body in the U.S. has yet to figure out that someday—in the very near future—they will be judged primarily on the health of the economy, jobs, wages and opportunities for the average American worker to stay employed and get ahead."
Celia added that many politicians are taking an unwise calculated risk, relying on the fact that the American voter will forget current political posturing.
"Americans will not forget the inaction of another 'do-nothing' Congress, which continues to hinder their ability to have discretionary income and feel comfortable with their jobs," Celia wrote. "Once again, voters are watching Congress rob them of opportunities to prosper and feel good about the nation's direction and how it will impact their careers, as well as future generations.
"It's understandable that the government and the legislators on Capitol Hill figured they can place the blame on corporate America, the banking sector, Wall Street, Donald Trump and, of course, the opposing party," he continued. "Not so fast. I realize most politicians in Washington live in a bubble that keeps them from understanding basic things—like putting gas in the car, having money for vacations and getting an increase in pay. Yet they also understand that they've always been able to go back into their districts two months before an election, speaking like they're carrying a big stick. They place blame on everybody else to get votes and then return to their royal elite status in the noble profession of being a politician."
Read Celia's entire op-ed here. Another recent Celia op-ed received more than 2,000 social media shares on Townhall.
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