Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GOP Lips to Sink November Ships?

Republicans have been eagerly expecting their ship to come in during November's midterm elections. But recent comments from GOP leadership call to mind Jude Wanniski's description of them, even while a registered Republican, as "the stupid party."

Sahil Kapur of the Guardian (TOH Credit Writedowns) wrote a devastating critique of the party's credibility on deficit reduction, concluding that:

It's fine and fair for Republicans to stand on large tax cuts for the rich as a principle. But they can't do so while claiming to care a whit about the deficit. The budget is a result of money coming in (tax revenues) and money going out (spending). They can't disregard 50% of this equation and claim to be concerned with the outcome. Or at least be taken seriously while they're at it.

And Paul Krugman joyfully called them out, of course, as he is paid to do:

Republicans are feeling good about the midterms — so good that they’ve started saying what they really think. This week the party’s Senate leadership stopped pretending that it cares about deficits, stating explicitly that while we can’t afford to aid the unemployed or prevent mass layoffs of schoolteachers, cost is literally no object when it comes to tax cuts for the affluent.

IMPORTANT DISCLOSURES: Symmetry Capital Management, LLC (“SCM”) is a state registered investment adviser in the Commonwealth of Pennsylvania. The views expressed by the author are as of the publication date, and are subject to change based on market and other conditions. The foregoing information is for informational, educational, or entertainment purposes only. It does not constitute an offer to buy or a solicitation to sell any security, or to engage in any investment strategy. Investors should not use this information as a basis for any investment decisions without first consulting their own financial adviser. A principal of the firm owns shares of Goldman Sachs. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Disclosure: none