A recession could change everything
It has been quite a while since we have had a recession. When we do have one, it's going to further limit our choices.

The economic realities of the world have not shifted much in one week. We still have too much debt, not just in the US but around the world. Budget deficits are out of control, not just in the US but around the world.

The reactionary forces of protectionism are loose, and the results might not be salutary for investors. Markets are stretched to valuations that have historically been dangerous.

The choices we have already made make the future we face uncertain and difficult. I know that many Republican leaders are pondering one of my favorite Churchill quotes: "The problems of victory are more agreeable than those of defeat, but they are no less difficult."