Trend Following With Michael Covel

Today, Michael Covel interviews Mike Lofgren. Mike’s new book is titled, “The Deep State: The Fall of the Constitution and the Rise of a Shadow Government.” We are in a world where everyone thinks their vote matters and that the next President will fix all of America’s problems. Michael starts the podcast off reading an excerpt from Lofgren’s new book. The two dig into expectations that people had for George W. Bush. As he failed, the people then voted in Barack Obama. Obama failed to meet people’s expectations as well. Lofgren explains what he describes as a “deep state” phenomenon. Next, Covel and Lofgren dig into: “Does our vote really matter?” Lofgren says that whoever is elected President matters on the margin. The general vector of who gets what, what the general distribution of income is, and what our general foreign policy is, is going to be pretty much the same no matter who is elected. However, Donald Trump and Bernie Sanders are so far out of the box that they may change those norms because of ho