Chart of the Day: The Military-Industrial Complex is Not Worried

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Via Tyler Cowen, here’s a chart from Sober Look that tracks the price of a basket of defense stocks—the iShares defense industry ETF—since the beginning of the year. The index underperformed the market for a bit during February, but it’s fully caught up since then. “Just like the public at large,” says SL, “investors now believe the sequester law will be reversed in short order. US aerospace and defense shares have rallied to outperform the S&P500.”

This is a bit mysterious though. It’s obviously true that investors are sanguine, but I’m sure not seeing any reason for it, at least not in the short term. The defense cuts might be reversed during the next budget cycle, but there seems little chance of the sequester being renegotiated for FY2013. Is this all that investors care about? Or am I missing something?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

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Truth #3: Facebook owns this.

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Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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