News. FORTUNE -- Every few years, market chatter about a coming wave of privatizations swells into a sea of noise and anticipation. Inevitably, the wave crashes, and private investors are usually foiled in their attempts to buy bridges and roads from states and municipalities. The details may change, but the basic theme stays the same: politicians realize that selling a toll road to Blackstone (BX) is no way to get re-elected.
My Point. First keynes told governments to spend, spend, spend.
Now the market is telling governemnts sell, sell, sell.
The pendulum keeps swinging. The important idea is to be aware of it.
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