James Carville was a key advisor to Bill Clinton in 1992. Today, he is not remembered for his advice, but for his biting insights. Few commentators on bond markets, for instance, can resist quoting his memorable quip: ‘I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 baseball hitter. But now I would want to come back as the bond market. You can intimidate everybody.’ Even more memorably, Carville seemingly drove Clinton to ultimate success with his incantation of ‘It’s the economy, stupid’ at every difficult…

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