Posted on 11/05/2008 1:17:40 PM PST by kinsman redeemer
The DJIA is down 408 on the day after The One was supposed to make all things right with the world.
No one is saying it - but there is a connection. Maybe other factors are at work but what's the BIG NEWS of the day, huh?!
McCain's rise in the polls in the last week was accompanied by improvements on Wall Street.
Now this.
That’s Racist!!!!
Make that 486.
You beat me to it!
Damn, and all along the CNBC crowd etc kept saying that 0bamanomics were already figured into the market...
Who, pray tell, is going to make such a connection in the MSM? They all want the first interview with the first family, dontchaknow...
The Dow closed down 486.
Capital always wins, despite the beggar cohort voting in Obama.
I guess this kills the argument that “Wall Street wanted an Obama presidency...so they crashed the market”.
The economy is a mess...and the market would have dropped regardless who won.
Just wait until the unemployemnt numbers come out later this week....
This is because corporate America just hasn’t figured out what to do about 0bama yet. They need to announce that the McCain tax benefits they’ve been denied will be allocated amongst 0bama-supporting employees as wage cuts, then the market will go back up when people realize the positive effect these wage cuts will have on profitability.
I hope every other business — even small business not on the stock market — takes this opportunity to remind its employees that they should take their employer’s interests into account when they vote on major tax issues like this.
A typical business will have a net before-tax profit of 10%. That means for a $100 million company, McCain’s reduction of the corporate tax rate from 35% to 25% would have resulted in a $1 million after-tax improvement under McCain vs. 0bama. The company should spread that cost difference among its employees who voted for 0bama.
I hope those employees will be the first to raise your hands when management asks who supported 0bama so they know how to allocate the salary cuts :-) The money’s got to come from somewhere, and it wouldn’t be fair to take it from the people that voted for McCain, now would it ?
Word on the street: DOW will drop another 2,000 before it comes to an exhausted quiver, awaiting The One’s redistribution of wealth. Every statement he and his henchmen make drives the market further down.
Personally, I think it’s all a left-wing plot to keep boomers from retiring. How much more of a hit can my 401K take?
Excuse me while I sink back into depression...
Oh, and you 86,000,000 investment owners who voted for The One? SURPRISE! You won’t have to keep worrying about the value of those pesky investments!
I’m waiting for 666 points.
Fortunately, its hitting now, so that we can all cut down on the amount of cheap chinese crap we buy for Christmas. Let the Comms feel some pain too.
I’m surprised how few people have realized that the credit crisis was engineered by Dems via Barney Frank’s oversight of Fannie and Freddie specifically to make the economy the major election issue instead of security.
This has been in the works since Bush won re-election in 2004.
Ever hear of the concept of “Sell the news?” The market had an 18% run-up in anticipation of the election results. It is quite natural for traders to take profits.
is there a video tape coming via API? LOL seriously, you might be right. It all seems a little too coincidental that all of a sudden they realize there is this huge crisis. A whole helluva lot easier to orchestrate than attacking ourselves on 9/11
my financial advisor told me three weeks ago that the market would take a hit the day after an O one (won) election.
No way I would have made that prediction three weeks ago. I did make that bet yesterday near the close by selling a buttload of futures because of the runup. I knew Obama was likely to win, but I thought that no matter who won, the market was going lower because the news was out and the market had a good run over the last week. VIX also got to a new low since the credit crisis started to unfold. It is back up around 54 - got to 89 (!!) around the open on Oct 24 when futures were limit down premarket.
he made that solely on the prediction that the global markets would not see Obama as a “stabilizing force” - he said the asian and european markets would drop overnight and the us market would follow. I’m pretty sure Rush said the same thing.
Rush is not a finance expert or trader, so you should disregard him. I am surprised by your advisor though. The statement he made was too broad to make without any conditionality. If the market was up 8% or more over the last week heading into the election, I would say betting on the market going lower would be a good one. On the flip side, had the market been down 18% over a week (instead of up 18%) going into the election, I would have been very happy to be your counterparty if you would have wanted to short the market barring some other credit disaster occurring like a GM/GMAC/RESCAP bankruptcy or something.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.