Market Drops on Obama Fears [Obama Stock 'Marx'ket Crash Alert!]

rushlimbaugh.com ^ | 10/24/08 | Rush Limbaugh

[melt]

RUSH: Let's go to the audio sound bites. Maria Bartiromo yesterday, CNBC's Closing Bell gave her analysis of the market.

BARTIROMO: One of the reasons that this market bounced off the bottom is there are rumors in the market, speculation that the race for the White House is getting tighter. And one trader telling us just moments ago that he thought the reason that the market was so low was when Obama had the lead because he's gonna raise taxes. And then when things got tighter, things bounced off the bottom. At some point you have to believe this market starts trading on the White House.

RUSH: Yes. And then last night on Your World with Neil Cavuto on the Fox News Channel, he spoke with Karl Rove. Cavuto said, "If we can take a peek at the big board, you see the numbers there, very volatile markets. Play that up for me."

ROVE: Markets predict the future. Volatility may be people's concerns about what would happen if Barack Obama, who's had a lead in the polls and has been deemed by the media to be the likely next president of the United States, what would happen to their economy if he were to become president, and we know that he wants to raise the capital gains tax, which will take some value out of the market. We know he's in favor of raising taxes on the top 5%. I think a lot of people that are invested in the market realize that if you have the anti-business attitude it means American companies are becoming less competitive.

RUSH: Hm-hm. So, markets predict the future. People invested in the market realize if you have an anti-business attitude, it means American companies are becoming less competitive.

[melt]

Rush is right.

Obama's "Death-to-the-American-Dream" theme: "You'll never get rich if you vote for me!"--- is spooking markets around the World.

[babydubya1981]

If God forbid Obama wins, I wonder what the market will look like on November 5th?

[generalhammond]

Here’s what they’ll say - O’Bummer

[atomic_dog]

If God forbid Obama wins, I wonder what the market will look like on November 5th?

I'll bet that RGR pops big, at least in the short term.

[ChinaThreat]

Who is John Galt?

[Jimmy Valentine]

I would suggest that between the lousy holiday sales season and Obama's acension, as well as the fact that Congress will let the Bush tax cuts expire, we will see a Dow under 5,000.

Obama's proposal to raise capital gains tax, death tax, and impose a windfall profits tax on targeted industries (Oil) will drive it down further into the 3,000 area where it will languish for the rest of his term.

Going to be trillions in hard dollar losses in the market; not losses of paper profit, but true losses.