The Obama effect has been very dazzling since Nov 4.
It’s not Obama’s fault. Bob Beckle said so.
He's doing it on purpose. After being sworn in, he'll announce no tax hikes on the rich, no increase in capital gains. The market will rebound and when he runs for re-election he can advertise that the DOW was at 7000 when he took office, and 10,500 after his economic policies took effect - a 50% increse. When in fact, the Obama effect put it from 10,500 down to 7,000 in the first place.
The clock is ticking.....
“The Obama effect has been very dazzling since Nov 4.”
Change We Can Believe In.
That means the only change you will have left once Obama takes over, is what is in your right pocket.
Wall Street, speaking truth to power.
On November 5th, the stock market opened up at 9616.60. In the last 14 calender days the DJIA has dropped by 16.84%. Just minutes before the close today, the market was down by 16.9936%, just shy of a 17% drop in two weeks. In eleven sessions the DJIA has dropped by 1619.32 points. It now stands at 7997.28.
As pointed out the NASDAQ is now standing at 1386.42, the first time it has closed under 1400 in years.
Never in our nation’s history has a stock market reacted so negatively subsequent to a general election result. Certainly, the underlying pre-election reasons were to blame, but the media made a pretty strong case pre-election that the public wanted Obama because he was seen as being better for the economy than Bush. Obama didn’t object.
So here we are. The man everyone trusted was elected. Confidence should be riding high. Could we be forgiven for thinking the media has been caught in another massive lie.
Obama was not seen as better for the economy. If he had been, the market would be reflecting it. The markets look forward. They see what an Obama presidency will bring.
Evidently the markets don’t think it’s going to be pretty.
Not like the markets would have been more confident with McCain.