I have little doubt that if McCain had become President this would not have happened. Not because he is a genius, but because he believes in free markets. The markets are afraid of Obama’s spending and what appears to be a move towards socialism. If he said, and meant, that he was an advocate of a market driven economy, and disavowed socialism, the markets would soar. I really believe that. It won’t happen, because it appears that he is in actuality a naive socialist. Socialism is the religion of the envious.
Even Hillary would have not have moved this fast to socialize the country. Obama is the capitalist free-marketeer's worst nightmare. It will take a generation to undo the harm he'll cause.