Wall Street Votes On Obama Win
The Dow Jones industrial average (INDU) lost as much as 420 points or 4.4% with 30 minutes left in the session. The Standard & Poor’s 500 (SPX) index lost 4.3% and the Nasdaq composite (COMP) gave up 4.3%.
Well THAT should tell us all something about the confidence in our new President.
Fellow capitalists and entrepreneurs…. run for cover.  Obamanomics is here.
-Bruce (GayPatriot)
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Obama won’t be able to do as much damage as he’d like. But rest assured, he’ll do as much damage as he can.
Comment by Right Turn — November 5, 2008 @ 4:10 pm - November 5, 2008
The market has been swinging wildly for months and several times wider than today’s margin. Perhaps the prior losses accounted for the prospective Obama victory, perhaps not. I wouldn’t put too much stock in today’s numbers, so to speak. Fear and glee are both inappropriate; he doesn’t take office until January and he’s too smart to squander his mandate with overt radicalism. Our liberty has always been lost by small steps.
It may be that like Clinton, Obama may benefit from pent-up demand due to the current economic downturn and from credit hawks intent on making sure banks are loaning stimulus dollars. Democrats have benefited from the economic cycle since Bush 41’s term.
Comment by Ignatius — November 5, 2008 @ 4:57 pm - November 5, 2008
They’re not only running for cover, they’re running for other shores. What, exactly is it that liberals think makes corporations send jobs overseas? Taxes that arent high enough? Too little regulation?
Comment by American Elephant — November 5, 2008 @ 4:59 pm - November 5, 2008
Ignatius, his campaign promises, desptite his best efforts to pretend otherwise, are overtly radical.
Comment by American Elephant — November 5, 2008 @ 5:04 pm - November 5, 2008
What he may have promised the left of his base will lose him any good will and momentum his campaign/victory might have earned should he begin his administration keeping such promises. The lesson of Clinton and DADT has, I’m sure, not been lost upon him.
From my observations of Obama, I don’t happen to think he’s unusually bright. He has no original ideas and when he cites the ideas of others, he does so in a slavish (pardon the term), clunky manner that indicates he hasn’t thought too much about an integrated series of proposals, how policies effect each other, etc. He often has to backpedal or ‘clarify what he meant’ and get into semantics such as pre-conditions, etc.
BUT, he’s a good politician and has a pugnacious (no relation) staff.
Comment by Ignatius — November 5, 2008 @ 5:15 pm - November 5, 2008
Besides Obamanomics, we also need to worry about Obamanazis as well – you know, his “special civilian security force” that was out in force in Philly on Election Day.
Hope they know how to defend themselves against us bitter, religious conservatives. All I’m sayin’, girls.
Regards,
Peter H.
Comment by Peter Hughes — November 5, 2008 @ 5:39 pm - November 5, 2008
Answer coming. Filter disapproves my submishunz.
Comment by Ignatius — November 5, 2008 @ 6:01 pm - November 5, 2008
Ignatius, I don’t know if this applies to your comments, but the filter apparently hates the word l-e-s-b-i-a-n-s.
Comment by V the K — November 5, 2008 @ 6:07 pm - November 5, 2008
does it really?
Comment by American Elephant — November 5, 2008 @ 6:34 pm - November 5, 2008
lesbians!
Comment by American Elephant — November 5, 2008 @ 6:35 pm - November 5, 2008
omg, it does! I just tried it. from now on its dykes or lesbitarians
Comment by American Elephant — November 5, 2008 @ 6:36 pm - November 5, 2008
yawn…we’ll be reading this for the next 4 years ad nauseaum. Didja’ happen to notice that the worldwide stock markets have been like this for several weeks?
Comment by Kevin — November 5, 2008 @ 6:44 pm - November 5, 2008
L-e-s-b-i-a-n-s, hm? I thought it might be this guy.
Comment by Ignatius — November 5, 2008 @ 6:52 pm - November 5, 2008
8 – Kevin – you mean kind of like your shrill drivel we have been tortured with for years?
9 – Evil Spam Filter blocks “lesbian” ? I did not know that.
Someone call the ACLU!!
Comment by Bruce (GayPatriot) — November 5, 2008 @ 7:04 pm - November 5, 2008
Utter nonsense. Read the article. It says that rather than focusing on the election results, investors were focusing back on fundamentals of the economy. That is to say, when they were focusing on Obama, the market got a bit “irrationally exhuberant” but when they stopped and took the time to look, not at the election, Obama or Obama’s policies, but on the market itself, the market sold. It was not a reaction to Obama’s election but a sober reassessment of the earlier trading.
Comment by CR — November 5, 2008 @ 7:56 pm - November 5, 2008
Didja’ happen to notice that the worldwide stock markets have been like this for several weeks?
Yeah, they started tanking right about the time Obama surged in the polls.
Comment by V the K — November 5, 2008 @ 8:47 pm - November 5, 2008
Yeah, NPR even said how Europe is excited about America’s first black president and that there stock market fell in the same breath. I thought that was a strange time to mention that, but NPR obviously didn’t.
Comment by Timothy — November 5, 2008 @ 9:46 pm - November 5, 2008
Didja’ happen to notice that the worldwide stock markets have been like this for several weeks?
Didja happen to notice that when Comrade Obama was speaking of the 106 y/o voter, he mentioned that she touched the screen? No mention of fraud or a stolen vote.
Now, suddenly, electronic voting machines are good?
Comment by ThatGayConservative — November 5, 2008 @ 10:19 pm - November 5, 2008
I tend to think that the market is resting after so much turbulence. I only have 1 investment, which I bought in late September. Until yesterday, it had doubled, but lost a bit in profit taking.
Folks, just watch the market carefully if you have any investments. Although I lost mucho on my 401(k), I also boosted my contribution so that I’m buying low. Theoretically.
Oh, yeah, Europe and the Muslim world seem tickled pink. PINK. As in Pink-o. O’Hussy doesn’t have the power to convert this country into something that it should not be except into being poor(er).
I’m disgusted with this election and the popularum americanum. Also with KKKalifornia. At least in Florida I know where I stand. SF was the only place that I have EVER been hassled for being gay, and I wasn’t even doing anything except sitting in traffic.
Comment by Leonidas — November 5, 2008 @ 10:45 pm - November 5, 2008
I think the Market spent the day in a tiny, sh*t-hole apartment with the shades drawn, violently pacing back and forth on crack, half-screaming, half-crying, “WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!WhatamIgonnado?!…”
Comment by Sean A — November 6, 2008 @ 2:54 am - November 6, 2008
I was at a social event attended by a number of high-wealth…but not “rich”….older friends, mostly retired executives and professionals. Amidst the usual conversations about not driving at night anymore, replacement hips and knees, there was at-least one conversation on the merits of offshore Cayman accounts vs. moving assests to Bahamas or Leitchtenstein trusts. Not a panic (yet), but just prudent financial stategic manuveuring….?
…..Meanwhile, I can’t get my clients to pay their invioices in a timely-fashion.
Comment by Ted B. (Charging Rhino) — November 6, 2008 @ 11:07 am - November 6, 2008
THANK YOU!!!
That’s what you’ll be telling the Democrats after they fix the mess that the Republicans have caused for the past 8 years.
The Republicans dug a hole so deep that it will take a lot of work and time. But, the right party (Democrats) is now in place to right the wrongs. Here’s a few of them:
– RECESSION
* you’ll be doing backflips when your investments, home price (equity), retirement account start moving in the positive direction
* stuff you buy everyday will be more affordable – gas, groceries, clothing, etc.
* your job will be more secure because your company will be more competitive in a healthy economy
– WAR
* we’re currently spending $12 BILLION a month
– DEFICIT
* In 2000, there was a surplus because Clinton (a Democrat) was the president. Then enter Bush (a Republican), after 8 years in office the deficit is now $10 TRILLION (September 2008). But the Democrats are in office again – they will fix this.
I am not “Joe the plumber”
Comment by Romanus — November 7, 2008 @ 12:04 am - November 7, 2008
Sean A is doing nothing to discourage my man-crush.
Comment by V the K — November 7, 2008 @ 10:04 am - November 7, 2008