Stocks set a new post-election drop record Wednesday after Obama’s win in the 2008 Presidential election. Wall Street clearly has some concerns about the uncertainty of the future in an Obama presidency. Some key decisions, such as nomination of a Treasury Secretary, will help Obama either gain or lose more of Wall Street’s confidence.
A Yahoo news article points out some of the issues Wall Street may have with Obama. One I may add is that adding more tax burden those that create jobs and determine the price of goods is never good for business. It’s an even worse idea in a bad economy. It always makes me think of the good old “bar stool economics” bit.
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Posted under Economy
Written by admin on November 6, 2008
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It’s not all doom and gloom…
Asia Stocks Up http://money.cnn.com/news/newsfeeds/articles/djf500/200811050435DOWJONESDJONLINE000445_FORTUNE5.htm
Just because Obama is now President-elect, everything isn’t going to be magically better and those that voted for him on THAT premise are going to be sorely disappointed. But I believe in him and I feel that in the long haul he will lead us in a stronger and better direction than the the President in control of the last 8 years did.
Everything wasn’t doom and gloom under Bush either. Unfortunately, since Obama ran on McCain = Bush, a lot of people may be in for an unpleasant surprise.
Obama’s move towards Carter economics is a big mistake and investors know it.