Stocks Set Record Post-Election Week Drop

The trend of election-timed records continue.  As reported earlier, stocks set a record post-election day drop earlier in the week.  Reuters reports that even with the rally on Friday, stocks set a new record for losses for the week after an election.

So far, it seems that Wall Street lacks confidence in an Obama administration.  The fear likely stems from Obama’s promise to raise taxes on those who hire, set salaries, and set pricing for goods and services.  A tax hike on any level is likely to only make the current economy issues even worse.  In fact, Herbert Hoover created the depression with policies such as these.  Time will tell if advisers have any success in persuading Obama to make sound economic decisions.

With even more job losses this week, it is unclear if the economy has hit bottom.  Unfortunately, it can turn into a self-perpetuating situation.  People lose jobs and are unable to spend money with companies.  Companies lose profits and have to let more people go.  It’s a situation that will be a challenge for the new President-elect.

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Posted under Economy

Written by admin on November 8, 2008

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Coin Flip Decides Mayor’s Race in Minnesota

WCCO reports that a mayoral race in Goodridge, Minnesota was decided by coin flip.  The town of 98 people had nobody file to enter the race for Mayor but incumbent Bob Homme and former Mayor Dave Brown were written in by residents.  Both nominees got 22 votes.

In lieu of recounting, they decided to let a coin toss decide the winner.  Brown won.

If only all politics could be this simple!

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Posted under Election

Written by admin on November 7, 2008

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Presidential Poll Accuracy Revealed

Fordham has provided this list of polls and their accuracy compared to the real election.  As expected, the polls overestimated Democratic support, but only by 1.37 percent.  23 polls overestimated Obama’s strength, only 4 polls overestimated McCain’s.  Rasmussen and Pew got the election spot on!

The List
1(T). Rasmussen (11/1-3)
1(T). Pew (10/29-11/1)
3. YouGov/Polimetrix (10/18-11/1)
4. Harris Interactive (10/20-27)
5. GWU (Lake/Tarrance) (11/2-3)
6(T). Diageo/Hotline (10/31-11/2)
6(T). ARG (10/25-27)
8(T). CNN (10/30-11/1)
8(T). Ipsos/McClatchy (10/30-11/1)
10. DailyKos.com (D)/Research 2000 (11/1-3)
11. AP/Yahoo/KN (10/17-27)
12. Democracy Corps (D) (10/30-11/2)
13. FOX (11/1-2)
14. Economist/YouGov (10/25-27)
15. IBD/TIPP (11/1-3)
16. NBC/WSJ (11/1-2)
17. ABC/Post (10/30-11/2)
18. Marist College (11/3)
19. CBS (10/31-11/2)
20. Gallup (10/31-11/2)
21. Reuters/ C-SPAN/ Zogby (10/31-11/3)
22. CBS/Times (10/25-29)
23. Newsweek (10/22-23)

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Posted under Economy

Written by admin on November 6, 2008

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Obama Campaign Workers in Indianapolis Having Difficulty Getting Paid

Obama is already running into difficulties spreading the wealth.  WTHR in Indianapolis is reporting that some of the Obama campaign workers had difficulty getting paid yesterday.  Some are claiming they are being short changed on what they were told they would pay.  All had to wait past the time they were told they would be paid.  Many sounded upset.

Video is on the WTHR article.

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Posted under Election

Written by admin on November 6, 2008

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Stocks Take Record Drop After Obama Victory

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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