Thursday, November 13, 2008

The Obama Market

The WSJ explains the Obama bear market.

Money Q:

"The voters may be full of hope about the looming Obama Presidency, but so far investors aren't. No President-elect in the postwar era has been greeted with a more audible hiss from Wall Street. The Dow has lost 1,342 points, or about 14%, since the election, with the S&P 500 and Nasdaq hitting similar skids. The Dow fell another 4.7% yesterday.

"Much of this is due to hedge fund deleveraging, as well as dreadful corporate earnings reports and pessimism that the recession will be deeper than many had hoped. We also don't want to read too much into short-term market moves. But there's little doubt that uncertainty, and some fear, over Barack Obama's economic agenda is also contributing to the downdraft."

The markets will have to wait to see if he'll take on the big spenders in his own party or be one of them.

3 Comments:

Anonymous Anonymous said...

"The WSJ [not WJS] explains the Obama bear market."

No. The WSJ is attempting to mislabel the Bush Recession in an opinion piece.
"Much of this is due to hedge fund deleveraging, as well as dreadful corporate earnings reports and pessimism that the recession will be deeper than many had hoped."

Try "ALL of this..."

Hey, Spencerblog, the people have already voted against the very policies the WSJ is wistfully hoping to preserve.

Obama doesn't take office until 2009. Everything happening now is on Bush's watch.

November 13, 2008 at 8:29 AM 
Anonymous r said...

The market and all industry leaders are scared to death of the looming Obama presidency for what it/ he will likely do to further our economic problems.
But did voters listen to them? Nah, such reason was called personal smear and “racist”. Why would they listen to reason anyway when we could insert our “first black” president? Great priorities, folks. Idiots…

November 13, 2008 at 11:47 AM 
Blogger Spencerblog said...

WSJ - corrected.

November 13, 2008 at 3:25 PM 

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