Stocks Fall As Investors Ponder Obama Presidency

Yahoo: A case of post-election nerves sent Wall Street plunging Wednesday as investors, looking past Barack Obama's presidential victory, returned to their fears of a deep and protracted recession. Volatility swept over the market again, with the Dow Jones industrials falling nearly 500 points and all the major indexes tumbling more than 5 percent.

November 5, 2008 at 9:06 pm - WFOR Miami
Dateline: New York, NY
grik   November 5th, 2008 - 9:15 pm

GOP Knucklehead “Sometimes I wash my car and it rains. Coincidence? I think not.”

At a time when the market has been going up and mostly down with little rhyme or reason it is assinine to ascribe this drop to Obama’s election.

Investor   November 5th, 2008 - 10:00 pm

It is a predictable response to a candidate that promises more taxes on investments, regardless whether they are in retirement portfolios or elsewhere. Profit drives the market. Taxes are anti-profit.
We should get used to it. That was his platform.

demdicks   November 5th, 2008 - 10:18 pm

The ONLY reason the market gained ground last week was because McCain appeared to be gaining in the polling, once that “hope” was dashed the freefall resumes. The markets are 100% a DEMOCRAT problem, and you idiots that voted dem because you are upset with the economy just put the direct cause in a position of higher power to cause even more chaos. Ohio and Pennsylvania, you are about to join Michigan in the hellhole of liberalism and it’s your own damned fault.

Karl Kitchen Furniture   November 5th, 2008 - 10:34 pm

I think the stock market just gave a vote of no confidence lol.

Shame how any Manny, Moe, or Jerome can now buy the American election (with foreign funds).

Thrasher6   November 5th, 2008 - 10:42 pm

Repubs or Dems…really doesn’t matter.
Just go to a cash only/fair tax plan….and watch the debt decline. Then so long as businesses are allowed to maintain a proportionate amount of capital, for future developments or rainy-day projects, and ensure they donate a fair amount of excess to a “local/regional”, “legitimate” entity, for example…hospital, dental/optometry clinic (not the nude-art with worm poo society NAWPS)…then, the system works. Government overwatches but stays out of the commerce cycle.

Example of a fair tax schedule
(no bitchin, no crying)
0-25K no tax
25K -100K = 5%
100-199 = 8%, then 1% per every 100k til 999, so 900-999 would pay 17%
1m – 5m = 25%
5m and higher – 33%

This allows for saving in the home/budgeting for spending and the taxes go to infrastructure items

Any business with a profit excess of 25% gross of their earnings (to include a previous year cost of living adjustment) is “donated”!!!!

This allows for more spending. The more spending = the more donated to personnel who are unfortunate.

It’s just my little ole plan

LOL   November 5th, 2008 - 10:44 pm

“Bloomberg: NYC Income Tax Could Rise 15 Percent” Nov 5, 2008 8:27 pm US/Eastern

Hope none of ya live in the Big Apple. It’s starting already!!!

Puzzled   November 5th, 2008 - 10:51 pm

I guess I don’t understand the people of Pennsylvania. They vote for a man who vows to shut down the coal industry and the jobs in it. 50% of electricity is generated by coal from America, not from the Middle East.
John Murtha is reelected after calling half the state racist and redneck and making false accusations against Marines, all of whom have been acquitted.
Sounds self destructive to me. Or alternatively a case of liberal temporary insanity.

Nick   November 5th, 2008 - 11:13 pm

I think people woke up today and realized that we’ve still got another two and a half months of Bush, and the hangover set in.

Fargin Bastiges   November 5th, 2008 - 11:21 pm

Don’t worry, when Obama appoints Franklin Raines as the new Chairman of the Federal Reserve, everything will be just fine. :^P

Mac-101   November 6th, 2008 - 12:42 am

This is amusing.The Demos promise:

1. a 7% GNP World Tax to the UN
2. Double capital gains tax
3. Increse tax on the “rich”, corporations and small business, tax refunds to people who pay no taxes
4. Propose over 1.2 Trillion more in domestic spending, spreading the wealth
5. Establish Cap and Trade for CO2 emmisions
6. Bankrupting the coal indudtry
7. Prohibit drilling for oil or building power plants.

The biggest laugh is Wall Sreet and Billionaire Globalist supported President Elect Obama.

ENJOY THE RIDE   November 6th, 2008 - 1:25 am

OBAMA, YOU HAVE INHERITED A CRISIS OF UNKNOWN PROPORTIONS. I WISH YOU THE BEST, IF YOU FAIL, YOUR AS! WILL BE HANDED TO YOU ON A PLATTER!

Louis   November 6th, 2008 - 3:21 am

The market thought about Obamas mammoth increase in operating expenses due to UNIONS! INCREASE IN MINIMUM WAGE….. and the market VOMITED.

Louis   November 6th, 2008 - 3:24 am

People like Warren Buffet are going SENILE these days in their blind and socially “correct” support of the great OBAMA, the intellectual magician who will make your $$$$$$$$ dissappear!

cablegirl   November 6th, 2008 - 6:36 am

I have no doubt that when reality sets in that the market is going to crash! All you poor people who planned on some free money to pay for your gas and groceries are going to be very disappointed!! Hahahah jokes on you ignorant people! I really don’/

Airwick   November 6th, 2008 - 7:46 am

The market went down yesterday because the Services Sector had a poor report and there was profit-taking from the previous spike(s) from last week. It had little or nothing to do with the election.

In a few days they will announce unemployment statistics which are expected to increase. The market will probably go down again when that happens.

This story is totally misleading.

CommonSense   November 6th, 2008 - 8:02 am

I spent all day yesterday pulling the rest of my assets out of the markets. Based on the end of the day results I saved myself 10k.
I hope half of the country that knew how to vote did the same – let’s give Barry and the rest of his followers a real chance to show what they can do.
I spoke to 3 people yesterday that are active duty – they have already started their paperwork to get out of the military.
I did the same thing when Clinton was elected.
You dumb ass people expect us to believe your words about working together blah blah blah….
You lie and twist facts and most of know that and simply don’t believe or trust you or your words.

Locked_N_Loaded   November 6th, 2008 - 8:07 am

Stock market heads farther down.
Gun and ammo sales going up and UP!
Seems to be some reason for that I wonder why?

Travis   November 6th, 2008 - 8:09 am

Tried to call my local gun dealer yesterday…

The phone was busy all day.

Winston   November 6th, 2008 - 8:31 am

“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”

Winston Churchill

Discouraged   November 6th, 2008 - 8:33 am

The money folks know what the voters were too stupid to consider. This fool is going to run our country into the ground.

Travis   November 6th, 2008 - 8:44 am

Welcome to the United Socialist States of America!

Mac-101   November 6th, 2008 - 8:44 am

Common Sense, I tell all my COMRADES that now is the time to STAY in. If you value the constitution you must , or encourage others to join the Active, Gaurd, or Reserve. Now is the time to come back IN. There is defininately a push by Trans National Kapitalist to establish their New World Order. Americans are being now downgraded into 3rd world status. This Great Nation was established by men who sacrificed all to obtain our freedom. They didn’t run!

Good one Loius, How could I forget the DEMOs wanted to get rid of the secrete ballot so you got to stand up to some Mafia /labor goon and vote NO to unions. That’s the first step to gov control of everything. Notice how the unions do not want to secure the borders and reduce the flood of cheap labor into the US. You would think the would. However they are FELLOW TRAVELORS also! They are invested into the dismantling of the Land of the FREE!

Winston   November 6th, 2008 - 8:48 am

“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”

Winston Churchill

Winston   November 6th, 2008 - 8:50 am

“Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.”

Winston Churchill

Airwick   November 6th, 2008 - 10:14 am

Too bad this administration put the “sturdy wagon” before the horse…

Vengeance   November 6th, 2008 - 11:16 am

A few of Obama’s biggest corporate donors, and why they donated:

http://theprolific.com/2008/08/meet-obamas-corporate-backers/

Other   November 6th, 2008 - 1:40 pm

The market was not affected by the election.

Sundowner   November 6th, 2008 - 2:00 pm

Airwick,

You really are as stupid as your posts would indicate aren’t you…your leftist media has been forecasting a recession for years now. I can’t believe now that BO is a president-elect you’ll walk over hot coals to prove the market wasn’t reacting to the election. That in itself makes you a partisan hack with zero credibility. Go back and run a search on recession over this administration and see just how far back your precious media has been pounding the pavement looking for new ways to start it…

The it takes the democratic leadership of Frank, Todd, BO, et al to bring the market to its knees by shoddy mismanagement, or are you prepared to argue that as well, in which case I’ll point you to multiple websites for that too. Open your friggin’ eyes to the world around you, not even you can remain that dense.

Gee, here’s one from Jan 2008, bet if you try you can actually go alot farther back than that…or are you waiting for big government to come do it for you…

http://www.businessandmedia.org/articles/2008/20080123110534.aspx

Dragunov   November 6th, 2008 - 2:09 pm

I felt that I needed to post this here.

Fellow Business Owners:

As a business owner who employs 120 people, we have resigned ourselves
to the fact that Barack Obama will be our next president, and that our
taxes and fees will go up in a BIG way.

To compensate for these increases, we figure that the Customer will have
to see an increase in our fees to them of about 8-10%. We will also
have to lay off 25 of our employees. This really bothered us as we
believe we are family here and didn’t know how to choose who will have
to go. So, this is what we did.

We strolled thru the parking lot and found twenty Obama bumper stickers
on our employees cars. We have decided these folks will be the first to
be laid off.

We can’t think of another fair way to approach this problem. If you have
a better idea, let me know.

We our sending this letter to all business owners that we know.

Sincerely
Business Owner

**Let’s give mr. oblahba a direct link to the great depression II.

Please do not make any major purchases and keep your money in secured funds. We can survive. We will help each other out.
Obambi’s supporters will crumble.
Pass this along and teach them a lesson.

What a dope!   November 6th, 2008 - 4:17 pm

Dragunov,

If you think your taxes are expensive just wait until the lawsuits!

If you base your employees’ value on whom they vote for rather than their performance, perhaps you should lose your business. No doubt you will if this is how you base your business decisions.

You sound like that jerk who didn’t tip his waiter because he was wearing an Obama button. This individual is now inspecting his meals for spit and other foreign matter whenever he goes into a restaurant.

Get over it!

Lone Wolf   November 6th, 2008 - 8:18 pm

Hey Dope,

To be honest, I just copied that blurb about the business from an e-mail someone sent me. I have a much smaller Fab/Machine shop with just a couple of employees and myself.

You see, I don’t fall under the guide-lines of Affirmative Action. I hire the best employees. I don’t let the government force me to hire undesirables who are not qualified just to meet some quota.

As for you, it sounds as if you have never been exposed to Affirmative Action. You’ve probably never been passed over for a promotion by someone who was very much less qualified than you just to meet a quota. I’ve had this happen to me twice. Once in the military and once in the DOE by a certain minority. I’m sure you will open those closed, little eyes of yours when this happens to you.

The point of the e-mail was to reward (punish) those who voted for someone who is a socialist. You know, one who takes from others who have worked hard and give to those who contribute little or nothing. You again will see this when mr. obambi does this to you.

As for the last comments I made. It is time for the real America to take a stand and make those who are on a free ride to pay. Did you notice what has happened to the stock market the last two days since you have elected a socialist? The American people are saying we are not going to give our hard earned money to people who did not work for it. They are pulling their money out in anticipation of the high capital gains tax your leader wants to impose. I just hope this continues and puts the country into a deep depression. The strong will survive. Which, by the way, is not the group who voted him in. They will kill each other off quicker than they have been.

Remember, the hardest right-wing conservative was once a far left-wing liberal who got a taste of what he created.

BTW- Dragunov is my weapon of choice. Lone Wolf is what I am.

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