Thursday, November 6, 2008
The Obama un-rally....
As predicted, the market tanked as the Presidential race is over, with Obama being the victor, but the US economy being the loser (this is not an endorsement for McCain). The market is basically showing no confidence that Obama will succeed in stewarding our economy out of this financial crisis. The markets are living down to their negative bias of the President-elect who has repeatedly stated he wants to tax our way out of this slump. History shows it has never worked, and it won't work again. Based on rhetoric, the Obama regime will look more like the Carter years than the Clinton terms--only Obama is inheriting a much worse economy than the other Democratic Presidents.
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