Not Rolling Out The Red Carpet

Wednesday, November 5th at 11:38PM EST

11 Comments

You can compare here how Wall Street greeted the election of Barack Obama versus how it has greeted the election of past Presidents. Of course, there is a lot on Wall Street’s mind so it is not fair to state that this is solely a reaction to Obama’s election.

But it is evidence that after the creation of Obama’s Messianic image, that image has nowhere to go but down. And when it does, people will conceive of Barack Obama as just another politician.

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The Obama Recession Has Begun.

LAWizard (Diary) Wednesday, November 5th at 11:56PM EST (link)

Will it be a depression? Stay tuned.

The Answer Is "Yes" (n/t)

IJB Thursday, November 6th at 12:06AM EST (link)

Obama wins, market tanks

septembergurl (Diary) Thursday, November 6th at 12:45AM EST (link)

This is the biggest post-election drop in Presidential history. Yet it is not being presented as such by the media.

Consider this — On election day there was a minor but decent rally of about 300 or so on the Dow. This was clearly hopeful, irrational exuberance based on the chance that Mccain might win.

Since the markets close in the afternoon, this was not a response to the election of Obama, which occurred about 8 hours later.

Yet, incredibly, it was presented as such by the media. Listening to news reports on Wednesday afternoon, I heard a truly incredible take on the stockmarket’s dramatic, historic drop.

The reporter stated that Election Day had produced a rally in the market (impying that Obama’s election was the cause). Then he reported the 500-point drop today, adding (I’m not making this up): This should not be seen as a reaction to the election.

Truly incredible. Apparently when Bush is president he is responsible for every drop in the markt, but when the markets respond to Obama’s election with the biggest drop ever post-election, well, it doesn’t mean what we think it means.

I read some stories in the financial press and they all made the same point: “In spite of Obama’s election, market tanks” was the gist of them all.

Futures

Steven_W Thursday, November 6th at 1:45AM EST (link)

Thursday AM futures are pointing to a significant crash; the markets had reached support levels in hopeful anticipation of McCain pulling out a squeaker … instead we got Obama, rockets raining down on Israel, threats from Iran, Russia moving troops and Israel waiting for a dark moon to take out the Iranian nuke program before Obama can take office. all bets are off now. Look out below!

http://www.preciseNews.us
Breaking Every Few Minutes (24/7)

Does this mean....

Battleshort (Diary) Thursday, November 6th at 6:27AM EST (link)

that the market is racist?

Pro Deo Et Patria (For God and Country)

How much of this...

jenest2001 Thursday, November 6th at 7:04AM EST (link)

Can be related to people realizing now is the time to take the money and hide it from 401K’s and other accounts. People are not going to take the nationalization of previously private programs lightly. I know I am not.

No. Market has just realized the start of "racism against the "rural white christians".

Rod_Patrick (Diary) Thursday, November 6th at 7:23AM EST (link)

Media will soften Emanuel's image

Kevin Groenhagen (Diary) Thursday, November 6th at 8:53AM EST (link)

CNN’s Frank Sesno just suggested that Rahm Emanuel’s selection as chief of staff indicates that an Obama administration would move in a “center-right” direction. According to Americans for Democratic Action, the oldest and largest liberal lobbying group in the nation, Emanuel earned a “Liberal Quotient” of 95 in 2007, just five points from being named a “Liberal Hero.” I guess CNN plans on continuing to be dishonest after the election.

I believe that Emanuel’s tough talk is his way of compensating for his past as a ballet dancer. This guy appeared on stage as a professional dancer for years. Can anyone find photos?

Move along, now. Nothing to see here, folks.

scottbomb (Diary) Thursday, November 6th at 9:00AM EST (link)

It’s all BUSH’S fault! No matter what goes wrong in the Obama administration, it will be blamed on President Bush.

www.HowObamaGotElected.com

“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” – Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

[Moby.]

hoagy Thursday, November 6th at 1:02PM EST (link)

[Mean-souled about it, too. - Moe lane]

Exactly!

jcheney Thursday, November 6th at 1:33PM EST (link)

The Dow is down 420 as of 10:30 PST this morning. More jobs down, grim all the way around.

You are so right that Bush will be blamed for all of this. I just heard that Pelosi is trying to get that additional stimulus package passed before Obama gets in so that in case it doesn’t work (like the last one didn’t) Bush will be blamed for it.