Wall Street welcomes Obama with a 486 point drop.
People that voted for Obama actually thought he would be better for the economy then McCain? I guess these people never stopped to consider that the economy and the stock market are linked. It was when the stock market started it's huge declines thanks to the housing/financial crisis started by the socialist stupidity of Democrats. In a way it's good that Democrats have control of congress and the White House. They were the genesis of this mess, and who better to deal with their mess then the very people that created it. It was bad enough that Bush had to fix the economy after Bill Clinton's dot com bubble economy went bust right after he left office. Anyways, the day after Obama gave his speech to the sheepletude, the Dow Jones Industrial Average plunged 486 points. The reason for the sharp sell off is because Obama won the election. When George Bush won in 2000 and 2004, the markets enjoyed sharp RALLIES afterwards. This goes back to what I've been saying repeatedly. Free market economies don't like socialist and liberal rules, excessive regulations and more importantly burdensome taxes. The stock markets not just in the United States but in the world fear an Obama administration and rightfully so. If Obama does go through and let the Bush tax cuts expire as well as hike the taxes on dividends and capital gains from investments, he will single handily guarantee a stock bear market and a massive rise in the unemployment rate. Oh well, it's all about "change" is it not? A 486 point drop is impressive for only being President elect for not even 24 hours yet, I meant impressive in a bad way of course.