| Submit your comments on this article |
| Home Front Economy |
| U.S. Stocks Post Biggest Post-Election Drop on Economic Concern |
| 2008-11-06 |
| The stock market posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern the economy will worsen even as President-elect Barack Obama tries to stimulate growth. Tsk, tsk, tsk |
| Posted by:g(r)omgoru |
| #23 remember all those statements by people here at the Burg in September that you should go get your hard cash out of the bank _right now_ before the bank run happens? No, I don't remember all those statements. Maybe there was one. There were a few statements advising taking several days supply of cash out, not a bad idea as a general policy. I cashed out all my stock investments in August 2007 and am thousands of dollars better off for it. |
| Posted by: Anguper Hupomosing9418 2008-11-06 23:58 |
| #22 Ditto Frank. That is... if we still have elections by then and The One has not declared himself president for life. |
| Posted by: Besoeker 2008-11-06 20:20 |
| #21 Ima starting out with Bobby Jindal 2012! sorry Joe. |
| Posted by: Frank G 2008-11-06 20:19 |
| #20 Just let me be the first to say, 'JOE 2012!' |
| Posted by: Raj 2008-11-06 20:03 |
| #19 ION FOXNEWS AM > NEIL CAVUTO = seems the "BIG THREE" US AUTOMAKERS [Ford, Chrysler, GM] are asking a smiling, post-Obama Victory Nancy Pelosi and other bigwig Congresscritters for AN ADDITIONAL US$20-25BILYUHN IN USGOVT $$$ FUNDING SEPARATE AND ON TOP OF THE SIMILAR AMOUNT ALREADY RECEIVED OR ALLOCATED FROM THE BAILOUT. Also, IIUC CAVUTO segment reported on the POST-ELECTION INCREASE IN LOCAL TAX RATES AS PER MANY US STATES, ostensibly due in part to the inability of States to MAKE UP FOR SERIOUS STATE BUDGET SHORTFALLS VEE TAXING ONLY THE UPPER + WEALTHY CLASSES. * JUDGE NAPOLITANO > described the US GOVT'S NEW ROLE = LEGAL INFLUENCE AS PARTIASL SHARE OWNERS IN MAJOR CORPORATIONS [Formal Govt-Public Support + Subsidation of Private Companies], THINK ADOLF HITLER + PRE-1939/WW2 NAZI CONTROL-INTEREST IN MAJOR GERMAN COMPANIES E.G. JUNKERS. |
| Posted by: JosephMendiola 2008-11-06 18:59 |
| #18 Barack was probably just reaching for the Sealevel lever and pushed the wrong one in the down direction. It happens. |
| Posted by: eLarson 2008-11-06 18:49 |
| #17 CNN "ISSUES" wid JANE VELEX-MITCHELL > PRO-DEM GUEST PERT PANEL > In sum, the OBAMA VICTORY has vindicated nearly every DEMOLEFT AGENDA ANDOR CRITICISM SINCE KENNEDY + VIETNAM. Perhaps more importantly, despite being pro-DEMOLEF = OBAMA, Jane's guests "talking points" were essens GOP-RIGHTIST! IMO, GOES TO SHOW OR PROVE [AGAIN] THAT POST-COLD WAR + POST-REAGAN/BUSH1 + POST 9-11 > LEFTISM IS THE NEW RIGHTISM, LEFTLIBERALISM IS THE NEW CONSERVATISM, GOVTISM THE NEW LIBERTARIANISM, SOCILAISM THE NEW CAPITALISM, ..........@etc. D *** NG IT, MORIARITY, BEFORE RUSSIAN-BELABELED "COMMUNIST CAPITALISM/COMMPITALISM", THERE WAS THAT GUY FROM GUAM'S "FREE MARKET STALINISM/ CENTRALISM/COMMUNISM/TOTALITARIANSM"! |
| Posted by: JosephMendiola 2008-11-06 18:44 |
| #16 Soros has seemed a bit quiet lately. |
| Posted by: Bulldog 2008-11-06 17:31 |
| #15 My wife posed the question "What actually triggered the economic collapse, or was it a 'who'?" It was a can everyone had been kicking down the road for a generation; what 'pin' actually popped the bubble? Could it possibly have been intentional? (Not entirely far-fetched - look at some public statements by Schumer et al.) Glenmore, remember all those statements by people here at the Burg in September that you should go get your hard cash out of the bank _right now_ before the bank run happens? |
| Posted by: Thing From Snowy Mountain 2008-11-06 17:04 |
| #14 Down 443 for the day. |
| Posted by: tu3031 2008-11-06 16:09 |
| #13 The economic crisis is a real one, and politicians and economists are connected to it by their cluelessness. The stock market will fluctuate as it always does, no matter what else happens. "Biggest plunge following a presidential election" is just white noise. Haven't you noticed financial reporters always trot out some reason for every daily fluctuation of the stock market and apply some hype in every report? I think reporters have macros in their word processors to accomplish that task without thinking much. One hallmark of a declining market is huge swings up & down -- which is what has been happening for months now. A gradually advancing market is noted for absence of huge swings in either direction. Stocks will get much worse before they get better. |
| Posted by: Anguper Hupomosing9418 2008-11-06 15:54 |
| #12 there is always the possability that the left wants to destroy the market in order to allow the government to step in and save us all. |
| Posted by: bman 2008-11-06 15:11 |
| #11 I didn't say that MCCain wasn't foolish (he was ridculous in his wltzing over skipping the debate then going to it was) just as Aznar was caught on the back foot when the police told him there were leads pointing to islamists several hours after the pro-socialist MSM had been airing them. I just point the similarities between the Madrid bombings and that oh so opprtune (for Obama) Fanny Mae bankruptcy. |
| Posted by: JFM 2008-11-06 14:11 |
| #10 jfm John McCain himself deserves some blame for political stupidity in this. He suspended his campaign in late Sept and flew to DC to support a modified Paulson Plan that he himself didn't understand. When the plan went down in the House, it was obvious his efforts were useless and he also looked grumpy and foolish in press conferences. Then the modified, modified Paulson Plan came out and McCain supported that one and then started denouncing aspects of it. He also suggested firing Chris Cox and replacing him with Andrew Cuoumo which was a projectile vomit inducing comment. |
| Posted by: mhw 2008-11-06 13:17 |
| #9 Despite a mediocre leader the Spanish right was cruising to an easy victory when the Madid bombings happenned. Then tehre was an incredible MSM campaign to put the dead at the feet of the government. Those MSM owed favours to the socialists and BTW wrere rewarded after the election. There were also a series of lead poppping of thin air, followed by arrests of people told to be Isklamists (most if them were later cleared and there are serious doubts about those who weren't). The officers in charge of the investigation were close to the socialista nad have been rewarded after that. All of this allowed Zapatero to turn the tables and win. Despite a mediocre leader the American right was cruising to an easy victory thanks to the Palin effect. Obama was against the ropes. And then Fannie Mae bankrupted and made the bankin system implode. Fannie Mae was in democratic hands and it was democrta who decided when, that is in september, not say, November 5th, Fannie Mae had to celare itself insolvent. |
| Posted by: JFM 2008-11-06 12:36 |
| #8 I posed the question of it being intentionally manufactured when it was at its peak and was manhandled for it here by various 'free market' torpedoes. So I never got a real answer to my question. But the 'crisis' did seem to hit its crescendo while congress was debating the bailout and precisely when the first try failed to achieve the vote it needed. Is it possible to crash the market on purpose, for the traders, and did they do it to get their hands on the money. It could not have been a orchestrated effort, that could never be kept a secret, but rather a collective intelligence of sorts. |
| Posted by: bigjim-ky 2008-11-06 12:12 |
| #7 Dang, first one let me to the roadside America, sorry. |
| Posted by: anonymous5089 2008-11-06 11:36 |
| #6 Could it possibly have been intentional? Barack Obama and the Strategy of Manufactured Crisis |
| Posted by: anonymous5089 2008-11-06 11:36 |
| #5 Could it possibly have been intentional? Barack Obama and the Strategy of Manufactured Crisis |
| Posted by: anonymous5089 2008-11-06 11:35 |
| #4 In percentage term it was within the normal trading range of the past month. My perception is that the election results were already pretty well discounted by the market. In fact, I think the connection between the economic collapse and the inevitable-ness of the Obama victory was strong, and much of the stock market fall was the 'discounting' of a pending Obama win rather than the nominal economic drivers. My wife posed the question "What actually triggered the economic collapse, or was it a 'who'?" It was a can everyone had been kicking down the road for a generation; what 'pin' actually popped the bubble? Could it possibly have been intentional? (Not entirely far-fetched - look at some public statements by Schumer et al.) |
| Posted by: Glenmore 2008-11-06 10:48 |
| #3 Most everything Obama wants to do will worsen a weakened economy. It's high time he started going back on some of his campaign promises. |
| Posted by: Richard of Oregon 2008-11-06 10:11 |
| #2 I guess the campaign slogan of punishing those who create wealth and rewarding those who do not is now having the first effects. Cause>Effect (let's see if there is intelligent life beyond the dialectic) |
| Posted by: Procopius2k 2008-11-06 09:55 |
| #1 Watch. It will get much worse before it gets better. |
| Posted by: Jolutch Mussolini7800 2008-11-06 08:51 |