This has been the worst reaction to a presidential election in history.The longer this goes on, the more difficult it will be to explain away as anything other than an Obama sell-off. The fact is that the things Obama and the Democrat Congress are promising to do will do immense damage to the country if they succeed. That's why so many people are getting out now, despite the market being down already. Don't expect it to stop until Obama makes some signals that he'll moderate on his policies.
The stock market continued to slide today.
Obama Post-Election Slide---Today the market dropped 428 points.
This is the largest post election stock market sell off in history. The market is down at least 1,000 points since the election. Today the Dow ended below 8000 points for the first time since 2003.
It probably didn't help that Barack Obama announced today that he chose Tom Daschle to head the Health and Human Services Secretary. Ezra Klein at The American Prospect notes that this is the clearest evidence yet that Obama means to pursue comprehensive health reform.
This can't be a good sign for the free market economy.
Paul Mirengoff at Power Line takes a serious look at the changing global economy.
The really scary part for me is that this is all happening based on speculation about his promises. I'm not looking forward to the carnage when he actually gets some of this stuff done. It's going to get ugly.
There's my two cents.
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