Thursday, November 06, 2008

Obama and taxing the rich

Welcome to Wall Street, Mr. Obama. What you're seeing is an 915 point down-Dow salute. You say you're going to raise taxes and spread the wealth from the rich to the poor? You're going to be a modern Robin Hood? I don't think the markets are going to like your plan. In fact, I'm damn sure they don't. You see, the markets aren't concerned with racial progress. The markets are interested in possible future prosperity, and they don't give a hoot about a new president who talks about distributing the wealth, assuming that there is any wealth.

Your prize, Mr. Future President is a full minus 8 on my PTI and (gulp) what looks like a second 90% down-day in a row. Wow, talk about a NYSE cheer, you're seeing it, Mr. Obama. And today, the VIX was up 9.12 points to close at 63.68. Ye gads, it looks like tomorrow is going to be a wild one. I thought the market might test the lows, and it looks like it's going to happen.

From: RR

5 Comments:

Anonymous Anonymous said...

These blogs are interesting until the political posts start, and then they just become tedious.

6:34 PM  
Blogger Fred Zelinsky said...

Your analysis means that the markets thought McCain was going to win, so the indexes rose before the election, and fell after they found out they were wrong.

Huh? Ladbrokes had Obama at 14:1 in the days before the election; clearly, there were indications that McCain might not be elected that even the markets couldn't miss.

Might there be some issues other than taxes at play here? Such as, there isn't a magic bullet, and if there was was one, the current administration has already spent it.

6:59 PM  
Anonymous Anonymous said...

Obama won because the down and out, unemployed/underemployed, poor and minority communities voted for him. Plus a lot of other people who don't have any money to distribute to someone else.

The election has everything to do with real estate because B. Obama is going to increase taxes and government spending.

Just look what the Democrats have done to California. Yes, Democrats!

B.O. promised health insurance to the uninsured. He promised that everyone will be able to attend college.

The only problem with all of his plans is that there isn't a single shred of evidence that Obama or the Democrats in Congress have any idea on how to get our economy moving again.

All of these new problems and a new President that only offered "Hope" and a place called "There".

6:01 PM  
Anonymous Anonymous said...

when has a non-flat tax policy equated to a redistribution of wealth policy (= socialism)? obama's tax policy re-instates ex-pres clinton's tax policy. was it socialism then?

3:55 PM  
Anonymous Anonymous said...

I like this blog as long as it's not political. If we don't get beyond the polital blame and focus on how to re-build the housing market our country will continue to slide, especially in places like the bay area. I like some comments I read at the mddesignhomes.com blog spot as it does not get politcal, but it does illustrates the simple tihings we can do to our homes, which in turn helps re-build job markets. We cannot go back and re-elect a new president no matter how many people wish we could, but we can move forward and not let our government (and media)continue to drive our discisson making through doom & gloom. Let's talk about what it is we can do if we have the money and would under any other circumstances improve our homes, now is the best time to do so. The compitition is great, and that makes it a home users dream. Think about it, cheaper supplies, lower bids, etc.

Let's turn the Bay Area Housing Bubble blog back into it's intent. Make it about housing, not politics...

8:30 PM  

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