Skip to comments.Deeply down day on the Dow as post-election fiscal reality hits Wall Street
Posted on 11/07/2012 12:48:54 PM PST by NoLibZone
he Dow Jones Industrial Average fell sharply Wednesday following President Obamas re-election, as investors absorbed the reality that the same political players in Washington, D.C., now must address the nations so-called fiscal cliff, which looms at years end.
Youve got pretty much the same recipe as before -- a Democratic president and House Republicans, said Nigel Gault, chief US economist for IHS Global Insight in Lexington. If Obama says, I insist on there being a tax increase for high-income Americans, and you have Congress saying, No tax increases, you hit the cliff.
The Dow was down by about 280 points at 3 p.m., just over 2 percent, to under 13,000, after falling as much as 369 points earlier in the day. Financial and energy stocks were hit particularly hard.
Bernard R. Horn Jr., president and portfolio manager of Polaris Capital Management, a Boston investment firm, said that between the coming threat of higher taxes and budget cuts, as well as ongoing financial troubles in Europe, there was little in the near term to calm financial markets.
We spent huge amounts of money and incalculable amounts of human capital on the election, Horn said. And after that whole process, we basically get that same gridlock government. And everybodys hoping things will somehow change.
(Excerpt) Read more at boston.com ...
It is a lousy time to be an American. Indeed, the entire future of humanity looks grim, very grim.
Somebody said once that 'elections have consequences' .....
Yep, grim, and these people haven’t yet witnessed all the marvels of 4 more years of Obama.
Well now we have another lying media narrative being fed to us. The Wall Street sell-off the day after the election is because of the looming fiscal cliff. Bullshit! The cliff was there the day before the election, too! The sell-off is from the re-election of 0bama, and the extension of his disastrous economic policies.
You can fool people, but you can’t fool money.
Yessir! We'll get to see the great merits of the Commissars doing all that fine Central Planning.
Worked so well for the USSR.
What part of the cliff worries them? Cuts or tax increases? Both? Really I’m sure the best solution in their minds is borrowing more money and putting it off to another day. As always, it’s take the pain now, or take it later. Either way, you Wall Street junkies are going to take it along with rest of us.
I wouldn't sell right now...the big boys are hoping that lots of us do....(I don't have much anyway).
Wall Street recognizes the election for what it is: welfare freeloaders with pitchforks and torches.
I almost welcome the “cliff”...
mainly because those most hurt will be the ones who voted to keep driving over it.
Not fooled at all .... suspect the name of one person making tons of money starts with ‘S’ and ends with ‘oros’.
All afternoon the Tea Party has been blamed for the partisan divide. It is amazing how the democrats are never called upon to be bipartisan.
Bonehead is going to cave. It is coming.
“It is a lousy time to be an American. Indeed, the entire future of humanity looks grim, very grim.”
“When these things begin to take place, stand up and lift up your heads, because your redemption is drawing near.” Luke 21:28
However, it will get very, very grim before our Redeemer gets here. Soon.
Boehner and Company have caved on more and more issues as B Hussein’s first term proceeded. They may not need to cave any more. The “funny, unrelated” bits of legislation tucked here and there in Obamacare may make Congress irrelevant. This will or would necessitate more Executive Orders, but since only those who must carry them out need to see them, Barry need not craft them clean and clear. He only needs to hang a corrective bullwhip on his Oval Office wall.
Seriously, in my conversations with leftists, they think that a complete economic collapse will be a good thing, because "everyone will be in the same boat then".
This is also why they HATE, HATE, HATE "preppers", because we are trying to avoid being in that "same boat".
hello FOX NEWS Channel??? hello????? anyone there???? hello???? no answer.
Karl Denninger says “watch for market dislocations.”
Now that the election is over, can defense contractors issue layoff notices?
There will be no gridlock. At the last minute, after the stock market really tanks, the kenyan POS will executive decree a debt ceiling increase and a tax hike on the evil rich. Stock market goes up, the House desends into irrelevant status.
-—There will be no gridlock. At the last minute, after the stock market really tanks, the kenyan POS will executive decree a debt ceiling increase and a tax hike on the evil rich. Stock market goes up, the House desends into irrelevant status.-—
I don’t see courage anywhere. Sarah was our last, best hope. And she punted.