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Deeply down day on the Dow as post-election fiscal reality hits Wall Street
www.boston.com ^ | Nov 7 2012

Posted on 11/07/2012 12:48:54 PM PST by NoLibZone

he Dow Jones Industrial Average fell sharply Wednesday following President Obama’s re-election, as investors absorbed the reality that the same political players in Washington, D.C., now must address the nation’s so-called fiscal cliff, which looms at year’s end.

“You’ve 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 everybody’s hoping things will somehow change.”

(Excerpt) Read more at boston.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections
KEYWORDS: 2012election; endofamerica; tipped

1 posted on 11/07/2012 12:48:58 PM PST by NoLibZone
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To: NoLibZone

It is a lousy time to be an American. Indeed, the entire future of humanity looks grim, very grim.


2 posted on 11/07/2012 12:50:46 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: NoLibZone
“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 everybody’s hoping things will somehow change.”

Somebody said once that 'elections have consequences' .....

3 posted on 11/07/2012 12:52:53 PM PST by MissMagnolia ("It is when a people forget God that tyrants forge their chains" - Patrick Henry)
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To: BenLurkin

Yep, grim, and these people haven’t yet witnessed all the marvels of 4 more years of Obama.


4 posted on 11/07/2012 12:56:45 PM PST by dforest
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To: NoLibZone

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.


5 posted on 11/07/2012 1:00:03 PM PST by henkster (If you let them do it to you, you got yourself to blame.)
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To: NoLibZone

6 posted on 11/07/2012 1:07:57 PM PST by AngelesCrestHighway
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To: dforest
Yep, grim, and these people haven’t yet witnessed all the marvels of 4 more years of Obama.

Yessir! We'll get to see the great merits of the Commissars doing all that fine Central Planning.

Worked so well for the USSR.

7 posted on 11/07/2012 1:08:00 PM PST by Ole Okie
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To: NoLibZone

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.


8 posted on 11/07/2012 1:10:29 PM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
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To: BenLurkin

9 posted on 11/07/2012 1:10:37 PM PST by AngelesCrestHighway
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To: MissMagnolia
don't be fooled....someone will be making tons of money on this "down" market....

I wouldn't sell right now...the big boys are hoping that lots of us do....(I don't have much anyway).

10 posted on 11/07/2012 1:12:18 PM PST by cherry
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To: NoLibZone

Wall Street recognizes the election for what it is: welfare freeloaders with pitchforks and torches.


11 posted on 11/07/2012 1:13:11 PM PST by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations - The acronym explains the science.)
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To: throwback

I almost welcome the “cliff”...

mainly because those most hurt will be the ones who voted to keep driving over it.


12 posted on 11/07/2012 1:15:34 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: cherry

Not fooled at all .... suspect the name of one person making tons of money starts with ‘S’ and ends with ‘oros’.


13 posted on 11/07/2012 1:15:55 PM PST by MissMagnolia ("It is when a people forget God that tyrants forge their chains" - Patrick Henry)
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To: Cletus.D.Yokel; JoeProBono
Maybe Joe can 'shop in Obamugabe in the lead?


14 posted on 11/07/2012 1:16:16 PM PST by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations - The acronym explains the science.)
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To: Ole Okie

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.


15 posted on 11/07/2012 1:17:19 PM PST by dforest
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To: BenLurkin

“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.


16 posted on 11/07/2012 1:18:24 PM PST by BwanaNdege (Man has often lost his way, but modern man has lost his address - Gilbert K. Chesterton)
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To: MrB
Really. Let it happen. Let's see the real Obama economy finally. It's pain to both sides, so it should be “fair”, and that after all is the highest value.
17 posted on 11/07/2012 1:24:11 PM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
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To: NoLibZone

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.


18 posted on 11/07/2012 1:32:27 PM PST by Grampa3711 (Some people bring happiness wherever they go; others, whenever.)
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To: throwback
It's pain to both sides, so it should be “fair”, and that after all is the highest value.

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".

19 posted on 11/07/2012 1:33:13 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: NoLibZone
BUT, we were TOLD that Mitt Romney was the only one who could beat Obama.........

hello FOX NEWS Channel??? hello????? anyone there???? hello???? no answer.

20 posted on 11/07/2012 1:44:05 PM PST by annieokie
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To: NoLibZone

Karl Denninger says “watch for market dislocations.”
http://www.youtube.com/watch?v=vyUSvy4LUZk


21 posted on 11/07/2012 1:52:42 PM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: NoLibZone

Now that the election is over, can defense contractors issue layoff notices?


22 posted on 11/07/2012 2:39:16 PM PST by depressed in 06 (America conceived in liberty, dies in slavery.)
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To: NoLibZone

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.


23 posted on 11/07/2012 2:39:16 PM PST by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: dynachrome

-—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.


24 posted on 11/07/2012 2:52:35 PM PST by St_Thomas_Aquinas (Viva Christo Rey!)
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