That’s Racist!!!!
You beat me to it!
Damn, and all along the CNBC crowd etc kept saying that 0bamanomics were already figured into the market...
Who, pray tell, is going to make such a connection in the MSM? They all want the first interview with the first family, dontchaknow...
The Dow closed down 486.
Capital always wins, despite the beggar cohort voting in Obama.
This is because corporate America just hasn’t figured out what to do about 0bama yet. They need to announce that the McCain tax benefits they’ve been denied will be allocated amongst 0bama-supporting employees as wage cuts, then the market will go back up when people realize the positive effect these wage cuts will have on profitability.
I hope every other business — even small business not on the stock market — takes this opportunity to remind its employees that they should take their employer’s interests into account when they vote on major tax issues like this.
A typical business will have a net before-tax profit of 10%. That means for a $100 million company, McCain’s reduction of the corporate tax rate from 35% to 25% would have resulted in a $1 million after-tax improvement under McCain vs. 0bama. The company should spread that cost difference among its employees who voted for 0bama.
I hope those employees will be the first to raise your hands when management asks who supported 0bama so they know how to allocate the salary cuts :-) The money’s got to come from somewhere, and it wouldn’t be fair to take it from the people that voted for McCain, now would it ?
Ever hear of the concept of “Sell the news?” The market had an 18% run-up in anticipation of the election results. It is quite natural for traders to take profits.