Markets Are Booing McCain's VP Choice

Investor's Business Daily ^ | 2008-09-05 | John Tamny

[rabscuttle385]

Alongside last Friday's announcement that Alaska Gov. Sarah Palin would be John McCain's running mate, the Dow Jones industrial average fell 170 points. Stocks have shown weakness ever since.

While there are many factors that move markets, a looming electoral contest between a tax-hiking Democrat versus a nominally pro-growth Republican surely weighs heavily on market psyche. It says here that the markets concluded that whatever John McCain's true economic views, he has handed the election to the anti-growth candidate with his selection of Palin.

Stocks were presumably booing a running-mate choice that will greatly aid Barack Obama's election in November. Running against a candidate suddenly much less credible thanks to the Palin selection, Obama will now have much less reason to temper the liberal rhetoric that's put him within striking distance of the White House.

[rabscuttle385]

Oh come on. That is so ridiculous it’s painful.

What is? The article? Or my comment?

Per my comment (which you replied to), I said that the author, despite being long-winded and disorganized (at some point I was disgusted in the number of Palin attacks cobbled together incohesively), makes some good points.

What are those good points? McCain will still say and do anything to get elected. I don't doubt that. And, consequently, we really don't know what his true economic views are.

As for the spin and disinformation, I've read all sorts of things here on FR and from mainstream sources that say conflicting things about Gov. Palin, so I'm hoping things clear up and become more consistent in the coming weeks so I myself can get an idea of who she is.

As I told another poster, she's got good creds but I want to conduct my own due diligence before voting.

[expatguy]

What??? This is nothing to do with Palin or MaCain

[Uriah_lost]

Quotes from a faked MySpace page? That’s rich...

[roamer_1]

Hopefully things will become clearer as the dust settles.

Oh, McCain is still McCain, without a doubt. I wouldn't vote for him for any reason, and Palin is quite beside the point (VP means *nothing* to me).

But to suppose that the market skittishness is based solely upon this one factor is quite a stretch.

If anything the outlook for McCain just got a lot *better*, as there can be no question that Republican circles are much more approving of Palin than they would have been with any other candidate.

It is hard to imagine as warm a reception for any of the other *short list* contenders...

Even so, VPs don't win elections, and McCain's donning of the "conservative" personae is a gruesome caricature of the real thing, which is only all the more apparent every time he stands alongside the vibrant Conservatism of Governor Sarah Palin. One wonders how long before the enchantment wears thin.

[FocusNexus]

"Stocks were presumably booing a running-mate choice that will greatly aid Barack Obama's election in November."

There has been a great deal of evidence as to the cause of the market drop, I posted links to relevant articles. -- The author, an "economist" bases his conclusions on NO data, just "presume" with no evidence. IBD should not have published such ludicrous piece.

Different viewpoints are one thing, but as an economist, he offers no actual evidence for his claims.

[stefan10]

What i have heard in history stock markets performed better with a president from the democratic party. At least that told me a republican wall street manager at a congress.

So if Palin is a problem and liability markets should go up or not? It is simply stupid to connect the market reaction of the last days to the VP pick of Palin. Other news are responsible for that decrease.

[FocusNexus]

It may be uncertain what McCain does, but we know for sure what Obama will do with a Dem Congress: massive tax increases, government regulation, a sure destruction of the US economy, US weakness on the world state, reduced ability to defend ourselves, socialized medicine - and that’s just for starters.

[AmericaUnited]

Wow, all of a sudden the normally very sane IBD just went loco.

[rabscuttle385]

It may be uncertain what McCain does...

I beg to differ.

Judge him by his past actions. Don't delude yourself; do you really think he's going to suddenly have an epiphany and do a complete 180 on such issues as amnesty for illegals and carbon cap-and-trade? He was a primary sponsor of the Senate bills to introduce both atrocities (hence the names McCain-Kennedy and McCain-Lieberman, respectively) and, in the case of the carbon cap-and-trade bill, he sponsored it not just once or even twice but three times.

McCain will be McCain.

The only difference between him and Obama is that he is not as stupid as the latter and will wait until it is politically expedient to openly support such tripe as McCain-Kennedy and McCain-Lieberman. And, with a Congress controlled by liberal Democrats (backed by liberal Republicans), such a time will come sooner rather than later.

The truly sad part is that conservatives will be made to shoulder the blame, since McCain will don the "conservative" facade the entire time, while liberal Democrats will make out like bandits, in terms of votes gained from amnestied illegals in subsequent elections.

[Salamander]

“AND lets not forgot about the poor apple crop this year.”

OMG!!!
The apples have failed?!?

This means we’ll have to build a Wicker Man!

Everyone!

To the cliffs!

[okay...it ain’t gonna get much more obscure than that]...;]

[ameagle]

Pure PROPAGANDA

Next

[syriacus]

Maybe the markets are worried Schumer's big mouth might bring about a run on another bank.

[101voodoo]

Even so, VPs don't win elections,

No they don't but they can hurt a candidates chance or help. In this case and in this very unusual election the selection of Palin is a win, win for the McCain ticket since it has rallied Republican voters and even though it is anecdotal, it has convinced at least 2 of my neighbors (women) here in very liberal NJ to vote for McCain, or at least they have indicated this.

[dalight]

Where did they find this Troll at IBD? Doesn't he read the papers and the rumors swirling that another shoe is near dropping that is scaring the financial markets? Laying this at Sarah Palin’s feet sounds more like PDS than sound economic analysis. Weird.

[Carley]

IBD has been so pro McCain lately I suspect they have gotten the ‘word’ from somewhere to cool it!

They’ve been a bit schizophrenic in the past so this is simply reverting to type.

[cyberslave]

The 3% decline in markets (Industrials, NASDAQ, S&P500) is apparently because of jobs data and NOT Sarah Palin or John McCain. Someone in the Department of Labor must have leaked today's data to their friends on the street and those folks acted accordingly.

However, it is not beyond conception that the plutocrats that run Wall Street are very upset that their candidate Barrack Hussein Obama doesn't appear to have what it takes to defeat either Palin or McCain and have pulled in the bid on all their positions except Coca-Cola. This won't last long because we have control of the Fed and this time there will be sufficient liquidity in the economy to insure that there is so much cash on the side line and very small interest rates so that they have to get back into the market before election day. What I find really interesting is the reaction of the “old boy” network on the Palin phenomenon. These guys, particularly on the right, are really concerned about this gal. They know that she could (will hopefully) become VP and may eventually be elected President.

Governor Sarah Palin in "Fight With Me".

For many years Rush has been telling his listeners that the reason the conservative movement has been having such a difficult time is because it hasn't, since Gingrich or Reagan, had a demonstrable political leader. It now has one, and its name appears to be Sarah Palin.

Its time to buckle up, its going to be a bumpy ride!

Bette Davis in "All About Eve".

[Tenniel2]

"... build a Wicker Man..."

The Britt Ekland version, or the vastly inferior remake?? :)

[PeteB570]

I think the Markets are going down because they heard BHO was going to be on B O’R.

[redk]

These hurricanes are only lining up in the Gulf because they know McCain handed Obama the election when he picked her.

[trebb]

LOL! I guess that if the mere scheduling of the RNC Convention could create a hurricane, then it really makes sense that a fiscal conservative (read MARKET FRIENDLY) choice for a Veep could cause the market to cringe in fear vs being oh-so-happy if market destroyers like The Chosen One and Ima Biden My Time For Real Power get in.

Needs a BARF alert.