Posted on 11/05/2008 10:46:47 AM PST by truthandlife
A case of post-election nerves sent stocks lower Wednesday as investors began questioning what impact a Barack Obama presidency will have on business and the overall economy. The Dow Jones industrials fell more than 300 points and the major indexes all fell more than 3 percent.
Stocks fell initially as investors cashed in gains after a six-day run that lifted the Standard & Poor's 500 index more than 18 percent. The selling picked up momentum as the market began to ponder what an Obama administration might do.
"A lot of the policy going forward is going to have an effect on the various sectors of the market," said Joe Keetle, senior wealth manager for Dawson Wealth Management.
Obama's victory means that industries such as oil and gas producers, utilities and pharmaceuticals may face greater regulation and even taxes, while labor unions and automakers are expected to benefit.
In addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at a regulatory overhaul by the Democratic Congress next year.
(Excerpt) Read more at biz.yahoo.com ...
Gee whiz, I have no idea why capitalist entrepreneurs and investors should be disturbed about the election of the most radical, redistributionist, socialist nitwit in American history. (smirk)
So unlike the day after Ronald Reagan was elected in 1980. Virtually every stock was up by noon!
He will just blame it on “the policies of the last 8 years.”
He can’t.
There is NO INCENTIVE to grow ANY bu$ine$$.
There will be LESS JOBS.
The decline will be STEADY UNDER HIS REIGN.
He will just blame it on “the policies of the last 8 years.”
He can’t.
There is NO INCENTIVE to grow ANY bu$ine$$.
There will be LESS JOBS.
The decline will be STEADY UNDER HIS REIGN.
I helped. I dumped every stock and mutual fund I owned last night.
Me too. I hope the Dow is at 2000 in the middle of Comrade Ubanga’s term.
LQ
The “new one” could care less about the Market, this is just another way to get the muddle class to knuckle under. They LIKE this! Moreover, They WANT this!
I was talking with my young friend at our coffee shop today and she was so excited about Obama.
I asked her how her job and her rent would be effected when Obama raised taxes on all those nasty rich people like her boss and her landlord.
She was confused.
I explained that when her land lords taxes go up, so does her rent.
When her boss has to pay higher taxes, she might lose some hours or even her job.
“Liquidate your 401k’s and take the hit.
It takes your funds out of a declining market and prevents the socialization of your PRIVATE retirement by Congressional Democrats”
How much can one _take out of_ their 401k account?
Is there a limit, percentage wise?
Or is it possible to cash the whole thing out, 100% (if you’re willing to absorb the penalties and taxes up front)?
I’ve got IRA’s created from _before_ the time of 401k’s. I’ve heard that any plan to seize 401k money would probably include IRA accounts as well...
- John
“She was confused.
I explained that when her land lords taxes go up, so does her rent.
When her boss has to pay higher taxes, she might lose some hours or even her job.”
She’s bound to figure it out at sometime ... the look on her face when she does will be utterly priceless. Keep a camera close at hand to record the moment. It’ll make an excellent computer background. ;)
I'm serious. I contribute to my company's plan.
Any word on when they are trying to push that 401k b.s. through? We are ready to liquidate our company’s 401k/profit sharing plan.
Our country in 2008 is full of clueless people who don’t even bother to try to find things out, and whose minds don’t seem to be able to function properly.
Hell, I work in the defense industry (gulp) Guy I work with-good guy - retired last year as a 20 yr. Air Force veteran (Maybe that’s what’s wrong-LOL- I was a Marine)Anyway, this is last Friday-few days before the election. I’m talking with a few guys and say something about Joe the Plumber-this guy says :’Who the hell is Joe the Plumber”?
He voted McCain -but still...
Is AP f'n kidding me? They'll benefit when their companies go out of business from soaring gas prices?
Man, what happens to people's brains in journalism school? Sheesh. Abandon all brains, all who enter there.
If you have $50,000 in a 401k and you liquidate, you would give up $18,000 (at a 36% tax rate), plus another $5,000 (10% penalty).
You walk away with $27,000.
Exactly. I imagine there are some nervous business owners out there.
Backed by the full faith and credit of Obama, Pelosi, Frank, and Reid. Now there's something to give the market confidence.
I have two retired USAF E-8s in my neighborhood. Both had Obama stickers on their cars.
I just shake my head in disbelief. They wanted (get ready for it...) CHANGE!
I am former Air Force so we are not all crazy.
I play hockey with a lot of marines. Great bunch of guys!
The “Targeted” 5% (Certain RATs in the 5% are exempt) have a little over 2 months to get their funds into safe havens. Of course when our ‘Crystal naught’ comes they, like the German Jews, may find that their persons are not safe and foreign bankers like the Swiss will ounce again find their coffers full of unclaimed money.
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