Posted on 11/06/2008 12:20:37 PM PST by DoughtyOne
The current two day drop of the DJIA figure is the largest post election crash in U.S. History.
The DJIA figure was off 915.92 a few minutes ago, that's 9.5% since Obama became President elect.
Pundits who just days ago were saying that U.S. Citizens had more faith in Obama when it related to the economy are now having to hurriedly work up stories reassuring the public that this drop isn't related to public fear that Obama is not up to the task of managing the current economic problems.
I would like to join that list.
Thanks!
Raising the capital gains taxes is but the tip of the iceberg.
“Pundits who just days ago were saying that U.S. Citizens had more faith in Obama when it related to the economy are now having to hurriedly work up stories reassuring the public that this drop isn’t related to public fear that Obama is not up to the task of managing the current economic problems”
And doing a fine job of it to. It is all because of the jobs reports and such...nothing at all to do with BO. [sic]
Party pooper. (You are correct, however.)
Possibly true, but everyone is thinking of the higher taxes that will be passed next year. Not just due to Obama, but due to Pelosi's and Reid's increased power. You have less then two months to make your gains at the lower tax rates. These corrupt progressos will most likely make any new 2009 tax increases retroactive to January 1st 2009. Then of course we also have the idiots in congress spreading rumors of 401K confiscations.
carbon caps to bancrupt the coal industry...50% of electricity comes from coal..and “elctricity rates through the roof” to quote 0bambi....I wonder what Intel thinks of that (and other big power users in silicon valley, google etc)
Should have been “Birth of a Nation.”
Not a good long-term position with massive inflation on the horizon. Probably okay for the short term - your $10 cash is going to be worth more than your $10 stock going forward. Consider investing in bureaucracy if you can figure out a way.
When he has his presser tomorrow, he will be trying to save things. LOL His bots won’t understand it anyway, they are waiting on their pie.
I am starting to get a kick out of libs trying to ‘slain themselves.
We have not had this enjoyment in a long time.
Wall street figured out that Obama’s plan to tax the coal industry into bankruptcy demonstrates that he clearly understands the relationship between taxation and commerce and the impact of higher taxes on small business owners. That along with the dems plan to take over 401k retirement money and what else is left? How can anyone make a buck anymore? I mean what industries will thrive? What new technology will create a new wave of success? Anything (other than Hollywood) that makes a buck will be taxed and then taxed again with a targeted “obscene profits tax”.
Congratulations Main Street, or is it MLK Blvd?
Right, I believe that too as well as all that stuff about the tooth fairy.
Maybe part of it but not all of it. The spinners of the market illusion interchangeably use the same reasons for up and down movement,just said differently from time-to-time.
Investors I work with (big money people) are looking for places to redomocile...yes, really.
Don't think so man. It's not anywhere near the bottom yet.
Especially when he starts naming lunatics as cabinet post members (like RFK Jr)
Well, my point is still half as valid ;-)
I would not bet on it, I have also suspended contributing to 401K until dems determine if they will suspend 401K tax advantage.
I am maxing roth contributions instead, as I have for years.I am leaving 401K as it is for now.
I realized 5yrs ago that govt would go after after 401K accounts, too much money that they could not have at their disposal.
On side note .... Barack going after windfall tax on oil profits, is good sound bite works well with his constituency. But most of oil profits are tied up in 401k and Roth investments. (there have been numerous posts about same over same for last 9 months or so)
I doubt that his retired constituents are going to want to lose their savings to his policy.
When I told my fin advisor same she told me I was nuts/delusional. I spoke with fin advisor today, fin advisor apologized for those comments.
I am sure if they get 401k deduction cancelled, the next one will be the roth.
If that happens I will need to find some other vehicle to invest .
The other possibility is that wealth holders will have had enough and deal with problem some other way
It appears to be a roller coaster, probably will be for some time with investors buying low and selling high short term. AFAIK, it hasn't dropped below 8000 yet. If it goes up past where you bought in, I'd get out if it were me and put it somewhere else and get advice about that plus go with your gut.
Did I say it had nothing to do with this election? The election outcome is one of the reasons but not the only reason. The market trades as a trend, the trend is down for many reasons.
It was not Obama. There will be plenty of time to pin stuff on his chest.
Good points, but my take is we have just begun free fall. The question is how far until we hit the ground and who amongst us will survive that fall. Two back to back days of losses in the DJIA of over 400 points right after a Presidential Election demonstrates little confidence in the new administration.
Keep the 401k but dump all of the investments and go into cash. When 0’s Jimmy Carter interest rates re-appear you’ll get decent returns.
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