Obama Wins, Market Tanks

Frederick Reimer

“Because people who have skin in the game understand economics,” writes White House blogger Keith Koffler.

From CNBC:

Stocks accelerated their post-election sell-off across the board Wednesday, triggered by worries over the looming “fiscal cliff” and as fears over Europe’s economy reemerged.

The Dow tumbled below 13,000, while the S&P 500 broke 1,400, both for the first time since early September.

With Obama back in the White House for another four years, and Democrats enjoying what is looking to be a 10-vote majority in the Senate, the idea that we’re going to get a fix for the nation’s fiscal problems that is based on sound economic policy is unlikely. We can either do nothing, and continue the budgetless fiscal trudge of the last few years adding trillions more in debt, or Republicans can cave to Democrats and allow massive, economy-crippling tax hikes.

As the market reflects, neither is a palatable option.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • mikemc1970

    Elections have consequences.

    • borborygmi

      Yah like the conservatives taking it in the keister, especially the social conservatives.

      • mikemc1970

        Wrong, it will be all of US. After the EU falls into recession, we will, but since you’re the one obsessed with butt secks, I’ll volunteer you to go first.

      • boobaloo

        ZEIG Heil!!

        • borborygmi

          snappy reply boob.

  • HG

    This was an easy prediction.

    • http://proof-proofpositive.blogspot.com/ Proof

      There were those, myself among them, who were predicting a big market rebound Wednesday, should Romney win. The obverse would logically follow.

  • Mike Quinn

    What if the market goes up in a couple of days? The simple minded nonsense on this blog is just beyond belief. My car has a flat tire. Obama did it. You people are amazing. Watch this, I will do a Rob Port style spin. The market went down because Republicans have promised to continue fighting progress. See anyone can say something stupid. You get slapped and caught in your continuous lying, and you just don’t learn anything. Your total bullshit about Heidi blew up in your face, but you just can’t wait to light the fuse on your next round of lies. What in the hell is the matter with you?

    • Eat This

      Nice.

      The only thing getting me through the devastation of Romney’s loss is watching the egg drip off of these extremists’ faces.

  • Edd

    I say we let them do the proposing and pass it and step back and get ready for the mess that will emerge. They deserve the government they voted for, hope they like wage stagnation, with rising inflation of goods and services.

  • Mike Quinn

    Watch some real news, and real reporting on this issue. You will get a good taste for how the bullshit on this blog works. How the Hoopleheads stay loyal to this perpetual liar is an amazing study.

  • Harold

    Obama says the stock market are bad rich people and there now tanking the stock market according to todays stock market reports. That is good that rich people suffer under our new socialism that is now the law of the land. Rich and successful people who work hard are bad, people who live on food stamps, and smoke pot are good.

    • JustRuss

      Agreed Comrad,

      I have recognized the error of my ways and have switched to this point of view. Those greedy people were hoping for a bounce in stocks today after R-money won. The market built up because people were hopeful that Rmoney would win, we showed them!

      No longer will I have to strive and scrape by, I’m gonna get me some of that Obama money. My rent, My car, My Phone, My Utilities, My education, My Healthcare. Thank you Obama….thank you so much…you have no idea how happy I am now that I don’t have to worry about anything any more! I want to cry :'(

  • guest

    I’m assuming the stock market going up the last 4 years was all in anticipation of Obama losing yesterday then? That’s basically what you’re saying.

    • Someone

      Exactly, look up VTSAX (total market) chart for the last five years. This has little to do with the election.

  • matthew_bosch

    We are at the dawn of an even bigger private sector divestment from the economy. Businesses will continue to hoard cash and sit on their hands for the next 4 years. No indication of costs leveling out and no indication revenues will increase. Good luck to the future unemployed.

  • John

    ROFLMAO Hope that anger and hatred doesn’t give you an early death Rob.

  • spud

    Market goes up it goes down. But on a brighter note congratulations to all smoker’s in bars you have now won the privilege of freezing your butt out side enjoying that ciggy while us non-smokers enjoy our private chuckle and get to enjoy our fresher smelling clothes and get to enjoy majority rules that govern our country.

    • boobaloo

      I thought that a business was run by the person who owns it. I guess not anymore. Oh! One does NOT go to a bar for one’s health, is that right?

  • Phil Gay

    Europe’s economic Socialist nightmare is coming to America.

  • Davo

    Republicans just provded how awful they are at interpreting polling data (just about every conservative pundit was “predicting” a Romney victory last night, despite all the statistics to the contrary). I’d be a little hesitant before trusting their interpretation of one-day economic statistics.
    Did last night’s fiasco convince any of you to get out of the right-wing echo chamber, and start looking into actual news sources for help in understanding how the world works?

    • boobaloo

      I had every confidence in the world that the Republican Establishment could snatch defeat from the jaws of victory! Time for a REAL Conservative Party!! The RepugnantOnes are finished!

  • john

    Since the selloff really accelerated after Berg concede his race, it must be because Berg lost!!!!! Makes about as much sense and has about as much truth as this thread.

  • Sick at heart

    To be expected. More jobs will be lost.

  • ‘Tom Crawford

    Don’t think this is as sensational as your making it out to be….certainly not “tanking”.

    Stocks are down about 2%, and only dropped about 300 points.

    http://www.cnbc.com/id/49725783

    • test

      hello!

    • test

      hi_3

  • borborygmi

    That would be the same Market that added about 6500 points from when Obama took over. Yep must be Obamas fault. Aren’t we glad that it has basically doubled under him. I know it is kind of volatile. I think we should put everyones social security in there because it is so ‘safe’

  • boobaloo

    The market tanks….That’s only the start! I suggest an appointment with your friendly Colo-Rectal Surgeon for Anal Reconstruction Surgery, because when Obama’s done with us we’re going to need it!!!!

  • test

    hi

  • ‘Tom Crawford

    Something not really being covered….

    In the 48 hours since Obama’s ‘victory’ the stock market has crashed by 435 points, and 45 companies have now announced plans to layoff workers. At least 44 other companies are now planning to lay off workers.

    Businesses have no confidence in Obama or Obamacare. Since Obama won, in last 48 hrs there has been mass layoffs from multiple companies across the states. Blame businesses, denigrate them, call them evil, blame the “rich”, ect – but no poor person has ever given me a job. A show of no confidence by businesses is being shown, as they cutback and layoff workers. Congrats Obama on your victory….

    Announcing layoffs, and cutbacks:
    Westinghouse, Research in Motion, Boeing, US Cellular, Commerzbank, Iberia, ING, Ericsson, Bristol-Myers, corning, Boston Scientific, Abbott Labs, St. Jude, Caterpillar, CVPH Medical Center, Lightyear Haqwker Beechcraft, Hawker Beechcraft…

    Pepsi looking to layoff 4,000 workers -http://www.foxbusiness.com/industries/2012/01/05/report-pepsico-looks-to-juice-profits-with-4000-layoffs/

    Bristol-Myers To Cut Nearly 500 Jobs.

    Boeing – significant layoffs of up to 30% of management personnel, plant closings and renegotiation of terms with suppliers.

    Hawker Beechcraft closing facilites, laying off more than 400 employees in Arkansas, AZ & TX. A letter sent by Hawker Beechcraft to its employees Wednesday informed them that the company would be cutting workers and closing specific facilities, resulting in job losses for more than 400 employees. Hawker Beechcraft Services facilities in Little Rock, Ark., Mesa, Ariz., and San Antonio, Texas, will “begin the process of closing,” shedding some 240 jobs in the process. Hawker Beechcraft Corporation in Wichita, Kan., and Little Rock, Ark., will lose an additional 170 people to the cuts.

    Energizer Holdings to lay off 1,500, close 3 plants.

    Many articles talk of slimming down and re-structering but coming close to 100 businesses nearly at the same time? Care to hazard a guess on why they are slimming down, getting rid of people and why they are not expanding but closing plants?

    Yes, let’s everyone cheer…..

  • opinionated

    I think we should all go and sign up for every single welfare program that we can find. We women should legally separate from our spouses so our kids can qualify for Pell grants but still allow our spouses to live with us, there is zero crime here welfare moms do it all the time. We can get rent assistance, daycare help, foodstamps, medicaid, tanf. head start, dental care, thanksgiving food baskets, angel tree gifts….These guys want to claim that they already baked the cake before the election fine… let’s help crach the sytem that we are the only ones paying for… If 25% get on board with this freebie mentality they will have to cut benefits to others then they will all be restless and pissy and throw obamabam out themselves… The claim we can not beat them.. so lets play there dirty underhanded games. i will be first.

    Here is the legal standard: 14-05-28. Decree of separation – Effect. The decree of separation confers upon the parties all the rights of property, business, and contracts as if unmarried and releases both parties from all obligations of maintenance, except as may be required by the decree.

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