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.

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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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