Obama’s Already Having An Impact On The Market
Expect more of this, especially if Obama gets elected:
MIAMI GARDENS — By the end of the year, an NFL source said Sunday, Dolphins co-owner Wayne Huizenga would like to sell all but a small percentage of the team to real estate mogul Stephen M. Ross, who already owns the club and stadium 50-50 with Huizenga. . . .
Huizenga wants to sell Ross another 45 percent of the team by Dec. 30, the source told The Palm Beach Post. Huizenga is believed to be motivated by his belief that Barack Obama will win the presidency and help implement tax policies that would take a bigger chunk of Huizenga’s revenues from a sale.
Sell-offs like this aren’t good for the market, especially with what’s going on in the credit markets, but more of them are going to happen as people try to take profits before Obama jacks up tax rates.
And it won’t just be billionaire owners of sports franchises anyway. Average investors will be doing it too, and the actions of the crowd will have a lot more impact.
