Thursday, November 06, 2008

Change Has Come ... In News Reporting

Correct me if I'm wrong, but the most significant news event on Tuesday was the election. Yet AP business story on the large drop in the stock market on Wednesday started like so: "A case of postelection nerves sent Wall Street plunging Wednesday as investors, LOOKING PAST BARACK OBAMA'S PRESIDENTIAL VICTORY, (caps are my emphasis) returned to their fears of a deep and protracted recession.

So we must all accept as fact that the slide in the stock market was not a reaction to the election and that the millions of investors who dumped stocks were all looking past the election results.

As for me, I think the stock market slide was due to the unexpected news of Guam's 2.4% decline in housing starts.

9 comments:

Caledonication said...

The stock market slide was the direct result of all of us 401k owners emptying and closing our accounts before Obamessiah can tax them into complete worthlessness.

Nemo said...

I don't know Cal, you need gains before Barry's hyper cap-gain taxes kick in. After the last few months, many of us have enough losses to weather years of Barry. Hopefully by then America will be through with change and want prosperity again.

Caledonication said...

Ok, I put my money back...

for now.

;-)

Anonymous said...

We went from around 14,000 to almost 8,000 prior to the election, and now you want to subscribe about a 500 one day drop to the election of Obama? No one will be consulting you for market analysis.

Anonymous said...

I can't beleive I'm saying this - but I agree with anon 9:56. While this poster is always a butt-splasher, I agree that we should look to waht happens longer term than this week or this month. HOWEVER, watch for changes in a few months as changes in capital gains tax structure changes. This may become more of a slow ebb than a run.

Denis Navratil said...

I'll admit, I have no idea why the stock market rises or falls on any given day. However, it is a curious bit of editorializing (in a supposedly straight news story) to suggest that the election of Obama had nothing to do with it.

Anonymous said...

I am very concerned that my 401(k) will be nationalized.
Do you think 'they' will let us withdraw early without the usual penalties??

Anonymous said...

Are you serious? The only reason you have that 401K is because you are privileged. You must learn to share.

What is enough "sharing"? Well, because you have only made it to where you are because of privilege, the bar for sharing is quite high for you. It will not be enough if your child is working at Quick Trip while you pay $thousands per year for someone else to go to school, live in a one bedroom apartment with your wife while you pay thousands for others to live in houses, walk to work while you pay thousands for others to have cars (with the tint and rim jobs), and consider a dinner with a bottle of two buck Chuck to be extravagant while you give thousands for food, beverage and crack for needy families.

Anonymous said...

From November, 2012

Are you serious? The only reason you have that food is because you are privileged. You must learn to share.