10/16/08

Markets Nervous About Obama

New York Post:
... Most investors know the devil is in the details - and the details of Obama's economic plans are anything but reassuring.

Of course, the market turmoil is first a reflection of grim reality - the bursting of the housing bubble and the billions upon billions in writedowns and losses that have forced upon the hugely leveraged financial firms companies that had cranked big profits during the bubble years.

The resulting credit crunch is hitting Main Street harder than ever before. The country is headed for recession; the only question is: Just how low can the markets and economy go?

It could be a lot lower - it all depends on the policies of the next president.

And, as it looks increasingly likely that Obama will be that man, the markets are casting a vote of "no confidence." ...


No matter how you look at him, Obama's no saviour!

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