Wednesday, November 5, 2008
Looks Like The Stock Market Needs Some Hope
The market fell by nearly 500 points on Wednesday. Its continuing a downward slide today.
Businesses are starting to prepare for an Obama administration which no doubt will bring industries such as oil and gas producers, utilities and pharmaceuticals under greater regulation and even more taxes, while labor unions and automakers are expected to benefit. In addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at some sort of regulatory overhaul and restrictions by the Democratic Congress next year.
Analysts are also saying that the market is anxious about who Obama will select as the next Treasury Secretary, and who he will tap for other Cabinet positions. US policies will be crucial to how businesses will ultimately proceed in their operations.
"President-elect Obama is coming into a situation with limited experience, having to handle an economy in serious trouble, a couple of wars and terrorism." Who knows what the international community will throw at this new president.
Personally I don't think that McCain would have been a better choice either - his knowledge of economics was less than impressive. Either choice was going to be a problem for Wall Street in one way shape or form.
Regarding this upcoming global summit - some are saying:
A new world monetary order will be on the way after the November 15, 2008 economic summit which will hash out aspects of a new "world financial system", and some are even speculating on the beginning of discussions of the possibilities of some sort of new "world global currency" (I thought that was VISA and MASTERCARD). Obama will of course be in on this world government council along with Bush. Expect taxes on everything, carbon credits et al. Maybe this is the "crisis" Biden warned about, and we will have to eventually follow Obama into giving up a measure of our sovereignty as a new global monetary policy is established somewhere down the line, which of course will save us from the Weimar-style inflation that some are predicting for the US economy as a result of the crazy spending and printing of dollars that Washington is now engaged in.
Of course that's wild and crazy speculation. Right?
By the way - where is YOUR bailout?