Congratulations to President-elect Barack Obama | Main | Time to regroup, rethink, restate

November 5, 2008

Well, there goes the Market

As I feared, Obama's election is causing the market to tank even more. Nearly 500 points down so far today.

There are not going to be any rich people left by the time he takes the oath if the market keeps this up!

Posted by Beth at November 5, 2008 3:02 PM


I respectfully disagree and would concur with other posters that you would do well to study up on what is causing the stock market variability. People are being fired at increasingly large rates under the current administration due to lax oversight that began under Clinton and was expanded to even more lax oversight under the Bush administration. Credit is tightening and has been for the last year because - it would be foolish to claim Obama has had anything to do with it. First, conservatives want to claim that Obama has had no experience or effect on anything substantial, but then they want to blame him for the credit crisis, which is absurd.

Secondly, rich people, people who actually make a lot of money, will always be rich unless they make bad decisions. People who were rich on paper, were never really rich unless they sold off their portfolio. Paper wealth does not equal actual wealth, so people who complain about their 401k's value would be better off if they spent their energy on working harder.

Posted by: junks at November 6, 2008 10:51 AM