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Obama Wins; Market Tanks

by Keith Koffler on November 7, 2012, 11:42 am

Because people who have skin in the game understand economics.

The country voted for higher taxes – including higher capital gains taxes – and more regulation. And so, the stock market reacted rationally, plummeting 350 points in the first two hours of trading.

As of 11:35 am ET, the Dow Jones Industrial Average stood at 12,890, 355 points off its opening number.

Meanwhile, thousands of people who had just checked their 401Ks lined up at polling stations to try to take their votes back.

{ 77 comments }

Lizzy November 7, 2012 at 11:49 am

Uninformed voters rep what they sow.

Star November 7, 2012 at 12:15 pm

But we do, too!!!

Lizzy November 7, 2012 at 12:48 pm

Sadly my 401k was used up years ago due to illness but sorry for
those lucky enough to have one now however small it’s a comfort.

Star November 7, 2012 at 1:03 pm

I don’t have one–never did. But it’s ridiculous to say you are for the little man and woman and then have so little grasp of economics. If he said Romney was going back–what about going back to more open-ended stimuli? This infuriates me! If he could control the rising tides–what about credit default swaps? By the way, Mr President–the rising tide of misery is not falling.

Death Ray November 8, 2012 at 10:04 am

Lizzy– Your 401K is exhausted? I suppose you’ll want to mooch some government services now. Get a job, hippy!

(I kid, I kid. We’re all hippies now. MY mother’s pension was demolished by the guys with the “skin in the game” who have driven the economy into the toilet. Good thing they couldn’t elect one of their own for the final flush!)

Shofar November 7, 2012 at 11:58 am

How long before it is back down to 7,000? March, April of 2013, when more of the costs of Obamacare and other regulations start to be felt?

The tyranny of the minority is being felt already. Little over a quarter of Americans voted for Obama and his policies, and yet the remainder will be forced to acquiesce to those policies.

Jeff November 7, 2012 at 1:10 pm

Wait till all the job notices go out n the job numbers shoot up..I’m truly ashamed America chose the free shit over freedom

Radude November 7, 2012 at 10:19 pm

exactly!!

William November 7, 2012 at 12:09 pm

Glad I’ve been buying gold. The dollar is about to take another hit and it looks like we’re going to have our credit downgraded yet again.

cincycinco November 7, 2012 at 12:57 pm

You know Obamacare has a provision in it for tracking gold transactions, right?

http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

You know a Democrat President had seized all the gold from his citizens before, by executive order, and outlawed private gold ownership, without even a war to excuse it, yes? That citizens were ordered to surrender their gold to the Government, or be jailed for 10 years?

http://www.presidency.ucsb.edu/ws/index.php?pid=14611&st=&st1=

Better keep your gold purchases under $600, if you want to stay off the radar. And don’t wear any in public.

No worries, though. I’m SURE the CURRENT President wouldn’t misuse an executive order like that, now, would he?

William November 7, 2012 at 2:57 pm

Don’t worry about me. I’ve got my methods to protect myself.

Death Ray November 8, 2012 at 10:06 am

Don’t foget your canned goods, too! When the zombies come, they’ll want that more than your bouillion.

Anonna November 7, 2012 at 12:13 pm

And this is why I did not put my father’s life insurance policy payout into the market.

The Obots are no doubt complaining of the market’s racism even as we speak.

cincycinco November 7, 2012 at 1:05 pm

The market’s just a bunch of greedy white men anyway. No REAL people have any money in it or are in any way affected by it, am I right?

Don’t worry, Obama will be getting his revenge on “the market” any day now…

Death Ray November 8, 2012 at 10:08 am

Anonna- no! Th-the free market! American exceptionalism! Pr-privatized Social Security is the way, the truth and the light! Just look at how much money George Lucas is raking in! That can be you! THAT CAN BE ALL OF US!!

Kimbly November 7, 2012 at 12:13 pm

Just wait until our credit rating gets downgraded AGAIN. There isn’t going to be a good way out of all this quantitative easing, no matter who became president. But the person who won has no freaking clue, and that will only make it worse.

Star November 7, 2012 at 12:16 pm

Gee, maybe they can get Master Goulsbee back…LOL.

Death Ray November 8, 2012 at 10:09 am

Just wait until our credit rating gets downgraded AGAIN.

Is the Tea Party planning an encore?

ArnoldLayne November 7, 2012 at 12:16 pm

I’ve decided to play along with their game, in real life. [Hate the well-off, take, and redistribute.] I’m not a 1%er, but probably a 4-5%er, who will stop all charitable giving, since that is now just the province of the federal government, lower my average tip from 20% to 10-15% and generally keep as much as I can, since the electorate has decided to take as much as they can to spend as ‘they’ see fit. Good luck to them. At least the Red Cross and Salvation Army would thank me, DemonRats just scream for more. Hope FEMA solves all the problems in NY and NJ just fine.

DeniseVB November 7, 2012 at 12:32 pm

I’ve seen many similiar reactions about being the Charity of Me now ;)

I agree, I pay taxes but have no control on how they’re spent. For all I know, increasing entitlements since 2009, I’ve probably bought a few votes for Obama.

And I’m sure Michelle’s next vacation will take all the rest. Oh, you know they’re coming, fast and furious :(

JP November 7, 2012 at 12:55 pm

Do not donate to the Red Cross. After September 11th and that debacle, I haven’t given them a cent. They spend more than 80% of any donation on administration – NOT to help those you need the aid. The Salvation Army is the way to go if you want to donate.

lc southern November 7, 2012 at 6:37 pm

Yes they are.

CiscoKid November 7, 2012 at 9:47 pm

Agreed! Money given freely is charity, money taken is theft, taken by force is robbery.
Obamacare is by force.

Susan November 7, 2012 at 12:27 pm

On our current spending trajectory we have about two years before we become Greece. Those of us pulling the cart are far outnumbered by those riding in it as evidenced by this election.

AFVET November 7, 2012 at 12:42 pm

When the horse dies, the cart stops.
Then what Obama ?

cincycinco November 7, 2012 at 12:59 pm

AFVET asks, “When the horse dies, the cart stops.
Then what Obama ?”

By way of reply, Atlas simply shrugged.

Susan November 7, 2012 at 1:48 pm

A lesson from our founders. Sometimes you have to abandon the battle to win the war. Lots of people are deciding to go Galt.

William November 7, 2012 at 3:04 pm

Boxer was sent to the glue factory. So there is a precedent for…certain things.

Star November 7, 2012 at 5:00 pm

Barbara Boxer? Oooo–good!! She was so obnoxious on MSwhatsis the other day!

Death Ray November 8, 2012 at 10:13 am

“Cart-pullers”! Good! Go with that one! “Job creators” obviously didn’t win the day.

(By the way, you can pull the cart and still need Medicaid.)

Jack Zyman November 7, 2012 at 12:36 pm

This is idiotic.The market tanked because of the fiscal cliff — mostly because GOP was so quick to say it still won’t compromise.

Jeff1000 November 7, 2012 at 12:44 pm

What would truly be “idiotic” would be for the republicans to cave on Obama’s phony election mandate. The market is afraid that Obama will get his way on more government theft, also known as compromising with an economically illiterate “president”.

Death Ray November 8, 2012 at 10:15 am

“Not compromisng” is no longer an option, Jeff. Your tea bags are squeezed out.

Kimbly November 7, 2012 at 1:15 pm

The market tanked because we are Europe now. Where they go, we will go. The electorate decided there is no other path.

Danceswithtruth November 7, 2012 at 1:36 pm

So, as more and more businesses decide they cannot afford to meet the mandates of the ACA and go out of business then what? Will it still be that almighty “fiscal cliff”. No, I’m sure there will be other excuses available.

slconfidential November 7, 2012 at 2:55 pm

I’m calling my accountant to get advice if I should close my business. If I do, it has been twelve years since I started it and the last four have been horrible. I will not put up with another four years with this man in office.

Sadie November 7, 2012 at 2:50 pm

No, this is idiotic. The Feds bailed out the EU for $600 Billion (2011-QE2) http://www.zerohedge.com/article/exclusive-feds-600-billion

Death Ray November 8, 2012 at 10:14 am

Man, I am looking forward to those Pentagon cuts. By any means necessary!

WMP November 7, 2012 at 12:36 pm

I know they will say this will pass; I know the Adminstration has said they will work with everyone – it’s hard to analyze why people vote the way they did. I work for an attorney – smart guy in his early 70′s. Says he hoped the President was re-elected – he was worried about interest rates. Trying to refinance his home in California – boy that’s a great reason. It’s not his only home. Worse of all – in California our house and senate now have 2/3 super majorities so they can do anything they want. The state passed Proposition 30 which raises sales tax on everyone and income tax on incomes over $250,000 – they won’t need to go the voters to get it extended. On radio this morning that said watch out – now they will go after property taxes. Anyone out of California looking for a phenomenal paralegal/legal secretary with 40 years experience, a husband in a construction related manufacturing business, a daughter who works for a homebuilder and a son-in-law in computers? Like my sister says – watch your wallets.

KmB November 7, 2012 at 12:40 pm

Already hearing about small business owners looking to unload or close their business’s before the end of the year…

Jeff1000 November 7, 2012 at 12:48 pm

Let’s watch the hip prezzie try to community organize the country out of this mess. Good luck with that chief.

slconfidential November 7, 2012 at 2:55 pm

And I’m one of them

Quintis Arrius November 7, 2012 at 12:52 pm

Looks like moving 30% of my 401k into Bonds and T-bills wasn’t such a dumb idea.
HEY, I ‘m a victim of a Democratic administration.
Small consolation: We have a repub legislature and governor in NC. Pat “Squints” McCrory won!

JP November 7, 2012 at 12:53 pm

The American electorate once again proves its stupidity. And you know what? American deserves what they elected. A very sad day for our country. Our children and grandchildren will never know the country we once knew.

Kimbly November 7, 2012 at 1:30 pm

I can’t believe the things I “learned” about US history in school (and college) only to find out how wrong it was, and I can see the top of the hill (about to go over soon). It’s been broken for a while. Sad that it won’t get fixed until a big dose of reality smacks the country right in the face. But of course, whatever happens will continue to be “inevitable” and “unexpected” and not BECAUSE of what our govt did, but IN SPITE of all its noble efforts. Puke.

Cooper November 7, 2012 at 1:48 pm

Could not agree more. The stupid, the ignorant and the big govt types have won. It is indeed a sad day for America, many will look back with tears at what we used to have and enjoy. I truly feel sorry for my children and their futures. They voted for that fascist bastard, and you will reap what you sow. My youngest even told me he was a socialist (%^$&(!@ CofC professors). 2011 has not been a good year for me, my wife filed for separation because I did not make enough money, my kids have quit speaking to me, I’ve lost a few friends, Roberts failed to strike down ACA, and now Shithead gets a second go to finish us off. What else could possibly go wrong?

I plan to soon move to a rural county with as few Illegals as is possible and live out my days as low as I can under the radar. I’ll have nothing to do with the fed govt other than the barest of necessity, like file the taxes. Other than that they better leave me the eff alone. They can stick their SS and medicare up their ass, I will not take it. Our national govt is pure evil and we better revolt while we still have a soul or they will take that too. Live free or die, to bad NH did not heed their own motto.

Jeff1000 November 7, 2012 at 3:37 pm

Same here Cooper. I’m moving to the boondocks of Indiana and working in an underground market. It makes no sense to me to pay the government taxes and to play by their rules. I want nothing to do with this government. I’m out, and going underground.

Sorry to hear of your tough circumstances, but you’re not alone.

All the best.

Rod November 7, 2012 at 1:04 pm

I have to disagree with your statement: “Meanwhile, thousands of people who had just checked their 401Ks lined up at polling stations to try to take their votes back.”

The people who voted for Obama either 1) don’t have 401ks, 2) have loaded 401ks or 3) aren’t concerned with saving money (why should they if their parents or Barack keeps sending them a check each month?) so why would they care today what the market does? If they were paying attention to economics before today, they voted for Romney.

Janna November 7, 2012 at 1:15 pm

Mr. J’s business has gone from running 100 men, not including office staff, to 60. Dont know if we can make it another 4 years. Will be stocking up on non-perishables so I can feed the kids and their families, if need be. Still need a generator and water catchment system. I am not paranoid, I am frightened.

KmB November 7, 2012 at 1:59 pm

Add Boeing Defense to that list, reducing the number of management positions by 30 percent and closing up shop in California…

http://finance.yahoo.com/news/exclusive-boeing-announce-major-defense-173914601.html

IMHO November 7, 2012 at 1:27 pm

May God ensure those businesses, outlets, and people who helped in his re-election reap what they have sown. We have prepared for this fiasco. I doubt they have done so.
America did not elect a president based on merit but based on personal greed, personal bias, and ideology.

OvertheOsStill November 7, 2012 at 1:31 pm

Might be at least one good thing coming from this election. The true numbers might even show up.

RickW November 7, 2012 at 1:37 pm

Its snowing now in the lower Hudson Valley of NY. Rain mixed with sleet along the coasts so badly hit by Sandy. I wonder if the newly crowned King will divert any of the leftovers from his victory party last night to these poor souls? Wait, I know the answer already.

JP November 7, 2012 at 2:09 pm

Maybe Christie can call Obama and see if he’ll fly up so that he can give him a big hug, huh? Sickening.

RickW November 7, 2012 at 2:13 pm

“Chris who? I don’t need that sucka. Send Biden up with a shovel or something.”

JP November 7, 2012 at 4:34 pm

Hey, sounds like that about all Biden is good for. Great idea!

Star November 7, 2012 at 5:03 pm

He’s shovel ready.

Just2old November 7, 2012 at 1:46 pm

Sad times my friends.

regina November 7, 2012 at 1:56 pm

I feel sad for our country for the lives of many that were given up to defend it. I feel sad that people care more about food stamps than what happened the past 9-11. Mostly I feel sad for our children.

blondie November 7, 2012 at 2:06 pm

Well at least some of you people have friends that actually voted on economic issues(rightly or wrongly). Most of my family and friends voted with their vaginas!! I’m not kidding. I can’t tell you how many posts on my Facebook said things like ” My uterous is safe” Thanks for the “V” . The country could collapse and they are thinking about their anatomy!! Hey maybe we are becoming equals,aren’t we women always accusing men of thinking with their private parts?
If it wan’t that,it was gay marrige. Hey I’m for it,but if I can’t put food on my table,do you think I care who’s doing who?
I am so disgusted right now and will take pleasure in reminding all my ignorant friends how they screwed their 401k because of their sexual organs.

JP November 7, 2012 at 2:12 pm

Blondie, it sounds like most of us here have prepared for what is now reality. Imagine how crazed those who haven’t will be….you know, I think Glenn Beck is crazy most of the time, but then again, something is really going to happen. I don’t know what, but you can tell – I can see civil disobedience in our future. Pretty sad for a country that was founded on life, liberty and the pursuit of happiness.

Star November 7, 2012 at 2:15 pm

As I said elsewhere–I already had someone say at least Roe v Wade is safe. It always was! I said are you interested in details? She said no.

cincycinco November 8, 2012 at 8:08 am

Remember back in the day, when a young woman expected a young man to love her AT LEAST enough to purchase a condom ON HIS OWN before they had sex?

Talk about lowering the bar…

RickW November 7, 2012 at 2:12 pm

Anyone care to wager that a plan is being formulated today to prepare the world for Michelle to run for President in 2016 and the older daughter in 2024? Qualifications have already proved to be unnecessary.

The ones I truly feel for in this re-election fiasco are the Secret Service agents. Michelle is probably preparing her vacation plans for 2013 now. “Moo Does the Orient” has a nice ring to it.

blondie November 7, 2012 at 2:20 pm

OMG,don’t even say that. You know its her or crazy Joe!! Then theres Val Jar!! Hubby predicts we will never see a Republican president again. We already have too many living off the govrnment,by 2016 it will be worse and who would ever vote for someone who wants to stop paying you to do nothing. I always think the people who say they are moving somewhere else are crazy,but is there any other coutry that doesn’t promote welfare?

RickW November 7, 2012 at 2:26 pm

Joe has served his purpose, Blondie. He lent “gravitas” to the Administration (Dear God, did I just type that???) He will be put in charge of death panels or something until his term ends. He will then be sent away….someplace.

New campaign slogan: “Moo in Four and then Four more!”

cincycinco November 7, 2012 at 2:49 pm

Of course, there are a couple of OTHER fun possibilites!

How about this one;
President Nancy Pelosi

Or,
President Harry Reid

Maybe a local (to me) boy, the vote that put Obamacare over the top?
President Sherrod Brown

You may not remember him from his, eh, “unusual” Sentoral win in ’08 that gave the Democrats that fillibuster proof majority, but I’ve always been partial to the sound of this one, as its very reminicent of a Saturday Night Live skit;
President Al Franken

So many possibilites…

Sleep well.

cincycinco November 7, 2012 at 2:39 pm

WAAIT! Doesn’t Hilz get a turn, what with all the hours Bubba clocked for O and all? Or is the Presidency now a “Black Seat”?

http://newsbusters.org/blogs/warner-todd-huston/2008/12/16/sun-times-obamas-senate-seat-black-senate-seat

What reward DO the Clintons get for cuddling up to the O’s anyway? It must’ve been SOMETHING, seeing as how mad Billy was over the whole “racism” thing and all…

blondie November 7, 2012 at 3:12 pm

Maybe the payback is O won’t let Hillary go to jail for Benghazi?

pianogirl88 November 7, 2012 at 9:14 pm

I saw a bumper sticker last January in Northern Virginia ~ it touted Barack for 2012, and Michelle Obama for 2016. You aren’t far off, RickW. Scary, isn’t it!

gracepmc November 7, 2012 at 2:18 pm

Well, when they voted for Obama they certainly did not mean to vote for a dismal market. Reality. Also, all day today, driving around I hear all these calls for Republicans to cooperate and not be obstructionist. Not two or three days ago Harry Reid said it was laughable to think that he would cooperate with Romney.

Republican governors all around.

So nothing has changed. The children voted for bread and circus and expect the adults to pick up the tab and make sure the circus operates smoothly and profitably.

Death Ray November 8, 2012 at 12:49 pm

Translation: “I’m an old man! Gimmee gimmee gimmee!”

gracepmc November 7, 2012 at 2:21 pm

Germany owns Greece. China will soon move in and own the US.

Julie Brueckheimer November 7, 2012 at 2:39 pm

I haven’t looked at the breakdown, but I imagine the energy and defense stocks did not far too well today.

Kimbly November 7, 2012 at 4:46 pm

How did you guess? Big losers were coal and defense. And the media has the gall to say the drop off was because of reports from Europe and NOT the election. I understand the economy is global but come on.

big fan November 7, 2012 at 8:52 pm

The people have spoken – anyone who voted for Obama wanted this…good luck everyone!!!!!

Radude November 7, 2012 at 10:15 pm

No sh!! what a surprise!!