The Market votes

At least that's accurate. And I'm not offended.

It is a fact that Prop 8 passed. And it is a fact that the market dropped. The reason your ass is hanging in the wind is the wingtard analysis that diverts responsibility for Prop 8 from the Republicans who were pushing it and that proposes a drop in the stock market, during the most tumultous market in a generation, as a referendum on Obama's election.

 

when would the increase kick in though? not for another 6 months right?

so these smart investors basically sold even they know it wasn't wise to do it just to protest obama's election?

 

Yes, Obama is responsible for the new figures on lack of consumer spending and jobless claims.

I hear the prices of tin foil are dropping basso... it's about time to make that hat.

 

I do know this. I'm a tax accountant, so I fair to say I know a lot about the tax code. Many people still have long-term capital gains if they have stock older than 2002.

 

Anything sold after January 1st is up for the new taxation by Obama. Tax law is often written retroactively. Congress may or may not pass it that way.

The recession is not likely to end anytime soon. There has been a lot of talk about what to do to avoid tax increases. Also don't forget that many people believe Obama will raise taxes on them, even though he has promised not to.

 

Basso, I know you're a smart person, but it is also rather abundantly clear that you know little of the financial markets or how they work. You're one of those people that sees a news headline that says something like "Wells Fargo profit drops 35%" and then wonders why the stock jumped 8% on the news.

I'll try to explain this in a simple way. If you'll take a minute to read through the last few pages of the investing thread in Hangout, you'll notice that a few of us were already expecting and calling for a market correction this week even long before the election happened. The major indexes gained more than 10% last week, and all indicators pointed to an overbought market. This is what is called volatility, and is a major characteristic of bear markets. Another characteristic of the financial markets in general is that they are forward looking, and contrary to what many people like you think, they are often as prescient as they are reactionary. What this means is that often by the time you're just hearing the news, the market has already priced it in. This was clearly true in the case of Obama's presidency, whose certainty was all but assured as early as a week ago. There was much talk of an Obama rally, but the smart money knew that the feel-good rally would end once the election was over and we returned to the real world of a massive economic recession.

So hopefully now you understand a bit better why the markets are down in the past couple of days.

 

Market drop is probably more coincidental than anything else.

The way it is right now, it probably would have dropped by a similar margin if Obama lost.

 

That's cute. You're talking to him like he'll understand or even care.

 

Is this not offensive to anyone else?

I've only been in the D&D for a couple of days so I may be missing something, help me understand.

 

Education for poor Basso:

1) Employment: Jobless claims higher than expected
http://money.cnn.com/2008/11/06/news/economy/jobless_claims/?postversion=2008110610

2) Oppenheimer's Meredith Whitney downgrades Financials
http://moneynews.newsmax.com/streettalk/meredith_whitney_banks/2008/11/05/148141.html

Infinite amounts of bad news...Macy's,Toyota, Cisco, Anheuser-Busch, Blackstone...LOSSES

 

Thank you. The rest of yall can take off that tinfoil hat now.

Basso, he won, get over it. At least wait until he is actually in office to bash him.

 

so selling the day after obama wins does not really have anything to do with him right?

 

Why wait? Basso is not a Republican, he is an independent who is more extreme than the wingnuts.

 

It probably effected the market, but to what degree, nobody knows. I wouldn't be shocked if we see somewhat of a selloff at the end of the year.

 

Down another 450 today. Obama sure is inspiring confidence in the financial markets! Change, baby, change!!

 

From despair to insanity in what, 36 hours?

Impressive.

 

change


to where we were two weeks ago. i guess all the bad economic news driving the market down back to where it was two weeks ago is a result of obama's presidency.

 

You agree with him that I lied on fox news (lol)????



Like I said you have some of those who are trying to pin it on Obama and you have those who are dismissing it.


Thank god for Shep Smith on that channel, but the others are a complete joke.

 

That's in reference to Kanye West saying George Bush hates black people.

 

By the way, CNN is showing pictures of Obama with the DOW numbers on the screen. Are they blaming it on him, too?