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Thread: Was it an Obama Selloff or a Stalemate Selloff on Wall Street?

  1. #1
    Investors will want to blame someone or some thing for today's 300+ point sell off in the Dow Industrials. Early reports in the media blamed everything, literally. Some reports cited the continuing European financial crisis.l Others pointed to tax hikes in this country at the end of the year. Some said there might be another recession coming in the first quarter of 2013. There were worries about a new storm in the Northeast. But no one came out and said -- Romney lost and Obama won and that's not what Wall Street wanted.

    Well, did Wall Street want Romney to win? I think so. I think the recent rally on Wall Street came in part to the belief that Romney was running well and Romney was the candidate for business. President Obama was never viewed as the candidate for business, or stockholders -- but he has always been viewed as the candidate for more spending, higher taxes on business, and higher costs to pay for health care.

    Well, I voted for President Obama. And I think Wall Street will have to just deal with it. I fear higher taxes, I fear that the President's health care system will raise costs for businesses but I also think this country has an obligation to take care of its own, and if that means we pay a little more so that everyone in this country can get better health care I am willing to accept that.

    I think jobs and health care are the two biggest domestic issues. I'm not sure President Obama will do the best for creating jobs, but I think he will do the best for extending and growing health care in this country.

    I am very pleased to see olive branches being exchanged -- at least verbally -- between the Republicans and Democrats today. I hope Wall Street investors get that message -- read it positively -- and stocks snap back.

    Late today the media was calling it a Stalemate Selloff on Wall Street expressing the belief that the stalemate for needed legislation will continue. I hope that with less than two months left in the year, that this lame duck congress will do its job, clear the stalemate, and get the economy on a roll.

    The Republicans cannot risk sabotaging the Obama plan now because they know it's two years to the next Congressional election and 4 years to the next Presidential election, and taxpayers and voters won't tolerate four years or even two years of more grief.

    With the elections out of the way, now it's time for everyone to do the right thing... even if the voters didn't hire them for the new terms starting in January.
    It's all about quitting when ahead.

  2. #2
    I've been wondering why the heck ANY normal person would have voted for Obama, given that really, on paper, Romney seemed almost too good to be true. I mean, the country CLEARLY needs an experienced businessman at the helm in order to straighten us out, the guy did one fabulous job in liberal Massachusetts, he turned the Olympics around, he's been a successful private businessman, and has there ever been a more family-oriented non-drinking/non-smoking/non-cussing gentleman who's run for that office?

    You said you voted for Obama in spite of recognizing all that (and I'm assuming, you've been comfortable giving him pass after pass on issues like Fast & Furious and putting the campaign ahead of lives lost in Benghazi) because you believe we should take care of our own. I'll never get that as a more important reason than organizing our economy, and I'll never understand why that would even be an issue, given how generations of Americans have always prospered by doing whatever it took to take care of themselves. I believe my children's and grandchildren's generations will figure it out, just like we and our parents and grandparents all did. Demotivating them by giving them entitlements and free healthcare etc. just doesn't seem the American way to me.

    Did the market tank for two days since jittery investors see doom ahead because it looks like the American population just doesn't get it? Absolutely, however, the worry is now tied even more into being nervous over the European situation, since when you look at the Obama model (and I guess you are smart enough to see this) in Greece, the smart money knows that as soon as the well goes dry from handing out all this free stuff to the slug population, those people will take to the streets rioting rather than pick themselves up and get back to work. It's all very clear to people trained in business instead of liberal arts. Obama won because there are so many more of those who don't want to help themselves, and so many more of those who for some unknown reason, sympathize with them. I knew that, which is why I bet on Obama and won (& I was paid up in Tahoe ).
    Last edited by Rob.Singer; 11-10-2012 at 07:34 PM.

  3. #3
    Rob-I have a client who is a political analyst and definitely a republican. He says the republican party has a few major issues. If we could get them to just be a little more moderate on these issues he believes they would get the votes:
    1. Abortion
    2. Oil subsidies
    3. Military spending
    4. Refusal to believe in global warming and environment.

    If they would just ease up on these issues the middle class would swallow the tax breaks for the rich and vote republican because no one is really happy with big government and run away spending. At least that is what he thinks.

  4. #4
    I see the point and I can't argue against it. However, I just saw some interesting stats on two groups who overwhelmingly voted for Obama, and at least in this election, it was the difference.

    In 2010,
    1. 73% of all black babies born were to unmarried black women.
    2. 53% of all Hispanic babies were born to unmarried women.
    3. These rates have been steadily climbing at breakneck speed since 1980.

    Any wonder why there's 47million on food stamps today vs. 32million in 2008?
    Any wonder why the # of SSDI recipients has nearly doubled in the same period?
    Any wonder why unemployment payments have been extended from 26 weeks to 99?
    Any wonder why Obama failed to get the unemployment rate down?

    These out-of-wedlock children and their minority mothers are huge contributors to the financial problems in this country. Crime, drugs, all follows this type of behavior. The Obama administration knows all these facts and worked it like a champ. Only problem is, the sh**'s gonna hit the fan someday. Just like in Greece, Spain, and other W. European countries who try to wean the spoiled population off of the free stuff.

  5. #5
    That's why I wish they would endorse abortion. Self defeating to fight against it so we increase the # of unwanted children.

    Educated and working class know how to limit their procreation for the most part.

  6. #6
    Rob, what do you think the conservative platform should be on abortion rights considering the birth statistics you presented?
    It's all about quitting when ahead.

  7. #7
    Originally Posted by Alan Mendelson View Post
    Rob, what do you think the conservative platform should be on abortion rights considering the birth statistics you presented?
    You know, I've never even thought about abortion one way or another until being force-fed all the positions from the TV during this campaign. But from what I've seen, I probably agree most with what Mitt Romney says: only for rape, incest, or to save the life of the mother. I know that likely increases those stats I gave, but that social issue needs to be approached from its own angle. The whole point is that these are the kind of people who will always vote for the candidate that encourages dependence on the government, and as history has ALWAYS shown, the government has never been successful running anything anywhere--only regulating them.

    I have no answers either, and being retired and set none of this or even the election affects me anyway. As I said, the situation will eventually correct itself because that is the nature of this country. I trust my children's generation will have the wherewithal to figure it out for them and their children. Just like we did. We're simply at a crossroads now and eventually, even though our minority population is probably our majority now, they WILL get it because they have to.

  8. #8
    Do you think these birth rates that trouble you will get worse if abortion rights are limited?
    It's all about quitting when ahead.

  9. #9
    They shouldn't just trouble me Alan, they should be a serious concern for all Americans--especially the twenty-somethings and up. These births cause enormous pressure for responsible people just trying to make it, because what these irresponsible mothers are doing is making taxpayers foot the bill for their irresponsible behavior.

    Limiting abortion rights and these troubling birth rates are two separate issues that should each be approached in their respective ways. I gave my opinion on when I think abortion should be limited to, but if someone came up to me and said that aborting many of these minority and white trash births would seriously reduce the huge burden on responsible people, I'd say do it now! But that's not what Obama voters voted for. They actually WANT as many unstable, unfortunate, low life births as they can get so the government social programs can continue ripping money from hard working decent people to pay for these slugs....and therefore guarantee continued voting for sympathetic democrats for as long as possible.

  10. #10
    Rob-please look at the attached link. It's a little scary if it's true. (and I have no party preference but probably lean slightly your way)

  11. #11
    I can't make heads or tails out of it other than just as I can't figure out how normal everyday people (like Alan for instance) know and understand how Romney is far and away our country's best bet for a better economy for all, yet they somehow think it's more important to put sympathy for the unfortunate portion of the population ahead of electing our best overall hope to make a better life for ALL types of citizens...and at the same time they inexplicably and unbelievably give Obama pass after pass after pass on the serious errors he's made that has cost money & lives. It's just incredible how they can just make believe none of it has ever happened. I'm really flabbergasted on how they're able to do it.

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