Papa Mike's Blog

The stock market continued its horrible post-election crash Thursday:

The Dow is down nearly 20% since Barack Obama won the presidential election.

This is the largest post election stock market sell off in history.

Doug Ross tracked the Obama factor in the current market slide in this very interesting blog post–

    “Barack Obama and the Wisdom of Crowds”

    If we zoom into the September-to-November timeframe, we’ll see something very enlightening. By late September it was increasingly clear to Intrade.com bettors that Obama was going to win the election. From 9/28 to 9/29 Obama’s Intrade price went from 57 to 61, which represented a huge jump… Around September 29th the market began its collapse.

    Call it a crisis of confidence. Call it a Fannie-inspired meltdown. Call it what you will, but the markets appear to have reacted to Obama’s promises of economic “fairness”, “spreading the wealth” and raising taxes on the job creators of society.

Read the whole thing here.

1. mike jr says:

   November 21, 2008 at 6:43

   Just when you think it can’t go any lower… 400 here 300 there. This Obama bin whatever is already backing off of his promise of changes, he’s installing clinton era members to positions, it’s just going to be more of the same big government, no better than the biggest loser president of all time Mr. Jack Ass Bush! Bush ran as a republican but served as a democrat, big government and spent a ton of money he didn’t have… I think I am just not going to pay the IRS and my credit cards, i should be bailed out!
2. Papa Mike says:

   November 21, 2008 at 6:43

   at least the so called ‘bail-out’on wall street has a stopping point, but there is NO stopping ‘bail-outs’ on main-street!!…As far as your comparison of Bush and Obama…Bush did NOT have to name cabinet members smarter than him because he came in to office with a bit more experience than the 2 term, chosen one, ‘junior senator’ that all he did was run for president…He HAD to surround himself with the Clinton Machine because he literally knows NOTHING about what he’s doing…..Besides Osama NEVER said he was not going to continue being ‘big government’, that’s what ‘Liberals’ do best and besides, Pelosi & Reid won’t allow that…

   The ONLY good appointment was Tim Geithner who will be the new Treasury secretary. He’s very well liked by everyone and if anyone can return my $65,000.00 to my 401K that we lost this last 6 months he can.

   When are you going to stop talking about BUSH? He’s history. Stop looking backwards.!!

   My key to living in the present is to just REMEMBER the past.

   Don’t live there, just remember past happenings and mistakes only for the lessons they have given you. Do not beat yourself up over them, for they are in the past and no matter how much you rethink them, they will always be there, and they will still be mistakes. You have to learn the lessons that past mistakes have taught you. Understand that you cannot change them, you just have to learn from them and not make the same mistakes again……Every time I allow myself to retreat backwards I REMEMBER the past for what it WAS, NOT what it IS…..try it, it works for me