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November 13, 2008

The Age of Plenty, Day 8: Worst Post-Election Sell-Off In History

After falling again today below the 8,000 mark, the markets rallied and gained 300 on the day. A decent amount of buying back, but it hardly makes up for the 14% drop since the Age of Plenty began.

Since 1900, the worst such three-day performance for the Dow was a 6.0 percent fall after Harry S Truman was reelected in 1948. Such titanic declines are atypical as markets normally rally immediately after presidential elections with the average since the beginning of the 20th century being a 0.7 percent rise.

I know: We're in a crisis. The thing is, though, that we were in a crisis before the election too, which is kinda why Obama won. What's changed since then? Well, Obama won.

The left won the Presidency last week, has owned Congress since 2006, and long championed Freddie, Fannie, and the CRA and protected them from regulation. At some point they'll have to stop blaming Bush and begin taking ownership of their problems.

Here's the upside of winning: You have the power.

Here's the downside of winning: You have the power.

The Obama Left likes the upside but not the downside.


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posted by Ace at 04:34 PM

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