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6 Nov
Largest Post Election Stock Market Sell Off in History
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Thursday, November 6th, 2008 at 3:48 pm | 238 views
Stats
Greetings:
Charles Gibson of the ABC Evening News cleared President-elect Obama of having any effect on the New York Stock Exchange on last night’s broadcast.
Oh, well, maybe next time.
“Charles Gibson of the ABC Evening News cleared President-elect Obama of having any effect on the New York Stock Exchange on last night’s broadcast.”
Were you surprised?
How many years do you think they can keep that up? They will always find someone else to blame.
The stock market is an excellent indicator of how people view their FUTURE, not their past.
Someone should tell Charlie Gibson… He thinks he is so smart!
who is in the white house still??? who’s administration is responsible?? that would be BUSH!!
do you think it might have something to do with last months retail sales sliding so bad?? that would be from buying that happened BEFORE the election!!!
Also the unemployment figures for October due out tomorrow that is expected to have gotten worse. the month of OCTOBER!!! BEFORE the election!!!
get a grip! sorry for the reality check….
@ Real American Patriot
Nice try.
I just got off the phone with my Broker, and was told how there had been a surge last week in the hopes of a McCain presidency, and now, since Tuesday night, it has gone way down, which to her, illustrated the huge concerns people have about Obamboozler.
The people involved in the stock market are gamblers by nature, intelligent gamblers. And what pray tell, SoCal, reflected “hopes of a McCain presidency” last week? The polls? I think not. The pipe dream of the Bradley Effect? Only if you were looking for an excuse to ignore the polls. The stock market had already factored in the likelihood of an Obama presidency before Nov 4.
Nice try, Mike. Whatever gives you a warm fuzzy.
I don’t know, Dave, guess you’ll have to ask my broker, the one who studies the market for a living.
By the way, there were lots of articles, blogs, radio talk shows out there predicting a McCain win, but maybe you missed it since you probably only listen to public radio. But, thanks to Acorn, and the corrupt media brainwashing folks in Obummer’s favor, it went the other way.
IT’S GETTING UP THERE WITH 9/11 (15% DROP THEN), WHICH WAS NOTHING COMPARED TO THE MESS WE ARE IN NOW.
(the attack was nothing compared to what 4 years of Obama will do to us, not the15% drop relative to the 10%, obviously)
I Blame Barack.
Well, knowing that Congress is looking to get their greedy hands on our 401k’s and IRA’s my plan was to sell off and sideline 98% of my retirement funds until I could find an appropriate place to stash it where the next Administration couldn’t get its hands on it.
I accomplished half of that before the market dropped so badly that it made no sense to sell what was there and had I been really paying attention, I should have known that the markets anticipated the McCain election, not the other guys. Then at least I could have sold at half loss vs. 3/4 loss LOL!
Oh well….that’s what I get for doing my own and not trusting a broker! Seriously though, every time McCain went ahead in the polls the market perked up. Every time it looked like the other one was picking up more steam, the markets went blah. Check the trends for yourselves ladies and gentlemen.
True/True/Unrelated.
The low was October 27 (8175). Then, there was an overbuy frenzy. Now we’ve had more bad economic news and the overbuy has now been sold off.
Got nothing at all to do with the election results. Show me a credible analyst who is making that claim.
- Larry Weisenthal/Huntington Beach
I blame barack.
We are nearing another financial meltdown.
Great..how many billions will it cost the taxpayers this time??
Anyone else notice that the libs always have an excuse and never have a reason?
Larry.
Credible analyst? Are you trying to be humorous?
An Obama win was a strong sell signal, right or wrong this was the consensus of every fellow professional trader I know.
However, this little drop is just that, a drop in the bucket, our suspicions won’t be confirmed until the low of Oct. 10 is penetrated, the Oct. 27 low you cite is largely meaningless.
It may not happen immediately, but the Obama win will most surely plunge the economy into a brutal recession, if not an outright depression.
It has all to do with the election. Every person I know has sold. Well actually most of them sold when Hussein said he would bankrupt 50% of the power market. No power, nothing or no one works, and I live in the middle of coal country. O’Dumbo talking about global warming after it was proven to be a fad or a normal cycle, and not human caused, (which made Algorabge rich) was really proof of Hussein’s stupidity.
For a real treat go back to Dec 2006 when the democrats were promising to change the direction of the country. The dummies gave the dummies control in Jan 2007 and you can check the housing, financial and stock market today vs 2006. Save you some trouble, the unemployment rate was a historic low 4.5%.
I don’t blame or credit the president, wrong office. Blame the congress 100% for the crash and only two men tried to stop it, Bush and McCain. With an approval rating dipping into single digits how could anyone have confidence in congress doing the right thing about anything. The man with a ’0′ for a record becoming president was only the icing on the cake that the politicians have been fighting for.
I think the American people need to march on D.C., tar and feather, then run every member of congress and 95% of the government employee’s out of town and out of business. They refuse to leave, there is no shortage in the rope and tree market. A new start might work for a few years until the criminals show up again. Then repeat the process.
I see Sky55110/CRAP is still living off the LSD from his youth…
In a word, no. The market works on future. A bad report for employments numbers is anticipated, as well as GM going down.
The same president was in when the market has done his attempted rallies post AIG/Fannie/Freddie/bailout. We’ve had bad employment numbers and quarterly reports before.
It did not fall this much for any of those events. The only event added to the mix is the market anticipate to a President Obama’s projected future for business.
Get a grib yourself.
Mata told C.R.A. P. to “grib yourself.”???
I prefer the classic four letter sendoff that starts with “f”.
I’m going to miss Dick Cheney.
But hey, new times and all that so: HEY CRAP… GO GRIB YOURSELF!
@Mike’s America:
I think dat was a typo.
Aye: You sure it’s not some kind of code lingo?
Larry, perhaps MSNBC isn’t positing it that way. There was no news coming down the pipeline that was not expected. GM and Toyota revised figures down.
Retailers warned it may be a lean season, but the sales figures for many belied that (overly alarmist, you might say). In fact, Walmart was predicting a “blockbuster holiday season”… and likely it’s last as it’s anticipated that Obama/Pelosi/Reid will push thru the Employee Free Choice Act… pressuring workers into the union by pulling their secret ballot options.
Unemployment figures were already anticipated at a 200,000 drop. Job losses in everything from commodities to even more cuts in the investment banking sector (the bulk of those 700K job losses since the beginning of the year, BTW) was also anticipated.
In short, there is nothing in the financial news that was a surprise. They expected no good news. Rather difficult to think of a two day massive sell out in the immediate 48 hours following a presidential election is “unrelated”, since the markets have been taking the above mentioned factors in stride all along.
So we go to the other entry… the certainty of an Obama presidency. Some find that Obama has failed to “inspire” confidence as to what he can, or is experience enough to do.
Stocks Plunge as Investors Ponder an Obama Presidency, from Real Clear Markets on Nov 5th… before today’s tumble
Need another who thinks Obama is related? from The Street
What’s interesting is that those quoted in The Street’s story think like you. They don’t believe Obama will be too extreme. But then, do the buyers pulling out believe the same? Because it is not only trusting Obama, but trusting Pelosi/Reid and the tendency of the DNC to overreach historically.
BTW, also interesting in this story is that they said the market was not under regulated, as there were four layers of regulatory agencies they had to go thru. Rather like our non-communicative intel problems of the 90s, these agencies are not interacting nor efficient.
So is the cure of an Obama/Pelosi/Reid to merely add a fifth regulatory agency that does nothing more than muddy the waters?
One thing is for sure. THe western media not still fawning over Obama and reporting the news definitely believe there is an Obama effect… or not, depending on how you want to look at it. And even if these spokespersons trust Obama not to be extreme, you have to wonder if those in the profit taking stage feel the same way.
But it ain’t just “news as usual”…
Mike,
You may be onto something there.
I’ll check my secret decoder ring to see what I come up with.
Don’t you think, wise leftist, that his election would lead to a RISE in the stock market?
LOL Ya know, it was a typo. But oddly enuf, GRIB is anacronym for General Regularly-distributed Information in Binary Form … a data file.
And if there was every a human life form composed of zeros and ones, it’s CRAP….
So where’s my secret decoder ring? I did “chat” for an extraordinarily long time on election day for me, ya know…
Richard concisely said:
Yeah… a shorter version, without the financial pros input for Larry, in my post #20. That’s for the no-nonsense, let’s get to it summary, Richard.
Mata: You chatted for all of five minutes… Your fans were still begging for more long after you left. Sometimes they are just not satisified with more of Mike’s America. They want the full Mata.
Hey, five minutes in “mob-talk conditions” is a lot for me, guy… besides, I got a phone call from a friend who wanted to “chat” ol’ fashioned style. By the time I got back, the party was over! :0)
BTW, in relations to money, economy, and the American citizen that doesn’t make up Obama’s districts… you really must read Michael’s post on he old thread, the Obama Tax Plan.
This is a “joe the plumber” reality moment for the Obama supporters. I’m quite sure they all think the world is made up of urbanites, whining that they can’t pay their mortgages because of their overage on their cell phone bill that month.
BTW, Larry? I’ve taken to abandoning most the cable news stations and listening mostly to the FBN (Fox Business News network). The “Obama factor”… whether uncertainty as to what he will do, his inexperience, whether he’ll wait on the tax increases until the market gets better? All factors in their opinion…. guests and hosts for the most part.
And they come from a plethora of finance industry sectors.
@MataHarley:
I really wish that you had stuck around a little longer.
Mike pranced around for us in his lavender FA thong, but it just wasn’t the same without you there.
Mike in an FA Thong???
NB:
Jan. 19, 2001 the Dow Jones closed at 10,587.
Ponder this….
I thought we weren’t supposed to tell about Mike’s thong LOL!!! And I agree with Aye, wish you would have hung out with us for a while longer Mata.
At some point in time, these Obamabots are going to have to get a new pair of shoes. At what point will they realize that the Presidency does NOT have the power, that sits in the CONGRESS and the SENATE, which has been Democratic controlled for over two years now. And they’ve made a fine mess of the economy (see Barney Frank, Fannie Mae, AIG spa vacations etc.) and everything else they’ve touched.
Apparently though, the American people will have to suffer a lot longer before it dawns on them that bi-partisanship is another name for bankruptcy and lack of common sense.
Now stop… everyone knows I borrowed that article of clothing from Wordsmith!
OMG! I’m not sure what’s better… “being there”, or the post-chat imagination video! LOL
I’ll give the chat rooms another try next time. But as I explained to Mike off-FA forum, it’s like carrying on a conversation with 20 people at once. Never been much good at that as I’m actually somewhat a wall flower.
But Mike in the FA thong? Who could miss that one…. :0)
Wordsmith, did he give it back?
OMG! The leftists are hopeless. Hey guys, get some education on economy and politic. You have no clue how it works.
CHARLIE ROSE – ECONOMIST MILTON FRIEDMAN
http://video.google.com/videoplay?docid=-2963837673813979186
Mata: Our last chat was invite only and kept to a very small intimate group. Compared to some of the others where we had 60 or more in the room.
Not sure when we will do it again. Usually it’s centered around some event but there’s no reason it has to be.
Going to do this in another post, but will preview it here first:
Another Charlie Rose show post election with Jon Meacham and Evan Thomas of Newsweek as guests. One section was particularly interesting. Transcript courtesy of Rush Limbaugh:
And these are LIBERALS talking about the “O.” They see him as a “creepy…manipulative… creature.”
@Scrapiron:
My goodness man, you are so full of hatred. It must be difficult to go through life that way!
DJ, thanks to Scrapiron and retired vets like him, you are free to speak and pass (bad) judgment here freely. We all have the right to call Congress out as the losers they are… and I agree with him 100%. I’d just as soon clean House/Senate, send them all home and start anew.
But Scrapiron is not a man full of hatred. He just doesn’t honeycoat his words for you hypersenstive PC types.
He’s one crusty vet that, were I in battle, I’d be thankful daily he had my back.
“My goodness man, you are so full of hatred. It must be difficult to go through life that way!” (DJ to Scrapiron))
Maybe you should read this quotation:
“I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue!”
Barry Goldwater
Imagine — wanting to de-regulate! When deregulation and the anything-goes free market is clearly working SO well! I just wish we’d listened to Bush and privatized social security.
Seriously, anyone who thinks the country would be better off with Unstable and Unable at the helm needs to get back on the meds. Funny how President-Elect Obama gets the highly-educated vote while the dirty fighter and his lying harpy can proudly claim the votes of the “patriotic” beady-eyed mouth breathers.
@ Real American Patriot:
Bear in mind — the Clinton Recession began, of course, in November-December of 2000. Liberals, seeking to pin this recession on Bush, attempted to spin that inconvenient date by stating the markets were looking forward to Bush’s miserable failure economic policies.
Well, the current markets are looking forward to bad economic times compounded by all the wrong economic manueverings.
Well, knowing that Congress is looking to get their greedy hands on our 401k’s and IRA’s my plan was to sell off and sideline 98% of my retirement funds until I could find an appropriate place to stash it where the next Administration couldn’t get its hands on it.
USMCdaughter,
What is the basis for this remark? What current or planned Congressional bills cause you to believe your tax-exempt investments are at risk?
@Dave Noble:
Everyone likes to blame Bush, yet it was the Democrat-heavy Congress that didn’t listen to McCain’s warnings. Bush can’t press a magic button and make laws, he needed help and didn’t get it. McCain lost because everyone wants to blame Bush, but the majority of Americans don’t even know how their own government works.
I think I love this site. I just stumbled upon it and most of the comments are right on. The few that aren’t are, as usual from lefties that mumble the party line and cannot think and reason for themselves.
If they could only listen objectively to both sides, common sense and FACTS could bring them to just one conclusion. The Dems are responsible for this meltdown. The congressional record shows Mc Cain tried to warn us but Obama, Franks, and a host of other Dems shouted him down.
For at least the next 4 years they will blame Bush and suckers (Born every minute) will believe them.
All I can say about this election and the future of this country is “Atlas Shrugged”!!!!
OBAMA IS IN, GET USED TO BEING THE MINORITY WHITIE.
To all American citizens: Neither the Republicans or Democrats are responsible for this meltdown, which was started off by the housing crisis. We brought that onto ourselves when we signed the paperwork and did not properly think for ourselves. No one forced any of the homebuyers to sign paperwork for houses that could not be afforded.
The government, no matter who is in charge, makes it own share of mistakes, and no one party is better than the other. We, as a people, must initiative on our own and read what our government is all about, how it works, et cetera. Being informed, or becoming informed, should not be and is not dependent upon our political affiliations. Our country, or any country for that matter, is only as good as its people.
“GET USED TO BEING THE MINORITY WHITIE.”
Hey DJ: What was that about “hate” you were saying?
Talk about SORE WINNERS!
Beowulf:
P.T BARNUM said “their is a sucker born every minute”
And then the get promptly signed up to the Democratic Party and ACORN registers them to vote.
@NWA:
I didn’t realize they had internet access in our fine penal institutions.
The sell-offs will certainly continue. We watched as the Dow Jones was inversely proportional to Obama’s support in the polls. Now that he’s in, the jagged lines will continue venturing south as people try to get as much of their money out without incurring too much loss at a time. The investors are anticipating Obama’s capital gains tax increases and increased business taxes. Right now is a good time to be a foreign investor as they will not bear us much tax burden as our own investors. Ours are cutting their risks now while trying to avoid “disaster sales”. The stock market will stabilize again, but for the American investor, the taxes increases will make the risks all the more risky.
The question is, are there any good investments under an Obama economy? Under socialism even bonds issues would be more risky. With the increased unfunded Federal mandate drains on the States, there may be defaults on municipal bonds. Their is a lot of mistrust in banking institutions which makes even dumping your money into savings accounts risky. So what do they do, bury the money it their back yards and wait four years?
Thanks, Craig, for the video…
CHARLIE ROSE – ECONOMIST MILTON FRIEDMAN
The Dems lied, and more than 50% of Americans were “hoodwinked” by those socialist losers.
But the real problem is the loser Rinos who aren’t real Conservatives. They keep their mouthes shut because they are afraid of their own shaddows. They don’t tell people the truth, and so Americans are able to be conned into believing Obama’s disinformation. It’s the Rinos who are the real problem. So, before we start blaming Democrats, we have to clean out our own house. Only then can we successfully “trow da odder bums out!”
Dems Target Private Retirement Accounts
carolina Journal ^ | November 04, 2008 | Karen McMahan
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
(Excerpt) Read more at carolinajournal.com …
The market works approximately 6 months ahead. I work with some very high level investors on acquisitions, construction, housing, etc and they tell me that come the end of today, they are cutting back to GB1 levels and unloading what they feel are marginal stocks and getting out. They are contemplating turning their money into cash and ‘stuffing their mattresses’, sic. Actually putting it into Gold.
“Buy on rumor, sell on news” is an old saying. With hindsight, it’s easy to ascribe which is which. My guess is that the rumor was the McCain hopefulness, and the news was the result.
“Funny how President-Elect Obama gets the highly-educated vote while the dirty fighter and his lying harpy can proudly claim the votes of the “patriotic” beady-eyed mouth breathers.” (Amelia)
I think you got this upside down. Just look who voted for THE ONE. It,will tell you how much you are wrong… lol
Gee, are all American Obamtrons as stupid and ignorant as Amelia?
Amelia,
I think I didn’t read your comment right. I think you were just being sarcastic, am I right? If so, sorry!
No, Craig… she was being sarcastic, but it was all to benefit Obama. She was calling Cindy a “harpy”. That, of course, would be the pot (Amelia) attempting to call an elegant piece of china (Cindy) a kettle… Amelia’s already demonstrated her lack of cash. And I doubt I have seen her out there leading missions of emergency relief personally, and forming int’l children’s charity organizations like Operation Smile.
Then, of course, she was trying to point to Bush’s attempt to privatize social security… in the wake of this economic plunge. She did, however, fail to tell me where my 40+ years of contributing to my retirement via taxes are going to come from. Fact is, as the government takes on more and more, I expect to see less and less return on the cash I’ve already paid those high spending spoiled Congressional types thru the decades (yes… both parties).
But it’s just the typical Obama supporter, seeing the world thru a dazzling haze of excitement and rose colored glasses. It will take time for reality to become apparent. And as more of the population moves to being dependent upon government, they’ll wish they had not wanted that so badly.
In electing Obama, the majority bought a pig in a poke. That means they couldn’t see if it was sick or crippled or even an elderly runt.
Obama ran an almost perfect wall of silence campaign. And his ‘slip’ about redistributing the wealth may have been a way of saying, “Vote for me and I’ll send you a check.” Reaction to it was what made him limit the largesse to employed people until he gets elected.
He favored gun control until the large favorable reaction to the supreme court ruling. Then he looked so sad, hung his head, even scuffed his toe, and mumbled that he believed people have a right to own guns.
He constantly said he would fix this or that or everything but never hinted at how. It was all silent on the information front.
Soon, we will be getting our fill of details. But the media is already setting him up to be able to say, “The democrat legislature refused to be reigned in.”
So, how will we feel when we finally get a good look at our brand new pig?
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Follow-up:
Here’s a chart of the Dow over the past year:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=DJIA&sid=1643
I think it’s entirely obvious that the week of the Lehman Brothers bankruptcy sunk not only McCain, but also the Dow. Everything which has happened since then is all noise — down and up. The downward trend will continue as the economy sinks deeper into the current recession. No one can seriously maintain that the stock market would be any stronger/more stable right now had McCain been elected.
- Larry Weisenthal/Huntington Beach, CA
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For what it’s worth, my brokers are family and we’ve all divested like millions of others because it’s an Obama sell off. If we’re gonna have to hide our guns n ammo why the he** not our money?
Sure not giving it to Obama’s vision & lifelong dreams of a gigantic worldwide Kum Barack welfare state, that’s for dam* sure. We half got out when they passed that Obama Global Poverty UN bill in Feb, Senate Bill 2433, then anticipating his likely election, that socialist wet dream was enough for us. The rest came November 4th, 4:35 pm and thank the lord for that.
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@Real American Patriot: what if the average investor was looking at the polls and thinking, well maybe he could be elected. he could be bad for business with his progressive ideas. maybe I should get out of, such and such stock until I see what happens. duh, its not rocket science.
It’s Obama’s Economy Now!
$2tn debt crisis threatens to bring down 100 US cities
http://www.guardian.co.uk/business/2010/dec/20/debt-crisis-threatens-us-cities
The most Economically Illiterate Administration Evah!
http://www.youtube.com/watch?v=5J-IAOY6UIo