Thursday, January 22, 2009

The Audacity of Market Indicators

This chart from CNNFN shows how the stock market has, as of 11 am this morning dumped about 300 points since inauguration day.

Can someone please tell reporters like Margaret Carlson, who should know better, that no one on Wall Street is really that excited about the prospect of the "grown-ups" in power since "grown-ups" really means "watch your wallet."

Look, no one wanted Bush out more than me, but let's be honest. Obama is left of center, and that means higher taxes and more interference in markets at some point. Abstract ideas like hope, promise, change, blah, blah, blah are easy to sell during elections. Again, we'll find out how all of that translates in the coming months, but right now the markets aren't happy.

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