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Practically Speaking

Kyle and her husband moved to Brookfield in 1986. She became active in local politics and started blogging in 2004. Her focus is primarily on local issues but often includes state and national topics, too. Kyle looks at things from the taxpayers' perspective in a creative, yet down to earth way, addressing them from a practical point of view.

*Is Wall Street's plunge reflecting fears of Obama presidency?

Obama 2008, Socialism / Marxism, TAXES, THE ECONOMY

Today, Cindy Kilkenny at Fairly Conservative posted Is an Obama win already priced into the stock market? She said there was a "lively discussion on CNBC this morning" on the subject. She has a graph that is worth looking at showing a possible correlation between Obama's lead and the market's fall.

Her post triggered my memory that I started working on a similar post. This one. Others have suggested the same idea. In June, Newsmax came out with a 'President Obama and the Coming Stock Market Crash' Special Report: (My emphasis)

How destructive to the U.S. economy would a Barack Obama presidency be?

Pretty rough.

Beneath Obama's flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy.

Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.

Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democrat Congress.

In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama's doubling of the tax rates next year.
...
Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.   

The Miami Dolphins owner is wondered if he should sell off 45% of the club before the capital gains boom drops. The owner Huizenga said, "He [Obama] wants to double the capital gains tax, or almost double it. ...I'd rather give it to charity than to him. ...If you do it this year or you do it next year, the difference is humongous because of the taxes,"

I made a mental note to possibly sell off some of our (few) mutual fund IRAs and stick those funds into CDs. Unfortunately, I did not get to it right away. Now I'm stuck.

Some are wondering if the stock market is already in AN OBAMA PANIC? Markets fear his policies

Of course, the market turmoil is first a reflection of grim reality - the bursting of the housing bubble and the billions upon billions in writedowns and losses that have forced upon the hugely leveraged financial firms companies that had cranked big profits during the bubble years.

The resulting credit crunch is hitting Main Street harder than ever before. The country is headed for recession; the only question is: Just how low can the markets and economy go?

It could be a lot lower - it all depends on the policies of the next president.

And, as it looks increasingly likely that Obama will be that man, the markets are casting a vote of "no confidence."

The Dow was up before noon today, maybe because the Fed lowered the interest rate again this week. We are at 1%. Is that enough to counter fears of looming capital gains increases. I doubt it. It gives voting with your pocketbook a whole new meaning. 

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

Links: 

 

counter hit xanga

Brookfield7, Fairly Conservative, Vicki Mckenna, Jay Weber, The Right View Wisconsin, Mark Levin, CNS News

 

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