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November 06, 2008
A READER EMAILS: "Why doesn't anyone including Instapundit, say the obvious: The market was up when it looked as though McCain had a chance. Now that Obama has won -- as a direct result -- the market is tanking. Obviously -- almost 500 point loss each day since Obama has won the election!"
Well, the stock market is certainly tanking:
Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.
Is it really fair to blame this on Obama? I don't know, but those who thought he was going to bring about a stock market rally by being elected have certainly turned out to be wrong.
UPDATE: Reader Jonathan Adams thinks it's fair to blame Obama, and cites this story: China urges Obama to respect free trade, defends currency policy. Adams comments: "If even the Communists worry about Obama’s violation of free trade principles, I think it’s reasonable to put failure to assuage the fears of those who expect and rely upon a free market squarely on his shoulders. Yes, the headline has a distinct Orwellian feel to it, but in context with the pre-election statements and post-election market moves … what if they’re serious?"
ANOTHER UPDATE: The breakdown of denial?