Here is the thing, Obama might have forgotten who the big players in the stock market are when he was digging around in his ass for his tax proposals. If he’s going to jack up the capital gains tax, then he should expect for the stock market to go down while the “rich” (read: smart) cut their losses and pull out of the stock market.
How hard is that to follow?
edit: illustration of what happens to the DOW when you elect a president that wants to double capital gains tax.
Wall Street hardly delivered a
rousing welcome to President-elect Barack Obama on Wednesday,
dropping by the largest margin on record for a day following a U.S.
presidential contest. The slide more than wiped out the previous day’s advance, the
largest Election Day rally ever for U.S. stocks. The following table shows the percentage rise or decline in the
Dow Jones industrial average .DJI, Standard & Poor’s 500 index
.SPX and Nasdaq composite index .IXIC on the day after a U.S
presidential election and who won the Election Day vote.
Year Dow S&P Nasdaq President elect
2008 -5.05 -5.27 -5.53 Barack Obama
2004 +1.01 +1.12 +0.98 George W. Bush
2000 -0.41 -1.58 -5.39 No decision: G.W. Bush v Al Gore*
1996 +1.59 +1.46 +1.34 William Clinton
1992 -0.91 -0.67 +0.16 William Clinton
1988 -0.43 -0.66 -0.29 George H. W. Bush
1984 -0.88 -0.73 -0.32 Ronald Reagan
1980 +1.70 +1.77 +1.49 Ronald Reagan
1976 -0.99 -1.14 -1.12 James Carter
1972 -0.11 -0.55 -0.39 Richard Nixon
1968 +0.34 +0.16 — Richard Nixon
1964 -0.19 -0.05 — Lyndon Johnson
1960 +0.77 +0.44 — John Kennedy
1956 -0.85 -1.03 — Dwight Eisenhower
1952 +0.40 +0.28 — Dwight Eisenhower
1948 -3.85 -4.15 — Harry Truman
1944 -0.27 0.00 — Franklin Roosevelt
1940 -2.39 -3.14 — Franklin Roosevelt
1936 +2.26 +1.40 — Franklin Roosevelt
1932 -4.51 -2.67 — Franklin Roosevelt
1928 +1.20 +1.77 — Herbert Hoover
1924 +1.17 — — Calvin Coolidge
1920 -0.57 — — Warren Harding
1916 -0.35 — — Woodrow Wilson
1912 +1.83 — — Woodrow Wilson
1908 +2.38 — — William Taft
1904 +1.30 — — Theodore Roosevelt
1900 +3.33 — — William McKinley
1896 +4.54 — — William McKinley
- George W. Bush ultimately was determined the winner of the 2000
election.
Source: Reuters EcoWin
Day 1: Change accomplished
hope the kool aid tastes good guys, cause you’ll need to drink a lot of it these next 4 years 