Obama’s America Act II: Stock Market Plunges After Obama Reelected

Let’s take a moment and compare the two distinct reactions America had to Obama’s elections. In 2008, the morning after Obama’s election, the town of Eugene, Oregon was filled with exuberance and glee. With, seemingly, nary a Republican in sight, the town and, indeed, the country had been swept into a frenzy of Obama-induced hysteria. My friend’s mother called him and wept as she proclaimed, “We did it!” While I hung my head, still not yet knowing the havoc an Obama presidency would wreak, much of the country erupted in hopeful cheer.

On Wednesday morning, after this year’s election, the country awoke to a stock market plunge as Wall Street knew all-to-well what kind of hellish, punishing years would be ahead for them as we saw the reelection of a Marxist who views successful people as piggy banks to upturn to fund governmental ineptitude. Welcome back to an Obama America.

Aside from the frantic chatter as Wall Street took a nosedive, there was little discussion of the previous night’s elections. The left smirked and uttered, “Meh… Better than Romney,” and went on with their day. The right shared stunned silence, still not yet knowing how America could possibly want more of this.

We are three days into the second act of this tragedy known as Obama’s America, and we have seen unsettling changes already.

On Wednesday, the Dow Jones Industrial Average fell 278 points, or 2.1%, to 12968. Furthermore the Nasdaq Composite fell 67.8 points, or 2.3%, to 2944 and the S&P 500 fell 30 points, or 2.1%, to 1399.

In short: the morning after Wall Street found out who would be leading this country for another four years, both the market and confidence plunged. This is a commentary of sorts on the economic policies of Obama and his leftist cohorts. It looks like the “change” came early this term.

According to FOX Business,

“The selloff was broad, with every major sector falling at least 1%. Leading the way lower were financial and energy stocks. Volatility jumped 7.7% as tracked by the CBOE’s VIX, regularly called Wall Street’s fear gauge. Meanwhile, traders took shelter in the safety of U.S. Treasury bonds. The yield on the 10-year dropped 0.0113-percentage point to 1.638%.”

Ironically enough, just hours before Wall Street went crazy from fear of the devastation a second Obama term will bring, President Obama promised that with a second term, “The best is yet to come.” Half a day after his reelection, every major sector was hit and investors ran for cover to shield them from the left’s crippling attacks on enterprise. Does this feel like “forward” to anyone?

But wait, there’s more…

Yesterday, the Department of the Interior issued a final plan to close down 1.6 million acres in Western States that had been allocated for oil shale development. The plan faces a 30-day protest period and a 60-day process period, but I will not be holding my breath for this administration to listen to any concerns from citizens.

The halting of oil shale production is planned because of “environmental concerns” as the use of the land conflicted with sage grouse habitats. It’s good to know that as gas reaches $4.50 a gallon and the price of everything skyrockets, we are more focused on the living space of sage grouse than our own domestic energy production.

While none of this is surprising, it should be noted that this has occurred in the last three days.

What else will the next four years bring us? Stay tuned…

This entry was posted in Economics, Economy, Election 2012, News and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>