An op-ed in this morning's Wall Street Journal by George Newman actually
has some reassuring news about the coming election of Barack Obama: the downside
has already been absorbed by the market disasters of recent weeks.
My
estimate is that the fall in stock prices has had nothing to do with Obama's
impending victory. The American markets were part of a global decline as a
response to global conditions many of which were caused by the indifference of
the Bush administration and its predecessors to reckless and more-than-greedy
financial instruments.
I'll make a wager a bet with readers: if Obama
wins I believe the stock market will go up. Even investors are disgusted with
how Republicans do not want to govern when the economy is involved. Well, the
hidden hand is slippery.