"Call it a crisis of confidence. Call it a Fannie-inspired meltdown. Call it what you will, but the markets appear to have reacted to Obama's promises of economic "fairness", "spreading the wealth" and raising taxes on the job creators of society.This thinly disguised form of class warfare, the policies of which many have termed socialism (fairly or unfairly), has had a definite impact on the markets.
Monday, November 24, 2008
Market Meltdowns and the Wisdom of the Crowd
Instapundit ran across an interesting set of graphs from Intrade.com, the political futures market, the other day. They track the market's fall as Obama's politcal fortunes rose. It's an interesting analysis, wich concludes as follows:
The markets represent the ultimate collective intelligence engine on the planet.
The markets have spoken on the stated policies of Barack Obama.
Sorry, folks, there are no do-overs."