Reason for stock market crash: people are scared of an Obama presidency

NOT making this up. I was listening to Boortz while coming back from lunch, some idiot called in and said that one of the reasons why the stock market is doing so poorly is that many people are selling because they're afraid of Obama becoming president. He claimed to know someone who had sold millions of dollars worth of stock for this reason.

Are these people fucking insane or what?

I believe it was the host Mark Haines who added that Obama would raise capital gains and that there is an "onerous" tone to his candidacy - shouldn't he move more to the middle.
Everyone else sidestepped his question by ignoring it all together. No disagreement there however.

Of course they refer to their ideology as "middle" when in reality it's far right wing, laissez fair, Trickle-down Reaganomics all prettied up by the phrase "open free market".

again when Bush and McCain open their mouths. :eyes:

that is circular logic, and a typical RW straw man.

not seeing the past 8 years? Yes, I would say the word insane comes to mind.

They're reckognizing that the economy will have to stabalize after 25 yrs of damaging Republican policies. Recovery won't be easy & it won't come quick.

There are indeed people for whom President Obama will mean a new age of reckoning. The people who plundered and looted this nation and came this close to destroying everything we stand for.

Damn right they're scared.

on capital gains so they're selling everything and forgoing all the income they'd have had from investments. Riiiight.

How stupid are these men? How stupid do they think we are?

A Democratic landslide - not just the presidency, but everywhere - will right the markets quickly.

Remember that the Asian markets will be the first to respond to an Obama landslide, followed by Europe. They will almost certainly respond positively. A rally on those markets should spur on the U.S. markets regardless of the U.S. traders' political views.

once he is elected -no WONDER they want to get their money now.
:sarcasm:

Everything will be nationalized, starting with the fast food chains!

Some people are indeed scared - CEO's and others who have made a fortune fleecing the American people and selling our souls to the Chinese for cheap labor and huge profit. These people should be terrified, so I guess he's right in that aspect.

But the rest of us and those who are intelligent investors and responsible business people, we should be looking forward to an Obama presidency. It will be a return of responsible regulation and a sane marketplace. It won't be perfect right away and will take time to get there, but it will happen.

...Obama's surging because the financial sector is flatlining, not the other way 'round. The man in the street has zero confidence in Johnny Drama and Bible Spice sorting it all out with the help of Treasury Secretary Phil Gramm.

Have they backwards.

I'm pretty sure that Obama's polls go UP right after the market drops another 500 points, not the other way around.

I converted all my IRA Stock Funds to CD's. I told my broker that I didn't trust Bush and back then I feared that he would attack Iran before he left office and I was concerned that the stock market would take a big hit. So I went over to cash - knowing full well the interest rate was low - but at least I would retain my then cash value and not lose big if the stock market tanked. I told my broker that I would make a decision to get back into stock funds if Obama won the election and wouldn't make any other decisions or changes until then.

Well my strategy turned out to be spot on. No - Bush didn't invade Iran - not yet at least - but the stock market under his so-called leadership tanked.

Today I have the cash value of April '08. Best decision I ever made.

The argument that people are scared of the Obama presidency is bogus. Everyone knows that even if the capital gains tax goes up under an Obama presidency - these people will still know how to make money under those circumstances.

Maybe this is going to be the tact that the McCain campaign will use in these last 25 days before the election. Blame Obama for the decline. This may be McCain's last attempt to sway things back his way. But we all know better. His erratic behavior over the last month illustrates that no matter what strategy he tries to employ before Nov 4th - he will fail at.

We need to keep tying him to the Bush administration. 90% voting record with Bush. Hang the 'deregulator' moniker on him. Talk about judgment - coupling these with his picking of the totally unqualified Palin and the terribly bad and disjointed campaign he has run - shows us what kind of president he would be.

I like what Obama said yesterday. "I can take 4 more weeks of McCain's attacks. But the country can't take 4 more years of the same ole same ole.

Gobama!!!!!!

their stock during this crash because of who might become president, they deserve to lose every penny.

than see their candidate lose.

That's right, ignore every expert and every economist in the world. Forget that markets in other countries are doing just as poorly or worse. It's Obama's fault.