The stock market posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern the economy will worsen even as President-elect Barack Obama tries to stimulate growth.
As this place has noted previously, FDR's economic policies made the country worse, and any attempts by Obama and the Congress do emulate those same policies must be opposed, especially any growth in aggressive unionization (card check). If Wall Street supposedly had already internalized an Obama victory, this shows a rather shocking doubt about the state of the economy and Obama's plan- another stimulus package with government mucking around in the economy is the last thing we need.
As if a 5+% loss in one day wasn't expected, Iraq says they are confident Obama won't pull out troops too quickly, with a current strategy shooting for 2011. I can only help but wonder if this is one of the many, many things Obama must have been referring to in his election night speech about how some things may take some time, and may not be done by the end of his first term. Of course, this had made some news before the election in an article in the NY Post, of course, Obama supporters attacked the author. Not surprisingly, the media continued to peddle the Obama narrative on Iraq, and not one day later, Iraq comes out and says 2011. Obviously, I can only wonder what else has the press covered up until the election.
Finally, various Asian countries voice their concerns over Obama's potential trade policies, especially towards the East. "He appears to be a protectionist," said Chea Mony, president of the Free Trade Union of Workers in Cambodia, which has an export-driven textile industry." Further, "[i]n an Oct. 24 letter to the U.S. National Council of Textile Organizations, Obama pledged "strong enforcement" of trade remedy laws, which can include added tariffs on imports that are deemed to hurt American businesses. Obama said he would include labor and environmental standards in free trade agreements — a measure that many in Asia view as a possible pretext to shield U.S. companies from foreign competition."
Obama has a huge task ahead of him. . .based on his history, I have great concerns about where he will govern, coupled with little belief that he'll be able to stand up to Congress.
Anyway. . .I may write something more about California and the City proposition; but, two quick things. 1) I opposed the passage of Prop 2, but it passed with flying colors- I simply have no explanation for it, especially in light of the failure of Prop 8. Apparently people hold a higher opinion of chickens, pigs and baby cows than of their fellow citizens- I'd be willing to entertain any other opinions. 2) Mayor Newsom and the San Francisco Chronicle have nearly zero effect on voting in this city, at least when it comes to Board candidates- any board for that matter, be Board of Supervisors, Board of Education or City College Board. I suppose it's amusing to think that in San Francisco, Newsom is considered an unacceptable moderate in some circles, yet once you leave the Bay Area, he's a raging bleeding heart. I'm not looking forward to the next Mayoral campaign.
Finally, today starts the battle for 2010. I'm quickly going to note that the three-way race for the Democratic nominee for Governor- S.F. Mayor Newsom, L.A. Mayor Antonio Villaraigosa and California Attorney General Jerry Brown could be in for some company in the form of Senator Dianne Feinstein. With Arnold's term expiring in 2010, there continues to be rumors of what he will do next- I posit that if Feinstein decides to run for Governor, Sen. Boxer, who's term expires at the end of 2010 will decide to not run, and let the Mayors battle it out for the nomination, and Arnold will run for her seat on the Republican side. I will say that I'm very enthusiastic about the potential nominees for the Republican nominee for governor- currently, former Rep. Tom Campbell (who was my Rep. growing up in San Jose and almost went to work for in D.C.) has announced, and I expect Insurance Commissioner Steve Poizner and former Ebay executive Meg Whitman to all run. We shall see.
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