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Letter: Stock market decline after election

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  • Mountanman Hayden, ID
    Nov. 9, 2012 5:16 a.m.

    Obama supporters think they won a great victory by re-electing Obama but his re-election has actually sealed our fate and killed America's last hope for prosperity. Obama will raise taxes on the "rich" (those people who already pay nearly 80% of all federal income taxes already while 47% get a free ride) and more investors and capitol risk takers will pull back and hunker down in an effort to survive the economic assault. Obama will be amazed to find that there isn't enough money in America to pay for his Obamacare that alone will cost at least $2.4 trillion each year to provide healthcare for millions who think the world owes them free healthcare, free abortions and free birth control. Our national debt will double again,unemployment will skyrocket and double digit inflation will cause the poverty rate to explode and more people than ever will lose their homes and life savings! Our enemies will continue to attack us and Iran will get a nuke and will use it, probably on American soil. Democrats will continue to blame all this on the "rich" not paying their fare share and on GWB!

  • embarrassed Utahn! Salt Lake City, UT
    Nov. 9, 2012 5:24 a.m.

    Yes, Imagine the real good that Karl Rove could have done?

  • Kalindra Salt Lake City, Utah
    Nov. 9, 2012 7:01 a.m.

    The stock market is the greatest cause of poverty in the Unites States and, if not done away with entirely, should be much more heavily regulated.

  • pragmatistferlife salt lake city, utah
    Nov. 9, 2012 7:43 a.m.

    Oh come on Ivan, the stock market started it's decline 30 seconds after the European President announced slow growth in the European market for 2013. It had absolutely nothing to do with the election. Once again, if Republicans don't face reality head on and start developing conservative policies based on reality you're going to be completely marginalized.

    Mountainman..you might want to print a copy of your post on this thread for reference in 2016..I certainly will.

  • one old man Ogden, UT
    Nov. 9, 2012 7:44 a.m.

    Or is the decline in the market a result of severe depression among the 1%?

  • Bebyebe UUU, UT
    Nov. 9, 2012 8:15 a.m.

    Time to buy!

  • Roland Kayser Cottonwood Heights, UT
    Nov. 9, 2012 8:30 a.m.

    The stock market has doubled since Obama became president. A 2% drop is nothing in that context.

  • Mountanman Hayden, ID
    Nov. 9, 2012 8:42 a.m.

    @ Pragmatist. I too am a pragmatist in that I believe theory always follows practice so this will be my last post on this site but I will leave you with this thought as I move on. It won't take until 2016, a year from now is enough. Got your food storage in? Your are going to need it. Don't say you weren't warned!

  • Counter Intelligence Salt Lake City, UT
    Nov. 9, 2012 9:07 a.m.

    Obama is a national version of Rocky Anderson: By the third year of his second term - even his most ardent supporters will have to come to grips with his true nature - which isn't pretty

  • Wonder Provo, UT
    Nov. 9, 2012 9:12 a.m.

    Ha Mountanman! Have fun waiting.....and waiting....and waiting...for this disaster you see coming. You remind me of all those religious nuts who predict the end of the world and then have egg on their face when it doesn't happen. Enjoy your time in your bunker.

  • atl134 Salt Lake City, UT
    Nov. 9, 2012 9:14 a.m.

    "Obama will be amazed to find that there isn't enough money in America to pay for his Obamacare that alone will cost at least $2.4 trillion each year to provide healthcare for millions "

    You really need to quit lying or being wrong so much.

  • Emajor Ogden, UT
    Nov. 9, 2012 9:19 a.m.

    This is not a simple cause-and-effect reaction to Obama's re-election, as much as many conservatives would love to think so. Multiple news stories report that worries about the European economy and several other factors were also part of the one-day decline. Did you forget that the DOW Jones recovered to over 13000 during Obama's first term?

  • Emajor Ogden, UT
    Nov. 9, 2012 9:24 a.m.

    Mountanman,
    You and people like you are the primary reason the political conversation is so toxic in this country. You honestly believe that your beliefs are the only valid ones, and that the alternative must be the Apocalypse. That's wrong, it's delusional, and I don't think it is healthy.

    I truly hope you and all the other embittered conservatives that are coping so poorly with these election results can find some peace and perspective in the next four years. Honestly, you and the country will get through it. I wasn't sure America would survive 8 years of GW Bush that you cursed us with, but we did. Funny, isn't is? We always think the other side will completely destroy this country, but they never do. If this really is your last post on the Deseret News site, I wish you good luck.

  • Twin Lights Louisville, KY
    Nov. 9, 2012 9:25 a.m.

    This stuff is all just minor adjustments.

    If we don't avoid the "fiscal cliff" we may find that we have much bigger problems on our hands. And please don't bother blaming one side or the other. They are both complicit. If we prove to the markets that we cannot get our house in order, the results will not be pretty (act like Greece, get treated like Greece).

    If we manage that successfully, then our next order of business should be figuring out how to be less dependent on China and correcting our trade balance over the long term.

    And then we need to figure out how to give ourselves some degree of insulation from Europe. Because if they go down, we don't want to be standing too close.

  • pragmatistferlife salt lake city, utah
    Nov. 9, 2012 9:32 a.m.

    Sorry to hear that Mountainman..please reconsider. You know those of us who you consider as liberals on this post comment into the headwinds of conservative ideology. Having the wind in your face is not as fun as having it at your back but it's not really all that bad if you really believe that you're headed in the right direction.

  • one old man Ogden, UT
    Nov. 9, 2012 9:35 a.m.

    Mountainman, I notice you live in the U.S. capitol of Neo-Nazi skinheads.

    Will you tell us which group you belong to?

  • Counter Intelligence Salt Lake City, UT
    Nov. 9, 2012 9:46 a.m.

    It is clear Obama knows nothing about business or the economy - however he knows a lot about class, gender and race warfare - which may have gotten him reelected but it wont fix the economy.

    The stock drop is NOT about Europe (which has been in the news for months) - it is about the lack of confidence business has in Obama's redistribution politics.

    I am afraid this drop is just the beginning of a long "European" economy typified by high unemployment, government dependence and lack of innovation

    Americas per person debt is HIGHER than Greece - no wonder the market is jittery

  • Fitness Freak Salt Lake City, UT
    Nov. 9, 2012 10:20 a.m.

    Several reasons for the market going down.

    Problems in Europe - the "leaders" say they have a plan to solve their (various)countries' financial problems; but the people aren't accepting the solution.

    Profit takers. Many stock owners will sell now, then buy later when/if market goes back up. (if it doesn't look to go back up fairly soon they will buy gold/silver)

    "Millionaires" - many of them don't really have to reside in this country so they will sell their holdings and move somewhere that they might not be taxed as high.

    There is also a growing fear that more and more companies will put as many employees as possible on part-time salary (to avoid Obamacare) which doesn't DIRECTLY affect the stock market except that it will reduce the purchasing power of consumers, which will, in turn, limit sales of products that companies deliver.

    How well the market recovers will be DIRECTLY dependent on what happens with the "fiscal cliff" issue that gets talked about so much.

  • Wonder Provo, UT
    Nov. 9, 2012 11:08 a.m.

    @Counter Intelligence -- If Obama is the cause of every drop in the stock market, then he must also be the cause of every increase, right? Or why one and not the other?

  • Grover Salt Lake City, UT
    Nov. 9, 2012 1:39 p.m.

    It is truly amazing in the age of the 24/7/365 news cycle that there are still those willing to predict the future at every turn. A six weeks ago we had two professors from the University of Michigan who developed an algorithm that predicted that Mitt Romney would win every battleground State in a landslide victory to become the next President. Too bad nobody remembers their names now so that we could ask what went wrong. Today we have Mountanman of Idaho (but who spells his name like he went to school in Utah) reminding us to lay in supplies because the last days are upon us. Why? Because the majority of voters had the nerve to reject his choice for President.

  • Counter Intelligence Salt Lake City, UT
    Nov. 9, 2012 2:01 p.m.

    @Wonder

    I did not say Obama was responsible for every stock market action - I said THIS drop was a reaction to THIS election.

    Better question: Why do you distort my statement?

  • atl134 Salt Lake City, UT
    Nov. 9, 2012 2:06 p.m.

    @Counter Intelligence
    "The stock drop is NOT about Europe (which has been in the news for months) - it is about the lack of confidence business has in Obama's redistribution politics."

    Then why did the market fall specifically a few minutes after Europe announced a poor report? If it's Obama's fault... then why is the market up for the year and why is the DOW several thousand points higher than it was when obama got into office?

  • Christian 24-7 Murray, UT
    Nov. 9, 2012 8:50 p.m.

    While you are celebrating the falling value of stocks and wishing for the demise of the market, you should remember that a lot more than 1% of the people are invested in the market. Most retirement savings are in the market, and social security is headed for bankruptcy. So how do you plan to care for the elderly when all the money has dried up?

    The vicious rhetoric against Mountanman, conservatives, Christians (including Mormons), republicans, Carl Rove, and anyone else who might have supported Romney for any reason, is so over the top. While liberals may feel they are outnumbered in the Utah community, there are plenty of like minded thinkers for you in the Salt Lake area. No need to act like Jeremiah Wright. You are not so picked on. In fact, your guy won remember?

    You go ahead and keep fighting for your man and your plan. I hope you are right. I hope things won't turn out as bad as I think they will. But I will prepare to take my college kids and their families back into my house when they graduate because under this president, so far, that has been the norm.

  • Screwdriver Casa Grande, AZ
    Nov. 9, 2012 9:35 p.m.

    The stock market has doubled since Obama took office.

    The decline is due to thier lack of faith in republicans working with the president to solve the debt crisis. The market knows it's 4 more years of republican obstructionism.

  • Screwdriver Casa Grande, AZ
    Nov. 9, 2012 9:43 p.m.

    Many businesses have allready come out and said that taming the deficit should include cuts in spending AND increased revenues. The S&P said that a long time ago. Which is the party against ANY revenue increase? Republicans. They have pleged to Grover Norquest not to ever raise taxes - even to lower the debt and save the country.

  • Christian 24-7 Murray, UT
    Nov. 9, 2012 11:02 p.m.

    So Screwdriver, are you saying that the current plan to let the Bush tax cuts expire (raising taxes), and letting the across the board spending cuts go into effect (reducing spending), which is the compromise the congress and the president agreed upon (no obstructionism), is exactly what should happen?

    Well while we are at it, lets bring all the troops home so we aren't charging these wars on a credit card to China, and cut Obama care funding in half too, to get it almost down the price tag the president promised. That might be all it takes to balance the whole budget.

    Sounds great! Problem solved. Lets do it. At least we wouldn't be passing a 22 trillion dollar debt to future generations, just the 16 trillion we have now.

  • Mike Richards South Jordan, Utah
    Nov. 10, 2012 7:55 a.m.

    What is the Stock Market? It's the place where you and I can go to buy part of a company. It's the place that the average person can become an "owner" instead of just being a "worker"

    How many posters have told us that life is not fair because they are just "pawns", that they're "used" by companies, companies that earn "big bucks" at the expense of the workers. The Stock Market is the great "leveler". It allows the "worker" to also be an "owner".

    When the Stock Market drops, it simply means that people don't think that their investment in that company will make money for them - so they sell their stock at a time when there are fewer buyers than sellers. Fewer buyers than sellers means that the price drops.

    Why did the market drop right after the election? People know that Obama's policies will hurt THEIR business - so they sell.

    There's nothing mysterious about it. It's a simple case of "cause" and "effect".

  • Hemlock Salt Lake City, UT
    Nov. 10, 2012 10:21 a.m.

    Smart money people understand that Obama doesn't know how to enhance an economic recovery. Obama wanted the job, let's see him do it. Any improvement that has happened thus far has happened despite the WH, not because of it.

  • Ernest T. Bass Bountiful, UT
    Nov. 10, 2012 10:41 a.m.

    How many millions did Romney lose in the 2% drop?
    No doubt Obama told the stock market to drop.

  • Ernest T. Bass Bountiful, UT
    Nov. 10, 2012 10:48 a.m.

    Hemlock: Whats the secret formula for recovery and why haven't repubs enacted any of it? Tax cuts certainly aren't the solution, a large portion of the deficit are due to Bush's tax cuts and the collapse occurred a few years after them. So tell, what is that secret formula.

  • Gildas LOGAN, UT
    Nov. 10, 2012 11:54 a.m.

    The Stock Market hit 12000 a half-generation ago then went downhill or never recovered much under any administration, despite notable ongoing inflation. It may be worse now or then, but politicians and other villains are destroying us.

  • There You Go Again Saint George, UT
    Nov. 10, 2012 12:36 p.m.

    President Obama received no credit when the market went up.

    The market goes down and President Obama receives all the credit.

    The repub spin continues to have the same efficacy as a prediction of a romney victory.

  • Mad Hatter Provo, UT
    Nov. 10, 2012 2:06 p.m.

    Mountanman Hayden, ID

    Look out your window. America is far better off than it was in 2008. The slight drop in the stock market is nothing like we saw back then. The wealthy, investment class has benefitted considerably by the Obama administration. Wall Street fears are only that Congress will not act on the deficit, but House Majority Leader John Boehner Srecognizes the need act.

    Sure, he'll posture and bluff, insisting that Republicans received a mandate because Republicans were returned to House control, but Democrats picked up 3 seats in the House. Boehner recognizes that there is a strong possibility that continued obstructionism will result in further losses in the House the next time around. People are not nearly as upset with the president as they are with members of Congress.

    Repeating old, hackneyed Republican talking points doesn't work. November 6th was a day of decision and the President won. The American people rejected the Republican vision as wrong and irrelevant. Those who continue to rant about the end of Amercan as it (never) was, and want to take "their America" back from the infidels, will not learn the message the election presented. America has won.

  • Salsero Provo, UT
    Nov. 10, 2012 2:19 p.m.

    Counter Intelligence Salt Lake City, UT

    It is apparent that the dyed-in-the-wool, movement conservatives will continue with the hyperbole and fearmongering. That is their bread-and-butter strategy and it doesn't work. When they learn this lesson, they will be to move forward and we can finally come together to make America a great country. For now, they will continue to tear at our country for their own selfish benefit.

    The 2012 Democratic win can be seen as the end of the Reagan era of partisan extremism. The policies of the wingnuts should be seen as ultimately destructive to the conservative philosophy. However, there will always be those who will attempt to re-package these old ideas in a new, gift-wrapped way and sell it to the American people. They see the problem as only an issue of re-branding and not requiring a complete re-tooling.

  • Ying Fah Provo, UT
    Nov. 10, 2012 2:43 p.m.

    @Mountanman
    Hayden, ID

    Obviously, having a survivalist mentality and living in a region of the country noted for anti-government, fundamentalist Christian, anti-ethinic and pro-white activism should help in the coming years. Those of us not exposed to such influence understand your position in the context of your environment. However, don't you think that such isolation will only increase your anxiety four years hence when demographics are even more diverse?

    People understand your dissatisfaction with the election. They surely understand your fears and concerns. However, they certainly don't share them. A choice was made. You might take solace from the Mayan prophecy that the world is supposed to end December 21, 2012. Thus, the election shouldn't matter, anyway!

    For fundamentalist Christians looking for the End of Times, such a calamity must be desirable since their greatest hopes will finally be realized. To them, Obama's re-election can be viewed as a positive. So, take heart, salvation may be at hand.

  • Hutterite American Fork, UT
    Nov. 11, 2012 7:40 p.m.

    The DJIA and S&P are coming back, by now (Sunday). Not that it matters; I'm more into the TSX. More importantly to me, the Canadian dollar is back at par after being two points down earlier in the week. Thngs are in place for a slow, but steady, recovery. That's good.