Dow Jones down 25% since Nov 6th - Is Obama scaring the markets down? (investments, income)
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Location: New Albany, Indiana (Greater Louisville)
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Is all of the talk about carbon taxes, taxing miles driven with a GPS tracker, etc scaring the markets down? Ever since Obama was elected the stock market has been in a free fall after regaining some stability.
It closed at 9,625 on election day. Today it closed at 7,100. That's a 25% decline in just 3.5 months - yikes!
Once a month I have lunch with a group of local business men in the community... many are well off financially and most are in their late 50's or older.
Just about all of them are sitting tight and taking a wait and see approach.
None of them knows where the market and economy is going and many believe tax incentives for business will be a thing of the past...
From my informal survey... I would say yes, especially amongst those that have something to loose.
I've always been non partisan... maybe that comes from having Democrat and Republican parents.
When President Obama was elected and on the day he was sworn into office I have never seen such celebrations among the people I work with... I actually had to step back a little because the optimism was overwhelming...
It seems like so long ago now... lots of glum faces in light of cutbacks and layoffs that went into affect last week... the biggest change is health care reimbursements will be lower and many procedures that we had staffed for will no longer be performed.
Last edited by Ultrarunner; 03-02-2009 at 08:14 PM..
The only ones who don't stand to lose are those who produce nothing in the first place, the free loaders of this society. They'll be fed, clothed, and housed on the backs of the working. Welcome to Euro Socialism. They're doing a bang up job of it there. England has a nice population on the dole. I guess after a while, the child does indeed take after the parent.
Obama could have cut the tax rates to all individuals instead of giving out stimulus checks to some. Maybe people would have used that tax savings to pay off personal debt which would have helped the banks,too, possibly helping reduce the banks needs to be bailed out by the government. The republicans may have had this right!
Yep, the market is scared of Obama in my opinion. I am scared of him. At least with all my losses on my investments combined with my significant reduction in this and probably future bonus income, I will be in a lower tax rate that I thought under Obama's new tax proposals, LOL.
This quote is often attributed to Abraham Lincoln, but actually it was pastor Adrian Rogers. It's a great quote, though, no matter who said it:
“You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation.
You cannot multiply wealth by dividing it.”
~~ Dr. Adrian Rogers, 1931- 2005
I niticed Obama has raised the tax on investments held over 12 months by 25% to a flat rate of 20% (up from 15%). That's not going to stimulate more investments.
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