The optimism of November 4 has been replaced by the simple reality of life.
After plunging almost 500 points today, having it’s 12th largest loss in history, and being the worst plunge on the day after an election ever, the stock market brought reality back to Americans. Investors, a category anyone with a 401k falls into, were rightly skeptical of what an Obama Presidency will bring in terms of economic change. Anyone who read his policy statements, there are only three of us, are not surprised by this drop. Why invest money to make more money when you were told outright that the more you make the more you will have taken away from you by candidate Obama?
Obama has already prepared the nation for his failures and his next run for the White House. Forever the politician, Obama, in his acceptance speech last night, stated that it may take longer than 1 year or even 1 term to fix the “problems” in America. Not quite the optimism his supporters wanted but as usual they were not listening to the words only the cadence with which he spoke. But looking at the stock market today, Wall Street heard him and acted accordingingly.
Reality is a bitter pill.