The Dow Jones and stocks worldwide are off a cliff this morning, and it's not hard to see why. The politically correct explanation is that there are worldwide fears of a recession.
Uh, sorry, but the arrival of hard times was apparent weeks ago. I think the real explanation is somewhat different. Yes, folks, it's the Obama Crash. McCain's imploded, and it's clear Obama's the next president, or rather, the first Supreme Leader. The advent of Obama means the abandonment of the growth-oriented economic policies of the past twenty years, and a tax-hiking, regulatory friendly, union-oriented administration that thinks wealth redistribution by government fiat's a good idea. Dumping stocks and other paper is understandable, even if the dumpers have left it late. Chaos, wars and trouble, if they were stocks, would be good buys about now. Unfortunately, the US is not going to be a wise or safe place to park money for a long, long time.