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More people should have looked at my 401k calculator before casting their votes yesterday.
Stock Market Drops 500pts, the day after the electionNov. 5 (Bloomberg) -- 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.
Biggest plunge following an election, Obama makes history again!
UPDATE: I forgot to add that everyone should be proud of what the U.S. has done in this historic election. 1 generation ago it would have been impossible for Pres. Elect Obama to be running for President. Also, we should be proud of another peaceful transfer of power, other countries are not as fortunate as we are in this are.
1) It was closer than we thought, popular vote was 6% in favor of Obama, this is the first time since the 1970s that a Democratic candidate won the popular vote. Electoral College was a landslide so I'm guessing Democrats love the Electoral College again.
2) Media Bias isn't a made up Republican idea. I can't count the number of reporters that said they were "thrilled" Obama won. As someone else said, "the biggest loser in the 2008 election is objective journalism". The whole thing confirmed the idea that the media was in the bag for Obama, but whatever, there are bigger problems coming down the road.
3) I think people that fell for the demagoguery will learn a very good lesson. My opinion is that Obama is going to be the worst President since Carter, because he has good intentions but good intentions rarely carry good results. It will be impossible for Obama to satisfy or make all of these new found fans happy. And when they become unhappy because all of their wildest fantasies won't be fulfilled, they'll turn angry.
4) The seats picked up in the House and Senate were on the LOW END of the wins Democrats expected. Also, California and Florida voters approved gay-marriage bans.
5) I honestly can't believe they rolled out Jesse Jackson to every network to talk about Obama. Are our memories that short? This is a man that said he wanted to cut off a part of Obama's male anatomy. Jackson needs to ride off into the sunset that is retirement and the media should NEVER put that man in front of a camera again.
Lastly, and this is very tongue-in-check, I woke up this morning and there were not rainbows, no cute puppy dogs running around, my new car still had a half a tank of gas, my mortgage isn't paid off and I didn't find a check in the mail. :P
We've heard enough about taxes and tax-rates from both candidates. How would your retirement do under each?