On Election Day, stocks seemed upbeat about American democracy and the economy's future prospects. Even though polls showed the two presidential candidates in a dead heat, the stock market rose by nearly a full percentage point.
That honeymoon ended abruptly. The news that President Barack Obama won a second term has sent the market into a deep funk, with stocks down by more than two percent on Election Day +1. Manic investors are now giving the election results a big, fat raspberry.
Just think...if you are a multimillionaire and want returns on your investment, you are going to invest wisely. You also have eyes and ears on the ground to find out what is good and bad. You don't have to invest...you are already rich, you just want a bit more but you will be damned if you will accept a loss. So you don't invest when you see that your government is trying to cover a rusty country (going broke) with Krylon...you know you have to remove the rust first, then repaint.
Unrestrained regulation. Higher taxes. A federal bureaucracy that hates business, a president who proudly seeks to bankrupt industries, and a goal of seeing that everyone, whether they choose to work or not, get their share. Oh, I can't imagine why any one wouldn't be wildly optimistic about the future of the U.S.