You guys failed to mention that Jim Moran is a socialist. This is not new news. He joins the ranks of the other socialists now running government, led ultimately by the Socialist-In-Chief Barrack Obama.
The S&P;is now down 10.5% in the 36 hours following Obama’s victory. There is no other news driving the markets. No new bank blowups, no reports of fraud out of a major corporation or anything else.
What does this tell us? The free market does not like socialist administrations. If you guys think this is bad, you ain’t seen nothing yet. Wealth destruction in the next 4 years will be the worst we have seen since the days of Jimmy Carter. Maybe even since the days of FDR.