Maybe the stock market dive IS related to Obama’s election

I’ve not jumped on the “stock market crash due to Obama” bandwagon even though it seems a bit suspicious that the huge rally occurred while McCain’s poll numbers improved and then the latest big dive began the day after Obama won.

But this cannot possibly make investors or business owners optimistic:

Obama taps Granholm, Bonior
Michigan governor and former congressman will serve on economic transition team

Gov. Jennifer Granholm was named to President-elect Barack Obama’s transition team on the economy Thursday, and will meet with him and 16 other advisers today in Chicago…Bonior, a longtime supporter of organized labor, said his position on the transition committee is an opportunity to press for labor-friendly policies and for aid to the domestic auto industry. He said his appointment and that of Granholm signal Obama’s concern about Michigan’s economy and the carmakers.

Michigan’s economy makes the rest of the nation look rosy. And the heavily-unionized eastern parts of Michigan make the rest of Michigan look rosy. Not only are things really, really bad, but there seems to be no optimism that anything can be done about it.

So let’s put some of the leaders in charge of the place on the big all-star economic team. What’s next, Detroit Lions quarterback Dan Orlovsky going to the Pro Bowl?

Folks, look at what Michigan has done for the past 30-50 years. Then do the opposite.

Comments

  1. Of course the market is down due the election of Obama and the Democrats. The credit crunch nailed the Financial Services sector hard. The rest of the market went down in anticipation of a Democratic victory.

    We already have the highest or 2nd highest (depending on your state) corporate taxes in the world. Now the incoming President and Congress have promised to raise those taxes even higher as well as raising personal income taxes, capital gains, and dividend taxes. Why invest in an American company? Why even own stock?

    The Dems are also working on legislation to make moving corporations offshore more costly (the Kennedy’s. Rockefeller, and Heinz’s already have their money safely abroad).

    People and companies are pulling out while they can. The market isn’t coming back for a long time.

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