I have asked a couple of times what the benefit would be to holding onto a stock and paying a higher capital gains tax under Obama..looks like lots of people wondered the exact same thing.  Mike says that people are getting out while the getting is good and that it started immediately after Obama was elected:

969 point drop since Tuesday’s close. Nearly a 10 per cent drop!

3 Responses to “Why Wait For Obama’s Tax Increases: Largest Post Election Stock Market Sell Off in History”

1. Democrats On Best Political Blogs » Blog Archive » Why Wait For Obama’s Tax Increases: Largest Post Election Stock Market Sell Off in History
   November 7, 2008 - 08:35 AM on November 7th, 2008

   [...] Why Wait For Obama’s Tax Increases: Largest Post Election Stock Market Sell Off in History I have asked a couple of times what the benefit would be to holding onto a stock and paying a higher capital gains tax under Obama..looks like lots of people wondered the exact same thing.  Mike says that people are getting out while the getting is good and that it started immediately after Obama was elected: 969 point drop since Tuesday’s close. Nearly a 10 per cent drop! [...]

2. Robert
   November 7, 2008 - 09:48 AM on November 7th, 2008

   In a referendum on Obama’s election, the stock market speaks volumes. And I doubt it will come back anytime soon; there is nothing to drive it. The energy crisis will not be addressed; at least positively. $6 gasoline won’t help at all, and if/when Obama starts his Carbon taxes the economy will go even lower.

   Well, we at RV tried to tell the suckers, but they wouldn’t listen. Standing there starry-eyed, clutching their “Change We Can Believe In” signs, gazing in awe at their savior. They’re gonna get change, all right. Time to bend over…

3. Pam
   November 7, 2008 - 10:04 AM on November 7th, 2008

   I get the premise behind the infrastructure push..It makes perfect sense because we need to re-vamp existing infrastructure, and in some cases , build from scratch..What boggles my mind is the dopes that think jobs will be created the day after inauguration. Let’s look at that bullet train in CA, which I think is a great idea:

   But now comes the more sobering, slogging challenge: delivering on the ambitious — even grandiose — expectations raised by the Proposition 1A and Measure R campaigns.

   “We are not out of the woods yet in terms of stabilizing and securing all the funding necessary for these projects,” said Frommer, former majority leader of the state Assembly.

   One growing concern: State and federal lawmakers could pull back existing and anticipated matching funds for transportation projects because of the nation’s deepening economic crisis.

   Indeed, the timing of the two transportation ballot measures, along with construction schedules and promises of congestion relief, were based in part on plans to wring more money from other sources. Chief among them is a giant federal transportation bill — the first since 2005 — to be crafted by Congress next year.

   But state and federal lawmakers face major budget deficits, coupled with declines in transportation tax dollars from gasoline sales, which have dropped as motorists drive less.

   Even with the new ballot measure money, including nearly $10 billion for the bullet train from the Bay Area to Southern California, some projects could be delayed or in jeopardy if current transportation allotments are cut back, Frommer said. “It’s very complicated.”

   The last thing these projects need is for the stock market to keep going down!

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