Market Shows Lack of Confidence in Obama

While some may argue otherwise, I don't believe it's a coincidence that the stock market is down nearly 20% in just two weeks since Obama was elected president.

As a discounting mechanism of future results, the market has no idea of what the economy might do under Obama's policies, but it clearly isn't optimistic. Think about what has changed since the election - not much. LIBOR spreads have more or less improved to a normalized level, but the stock market has tanked. The severity of a potential recession has been in the headlines for months, so the one key item that has changed is leadership - Obama and the Democrat majority in Congress. And the market is giving them a big vote of no confidence.