The market is tanking, allegedly because of the jobs report, with the Dow down 244 and the NASDAQ off 92 (3.5%) at this writing.
How much of the decline is due to the investor class rejecting the idea that any good news comes out of either Obama-McCain or Obama-Huckabee? Neither matches up well against the youthful, “politics-of-hope” Illinois populist with Oprah at his side. Both Senator McCain and Governor Huckabee are identity politicians who leave part of the Reagan-Bush coalition cold without adding any significant new groups to make up for their loss.
What state does either Senator McCain or Governor Huckabee take away from Senator Obama’s inheritance of the Kerry vote?
I will ask Larry Kudlow on today’s program about investors reading the election returns, as well as their likely reaction to Obama/McCain wins on Tuesday in New Hampshire.