Dow Jones plunge wasn’t fear of ‘fiscal cliff,’ it was implications of Obama 2nd term. As one newspaper editorial said urging Obama’s defeat, “It is–with considerable urgency–time to change.”

.
Updated 11/8/12, "Market's Selloff Was About Obama, Not About Europe," IBD

"The return of the most anti-business, anti-capitalist, anti-entrepreneur, anti-growth president in the nation's history..."
-----------------------------------

“Soaking the rich, even by taxing them at 100%, would not begin to arrest the decline”…"It is — with considerable urgency — time to change."

11/7/12, “Investors Fear More Than Just a ‘Fiscal Cliff‘,” Zero Hedge, Ackerman

“The Dow plunged 313 points yesterday, but don’t believe news media reports that it was the nearness of the “fiscal cliff” that caused the selloff. What spooked investors is a bigger picture that recognizes the economically catastrophic implications of a second Obama term.  To be clear, there is nothing Romney could have done to avoid the deflationary Depression that lies ahead. 

However, a Romney presidency might have at least served as a reality check on malfeasant fiscal practices, delaying the onslaught of hard times for perhaps long enough to allow Americans to put their financial houses in better order before austerity is imposed on us with the force of an earthquake,

• as it has been on Europe.

We’re not going to dwell on the choice Americans made on Tuesday. Suffice it to say, the election has substantiated conservatives’ worst fear – that, sooner or later, Big Government’s clients would come to outnumber those of us who pay for the criminal extravagances of their voracious welfare state. Actually, it turns out they needn’t have outnumbered us, since the quirks of the electoral college have enabled them to execute a coup even though they lacked a statistically significant majority.

Now, with a $16+ trillion federal deficit that is growing by more than a trillion dollars per year, the nation’s descent toward insolvency can only accelerate, further widening the gap between tax revenues and outlays. Soaking the rich, even by taxing them at 100%, would not begin to arrest the decline, but just try to tell that to those who voted for Obama.”….via Free Republic

===============================

10/28/12, From the Richmond Times-Dispatch editorial endorsing Mitt Romney, having endorsed Obama in 2008: “Prudent Change: Romney promises hope for recovery,” Richmond Times-Dispatch Editorial

“Obama has proven, in Americans’ real-world experience, that massive government spending, suffocating regulatory expansion, feckless diplomacy and exploding debt do not foster peace and prosperity. Quite the opposite. It is — with considerable urgency — time to change.

Obama’s policies have paralyzed our country’s economy and pushed its budget to the brink of catastrophe. Our allies abroad are nervous, our enemies encouraged. And yet the president offers no change and little hope. His campaign has hit a single endless negative note, one that ultimately rings false.

Perhaps most disappointing has been the president’s divisive rhetoric and his inability to forge alliances with the opposing party to find solutions. Republicans share the blame for the angry tone in American politics, but it was Obama who pledged just four years ago to bridge the gap between red and blue, liberal and conservative. Instead, the man who sold himself as our first post-partisan president

• has proved to be our most partisan president.”…

================================

11/7/12, “Goldman’s Post-Mortem: “Congratulations Mr. President, We Are Cutting Q4 GDP To 1.5%“,” Zero Hedge

“Congratulations on the four more years, Mr. President. To celebrate, Goldman starts by cutting the Q4 GDP forecast from 1.9% to 1.5% (and let’s not forget that the same Goldman is predicting a 15% drop in the S&P in the next two months to get the Fiscal Cliff deadlock to break).”…

===============================

Following about Obama’s ties to Wall St. written shortly before his 2008 election but kept quiet by the media. Obama is loved by those at the center of the financial collapse, Goldman Sachs and the mortgage security market:

9/21/2008, “Barack’s Wall Street Problem is Now America’s,” No Quarter, Larry Johnson

“Barack Obama has a major Wall Street and Washington problem that the media so far is refusing to acknowledge or explore. He is in the pocket of the Wall Street firms and mortgage security companies that are at the center of the collapse of the real estate bubble. He is closely tied to at least two of the Fannie Mae principals….

Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org)….
Want another shocker? Barack Obama has received more from one source–Goldman Sachs $542,252.00–than McCain has from all of the companies combined. Who the hell is more beholden to lobbyists?

• And why does a junior Senator from Illinois rate this kind of dough?

Why are these firms and their employees showering Barack with their cash? Although the conventional wisdom wants to pin the Wall Street debacle on Republican greed, the reality is that the real estate market and the big players on Wall Street have been a Democratic game….

To understand you must first appreciate that the largest debt market in the United States is the mortgage market. One of the major players in the market, at least until this month, is Fannie Mae….

One more note about Franklin Raines. The Obama campaign can insist he is not an “official” advisor, but before the market blew up Raines was described in the Washington Post on 16 July 2008 as “taking calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”

But Fannie Mae was not just “selling” mortgage securities. It was also using its financial power to advance the agenda of the Democratic Party. We have the video evidence here….

If you think West Virginia should be ridiculed as a place where incest thrives, think again. You obviously know nothing about Washington and New York. This piece from 2007 in investor village helps you understand the inbreeding that is the festering stew of Washington. This is not friendly territory for John McCain. It is a place 

• that loves Barack Obama.”…

——————————————————

9/21/2007, “Goldman’s Quasi-Monopoly Earnings Report,” investorvillage.com

.