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The American Dream Reborn with President Obama's Landslide Victory

Politics / US Politics Nov 04, 2008 - 11:05 PM GMT

By: Nadeem_Walayat

Politics Best Financial Markets Analysis ArticleAt 4am GMT on the 5th of November, the American networks declared victory to Senator Obama, shortly followed by the concession speech by John McCain during which time the number of electoral votes passed 333, against the 270 necessary to win, against John Mccain's tally of 155.


President ObamaU.S. Election 2008

The election of the Barrack Obama as the 44th President of the United States brings to a close the Bush presidency, which has seen countless blunders such as the unnecessary Iraq War, the credit bubble built and exploded, the dot com bust, housing bear market and the financial crash of 2008, record deficits and the growing fears of the economy on the verge of entering another Great Depression.

Meanwhile the only message that the republican party were able to muster against the potential of an Obama democrat presidency was his notion of spreading the wealth and big government. Whilst this may have carried some weight 2 months ago, however following the $700 billion spreading of wealth to benefit the richest on Wall Street, Main Street clearly saw through the smoke and mirrors, as naturally occurs during hard fought election campaigns by both parties.

Jessie Jackson CriesObama's Presidency brings instant change to America as the world warms to the first black American president, which does represent a monumental change and would have seemed decades away even as little as a year ago.

This sets the record straight of the history of American slavery and oppression of ethnic minorities, especially african-americans which was built into the american constitution in that all men were apparently equal except blacks, which is why Thomas Jefferson (the author of the constitution) kept over a hundred black slaves whilst at the same time pronouncing freedom and justice and democracy for all. That record has now been put right with the fulfillment of Martin Luther Kings 'I have a dream' speech made in the midst of the 1960's civil rights movement and most poignantly observed today in the face of Jesse Jackson.

Whilst America celebrates, still there remains the dangers associated with what could occur during the last 100 days of the Bush administration. From foolish military actions to the writing of hundreds of billion dollar blank cheque's to cronies on Wall Street as Paulson has already done with the spreading of wealth of over $350 billion to 9 Wall Street banks, so as to ensure that the early years of a Obama Presidency are mired in debt and economic depression.

What Will President Obama Do ?

  • Clearly President Obama's focus will be on reinvigorating the U.S. Economy by a series of stimulus packages running to several hundreds of billions aimed at Main Street, that will aim to spread the wealth so as to bolster consumer spending, which will actually have an positive impact on the economy and therefore boost the stock markets, instead of the Bush administrations version of spreading the wealth to Wall street banks which have no intention of using these funds to provide loans to Main Street but rather utilising the hundreds of billions in merger and acquisitions activities.
  • Withdrawal from Iraq and bring to a close America's Vietnam moment, the invasion of Iraq was built on blatant lies of a. Iraq being connected to Sept 11th, and b. that Iraq had weapons of mass destruction. These lies were perpetuated by an incompetent Bush administration so as to grab Iraq's oil reserves. The promised quick 3 month war has turned into a 6 year quagmire costing more than 4,000 american lives and more than 100,000 iraqi lives, with the bill of $3 trillion strangling the U.S. economy, a significant amount of which has disappeared in Bush and Cheney cronie corporations.
  • Greater world wide co-operation following the failed Bush policy of "your either with us or against us", both with regards the economy and military threats.

The U.S. stock markets have already soared in advance of the election from a low on the Dow of 8000 to 9625 by Tuesdays close, therefore the expectation is for some profit taking on the news for much of the rest of this week.

Here's to a bright future for America and for all of mankind.

By Nadeem Walayat
http://www.marketoracle.co.uk

Copyright © 2005-08 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 150 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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