Well, how could it not be? After all, The One spoke last night and told us everything was going to be A-OK, that we can spend additional trillions and still cut the deficit and grow the economy! And the media screeched "Amen!"
The market isn't buying it. Down over 150 points and dropping as of this writing...maybe it's becuase they can read between the lines better than the average politician and/or media person:
President Obama equated his initiatives in health care, energy, and education to the creation of the railroad and interstate highway systems and putting a man on the moon. But these temporary transportation and technology initiatives created a platform for tremendous growth in the private sector. What he is proposing now is much different. He wants to create tens of millions of jobs that would have to be funded in perpetuity by tax dollars — taxing the very people who we need to create the next generation of economic growth. Forming millions of taxpayer-funded jobs is a very different vision for America than creating a climate that rewards and encourages private-sector initiative. This will take our economy in a very different direction — toward one in which the government plays the central role. It is no wonder that the stock market has lost half its value in just a few months and continues to plummet today.
Not to mention that Obama still hasn't been specific (hey, it's part of his charm!) about how he would pay for his new government-based economy. Tax hikes on the top 2%, anybody? Or perhaps on the top 50%?
The market reacts logically, to facts. And the market is reflective not just of the current economic situation, but of what the future looks to hold.
And our future under Barack Obama is looking more and more like "Dow 6000". Wait, though, it won't be his fault. It will still be George Bush's, or perhaps those greedy, unpatriotic stock traders who refuse to invest in the future of Barack's America...