The "socialist" President-elect Obama has settled corporate nerves rather quickly by demonstrating that he will play ball their way. People that were expecting otherwise are disappointed with this demonstration of rampant capitalistic handshaking. Let's just cut to the core here, someone who reaches the presidency is not about to take down Wall Street and reinvent the model.
We are reading that Obama has made personnel choices for his economic team that McCain could very well have made. How else could it be.
Obama can make changes. These changes will be slight but they will still affect millions of people, for the better. The system is rigged, radical change is not permitted. I would suspect that Chomsky will pen, if he has not already penned, an article on this very fact of American politics. I will look for it.
Reuters: World stocks hit 2-week highs
Renewed expectations that Washington will bail out the U.S. motor industry and China's aggressive interest rate cut on Wednesday had helped lift some of the gloom surrounding the global economy.
3 comments:
Too much vested interest. Nevertheless, I think Obama knows that if he wants to get re-elected he has too deliver JOBS. If 2 yrs. from now we're still locked in a downward spiral on Main street then all the phony ass Wall St. nos. will be meaningless. We already have experienced a no job recovery with BV$H. I think right now his job is too calm the waves and he's trying real hard and deserves credit for it.
Yeah, he is establishing an emotional tone of help is coming, we are working on it. Plus he is dominating the news.
I am interested to see how he intends to promote green energy. I was looking through lists of stocks this morning that are considered strong buys and many of them are coal. Yeah coal. Hardly green energy at this point, although they are working on ways to burn it cleaner. The resistance to green energy is big but a lot of the larger oil companies have divisions that work on solar and wind, like BP. Its all about the numbers.
Considering how bad the economic news was and is, he was able to influence the market with four consecutive days of gains. That was big. To me that means he has some clout, he has weight. So far.
Right now traders will grasp @ anything that looks like a way up. Like the rest of us they're scared and a calm hand on the wheel will help steady things for the moment.
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