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Showing posts from November 6, 2008

Obamanomics - the shape of things to come

Business Times - 07 Nov 2008

Paradigm change, Clintonomics redux, or just muddling through?

By LEON HADAR
WASHINGTON CORRESPONDENT

WALL Street may have suffered some sense of anxiety in the aftermath of Barack Obama's presidential victory with the Dow Jones falling more than 300 points. That nervousness seems to fit with the conventional wisdom that Wall Street has traditionally preferred Republicans in dealing with the economy.

But interestingly enough, the Democrat Obama has been more successful than candidate John McCain, the representative of the pro-business Republican Party, in collecting election campaign contributions from leading members of the American financial industry.

Mr Obama also performed better than Mr McCain in New York, New Jersey and Connecticut where Wall Street investors make their home.

In fact, most investors were rooting for Mr Obama. According to renowned financial commentator Jim Cramer: 'Obama is a recession. McCain is a depression.'

Mr Obama has al…