Depression Watch (Nov. 19 2008)

Dow Close (Wed)       7,552.29    444.99 (-)
Oil                         $49.62         4.00 (-)

What do you think is happening here with Obama? We have already bought into the banks (with no comment from Obama). He plans to continue with wealth redistribution and a new green economy (sans oil and gas) - where do you think he will get the money. Look at what's happening with the market! All quotes below show how the market reacts to tax increases and increased regulation. In quote [4], the new tax replaces a tougher regulatory environment, and effectively signals deregulation. Quote [3] shows major Socialist Democrat supporter George Soros, moving away from US regulation.


Supporting Quotes

[1]
LOS ANGELES (MarketWatch) -- Argentine assets dropped Thursday, ahead of a government vote to nationalize locally-run private pension funds. --- Argentina's equity index, the Merval, fell 6.5% to 863.81, closing before an expected vote by the Senate on a proposal that, if approved, would allow the government to take over about $24 billion managed by 10 private funds. The lower house of Argentina's Congress passed the proposal earlier this month. - MarketWatch

[2]
State, municipal, corporate pensions lost hundreds of billions on derivative swaps - MarketWatch (Depression Watch Nov.17.08)

[3]
The hedge fund of billionaire investor George Soros increased its stake in Brazilian state-run oil company Petroleo Brasileiro  to 21.1 million American Depositary Receipts as of Sept. 30 from 11.5 million at June 30. ---  The Petrobras stake was by far the largest in the Soros fund's reported holdings, which totaled $3.8 billion at Sept. 30, up from $3.7 billion at June 30. --- The change in portfolio size could reflect the performance of the portfolio, a shift toward, or away from, investments that have to be reported to the Securities and Exchange Commission, or some combination of the two.  - MarketWatch

[4]
HONG KONG (MarketWatch) -- Asian stocks recovered from steep losses to trade mixed late Wednesday, with Shanghai's Composite surging 6.1% to lead regional gainers, as investors chased Sinopec shares on hopes that a new gasoline tax under consideration could herald market-based pricing for fuels. --- Other regional indexes traded lower, while India and the Philippines rose. Most declining markets pared back early losses in late trade, although the mood remained fairly downbeat amid evidence of further economic slowing in the region.

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