Wednesday, November 03, 2004
The market takes care of its own
Wall Street threw a victory rally for President Bush today, driving up the entire market -- especially the stocks that investors believe will benefit from even more dominant Republican control of the federal government.
While Wall Street had insisted before that it didn't matter to the market who won, so long as there was a clear winner, today's rally was a public observance of the economic winners and losers resulting from four more years of Bush policies.
The stock market may have been cheering, but the money markets were busily driving down the value of the dollar and pushing up interest rates in response to the prospect that Bush's economic policies will continue.
With Republicans in ever stronger control of the House and Senate, tax cuts will not be rolled back and record budget deficits will continue, the traders believe. Currency traders were predicting the dollar will continue to fall and interest rates will rise rapidly.
And the rich get richer.
posted by chris at 3:38 PM
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