One of my better predictions (Dow 9K) as Barack Obama becomes the next President of the US and the Dow hits 9139 (S&P is lower than I projected 2 months ago, but big picture, it was fine).
What a great day for America and the world! An incredible day for all Americans, especially African Americans. President-elect Obama has a nearly impossible task ahead of him, but he appears to be a transformational figure like JFK and a brilliant speaker. He has a date with destiny and can hopefully rise to the challenge. I wish him all the best!
A belated congratulations to Prime Minister Harper. I didn't vote for him, but he is our PM and I wish him well. I also suspect that Canada's relations with President Obama will be strong once again, as Harper will be "allowed" to cultivate closer ties with the popular Obama. Obama needs its allies, and Canada is traditionally the Americans strongest ally. In addition, Canada's socialism is quite close to Obama's values, so I don't see any major differences cropping up.
One other note, John McCain's concession speech was excellent. He is a great man and a true statesman. He spent as much time congratulating Obama as he did talking about himself. I hope Obama reaches out to him. Is it impossible to offer him a cabinet seat or something?
Wednesday, November 5, 2008
Congratulations Mr. Obama!
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I'm not sure what you expect them to do. Obviously, they have a self-interest in stemming the panic and helping to stabilize housing prices.
If people expect housing prices to go down, then they will, because no one is going to buy when they expect the price to drop 10-20% of their purchase price in the first year.
You can't really blame them for trying to inject a little confidence into the market so that we don't end up in a real estate freefall. They can't exactly sound the alarm and send everyone panicking.
Of course, just because their position is understandable, doesn't mean you should put any credibility in their predictions.
But then again, you should never listen to the advice of someone with a vested interest in the outcome.
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