ANNOUNCER: Listen to Joe Biden. Talking about what electing Barack Obama will mean.This ad cuts to the heart of the problem with Obama (okay, one of many problems with Obama). He's simply too inexperienced. Comparisons with Gov. Sarah Palin don't cut it either. Palin isn't running at the top of the ticket. Obama is. Biden knows this to be true, and most Americans should realize this as well.
JOE BIDEN: Mark my words. It will not be six months before the world tests Barack Obama.
The world is looking. We’re going to have an international crisis … to test the mettle of this guy.
I guarantee you it’s gonna happen.
ANNOUNCER: It doesn’t have to happen. Vote McCain.
The stock markets are likely factoring in Obama's economic policies as well. They know that if Obama gets his way, combined with a Democratic Congress led by the likes of Nancy Pelosi and Harry Reid that taxes on investments are only going to increase at a time when people are barely able to tread water. It would be an anchor that sinks millions of people everywhere.
When Democrats start floating ideas about nationalizing 401(k) plans and redistributing wealth, it gets the folks who create that wealth jittery.
Let me be explicitly clear. By investor class, I mean pretty much everyone. Many people have money in the stock market as part of their 401(k) plans, work for companies that rely on the stock markets to raise capital, or are otherwise tied to how well the overall stock market does (not just how the DJIA 30 does). If Obama's tax and spend policies come to fruition, capital gains taxes will increase significantly, sapping the markets at a time when they can least afford it. It's akin to giving a person treading water an anchor around their feet.