The Market Cries Ohhhhhhhh-bama

As President-elect Barack Obama is busy building his leadership and economic teams, the stock market is sinking again. Since Obama won the election, the market has dropped nearly 900 points. While the current economy is a Bush economy, it will soon be Obama's and investors are clearly worried. They are worried not only about a slowing economy, but worried that policies Obama will put in place will be counterproductive.

Increasing capital gains and raising income taxes are not ways to bring back a thriving economy, they are ways to kill it. Entrepreneurs need incentives, not handcuffs. Taking risks needs to be rewarded, not frowned upon.

Obama said he doesn't want a thriving Wall Street, while Main Street is hurting. What he doesn't seem to realize is that the two are one in the same. Wall Street is a reflection of the perceived value of American companies, nothing more nothing less. A thriving Wall Street brings confidence, jobs and growth. A sinking Wall Street brings layoffs, fear and loathing.

I understand that there were many excesses in the system, like pay and bonuses, and that needs to be dealt with, but it is not the time to scrap capitalism in favor socialism. The markets are sending Obama a clear message. Will he listen?

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