Barack Obama is the likely next President of the United States, based on the opinion polls, and Wall Street knows what that means: A socialist president and the end of American capitalism.
Investor's Business Daily published an editorial stating this as the reason why the stock markets in the US and around the world are crashing. And I find it a plausible theory.
Obama and his minions can try to market him as a moderate to the general electorate and succeed, but those who aren't so easily led know the truth. Not only is Obama the most liberal senator in the Senate, he is in truth a socialist with a socialist agenda that will manifest itself and become clear to all after the November election.
The prospect of Obama raising taxes across the board as the start of a redistribution of wealth agenda has caused 100 economists, including Nobel winners, to warn of a deepening economic crisis if his ideas are implemented.
Yet the general public has bought into the idea of Obama as the messiah of a positive kind of social change with little discernible effect on the type of government we have. Most who vote for Obama appear oblivious that they are voting against themselves and their way of life that surpasses that of any other nation on the earth.
Meanwhile the questions continue to be raised on Wall Street: What is the true source of the problem, and is it different this time?