If you took the plunge, you’re taking a plunge today: The Dow is dropping like a cast-iron pig.
If you’re betting on Barack Obama, on the other hand, you’re happy.
But don’t take that warm feeling to the bank. It doesn’t matter whether or not you yourself play the market. With a recession likely, it’s going to play you.
Bailout or no, corporate types still aren’t satisfied with the billions that taxpayers are injecting into the market. Dust off the presses and start printing more dollar bills to give to corporate America, because the Wall Street Journal reports in mid-afternoon:
Over at the InTrade prediction market, the only exchange where you’re in little danger of being struck on the head by your portfolio, John McCain‘s stock is also dropping (see chart). And there ain’t no wild gyrations — except in Obama’s camp: His share price is steadily rising, at least ahead of tonight’s debate.
InTrade’s state-by-state breakdown shows Obama leading McCain in electoral college votes, 364-174 — only 270 are needed for a victory.
And players are player-hatin’ when it comes to the economy: Shares are up on the prediction that the economy will fall into a recession this year; they’re down on the prediction that the recession will occur next year.
This article from the Village Voice Archive was posted on October 15, 2008