The Dow Jones dropped nearly 100 points in the hour after the Supreme Court Obamacare decisions were announced, just after 10am. It dipped to 12,462 at its lowest point after having begun the day at 12,626.
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Hmmm… Coincidence?
It’s probably statistically impossible to be coincidental.
ACA could be pretty tough on business, especially on firms big enough to be publicly traded.
OTOH, if Romney gets elected, ACA gives him unprecedented, arbitrary power over healthcare policy. He could moderate many of its effects by executive order. And imagine, if you will, that his nominee for Secretary of Health and Human Services is Sara Palin…..just sayin’…
The end of abortion?
Someone always makes money whether it rises or falls, the pathetic part is that in Obama’s slow growth economy that Wall Street needs fuel from speculation of an impending tax to spark a flurry of activity.
As profits grow leaner profit and loss speculation turns to inflation fluctuations.
Romney donations up one million since decision.
This is off topic, but worth reading. Although I’m still angry, I am beginning to see other angles.
http://www.slate.com/articles/news_and_politics/scocca/2012/06/roberts_health_care_opinion_commerce_clause_the_real_reason_the_chief_justice_upheld_obamacare_.single.html
I appreciate this optimistic spins being put on commerce clause dicta that in the first place should have been obvious, but these commentaries fail to note the green light via pretextual taxation that simultaneously was given to Congress — and that the Court had to strain to avoid making the correct decision.
I suppose that we should be grateful that the mandate was upheld on bs grounds, rather than eviscerating the constitution.
But that’s kind of like saying that one is grateful that at least the burglar was good enough to not break any windows or make a mess when he came in and looted the place.
The price we are about to pay for what largely amounted to a lecture by the Supreme Court on the commerce clause, along with a finger wag and a light slap, is going to be grievous.
“If this is what you want, well Daddy will get it for you this time. But don’t go about it this way again, and maybe you also want to think about whether it was really what you wanted”.
And Romney’s reaction speech made me want to barf, it was such a weasel. Hope is dimming. It’s a sad day for America.
Now I’m going to go get drunk with the tipsy coachmen… pick a bar fight or something…
Just a coincidence I am sure. I hope no one at the Court played the market short today.
Instapundit makes some points about losing the battle and winning the war… I get that from the Roberts opinion, and while I would like to hope that is true I fear it will not play out that way.
Glenn Reynolds is more sanguine about this decision, thinking that Roberts may have intentionally lost the battle to win the war (and take on the commerce clause). I am less optimistic on that. Still, if this is a tax can it be filibuster proof? If that is the case 50 votes and Mitt Romney as president (and a GOP Veep) is enough to make this go away.
Odd that finance.yahoo.com now has moved the Dow to the middle of the summary page and the left-most number, which you see first, is now the S&P number.
The S&P is only off 13 points. Low-info voters will not be alarmed 🙂
I join those who are depressed. You can spin this any way you want but the decision has given aid and comfort to the enemy.
Today we learn that even a financial mathematical construct like the Dow can be racist.