When Democrats Steer the ship.

One of the reasons I am so amazed that President-Elect Obama won the presidency is the fact that so many middle, upper-middle and upper income folks had so much to lose with a Democrat in the White House. Obama told the nation on 60 minutes that he won the presidency because he’s a smart guy. He apparently also has the ability to create amnesia on an epic scale, because no one seems to remember the last time a Democrat was in the white house.

In case you forgot (or weren’t alive then, or just not willing to do the homework)
John Seiler has a summary article on this topic on his blog entitled, Is Obama making the Economy worse?

And I’m sure the Obama supporters will be crazed at this – after all the guy isn’t even in office yet! However, if he pulls a Clinton and makes tax increases on capital gains retroactive to January 1, 2009, why would anyone want to wait to pull out of the stock market with whatever they can? And has the market rallied? Well it did a little bit, after President Bush gave an encouraging speech last week, but it’s been tanking since then. Overall there is a sense that once the administrations change, the conditions will become unfriendly to profit and capitalism. And that’s one of the reasons we won’t be able to hear any good news on that front for quite a while.

Now, I’m not an economist, or smart with money, or any of that stuff. But I heard several nerdy, egg head, number crunching, monotone-type of guys talk about this back in July and August! and at the time I was convinced that the fear of, well what’s happening now actually, would keep people from pulling the lever for Obama. But it wasn’t. I know some pretty well off people, who are smart and educated, who voted for him anyway, and are blaming the downturn (natch) on George Bush. Because after all, if George W. Bush could cause Hurricane Katrina, he must be evil enough to do this too!

And yet if people just went back to LOOK at what happened the last time, they could have seen this coming.

The question is, what is so special about the Obama mystique that 52% of voting Americans ignored it? and the follow up question – will it be worth it?