Obama's Impact on Economy? Priceless

The stock market is always right. Nonetheless, I must admit to being more than a little annoyed that the stock market greeted the election results with a two-day nosedive, the worst two-day decline since the crash of 1987. Even Friday's 250-point gain was little solace.

It smacked of Wall Street pique that the next president appears to be no friend of "the Street." But the economic platform of our new president came as no surprise, so why the selloff?

Yes, he promised to tax capital gains at the same rate as ordinary income, which would represent a huge hit to those who still have any capital gains remaining. But the smart money had already priced that fact into the stock market, selling earlier in the campaign as the candidate's momentum picked up. ...