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Why is Everybody Selling Their Stocks?

October 27, 2008 · Filed Under Economy, Fiscal

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The Dow-Jones has been dropping each day by hundreds of points lately, but why? As you might have noticed, as Obama has taken the lead in the polls, Wall Street has been heading south.

While there are many factors in play here, one basic issue is capital gains.

Simply put, the current rate for capital gains taxes is 15%. So, if you sell your stocks now, you keep 85 percent of your capital profits.

However, Barack Obama mentioned during the primaries that he would consider increasing the capital gains tax to 28 percent. Therefore, you would keep 72% of capital profits if Obama has his way.

So, is it any wonder there is a big sell off right now?

Meanwhile, John McCain has proposed reducing taxes on long-term capital gains to 7.5% in 2009 and 2010 as part of an economic package to stimulate growth, according to Bloomberg.

Now the McCain economic plan is change we need to turn things around!

Tags: capital gains, Dow Jones, Wall Street

Comments

Viewing 21 Comments

Rick Wiley 4 days ago 1 point
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Sounds like simple math but the Democrats don't understand the word K.I.S.S.

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April T 3 days ago 1 point
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When we look at the current progressive tax bracket and how much the top 1% of Americans are paying of all Federal income taxes, Obama supporters should ask "If we increase taxes so that businesses & the 'well to do' start to make less money, who is going to pay for the rest of us?"

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Shawn Collins 3 days ago 1 point
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The stock market isn't the only area that would be hugely impacted by a big rise in the capital gains tax.

One vivid example is news today that Wayne Huizenga, owner of the Miami Dolphins, is considering a quick sale of his share of the football team if Obama is elected.

http://www.sun-sentinel.com/sports/football/pro...

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Jonathan 3 days ago 1 point
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He's using that as an excuse now and it could be a reason but -

http://sports.espn.go.com/nfl/news/story?id=315...

"MIAMI -- Miami Dolphins owner Wayne Huizenga is discussing the sale of his struggling franchise to two real estate developers, The Associated Press has learned."

That was in December of last year, he's been trying to sell them for awhile now, had nothing to do with Obama. Obama had nothing to do with:

"Instead, Huizenga became founding owner of the Florida Marlins, then later sold the team. Huizenga also was the founding owner of the NHL's Florida Panthers, then sold that franchise."

And what you just posted is basically a copy and paste out or Rove's mouth, I saw it on Fox :) Blaming the stock market on Obama too. If you get a flat tire on your car, going to blame Obama also.

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Shawn Collins 3 days ago 1 point
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> And what you just posted is basically a copy and paste out or Rove's mouth, I saw it on Fox :) Blaming the stock market on Obama too. If you get a flat tire on your car, going to blame Obama also.

A copy and paste out of Rove's mouth?

Aside from the fact that I've never seen Rove speak about this issue, I think it's pretty clear from my posts that I provide attribution and block quotes when I am referencing anybody else's thoughts or ideas.

This particular idea isn't groundbreaking, at least for people who are paying attention.

If I had significant positions in the stock market, I would certainly explore moving them if I thought Obama was going to be elected.

Because if he does win, I expect prices to plunge even further, because of the capital gains issue.

You are free to disagree with my opinion, as you seem to do with every one of my positions out of reflex.

Have fun rooting for a Pyrrhic victory.

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Jonathan 3 days ago 1 point
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You say you watch Fox, so

http://www.youtube.com/watch?v=DLrZcLjFmO4

You sound just like Karl Rove.

Why would you expect things to plunge when they're just going to go back to what it was under Clinton? Our economy was better then and guess what, people owned sports teams under the Clinton years. And if you haven't noticed, our economy is not doing great now. Who's been running things the last 8 years? Those tax cuts for the rich, that McCain opposed before, isn't working. Where is it working? Look around.

It was quite a reach you were attempting to make with the Dolphins example and it failed.

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Shawn Collins 3 days ago 1 point
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I actually don't watch it 24/7 - I watch Fox, CNN, MSNBC, local affiliates, etc. </broken record>

Maybe I missed something - I didn't hear Rove refer to capital gains taxes, which are the basis for my post.

As you and other Dembots like to say, the economy was better under Clinton. What is your benchmark for this statement? The Dow?

Does your assessment include the recession at the end of his second term?

Of course it doesn't. More bumper sticker sentiments that are not backed up.

Have fun talking to yourself, because if I wanted to read the Daily Kos, I'd go straight to his site, rather than entertain an exchange with his pet parrot.

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Jonathan 3 days ago 1 point
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Not a fan of Daily Kos.

"What is your benchmark for this statement?"

Economic Performance Index
<a href="http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=127&subsecid=177&contentid=252964">http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=...

The Clinton Presidency:Historic Economic Growth -
The economy has grown for 116 consecutive months, the most in history.

The economy has created more than 22.5 million jobs in less than eight years—the most jobs ever created under a single administration, and more than were created in the previous 12 years.

etc.

http://clinton5.nara.gov/WH/Accomplishments/eig...

I could drop facts all day long but Fox Fans hate facts, boo facts.

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Jonathan 3 days ago 1 point
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First link didn't work, try again -

<a href="http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=127&subsecid=177&contentid=252964">http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=...

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Shawn Collins 3 days ago 1 point
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Disqus doesn't allow HTML - you have to put the url by itself.

I would question the objectivity of the PPI with their affiliation with the Democratic Leadership Council.

And those 116 consecutive months... start date? End date?

This same argument goes on and on. Clinton left with a recession and 9/11 happened.

Despite those two landmark items, the economy bounced back in past years.

We're in a hole now, and have two distinct paths to take.

For the life of me, I can't see how increased taxes and increased spending with create wealth, but maybe that's just me.

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Jonathan 3 days ago 1 point
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"We're in a hole now, and have two distinct paths to take"

And explain the McCain path to me that will get us out of this hole? Leave everything as is tax wise, cut spending and then give people $5000 for health.

? How does that work, really.

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Shawn Collins 3 days ago 1 point
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I haven't gone line by line on the budget, but based on his statements in the last debate, McCain will use a hatchet and scalpel to significantly curb spending.

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Jonathan 3 days ago 1 point
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On a side note, if I remember correctly, the stock market starting taking a dive when McCain was actually ahead in the polls and made the now infamous statement - "the fundamentals of our economy are strong". Then later flip flopped on that after it was clear our economy was in trouble. Just like he flip flopped on Bush's tax cuts, a selling out to the right to get elected.

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Shawn Collins 3 days ago 1 point
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The Fannie Mae/Freddie Mac mortgage mess did result in a big drop in the market.

You should consider looking at the world economy, because then you would realize that he was correct about the fundamentals of the economy, as I explained at http://obama2.com/archives/its-morning-again-in...

Since that drop, there have been ongoing sell-offs in unrelated industries.

The U.S. economy doesn't exist in isolation. Have a look at unemployment and inflation in other countries in the world, as well as the relative strength of the dollar to other currencies.

And McCain changed perspectives on the tax cuts based on our economy being in a different place now.

The economy is more complicated than the amount of information that can fit on a MoveOn.org bumper sticker.

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Rick Wiley 3 days ago 1 point
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Speaking of copy and pasting, you're a pro.

Answer the question on how you always know what everyone else's intentions are.

Answer the question you keep tap dancing around about you saying that the people who read this blog do not have the attention span to sit through a podcast that Shawn has.

Answer the question that you have the proof that only a handful of people listen to the podcast.

I'll bet there's quite a few more people who listen to the podcast than read the blog. But then again, I'll bet there are quite a few people who want to experience both.

You're just emulating your candidate by not sharing your thoughts on the podcast you've been invited to.

BTW, this link is dedicated to you.

http://tinyurl.com/3pqjvy

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Rick Wiley 3 days ago 1 point
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Jonathan aka Wimpy,

Why do you keep avoiding reality even when it smacks you right upside the head.

What this video and then we can discuss it point by point on the podcast.

http://tinyurl.com/3pqjvy

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Rick Wiley 3 days ago 1 point
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Very good analogy of our favorite character, good observation of what he's really made of.

As Jonathan aka Polly the Parrot asks,
"Not a fan of Daily Kos."
"What is your benchmark for this statement?"

I'd go straight to his site, rather than entertain an exchange with his pet parrot.

Give Polly a cracker for his excellent emulation of Obama!

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Jonathan 2 days ago 1 point
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Stock market is up 600 right now. I think it'sbecause people are now realizing who's going to win - http://www.slate.com/id/2195956/ and have some confidence things will be back in good hands. You only need 270 to win. He has 272 Safe Dem. So McCain can have Safe Rep., Lean Rep., Toss Ups and we can even give him Lean Dem and he would still lose.

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Jonathan 18 hours ago 1 point
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Stock market is up again today. People are feeling positive.

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Shawn Collins 17 hours ago 1 point
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Many polls are within the margin of error, too. Go figure.

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Jonathan 17 hours ago 1 point
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You should know by know it's about the electoral college, I told you about intrade in another post, how they got every single state right last election and had Bush as the winner:

http://www.intrade.com/

Every single state.

http://www.pollster.com/

Feel free to pick any electoral map you want.

And since you like popular voting better than electoral map, Obama is winning every single national one.

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