I’m pretty sure the market is reacting to bad earning reports more than Obama’s tax plan.
“Sony surprised investors Thursday with a sharp downward revision to its annual earnings forecast, saying the rise in the yen and weakness in core markets would hurt its results.”
“The current situation has no precedent,” Sony’s chief financial officer, Nobuyuki Oneda, said in Tokyo, where the company is based, Bloomberg News reported. “Although we have already implemented cost-cutting measures, we still have to consider further action to get through this difficult time.”
As an FYI a good leading indicator of how well the economy will be doing going forward are chip makers such as Intel, AMD, Sun, TI, etc.. If they forecast weakness expect most companies that use their chips to as well.
In any event the global recession is here – plan accordingly!