(written in Nov 2008/reposting)
I do not think anyone of us have any disagreement on the historic achievement; when Barack Obama was elected as 44th US President. Even though I was supporting John McCain (me being a big supply-sider: Lower tax leads to prosperity), some where deep inside I am happy about the 'change' Obama is going to bring on the political front. There are two aspects to the change equation; political and business. While I am confident that Obama will be the best American President who will advocate for world peace, green world and better healthcare at the same time I am equally skeptical about his extreme left wing socialistic views.
Don't fix if it ain’t broken! Even though today, Wall Street is broken and Global economy is shaken, I strongly believe that the market will correct itself without any Government regulations. The economic situation in US is bad but is not that bad that it needs any Govt. regulation/intervention. American economy is the most resilient economy in the world. I can understand why Govt. of Iceland and Pakistan is desperate to bring them out of the possible clout of bankruptcy but we are not in that same situation. We are in slight recession and not close to any kind of economic depression or what so ever.
I am scared of couple of things, which the democratic congress and Whitehouse will try to do and will stall the global economy for years to come. Obama, supported by Nancy Pelosi is going to put all possible curb on free trade and increase tariff. On the home front they will increase tax and support labor unions (http://online.wsj.com/article/SB122592993592603103.html), increase tax, eliminate capital gain and will not renew Bush Tax Cut policy; which will bankrupt American companies (example GM, Ford) and will further slow down the economy. Dow is down for last two days and Asian Stocks fell for second day (is it due to falling crude oil.. thank God its at $60/barrel or Obama effect?)
US is considered to be the engine of world economy. I am fearful that, due to all these extreme left wing liberal steps to correct the economy, the Rest of World (RoW) might suffer.
If US slows down further, its going to take down RoW with it.