PODCAST: What Obama’s re-election means for the economy
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President Barack Obama has been re-elected to lead the country for four more years — what do the election results mean for the economy, the fiscal cliff negotiations, and the fate of Wall Street? With both Obama and Mitt Romney calling for bipartisanship, we speak with two economists with differing views to help us chart the course ahead.
With Obama re-elected, full implementation of the Affordable Care Act (Obamacare, if you like) seems on track. For some — like those with pre-existing conditions or much of the insurance industry — that’s a relief. But Dan Gorenstein reports the thought gives some small business owners an upset stomach.
The amount spent on this campaign is expected to top $6 billion. Much of that money didn’t come from the campaigns themselves — but rather from outside groups, super PACs that raised millions and then funneled that money into races. So did it pay off?
It also appears car country played a big role in President Obama’s re-election. Michigan and Ohio both benefited from the auto industry bailout and both went for the president last night.
For a Wall Street perspective on the election and what it means for the economy, Jeremy Hobson talked with one of our regular guests, Chris Low, chief economist at FTN Financial.
Meanwhile, for a global perspective, Rob Schmitz tells us what the election results mean to China.
Here’s an interesting little sidebar on voting: We’re likely in for the now-quadrennial round of questions about voting irregularities and electronic voting machines. This led tech blogger Howard Marks at NetworkComputing.com to muse about his time working for the casino industry. Marks points out that modern slot machine makers must turn over the source code for every machine, and open them up to full audits by gaming commissions. Compare that to the voting machine industry, where makers guard their proprietary code, and the system suffers constant complaints about transparency. Marks argues gambling with our future deserves at least the same scrutiny as gambling on nickel slots.
And finally, as we enter this grand new age of bipartisanship, the media consultant Engage has been cross-referencing people’s political tastes with their tastes for various other things — all derived from data on Facebook. For example, liberals prefer Chipotle; conservatives like Outback Steakhouse. Liberals like Red Bull. Conservatives like Campbell’s soup. Conservatives like “Dancing with the Stars.” Liberals like “So You Think You Can Dance.” Some things we can all agree on: Snickers bars, “Seinfeld” and “Lord of the Rings.”
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