//done that,

It doesn’t matter who won the election.

Let’s face it. Just take a look at the press release as of yesterday and today.

* Rate cut
European Central Bank announced that they slashed benchmark interest rate to 3.75% from 3.25%. In addition, The Bank of England adjusted the interest rate to 3% lower(4.5%->1.5%) resulting in falling below the European Central Bank’s for the first time since the common currency’s introduction in 1999, Swiss also did rate cut of 0.5%(2.5%->2.0%) unexpectedly and Czech did the same thing(3.5%->2.75%). Bank of Korea reduced the rate for third time in a month. So, it seems that all the central banks are racing to 0% rate. The investors are supposed to welcome the rate cut theoritically, however, they considered it as the global recession is getting wider over the world. In fact, the president of the ECB said they are going to slash more if the global credit squeeze deepens in order to boost consumer spending. Some day we could see negative interest rate.

* Company revenue
As you know Cisco is forecasting the first revenue drop in five years because of the financial crisis. Across the Atlantic, the world’s biggest steelmaker, said the demand is decreased and, as a result, they would do double production cuts. Every retailer except for WalMart, has never made money out of Halloween. For auto industry, you know better than me.

* Employment
The Labor Department released that total jobless climbed to the highest level in 25 years exceeding the economist’s
estimation. The Commerce Department said consumer spending declined at a 3.1 percent annual pace during the third quarter, the first decrease since 1991 and the biggest since 1980.

* Global growth
IMF said global growth will be 2.2 percent next year, down from 3.7 percent this year and the world GDP would rise 3% in 2009 when IMF economists expected a 3.9 percent expansion. Here’s the estimated growth number for a few countries next year.
US: -0.7%, Europe: -0.5%, Japan: -0.2%, England: -1.3, China: 8.5%(earlier est. was 9.3%)

So, all these numbers published for two days say why the market plunged in such a big magnitude for two days.